Latest Ratios: P/E Ratio -3235.8x · EV/EBITDA 51.3x · ROE 0.5%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.0B | $17.1B | $17.9B | $16.3B | $5.0B | $11.1B | $14.2B | $2.0B | — | — |
| Enterprise Value | $13.3B | $17.4B | $18.5B | $16.4B | $5.0B | $10.2B | $12.5B | $2.0B | — | — |
| P/E Ratio → | -3235.80 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.15 | 2.82 | 3.76 | 4.45 | 2.22 | 8.53 | 23.15 | 6.11 | — | — |
| P/B Ratio | 20.58 | 27.06 | 17.74 | 19.41 | 3.76 | 6.59 | 5.41 | — | — | — |
| P/FCF | 20.07 | 26.39 | 43.99 | — | — | — | — | — | — | — |
| P/OCF | 19.60 | 25.78 | 42.92 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.88 | 3.88 | 4.47 | 2.23 | 7.89 | 20.33 | 6.10 | — | — |
| EV / EBITDA | 51.31 | 67.08 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 26.90 | 45.33 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.3% | 41.3% | 38.1% | 37.5% | 33.8% | 38.7% | 43.6% | 67.9% | 78.5% | 83.5% |
| Operating Margin | -0.3% | -0.3% | -12.8% | -21.5% | -67.5% | -120.5% | -137.2% | -45.3% | -33.9% | -38.2% |
| Net Profit Margin | 0.1% | 0.1% | -10.6% | -21.9% | -61.5% | -117.5% | -200.5% | -44.1% | -33.7% | -39.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | -54.8% | -74.2% | -91.8% | -70.7% | -95.4% | — | — | -11732.3% |
| ROA | 0.1% | 0.1% | -12.3% | -20.1% | -34.0% | -40.6% | -65.3% | -45.3% | -31.6% | -41.3% |
| ROIC | -0.9% | -0.9% | -36.9% | -52.5% | -103.9% | -134.6% | -149.7% | — | — | — |
| ROCE | -0.6% | -0.6% | -24.2% | -30.4% | -51.0% | -51.8% | -57.0% | -163.6% | -122.8% | -339.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.06 | 3.06 | 1.32 | 1.60 | 1.00 | 0.79 | 0.03 | — | — | 7.76 |
| Debt / EBITDA | 7.45 | 7.45 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.52 | 0.54 | 0.09 | 0.01 | -0.50 | -0.66 | — | — | -68.74 |
| Net Debt / EBITDA | 1.27 | 1.27 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.51 | 1.34 | — | — | — | — | — | — | — |
| Interest Coverage | -0.79 | -0.79 | -199.46 | -294.35 | -543.31 | -718.60 | -788.09 | — | — | -47.50 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.03 | 1.03 | 0.93 | 1.34 | 1.67 | 2.96 | 3.96 | 1.02 | 1.34 | 1.02 |
| Quick Ratio | 1.03 | 1.03 | 0.93 | 1.34 | 1.67 | 2.96 | 3.96 | 1.02 | 1.34 | 1.02 |
| Cash Ratio | 0.91 | 0.91 | 0.48 | 0.82 | 1.05 | 2.32 | 3.28 | 0.30 | 0.60 | 0.31 |
| Asset Turnover | — | 1.34 | 1.11 | 0.93 | 0.55 | 0.32 | 0.18 | 0.98 | 0.76 | 1.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 6.36 | 9.22 | 34.78 | 34.40 | 27.55 | 44.41 | 33.68 | 34.41 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 5.0% | 3.8% | 2.3% | — | — | — | — | — | — | — |
| Buyback Yield | 6.4% | 4.9% | 0.8% | 0.5% | 0.5% | 0.2% | 2.0% | 0.0% | — | — |
| Total Shareholder Yield | 6.4% | 4.9% | 0.8% | 0.5% | 0.5% | 0.2% | 2.0% | 0.0% | — | — |
| Shares Outstanding | — | $496M | $482M | $463M | $437M | $402M | $306M | $185M | $185M | $185M |
Regulatory tax rate volatility
Based on current market data, DraftKings trades at a forward EV/EBITDA of 3.00, which appears to price in aggressive long-term margin expansion, though the negative TTM P/E ratio suggests that investors are still heavily discounting the firm's historical lack of consistent GAAP profitability in favor of future scale.
The valuation gap between DraftKings and more mature gaming peers suggests the market is pricing the company as a high-growth technology platform rather than a traditional casino operator. Investors should monitor whether the forward multiple remains sustainable as the company transitions from a land-grab phase to a focus on bottom-line earnings, as any deceleration in user growth could trigger a significant multiple contraction.
As reported in recent financial statements, DraftKings' ROIC has fluctuated wildly from a peak of 9.6% in 2025Q4 to a low of -13.3% in 2025Q3, indicating that the company has yet to establish a stable, compounding return profile on its significant capital investments in technology and market expansion.
The volatility in ROIC reflects the heavy reliance on non-recurring promotional spending and the seasonal nature of the sports betting business. Until the company can demonstrate a sustained positive spread between its returns on capital and its cost of capital, the current capital allocation strategy warrants further investigation by long-term shareholders.
According to quarterly filings, DraftKings' asset turnover has remained low, hovering between 0.25 and 0.43, which suggests that the company's massive investment in its proprietary technology stack has not yet translated into the high-velocity asset utilization typically seen in more mature, scalable digital service businesses.
The low asset turnover ratio implies that the company is still carrying significant overhead relative to its revenue base, likely due to the ongoing costs of maintaining and upgrading its in-house betting engine. Investors should watch for improvements in this metric as a key indicator that the company is successfully leveraging its existing infrastructure to drive incremental revenue without proportional increases in capital intensity.
Based on reported figures, DraftKings' debt-to-equity ratio reached 3.06 in 2025Q4 before moderating to 2.22 in 2026Q1, indicating that while the company has managed to reduce its relative leverage, its interest coverage remains highly sensitive to the inherent volatility of its quarterly operating income.
The company's reliance on debt to fund its aggressive growth strategy creates a structural vulnerability to interest rate fluctuations and potential regulatory shocks. While the current cash position provides a buffer, the high debt load necessitates consistent, positive cash flow generation to ensure long-term solvency without the need for dilutive equity financing.
The P/E ratio is frequently misapplied to DraftKings, as it fails to account for the massive, non-cash impact of stock-based compensation and the heavy, front-loaded marketing expenses that artificially depress GAAP earnings during the company's ongoing phase of aggressive market share acquisition in newly legalized jurisdictions.
Investors should instead focus on adjusted EBITDA or free cash flow metrics, which provide a clearer picture of the company's underlying operational health and its ability to generate cash after accounting for the costs of user acquisition. Relying on P/E ratios in this context obscures the true earning power of the business and may lead to an inaccurate assessment of its valuation relative to its long-term growth potential.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying DKNG stock.
DraftKings Inc.'s current P/E ratio is -3235.8x. This places it at the 50th percentile of its historical range.
DraftKings Inc.'s current EV/EBITDA is 51.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 67.1x.
DraftKings Inc.'s return on equity (ROE) is 0.5%. The historical average is -64.4%.
Based on historical data, DraftKings Inc. is trading at a P/E of -3235.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DraftKings Inc. has 41.3% gross margin and -0.3% operating margin.
DraftKings Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.