Latest Ratios: P/E Ratio -61.3x · EV/EBITDA 11.0x · ROE -3.0%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.4B | $38.5B | $46.5B | $31.7B | $23.9B | $27.7B | $27.4B | $9.2B |
| Enterprise Value | $28.0B | $48.0B | $50.5B | $35.9B | $28.5B | $30.7B | $30.2B | $9.6B |
| P/E Ratio → | -61.29 | — | 1076.88 | — | — | — | 527.95 | 48.32 |
| P/S Ratio | 1.13 | 2.35 | 3.31 | 2.69 | 2.52 | 3.34 | 4.53 | 3.38 |
| P/B Ratio | 1.96 | 3.97 | 4.13 | 2.79 | 1.92 | 1.99 | 1.82 | 1.66 |
| P/FCF | 17.10 | 35.67 | 49.44 | 94.58 | 32.49 | 142.89 | 25.53 | 24.41 |
| P/OCF | 15.58 | 32.51 | 29.04 | 33.81 | 20.51 | 50.13 | 20.10 | 16.80 |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.93 | 3.59 | 3.05 | 3.02 | 3.70 | 5.01 | 3.50 |
| EV / EBITDA | 11.00 | 18.89 | 25.67 | 48.84 | 28.91 | 54.74 | 31.44 | 17.55 |
| EV / EBIT | 27.31 | 101.28 | 99.73 | — | — | — | 85.20 | 50.40 |
| EV / FCF | — | 44.49 | 53.63 | 107.30 | 38.87 | 158.29 | 28.23 | 25.26 |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.2% | 45.2% | 47.7% | 47.4% | 49.1% | 53.3% | 65.1% | 57.6% |
| Operating Margin | 6.3% | 6.3% | 6.2% | -4.7% | -0.9% | -5.4% | 2.3% | 7.9% |
| Net Profit Margin | -1.9% | -1.9% | 0.8% | -10.4% | -4.6% | -11.1% | 0.9% | 6.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -3.0% | -3.0% | 1.0% | -10.3% | -3.3% | -6.4% | 0.5% | 3.3% |
| ROA | -1.2% | -1.2% | 0.4% | -5.0% | -1.8% | -4.0% | 0.3% | 2.6% |
| ROIC | 4.5% | 4.5% | 4.2% | -2.5% | -0.4% | -1.9% | 0.9% | 2.8% |
| ROCE | 4.6% | 4.6% | 4.3% | -2.7% | -0.4% | -2.2% | 1.1% | 3.6% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.38 | 1.38 | 0.66 | 0.66 | 0.58 | 0.37 | 0.30 | 0.13 |
| Debt / EBITDA | 5.25 | 5.25 | 3.77 | 10.24 | 7.29 | 9.26 | 4.70 | 1.31 |
| Net Debt / Equity | — | 0.98 | 0.35 | 0.37 | 0.38 | 0.21 | 0.19 | 0.06 |
| Net Debt / EBITDA | 3.74 | 3.74 | 2.00 | 5.79 | 4.74 | 5.33 | 3.01 | 0.59 |
| Debt / FCF | — | 8.82 | 4.19 | 12.72 | 6.38 | 15.41 | 2.70 | 0.85 |
| Interest Coverage | 0.80 | 0.80 | 1.02 | -1.54 | -0.40 | -2.02 | 1.85 | 9.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 0.95 | 0.88 | 0.87 | 0.95 | 0.74 | 0.41 |
| Quick Ratio | 0.95 | 0.95 | 0.95 | 0.88 | 0.87 | 0.95 | 0.74 | 0.41 |
| Cash Ratio | 0.76 | 0.76 | 0.78 | 0.76 | 0.67 | 0.83 | 0.64 | 0.34 |
| Asset Turnover | — | 0.56 | 0.57 | 0.48 | 0.38 | 0.37 | 0.26 | 0.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 4.23 | 12.76 | 10.15 | 10.29 | 7.41 | 7.45 | 3.33 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 2.2% |
| Payout Ratio | — | — | — | — | — | — | — | 111.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.1% | — | — | — | 0.2% | 2.1% |
| FCF Yield | 5.8% | 2.8% | 2.0% | 1.1% | 3.1% | 0.7% | 3.9% | 4.1% |
| Buyback Yield | 6.1% | 2.9% | 0.5% | 0.7% | 0.0% | 0.9% | 0.0% | 1.2% |
| Total Shareholder Yield | 6.1% | 2.9% | 0.5% | 0.7% | 0.0% | 0.9% | 0.0% | 3.4% |
| Shares Outstanding | — | $179M | $180M | $177M | $177M | $176M | $133M | $80M |
Regulatory Tax Rate Volatility
According to current market data, Flutter trades at a forward P/E of 17.97, which appears to discount the company's aggressive U.S. expansion while simultaneously reflecting investor caution regarding the regulatory headwinds and tax pressures that have historically constrained the valuation multiples of its European-based gaming peers.
The forward P/E multiple suggests that the market is pricing in a transition toward sustained profitability as the U.S. segment matures. However, the discrepancy between the TTM P/E of -60.23 and forward estimates implies a high degree of reliance on management's ability to scale margins, which may be overly optimistic given the recent trend of state-level tax hikes.
Based on reported financial statements, Flutter's ROIC has struggled to maintain positive momentum, hovering at a marginal 0.3% in 2026Q1, which indicates that the company's heavy reliance on debt-funded acquisitions has significantly diluted the returns generated on its invested capital base over the last ten quarters.
The persistent gap between invested capital and returns suggests that the company is currently in a phase of capital absorption rather than compounding. Investors should monitor whether the integration of recent acquisitions can eventually drive ROIC toward double digits, or if the asset base remains too bloated to support efficient returns.
As reported in quarterly filings, the company's asset turnover ratio has remained stagnant at approximately 0.15, suggesting that despite rapid revenue growth, the underlying efficiency of the asset base is being constrained by the high capital intensity required to maintain its global technology and regulatory infrastructure.
The fluctuation in DSO, which reached 12 days in 2025Q2, highlights the inherent complexity of managing cash flows across diverse regulatory environments. This lack of consistent improvement in asset turnover indicates that the company's growth is currently driven by scale rather than operational optimization.
According to recent balance sheet data, the debt-to-EBITDA ratio has climbed to 25.37 in 2026Q1, a concerning trend that suggests the company's ability to service its debt obligations is becoming increasingly sensitive to the volatility of its operating earnings and potential shifts in the interest rate environment.
The deterioration in interest coverage, which fell to 2.40 in 2026Q1, warrants close investigation as it suggests a narrowing margin of safety for the company's debt service. This leverage profile may limit management's flexibility to pursue further inorganic growth without risking a further degradation of the balance sheet.
The P/E ratio is frequently misapplied to Flutter's business model, as it fails to account for the significant non-cash charges related to the amortization of acquired intangibles and stock-based compensation that consistently distort the company's reported net income and mask its underlying cash-generating capacity.
Analysts should prioritize EV/EBITDA or FCF-based metrics to better assess the company's true earning power, as these measures strip away the accounting noise inherent in the gaming industry. Relying on P/E alone risks underestimating the company's operational health during periods of heavy investment and acquisition-related accounting adjustments.
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Quick answers to the most common questions about buying FLUT stock.
Flutter Entertainment plc's current P/E ratio is -61.3x. The historical average is 48.3x.
Flutter Entertainment plc's current EV/EBITDA is 11.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 32.3x.
Flutter Entertainment plc's return on equity (ROE) is -3.0%. The historical average is -2.6%.
Based on historical data, Flutter Entertainment plc is trading at a P/E of -61.3x. Compare with industry peers and growth rates for a complete picture.
Flutter Entertainment plc has 45.2% gross margin and 6.3% operating margin.
Flutter Entertainment plc's Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.