Latest Ratios: P/E Ratio 226.3x · EV/EBITDA 24.0x · ROE 13.3%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $4.6B | $1.2B | $308M | $228M | $948M | $1.1B | — | — |
| Enterprise Value | $3.1B | $4.3B | $989M | $143M | $24M | $668M | $877M | — | — |
| P/E Ratio → | 226.29 | 138.79 | 508.15 | — | — | — | — | — | — |
| P/S Ratio | 2.98 | 4.04 | 1.31 | 0.45 | 0.39 | 1.94 | 4.06 | — | — |
| P/B Ratio | 24.65 | 15.12 | 6.12 | 1.85 | 1.19 | 3.08 | — | — | — |
| P/FCF | 20.61 | 27.93 | 15.75 | — | — | — | 113.83 | — | — |
| P/OCF | 20.52 | 27.80 | 11.40 | — | — | — | 69.91 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.76 | 1.07 | 0.21 | 0.04 | 1.37 | 3.15 | — | — |
| EV / EBITDA | 24.04 | 33.48 | 17.49 | — | — | — | — | — | — |
| EV / EBIT | 35.04 | 48.79 | 40.66 | — | — | — | — | — | — |
| EV / FCF | — | 25.97 | 12.83 | — | — | — | 88.23 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.6% | 34.6% | 34.9% | 32.7% | 30.0% | 32.0% | 31.5% | 48.3% | 41.2% |
| Operating Margin | 7.7% | 7.7% | 2.6% | -7.5% | -21.1% | -19.3% | -47.9% | -35.1% | -58.7% |
| Net Profit Margin | 2.9% | 2.9% | 0.3% | -2.6% | -6.5% | -6.0% | 0.4% | -35.3% | -58.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 1.3% | -10.3% | -15.5% | -144.0% | — | — | — |
| ROA | 6.4% | 6.4% | 0.7% | -5.5% | -10.2% | -8.1% | 0.6% | -133.4% | -131.5% |
| ROIC | — | — | — | -2003.5% | -1246.3% | -249.6% | — | — | — |
| ROCE | 26.3% | 26.3% | 12.2% | -26.7% | -47.0% | -81.1% | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.02 | 0.02 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.14 | 0.14 | 0.08 | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.06 | -1.13 | -0.99 | -1.07 | -0.91 | — | — | — |
| Net Debt / EBITDA | -2.53 | -2.53 | -3.97 | — | — | — | — | — | — |
| Debt / FCF | — | -1.96 | -2.92 | — | — | — | -25.61 | — | — |
| Interest Coverage | — | — | 25.40 | — | -217.80 | -504.17 | -952.53 | -181.52 | — |
Net cash position: cash ($341M) exceeds total debt ($18M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.93 | 1.93 | 1.75 | 1.66 | 1.84 | 4.07 | 0.73 | 0.66 | 0.51 |
| Quick Ratio | 1.93 | 1.93 | 1.75 | 1.66 | 1.84 | 4.07 | 0.73 | 0.66 | 0.51 |
| Cash Ratio | 1.62 | 1.62 | 1.40 | 1.22 | 1.43 | 3.35 | 0.64 | 0.40 | 0.15 |
| Asset Turnover | — | 1.72 | 2.44 | 2.17 | 1.69 | 1.19 | 0.90 | 2.50 | 2.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 11.52 | 13.08 | 23.23 | 29.02 | 25.42 | 38.72 | 28.58 | 2.14 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | 480.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.7% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 4.9% | 3.6% | 6.3% | — | — | — | 0.9% | — | — |
| Buyback Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | — | — |
| Total Shareholder Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.4% | 0.5% | — | — |
| Shares Outstanding | — | $236M | $88M | $69M | $64M | $57M | $52M | $29M | $29M |
Regulatory tax rate volatility
According to current market data, RSI trades at a forward P/E of 52.51, which suggests that investors are pricing in significant future earnings expansion relative to the company's historical losses and the broader, more mature gaming sector benchmarks like MGM Resorts or Flutter Entertainment.
The elevated P/E multiple appears to be a function of the company's recent transition to consistent profitability rather than a reflection of current earnings yield. This valuation implies that the market is assigning a scarcity premium to RSI as a debt-free, high-growth iGaming specialist in an industry otherwise characterized by heavy leverage and capital-intensive physical assets.
Based on reported figures from 2025Q3, RSI achieved an ROIC of 102.2%, a figure that highlights the extreme capital efficiency of its proprietary digital platform compared to the asset-heavy, low-return profiles typically observed among traditional land-based casino operators within the broader consumer cyclical sector.
This exceptionally high return on invested capital suggests that the company's incremental growth is being funded primarily through operational cash flow rather than additional capital injections. Investors should monitor whether this efficiency can be sustained as the company scales its Latin American operations, which may require higher localized infrastructure investment than the US market.
As reported in recent financial statements, RSI's DSO has fluctuated between 11 and 20 days over the last ten quarters, indicating a highly efficient collection cycle that is characteristic of a digital-first business model where customer payments are processed near-instantaneously through integrated payment gateways.
The lack of significant inventory or complex receivables suggests that the company's working capital cycle is primarily influenced by the timing of state-level tax remittances and partner revenue-sharing agreements. This lean operational structure minimizes the risk of cash being trapped in the balance sheet, thereby enhancing the company's overall liquidity profile.
Based on the 2026Q1 balance sheet, RSI maintains a current ratio of 1.96, which, when combined with a cash position of $330.6 million and negligible debt, provides a substantial liquidity cushion against potential regulatory shocks or sudden increases in promotional spending requirements in competitive markets.
This liquidity position appears superior to many peers who are currently navigating high interest expense burdens or restrictive debt covenants. The company's ability to self-fund its operations without reliance on credit markets suggests a level of financial resilience that is rare for a company in the early stages of its profitability lifecycle.
The EV/EBITDA multiple of 23.94 is frequently misapplied to RSI, as it fails to account for the company's minimal capital expenditure requirements and the non-cash nature of its stock-based compensation, which together significantly distort the true cash-generating capacity of the underlying iGaming business model.
Analysts should instead focus on P/FCF or adjusted cash flow metrics, as the EBITDA figure is often inflated by the exclusion of marketing-related stock grants that are essential to the company's growth strategy. Relying on EV/EBITDA may lead to an underestimation of the company's true earnings power and its ability to convert revenue into shareholder value.
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Quick answers to the most common questions about buying RSI stock.
Rush Street Interactive, Inc.'s current P/E ratio is 226.3x. The historical average is 138.8x. This places it at the 100th percentile of its historical range.
Rush Street Interactive, Inc.'s current EV/EBITDA is 24.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.5x.
Rush Street Interactive, Inc.'s return on equity (ROE) is 13.3%. The historical average is -31.0%.
Based on historical data, Rush Street Interactive, Inc. is trading at a P/E of 226.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rush Street Interactive, Inc. has 34.6% gross margin and 7.7% operating margin.
Rush Street Interactive, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.