
Last update at 2026-06-12T06:10:00Z
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How The Light & Wonder (LNWO) Narrative Is Shifting As Analysts Rework Valuation Assumptions
Sat 09 May 26, 05:12 PMLight & Wonder (LNWO) Q1 Earnings and Revenues Lag Estimates
Thu 07 May 26, 01:45 AMLight & Wonder, Inc. Reports First Quarter 2026 Results
Wed 06 May 26, 08:56 PMInspired Entertainment Expands Global iGaming Presence with Launch in South Africa
Mon 20 Apr 26, 01:00 PMLight & Wonder to Report First Quarter 2026 Results
Mon 13 Apr 26, 08:05 PMLight & Wonder (LNWO) Surges 5.0%: Is This an Indication of Further Gains?
Thu 09 Apr 26, 12:59 PMCompared to Estimates, Light & Wonder (LNWO) Q4 Earnings: A Look at Key Metrics
Wed 25 Feb 26, 03:30 AMLight & Wonder (LNWO) Surpasses Q4 Earnings Estimates
Wed 25 Feb 26, 02:55 AMLight & Wonder, Inc. Reports Fourth Quarter and Full Year 2025 Results
Tue 24 Feb 26, 09:10 PM| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 365.00M | 421.00M | 205.00M | -163.00000M | -294.00000M |
| Minority interest | 0.00000M | 0.00000M | -17.00000M | -22.00000M | -19.00000M |
| Net income | 276.00M | 336.00M | 163.00M | 3675.00M | 371.00M |
| Selling general administrative | 869.00M | 872.00M | 808.00M | 717.00M | 679.00M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 2429.00M | 2257.00M | 2030.00M | 1774.00M | 1544.00M |
| Reconciled depreciation | 406.00M | 361.00M | 384.00M | 420.00M | 398.00M |
| Ebit | - | - | - | - | - |
| Ebitda | - | - | - | - | - |
| Depreciation and amortization | - | - | - | - | - |
| Non operating income net other | - | - | - | - | - |
| Operating income | 902.00M | 762.00M | 610.00M | 419.00M | 277.00M |
| Other operating expenses | - | - | - | - | - |
| Interest expense | 314.00M | 293.00M | 309.00M | 327.00M | 478.00M |
| Tax provision | 89.00M | 85.00M | 25.00M | 13.00M | -318.00000M |
| Interest income | - | - | - | - | - |
| Net interest income | -319.00000M | -295.00000M | -324.00000M | -474.00000M | -478.00000M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | - | - | - | - | - |
| Total revenue | 3314.00M | 3188.00M | 2902.00M | 2512.00M | 2153.00M |
| Total operating expenses | 2412.00M | 2426.00M | 2292.00M | 2093.00M | 1876.00M |
| Cost of revenue | 885.00M | 931.00M | 872.00M | 738.00M | 609.00M |
| Total other income expense net | -218.00000M | -46.00000M | -81.00000M | -108.00000M | -93.00000M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 276.00M | 336.00M | 180.00M | -176.00000M | 24.00M |
| Net income applicable to common shares | - | - | - | - | - |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 6462.00M | 5421.00M | 5552.00M | 6009.00M | 7883.00M |
| Intangible assets | 999.00M | 615.00M | 763.00M | 942.00M | 1063.00M |
| Earning assets | - | - | - | - | - |
| Other current assets | 164.00M | 134.00M | 113.00M | 117.00M | 88.00M |
| Total liab | 6217.00M | 4785.00M | 4787.00M | 4848.00M | 9989.00M |
| Total stockholder equity | 245.00M | 636.00M | 765.00M | 990.00M | -2256.00000M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | - | - | - | - | 282.00M |
| Common stock | - | - | - | - | - |
| Capital stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Retained earnings | 1292.00M | 1016.00M | 680.00M | 517.00M | -3158.00000M |
| Other liab | - | - | - | - | - |
| Good will | 3371.00M | 2890.00M | 2945.00M | 2919.00M | 2892.00M |
| Other assets | - | - | - | - | - |
| Cash | 167.00M | 196.00M | 425.00M | 914.00M | 585.00M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 803.00M | 735.00M | 696.00M | 622.00M | 974.00M |
| Current deferred revenue | - | - | - | - | - |
| Net debt | 4996.00M | 3674.00M | 3449.00M | 2980.00M | 8105.00M |
| Short term debt | - | - | - | - | - |
| Short long term debt | 53.00M | 23.00M | 22.00M | 24.00M | 44.00M |
| Short long term debt total | - | - | - | - | - |
| Other stockholder equity | - | - | - | - | - |
| Property plant equipment | - | - | - | - | - |
| Total current assets | 1283.00M | 1183.00M | 1311.00M | 1694.00M | 1732.00M |
| Long term investments | - | - | - | - | - |
| Net tangible assets | - | - | - | - | - |
| Short term investments | - | - | - | - | - |
| Net receivables | 689.00M | 585.00M | 506.00M | 455.00M | 423.00M |
| Long term debt | 5110.00M | 3847.00M | 3852.00M | 3870.00M | 8646.00M |
| Inventory | 169.00M | 158.00M | 177.00M | 161.00M | 98.00M |
| Accounts payable | 189.00M | 216.00M | 241.00M | 154.00M | 204.00M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | - | - | - | - | - |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 68.00M | 77.00M | 66.00M | 73.00M | 1566.00M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 5179.00M | 4238.00M | 4241.00M | 4315.00M | 6151.00M |
| Capital lease obligations | 47.00M | 47.00M | 58.00M | 54.00M | 56.00M |
| Long term debt total | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 0.00000M | -258.00000M | -251.00000M | 6116.00M | -442.00000M |
| Change to liabilities | - | - | - | - | - |
| Total cashflows from investing activities | - | - | - | - | - |
| Net borrowings | 1298.00M | - | - | - | - |
| Total cash from financing activities | 321.00M | -577.00000M | -788.00000M | -5460.00000M | -655.00000M |
| Change to operating activities | - | - | - | - | - |
| Net income | 276.00M | 336.00M | 163.00M | 3675.00M | 371.00M |
| Change in cash | -46.00000M | -209.00000M | -446.00000M | 266.00M | -442.00000M |
| Begin period cash flow | 312.00M | 521.00M | 967.00M | 701.00M | 1143.00M |
| End period cash flow | 266.00M | 312.00M | 521.00M | 967.00M | 701.00M |
| Total cash from operating activities | 794.00M | 632.00M | 590.00M | -381.00000M | 685.00M |
| Issuance of capital stock | - | - | - | - | 0.00000M |
| Depreciation | 406.00M | 361.00M | 384.00M | 420.00M | 398.00M |
| Other cashflows from investing activities | - | - | - | - | - |
| Dividends paid | - | - | - | - | - |
| Change to inventory | -19.00000M | 2.00M | -29.00000M | -65.00000M | 9.00M |
| Change to account receivables | - | - | - | - | - |
| Sale purchase of stock | -880.00000M | -462.00000M | -193.00000M | -442.00000M | 0.00000M |
| Other cashflows from financing activities | - | - | - | - | - |
| Change to netincome | - | - | - | - | - |
| Capital expenditures | 310.00M | 294.00M | 242.00M | 216.00M | 171.00M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | -62.00000M | -76.00000M | -82.00000M | -863.00000M | 143.00M |
| Stock based compensation | 121.00M | 110.00M | 118.00M | 69.00M | 113.00M |
| Other non cash items | 35.00M | 5.00M | 41.00M | -3691.00000M | -343.00000M |
| Free cash flow | 484.00M | 338.00M | 348.00M | -597.00000M | 514.00M |
Sector: Consumer Cyclical Industry: Gambling
| Company | Change (AUD) | Price (AUD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| LNW Light & Wonder Inc |
3.70 2.99% | 127.26 | 29.14 | 11.49 | 2.92 | 21.69 | 3.47 | 10.78 |
| ALL Aristocrat Leisure Ltd |
0.53 0.99% | 53.91 | 22.19 | 18.35 | 5.06 | 5.05 | 5.15 | 10.83 |
| TLC The Lottery Corporation Ltd |
0.14 2.53% | 5.68 | 35.31 | 34.48 | 3.32 | 36.31 | 3.80 | 18.78 |
| TAH Tabcorp Holdings Ltd |
-0.015 1.76% | 0.83 | 83.50 | 24.33 | 0.71 | 1.45 | 0.94 | 6.51 |
| AGI Ainsworth Game Technology Ltd |
-0.07 4.38% | 1.53 | - | 17.01 | 1.83 | 1.53 | 2.26 | 7.84 |
Light & Wonder, Inc. operates as a cross-platform games company in the United States and internationally. It operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals and video lottery terminals, including conversion kits and spare parts. This segment also leases or provides gaming content, gaming machines, and server-based system; electronic pull-tabs and related services to charitable gaming entities; sells and supports casino-management system based software and hardware; licenses proprietary table games content; and supplies Shufflers and other table product utilities to commercial, tribal, and governmental gaming operators. The SciPlay segment develops, markets, and operates a portfolio of social games on various online platforms. The iGaming segment provides a suite of digital gaming content, distribution platforms, player account management systems, and other iGaming content and services. This segment also offers the Open Platform System, which offers a range of reporting and administrative functions and tools providing operators full control over various areas of digital gaming operations. It also supplies, maintains, and sells table game products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment; and sells virtual coins, chips, or bingo cards, which players can use to play casino-style slot games, table games, and bingo games. Light & Wonder, Inc. was incorporated in 1984 and is headquartered in Las Vegas, Nevada.
6601 Bermuda Road, Las Vegas, NV, United States, 89119
| Name | Title | Year Born |
|---|---|---|
| Mr. Jamie Ronald Odell M.B.A. | Executive Chairman | 1959 |
| Mr. Matthew R. Wilson | CEO, President & Director | 1982 |
| Ms. Antonia Korsanos BEC, C.A. | Executive Vice Chair | 1969 |
| Mr. James Sottile | Executive VP & Chief Legal Officer | 1961 |
| Ms. Siobhan Lane | Executive VP & Group Chief Executive of Gaming | 1982 |
| Mr. Oliver Chow | Executive VP, CFO & Treasurer | NA |
| Mr. Vanja Kalabic | Chief Accounting Officer | 1982 |
| Mr. Nick Zangari | Senior Vice President of Investor Relations | NA |
| Mr. Stephen E. Richardson | Senior VP, Chief Compliance Officer & Director of Corporate Security | 1968 |
| Mr. Steven Stamstad | Senior Vice President of Marketing & Communications | NA |
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