Brightstar Lottery (BRSL) 10-Year Financial Performance & Capital Metrics

BRSL • • Industrial / General

Consumer CyclicalCasinos & GamingLottery OperationsGlobal Lottery Operators

AboutA pure‑play global lottery operator - providing technology and services for regulated lotteries. Previously included gaming and iGaming operations, which were divested.Show more

Revenue $2.51B -0.7%
EBITDA $1.09B -6.8%
Net Income $348M +123.1%
EPS (Diluted) 1.90 +146.8%
Gross Margin 46.5% -2.8%
EBITDA Margin 43.31% -6.1%
Operating Margin 27.31% -8.2%
Net Margin 13.85% +124.6%
ROE 17.34% +118.5%
ROIC 7.26% -5.7%
Debt/Equity 2.65 -10.3%
Interest Coverage 3.21 -7.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 35.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.4%
✓Trading at only 1.4x book value

✗Weaknesses

✗High debt to equity ratio of 2.7x
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-14.99%

TTM-1.85%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-10.29%

TTM147.15%

EPS CAGR

10Y-

5Y-

3Y81.08%

TTM95.12%

ROCE

10Y Avg7.34%

5Y Avg7.34%

3Y Avg8.44%

Latest8.38%

Peer Comparison

Global Lottery Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BRSLBrightstar Lottery	2.75B	14.61	7.69	-0.67%	12.19%	22.45%	32.07%	2.65

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.12B	4.09B	2.6B	2.53B	2.51B
Revenue Growth %	-	0.31%	-0.36%	-0.03%	-0.01%
Cost of Goods Sold+	1.98B	2.13B	1.4B	1.32B	1.34B
COGS % of Revenue	0.64%	0.52%	0.54%	0.52%	0.54%
Gross Profit+	1.14B	1.96B	1.2B	1.21B	1.17B
Gross Margin %	0.36%	0.48%	0.46%	0.48%	0.46%
Gross Profit Growth %	-	0.72%	-0.39%	0.01%	-0.03%
Operating Expenses+	897.84M	1.06B	454M	458M	482M
OpEx % of Revenue	0.29%	0.26%	0.17%	0.18%	0.19%
Selling, General & Admin	706.89M	810M	400M	407M	393M
SG&A % of Revenue	0.23%	0.2%	0.15%	0.16%	0.16%
Research & Development	190.95M	238M	45M	37M	45M
R&D % of Revenue	0.06%	0.06%	0.02%	0.01%	0.02%
Other Operating Expenses	0	8M	9M	14M	44M
Operating Income+	237.91M	902M	743M	752M	686M
Operating Margin %	0.08%	0.22%	0.29%	0.3%	0.27%
Operating Income Growth %	-	2.79%	-0.18%	0.01%	-0.09%
EBITDA+	804.11M	1.43B	1.16B	1.17B	1.09B
EBITDA Margin %	0.26%	0.35%	0.45%	0.46%	0.43%
EBITDA Growth %	-	0.78%	-0.19%	0%	-0.07%
D&A (Non-Cash Add-back)	566.19M	526M	419M	415M	402M
EBIT	-429.83M	884M	996M	705M	735M
Net Interest Income+	-402.92M	-342M	-216M	-207M	-205M
Interest Income	14.96M	13M	8M	10M	9M
Interest Expense	417.87M	355M	224M	217M	214M
Other Income/Expense	-1.09B	-373M	29M	-264M	-165M
Pretax Income+	-847.71M	529M	772M	488M	521M
Pretax Margin %	-0.27%	0.13%	0.3%	0.19%	0.21%
Income Tax+	27.7M	274M	212M	223M	250M
Effective Tax Rate %	1.06%	0.91%	0.36%	0.32%	0.67%
Net Income+	-897.89M	482M	275M	156M	348M
Net Margin %	-0.29%	0.12%	0.11%	0.06%	0.14%
Net Income Growth %	-	1.54%	-0.43%	-0.43%	1.23%
Net Income (Continuing)	-875.4M	255M	560M	265M	271M
Discontinued Operations	41.44M	415M	-146M	43M	238M
Minority Interest	784.43M	689M	550M	510M	409M
EPS (Diluted)+	-4.39	0.32	1.37	0.77	1.90
EPS Growth %	-	1.07%	3.28%	-0.44%	1.47%
EPS (Basic)	-4.39	2.35	1.38	0.78	1.92
Diluted Shares Outstanding	204.72M	206.79M	203.41M	203M	204M
Basic Shares Outstanding	204.72M	204.95M	201.82M	200M	202M
Dividend Payout Ratio	-	0.09%	0.59%	1.03%	0.46%

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.44B	2.49B	2.13B	2.13B	6.17B
Cash & Short-Term Investments	1.11B	591M	590M	508M	584M
Cash Only	1.11B	591M	590M	508M	584M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	1.23B	1.39B	1.03B	458M	489M
Days Sales Outstanding	144.26	123.9	144.9	66.1	71.05
Inventory	169.21M	183M	254M	110M	113M
Days Inventory Outstanding	31.2	31.34	66.22	30.44	30.69
Other Current Assets	885.17M	271M	210M	1B	4.93B
Total Non-Current Assets+	9.55B	8.84B	8.3B	8.34B	4.11B
Property, Plant & Equipment	1.52B	1.37B	1.27B	799M	767M
Fixed Asset Turnover	2.05x	2.99x	2.05x	3.17x	3.28x
Goodwill	4.71B	4.66B	4.48B	2.68B	2.65B
Intangible Assets	1.58B	2.55B	2.28B	795M	567M
Long-Term Investments	164.66M	0	0	0	42M
Other Non-Current Assets	1.54B	227M	232M	4.03B	51M
Total Assets+	12.99B	11.32B	10.43B	10.46B	10.28B
Asset Turnover	0.24x	0.36x	0.25x	0.24x	0.24x
Asset Growth %	-	-0.13%	-0.08%	0%	-0.02%
Total Current Liabilities+	2.62B	1.91B	1.85B	1.69B	2.69B
Accounts Payable	1.13B	1.03B	731M	643M	718M
Days Payables Outstanding	207.61	177.28	190.58	177.93	194.99
Short-Term Debt	448.36M	52M	61M	16M	208M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	817.15M	319M	631M	744M	1.49B
Current Ratio	1.32x	1.30x	1.15x	1.26x	2.29x
Quick Ratio	1.25x	1.20x	1.01x	1.19x	2.25x
Cash Conversion Cycle	-32.16	-22.03	20.54	-81.39	-93.25
Total Non-Current Liabilities+	8.82B	7.44B	6.61B	6.82B	5.53B
Long-Term Debt	7.86B	6.48B	5.69B	5.65B	5.15B
Capital Lease Obligations	297.08M	296M	239M	88M	83M
Deferred Tax Liabilities	333.01M	415M	305M	218M	208M
Other Non-Current Liabilities	266.93M	201M	321M	828M	60M
Total Liabilities	11.43B	9.35B	8.45B	8.51B	8.22B
Total Debt+	8.6B	6.87B	6.03B	5.78B	5.47B
Net Debt	7.5B	6.27B	5.44B	5.27B	4.88B
Debt / Equity	5.51x	3.48x	3.05x	2.96x	2.65x
Debt / EBITDA	10.70x	4.81x	5.19x	4.95x	5.03x
Net Debt / EBITDA	9.32x	4.39x	4.68x	4.52x	4.49x
Interest Coverage	0.57x	2.54x	3.32x	3.47x	3.21x
Total Equity+	1.56B	1.97B	1.98B	1.95B	2.06B
Equity Growth %	-	0.26%	0%	-0.01%	0.06%
Book Value per Share	7.63	9.53	9.73	9.62	10.10
Total Shareholders' Equity	776.74M	1.28B	1.43B	1.44B	1.65B
Common Stock	20.48M	21M	21M	21M	21M
Retained Earnings	-1.92B	-1.44B	-1.16B	-1.01B	-660M
Treasury Stock	0	-41M	-156M	-156M	-156M
Accumulated OCI	329.81M	412M	529M	521M	516M
Minority Interest	784.43M	689M	550M	510M	409M

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	865.63M	978M	899M	1.04B	1.03B
Operating CF Margin %	0.28%	0.24%	0.35%	0.41%	0.41%
Operating CF Growth %	-	0.13%	-0.08%	0.16%	-0.01%
Net Income	-939.33M	1.08B	560M	116M	270M
Depreciation & Amortization	566.19M	526M	419M	415M	402M
Stock-Based Compensation	0	35M	34M	0	38M
Deferred Taxes	-78.21M	38M	-42M	-36M	-36M
Other Non-Cash Items	1.19B	-603M	-79M	365M	306M
Working Capital Changes	125.88M	-103M	7M	180M	50M
Change in Receivables	73.58M	-95M	114M	-55M	-85M
Change in Inventory	16.63M	-13M	-17M	-21M	-5M
Change in Payables	4.59M	-36M	-60M	82M	88M
Cash from Investing+	-292.77M	636M	168M	-467M	-357M
Capital Expenditures	-254.69M	-238M	-162M	-147M	-149M
CapEx % of Revenue	0.08%	0.06%	0.06%	0.06%	0.06%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-23.13M	874M	-146M	-246M	-208M
Cash from Financing+	-413.66M	-1.9B	-1.06B	-564M	-586M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	-40.89M	-41M	-161M	-160M	-161M
Share Repurchases	-	-	-	-	-
Other Financing	-147.81M	-292M	-213M	-223M	-290M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	610.94M	740M	737M	893M	881M
FCF Margin %	0.2%	0.18%	0.28%	0.35%	0.35%
FCF Growth %	-	0.21%	-0%	0.21%	-0.01%
FCF per Share	2.98	3.58	3.62	4.40	4.32
FCF Conversion (FCF/Net Income)	-0.96x	2.03x	3.27x	6.67x	2.96x
Interest Paid	0	369M	228M	0	221M
Taxes Paid	0	188M	283M	0	241M

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-57.51%	27.29%	13.92%	7.93%	17.34%
Return on Invested Capital (ROIC)	1.97%	7.82%	7.12%	7.7%	7.26%
Gross Margin	36.46%	47.88%	46.09%	47.84%	46.5%
Net Margin	-28.82%	11.79%	10.59%	6.17%	13.85%
Debt / Equity	5.51x	3.48x	3.05x	2.96x	2.65x
Interest Coverage	0.57x	2.54x	3.32x	3.47x	3.21x
FCF Conversion	-0.96x	2.03x	3.27x	6.67x	2.96x
Revenue Growth	-	31.25%	-36.49%	-2.62%	-0.67%

Frequently Asked Questions

Valuation & Price

Brightstar Lottery (BRSL) has a price-to-earnings (P/E) ratio of 7.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Brightstar Lottery (BRSL) reported $2.49B in revenue for fiscal year 2024. This represents a 20% decrease from $3.12B in 2020.

Brightstar Lottery (BRSL) saw revenue decline by 0.7% over the past year.

Yes, Brightstar Lottery (BRSL) is profitable, generating $304.0M in net income for fiscal year 2024 (13.9% net margin).

Dividend & Returns

Yes, Brightstar Lottery (BRSL) pays a dividend with a yield of 5.40%. This makes it attractive for income-focused investors.

Brightstar Lottery (BRSL) has a return on equity (ROE) of 17.3%. This is reasonable for most industries.

Brightstar Lottery (BRSL) generated $103.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

← Back to Screener