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Light & Wonder, Inc. (LNW) 10-Year Financial Performance & Capital Metrics

LNW • • Industrial / General
Consumer CyclicalCasinos & GamingGaming Technology & ServicesGaming Equipment & Content Providers
AboutLight & Wonder, Inc. develops technology-based products and services, and related content for the gaming, lottery, social and digital gaming industries in the United States and internationally. The company's Gaming segment sells new and used gaming machines, electronic table systems, video lottery terminals, conversion game kits, and spare parts; table products, including shufflers; and perpetual licenses to proprietary table games. It also supplies game content, gaming machines; provides table game products and services to licensed gaming entities; and installs and supports casino management systems, such as ongoing hardware and software maintenance and upgrade services of customer casino management systems. The company's SciPlay segment develops and publishes digital games on mobile and web platforms. It sells virtual coins, chips, or bingo cards, which players can use to play slot games, table games, or bingo games. Its iGaming segment provides a suite of digital gaming content, including digital real-money gaming, distribution platforms, content, products, and services. This segment also offers the Open Platform System, which offers a range of reporting and administrative functions and tools providing operators control over various areas of digital gaming operations. The company also offers software design, development, licensing, maintenance, support services, and technology solutions. Light & Wonder, Inc. was incorporated in 1984 and is based in Las Vegas, Nevada.Show more
  • Revenue $3.19B +9.9%
  • EBITDA $1.03B +14.1%
  • Net Income $336M +106.1%
  • EPS (Diluted) 3.68 +110.3%
  • Gross Margin 70.8% +1.2%
  • EBITDA Margin 32.28% +3.8%
  • Operating Margin 20.95% +17.4%
  • Net Margin 10.54% +87.6%
  • ROE 47.97% +183.4%
  • ROIC 11.61% +26.5%
  • Debt/Equity 6.16 +19.8%
  • Interest Coverage 2.28 +42.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 127.1%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Momentum leader: RS Rating 82 (top 18%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 2.2% through buybacks
  • ✓Healthy 5Y average net margin of 29.2%

✗Weaknesses

  • ✗High debt to equity ratio of 6.2x
  • ✗Expensive at 17.2x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.96%
5Y5.95%
3Y13.98%
TTM1.87%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-3.25%
TTM35.25%

EPS CAGR

10Y-
5Y-
3Y-0.8%
TTM27.86%

ROCE

10Y Avg2.99%
5Y Avg5.33%
3Y Avg9.52%
Latest14%

Peer Comparison

Gaming Equipment & Content Providers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
LNWLight & Wonder, Inc.9.8B120.2632.689.86%12.39%55.19%3.45%6.16
INSEInspired Entertainment, Inc.253.38M9.414.24-7.99%18%1.14%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+2.76B2.88B3.08B3.36B2.39B1.7B2.15B2.51B2.9B3.19B
Revenue Growth %0.54%0.05%0.07%0.09%-0.29%-0.29%0.27%0.17%0.16%0.1%
Cost of Goods Sold+1.1B1.11B1.16B1.26B746M610M609M738M872M931M
COGS % of Revenue0.4%0.38%0.38%0.37%0.31%0.36%0.28%0.29%0.3%0.29%
Gross Profit+1.65B1.78B1.92B2.11B1.64B1.09B1.54B1.77B2.03B2.26B
Gross Margin %0.6%0.62%0.62%0.63%0.69%0.64%0.72%0.71%0.7%0.71%
Gross Profit Growth %0.77%0.07%0.08%0.1%-0.22%-0.34%0.42%0.15%0.14%0.11%
Operating Expenses+1.65B1.65B1.53B1.84B1.35B1.33B1.43B1.5B1.51B1.59B
OpEx % of Revenue0.6%0.57%0.49%0.55%0.57%0.79%0.67%0.6%0.52%0.5%
Selling, General & Admin567.7M577M613.1M696.9M619M627M679M717M808M872M
SG&A % of Revenue0.21%0.2%0.2%0.21%0.26%0.37%0.32%0.29%0.28%0.27%
Research & Development183.9M204.8M184.1M202.3M166M148M190M218M228M262M
R&D % of Revenue0.07%0.07%0.06%0.06%0.07%0.09%0.09%0.09%0.08%0.08%
Other Operating Expenses903.2M864.7M728.8M942.8M567M559M565M566M476M455M
Operating Income+-1.02B130.6M393.1M265.6M290M-245M110M273M518M668M
Operating Margin %-0.37%0.05%0.13%0.08%0.12%-0.14%0.05%0.11%0.18%0.21%
Operating Income Growth %-4.93%1.13%2.01%-0.32%0.09%-1.84%1.45%1.48%0.9%0.29%
EBITDA+-121.4M864.5M1.08B955.3M832M204M508M693M902M1.03B
EBITDA Margin %-0.04%0.3%0.35%0.28%0.35%0.12%0.24%0.28%0.31%0.32%
EBITDA Growth %-1.43%8.12%0.24%-0.11%-0.13%-0.75%1.49%0.36%0.3%0.14%
D&A (Non-Cash Add-back)903.2M733.9M682.8M689.7M542M449M398M420M384M361M
EBIT-1.03B176M374.9M260.5M212M-301M184M164M514M714M
Net Interest Income+-664.9M-661.4M-610M-597M-589M-503M-478M-327M-309M-293M
Interest Income0000000015M0
Interest Expense664.9M661.4M609.7M597.2M589M503M478M327M324M293M
Other Income/Expense-299.9M-609.3M-620.9M-604.9M-667M-559M-404M-436M-313M-247M
Pretax Income+-1.69B-478.7M-227.8M-339.3M-377M-804M-294M-163M205M421M
Pretax Margin %-0.61%-0.17%-0.07%-0.1%-0.16%-0.47%-0.14%-0.06%0.07%0.13%
Income Tax+-299.9M-125M14.5M13.1M-47M-3M-318M13M25M85M
Effective Tax Rate %0.82%0.74%1.06%1.04%0.34%0.71%-1.26%-22.55%0.8%0.8%
Net Income+-1.39B-353.7M-242.3M-352.4M-130M-569M371M3.67B163M336M
Net Margin %-0.51%-0.12%-0.08%-0.1%-0.05%-0.33%0.17%1.46%0.06%0.11%
Net Income Growth %-4.95%0.75%0.31%-0.45%0.63%-3.38%1.65%8.91%-0.96%1.06%
Net Income (Continuing)-1.39B-353.7M-242.3M-352.4M-330M-801M24M-176M180M336M
Discontinued Operations0000212M253M366M3.87B00
Minority Interest0000104M129M150M171M00
EPS (Diluted)+-16.23-4.05-2.72-3.87-1.27-5.773.77-1.851.753.68
EPS Growth %-4.86%0.75%0.33%-0.42%0.67%-3.54%1.65%-1.49%1.95%1.1%
EPS (Basic)-16.23-4.05-2.72-3.87-1.27-5.793.8638.781.793.77
Diluted Shares Outstanding85.9M87.3M89M91M93M95M98M95M93M91M
Basic Shares Outstanding85.9M87.3M88.97M90.96M92.93M94.59M96M94.74M91M89M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+1.18B1.12B1.88B1.37B1.61B2.18B1.73B1.69B1.31B1.18B
Cash & Short-Term Investments128.7M115.1M788.8M168M313M928M585M914M425M196M
Cash Only128.7M115.1M788.8M168M313M928M585M914M425M196M
Short-Term Investments0000000000
Accounts Receivable654.8M620.4M684.4M713M755M438M423M455M506M585M
Days Sales Outstanding86.6378.5381.0177.38115.494.171.7166.1163.6466.98
Inventory248.5M242.3M243.1M215.6M244M119M98M161M177M158M
Days Inventory Outstanding82.1579.9476.1962.69119.3871.258.7479.6374.0961.94
Other Current Assets20.2M24.7M29M39M51M598M538M164M203M244M
Total Non-Current Assets+6.56B5.97B5.85B6.35B6.19B5.8B6.15B4.32B4.24B4.24B
Property, Plant & Equipment794M612.2M568.2M547M605M294M264M253M288M330M
Fixed Asset Turnover3.47x4.71x5.43x6.15x3.95x5.78x8.16x9.93x10.08x9.66x
Goodwill3.01B2.89B2.96B3.28B3.28B2.73B2.89B2.92B2.94B2.89B
Intangible Assets2.41B2.18B1.94B2.09B1.77B1.23B1.06B942M763M615M
Long-Term Investments228.5M179.9M253.9M298M273M262M000122M
Other Non-Current Assets93.9M112.9M126.7M130M262M1.18B1.58B87M103M52M
Total Assets+7.73B7.09B7.73B7.72B7.81B7.98B7.88B6.01B5.55B5.42B
Asset Turnover0.36x0.41x0.40x0.44x0.31x0.21x0.27x0.42x0.52x0.59x
Asset Growth %-0.23%-0.08%0.09%-0%0.01%0.02%-0.01%-0.24%-0.08%-0.02%
Total Current Liabilities+653.9M692.4M739.8M747.3M766M832M974M622M696M735M
Accounts Payable159.8M188.9M190.4M225.1M226M150M204M154M241M216M
Days Payables Outstanding52.8362.3259.6765.45110.5889.75122.2776.17100.8884.68
Short-Term Debt50.3M49.3M40.3M45M45M44M44M24M22M23M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities80.1M134.6M148.2M120M94M365M404M113M139M140M
Current Ratio1.80x1.61x2.54x1.83x2.11x2.62x1.78x2.72x1.88x1.61x
Quick Ratio1.42x1.26x2.21x1.54x1.79x2.48x1.68x2.46x1.63x1.39x
Cash Conversion Cycle115.9696.1597.5374.62124.2175.558.1869.5736.8544.24
Total Non-Current Liabilities+8.57B8.33B9.01B9.43B9.15B9.68B9.02B4.23B4.09B4.05B
Long-Term Debt8.16B8.02B8.74B8.99B8.68B9.26B8.65B3.87B3.85B3.85B
Capital Lease Obligations000088M43M40M37M39M31M
Deferred Tax Liabilities228.2M70.2M73.1M107.6M91M46M35M87M20M12M
Other Non-Current Liabilities188.9M235.6M203.1M334M292M328M294M232M180M160M
Total Liabilities9.23B9.02B9.75B10.18B9.92B10.51B9.99B4.85B4.79B4.79B
Total Debt+8.21B8.07B8.78B9.04B8.84B9.36B8.75B3.95B3.93B3.92B
Net Debt8.08B7.96B7.99B8.87B8.53B8.43B8.16B3.03B3.51B3.72B
Debt / Equity-------3.40x5.14x6.16x
Debt / EBITDA-9.34x8.16x9.46x10.62x45.89x17.22x5.70x4.36x3.81x
Net Debt / EBITDA-9.21x7.42x9.28x10.25x41.34x16.06x4.38x3.89x3.62x
Interest Coverage-1.54x0.20x0.64x0.44x0.49x-0.49x0.23x0.83x1.60x2.28x
Total Equity+-1.5B-1.94B-2.03B-2.46B-2.11B-2.52B-2.11B1.16B765M636M
Equity Growth %-384.46%-0.29%-0.05%-0.22%0.14%-0.2%0.17%1.55%-0.34%-0.17%
Book Value per Share-17.41-22.17-22.78-27.07-22.67-26.57-21.4912.228.236.99
Total Shareholders' Equity-1.5B-1.94B-2.03B-2.46B-2.21B-2.65B-2.26B990M765M636M
Common Stock1M1M1.1M1M1M1M1M1M1M1M
Retained Earnings-1.86B-2.22B-2.46B-2.82B-2.95B-3.53B-3.16B517M680M1.02B
Treasury Stock-175.2M-175.2M-175.2M-175M-175M-175M-175M-580M-751M-1.22B
Accumulated OCI-222.2M-333.6M-199.7M-300M-292M-218M-261M-318M-283M-365M
Minority Interest0000104M129M150M171M00

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+414.2M419M507.1M346.1M546M471M685M-381M590M632M
Operating CF Margin %0.15%0.15%0.16%0.1%0.23%0.28%0.32%-0.15%0.2%0.2%
Operating CF Growth %1.04%0.01%0.21%-0.32%0.58%-0.14%0.45%-1.56%2.55%0.07%
Net Income-1.39B-353.7M-242.3M-352.4M-118M-548M390M3.7B180M336M
Depreciation & Amortization903.2M738.7M682.8M689.7M647M449M398M420M384M361M
Stock-Based Compensation25.4M35.3M27.2M43.9M37M56M113M69M118M110M
Deferred Taxes-330.6M-164.6M-5.7M-33.3M-21M-27M-342M-29M-84M-108M
Other Non-Cash Items1.05B97.6M71.5M128.8M142M420M-17M-3.65B74M9M
Working Capital Changes161.8M65.7M-26.4M-130.6M-141M121M143M-892M-82M-76M
Change in Receivables26.5M-17.2M-62.3M102.1M39M137M19M-35M-68M-148M
Change in Inventory29.3M2.5M-2.2M23.7M-20M4M9M-65M-29M2M
Change in Payables4.5M14.7M64.5M-125.8M-19M-31M91M-74M65M59M
Cash from Investing+-263.8M-231.7M-414.6M-798.1M-263M-173M-442M6.12B-251M-258M
Capital Expenditures-323.6M-272.9M-293.7M-390.8M-285M-137M-171M-216M-242M-294M
CapEx % of Revenue0.12%0.09%0.1%0.12%0.12%0.08%0.08%0.09%0.08%0.09%
Acquisitions----------
Investments----------
Other Investing62.5M42.4M44.1M69.7M23M-47M-95M6.37B-3M0
Cash from Financing+-183.2M-196M580.2M-156.2M-129M463M-679M-5.46B-788M-577M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-41.9M-56.3M-52.6M-65.8M-74M-44M-102M-91M-561M-104M
Net Change in Cash----------
Free Cash Flow+90.6M146.1M213.4M-44.7M261M334M514M-597M348M338M
FCF Margin %0.03%0.05%0.07%-0.01%0.11%0.2%0.24%-0.24%0.12%0.11%
FCF Growth %3.6%0.61%0.46%-1.21%6.84%0.28%0.54%-2.16%1.58%-0.03%
FCF per Share1.051.672.40-0.492.813.525.24-6.283.743.71
FCF Conversion (FCF/Net Income)-0.30x-1.18x-2.09x-0.98x-4.20x-0.83x1.85x-0.10x3.62x1.88x
Interest Paid596.3M621.5M575M633M549M471M453M351M306M286M
Taxes Paid34.1M21.9M38M33M41M22M38M692M147M164M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-------316.54%16.93%47.97%
Return on Invested Capital (ROIC)-10.44%1.55%4.92%3.22%3.39%-2.98%1.38%4%9.18%11.61%
Gross Margin59.98%61.63%62.23%62.68%68.76%64.1%71.71%70.62%69.95%70.8%
Net Margin-50.54%-12.27%-7.86%-10.48%-5.44%-33.49%17.23%146.3%5.62%10.54%
Debt / Equity-------3.40x5.14x6.16x
Interest Coverage-1.54x0.20x0.64x0.44x0.49x-0.49x0.23x0.83x1.60x2.28x
FCF Conversion-0.30x-1.18x-2.09x-0.98x-4.20x-0.83x1.85x-0.10x3.62x1.88x
Revenue Growth54.43%4.52%6.94%9.07%-29%-28.85%26.72%16.67%15.53%9.86%

Revenue by Segment

2015201620172018201920202021202220232024
Service---1.78B1.82B1.59B1.64B1.79B1.99B2.1B
Service Growth----2.36%-12.42%3.08%9.32%10.92%5.73%
Product---993.8M994M553M511M717M911M1.08B
Product Growth----0.02%-44.37%-7.59%40.31%27.06%18.88%
Interactive Group210M274.4M362M-------
Interactive Group Growth-30.67%31.92%-------
Gaming Group956.3M188.4M201.9M-------
Gaming Group Growth--80.30%7.17%-------
Lottery Systems Group185.5M204.2M--------
Lottery Systems Group Growth-10.08%--------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES2.14B1.96B2.12B2.19B2.19B1.82B1.55B1.73B1.95B2.09B
UNITED STATES Growth--8.63%8.12%3.42%0.21%-17.13%-14.73%11.80%12.34%7.14%
Non-US-924.4M965.5M--905M602M778M954M1.1B
Non-US Growth--4.45%----33.48%29.24%22.62%15.41%
Segment Geographical International614.8M---------
Segment Geographical International Growth----------
Europe, Other Than United Kingdom182.1M---------
Europe, Other Than United Kingdom Growth----------
North America Excluding United States175M---------
North America Excluding United States Growth----------
Other Countries100.2M---------
Other Countries Growth----------

Frequently Asked Questions

Valuation & Price

Light & Wonder, Inc. (LNW) has a price-to-earnings (P/E) ratio of 32.7x. This suggests investors expect higher future growth.

Growth & Financials

Light & Wonder, Inc. (LNW) reported $3.22B in revenue for fiscal year 2024. This represents a 267% increase from $878.7M in 2011.

Light & Wonder, Inc. (LNW) grew revenue by 9.9% over the past year. This is steady growth.

Yes, Light & Wonder, Inc. (LNW) is profitable, generating $399.0M in net income for fiscal year 2024 (10.5% net margin).

Dividend & Returns

Light & Wonder, Inc. (LNW) has a return on equity (ROE) of 48.0%. This is excellent, indicating efficient use of shareholder capital.

Light & Wonder, Inc. (LNW) generated $389.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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