Latest Ratios: P/E Ratio -1091.0x · EV/EBITDA 4.4x · ROE 8.1%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $3.0B | $3.6B | $5.6B | $4.6B | $6.0B | $3.5B |
| Enterprise Value | $4.8B | $5.9B | $8.5B | $10.8B | $10.1B | $12.3B | $11.0B |
| P/E Ratio → | -1091.00 | — | 9.29 | 35.60 | 16.55 | 90.34 | — |
| P/S Ratio | 0.80 | 1.21 | 1.43 | 2.20 | 1.78 | 1.46 | 1.11 |
| P/B Ratio | 1.35 | 1.92 | 1.75 | 2.85 | 2.33 | 3.03 | 2.22 |
| P/FCF | — | — | 4.09 | 6.23 | 6.26 | 8.08 | 5.68 |
| P/OCF | — | — | 3.50 | 5.35 | 5.13 | 6.11 | 4.01 |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.33 | 3.38 | 4.28 | 3.87 | 3.00 | 3.52 |
| EV / EBITDA | 4.37 | 5.31 | 7.50 | 9.18 | 8.61 | 8.58 | 13.64 |
| EV / EBIT | 5.47 | 8.86 | 11.55 | 15.37 | 10.09 | 13.86 | — |
| EV / FCF | — | — | 9.63 | 12.13 | 13.64 | 16.56 | 17.95 |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 50.5% | 50.5% | 53.1% | 54.3% | 46.1% | 47.9% | 36.5% |
| Operating Margin | 35.1% | 35.1% | 29.0% | 30.3% | 28.8% | 22.1% | 7.6% |
| Net Profit Margin | 5.9% | 5.9% | 13.9% | 6.2% | 10.6% | 11.8% | -28.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | 17.3% | 7.9% | 13.9% | 27.3% | -57.5% |
| ROA | 1.5% | 1.5% | 3.4% | 1.5% | 2.5% | 4.0% | -6.9% |
| ROIC | 11.7% | 11.7% | 7.7% | 7.8% | 7.2% | 7.8% | 2.0% |
| ROCE | 12.9% | 12.9% | 8.9% | 8.8% | 8.3% | 9.1% | 2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.67 | 2.67 | 2.65 | 2.96 | 3.05 | 3.48 | 5.51 |
| Debt / EBITDA | 3.85 | 3.85 | 4.84 | 4.89 | 5.16 | 4.81 | 10.70 |
| Net Debt / Equity | — | 1.76 | 2.37 | 2.70 | 2.75 | 3.18 | 4.80 |
| Net Debt / EBITDA | 2.54 | 2.54 | 4.32 | 4.46 | 4.66 | 4.39 | 9.32 |
| Debt / FCF | — | — | 5.54 | 5.90 | 7.38 | 8.48 | 12.27 |
| Interest Coverage | 3.26 | 3.26 | 3.43 | 3.25 | 4.45 | 2.49 | -1.03 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 2.29 | 1.26 | 1.15 | 1.30 | 1.32 |
| Quick Ratio | 0.72 | 0.72 | 2.25 | 1.19 | 1.01 | 1.20 | 1.25 |
| Cash Ratio | 0.47 | 0.47 | 0.22 | 0.30 | 0.32 | 0.31 | 0.42 |
| Asset Turnover | — | 0.27 | 0.24 | 0.24 | 0.25 | 0.36 | 0.24 |
| Inventory Turnover | 10.72 | 10.72 | 10.43 | 10.52 | 5.51 | 11.64 | 11.70 |
| Days Sales Outstanding | — | 76.46 | 71.05 | 66.10 | 144.90 | 123.90 | 144.26 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 35.8% | 25.2% | 4.5% | 2.9% | 3.5% | 0.7% | 1.2% |
| Payout Ratio | 523.8% | 523.8% | 46.3% | 102.6% | 58.5% | 8.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 10.8% | 2.8% | 6.0% | 1.1% | — |
| FCF Yield | — | — | 24.5% | 16.0% | 16.0% | 12.4% | 17.6% |
| Buyback Yield | 13.4% | 8.9% | 0.0% | 0.0% | 2.5% | 0.7% | 0.0% |
| Total Shareholder Yield | 49.3% | 34.1% | 4.5% | 2.9% | 6.0% | 1.4% | 1.2% |
| Shares Outstanding | — | $197M | $204M | $203M | $203M | $207M | $205M |
Regulatory concession renewal risk
According to recent market data, BRSL trades at a forward P/E of 14.84, which appears to discount the company as a stagnant utility rather than a growth-oriented technology platform, despite the significant revenue potential inherent in the newly commenced 10-year UK National Lottery license agreement.
The current valuation multiples suggest that investors remain skeptical of the company's ability to extract superior margins from its expanded asset base. This pricing gap warrants investigation, as it may undervalue the terminal value of long-term concessions that possess high barriers to entry and limited competitive replacement risk.
Based on reported figures, BRSL's ROIC has remained suppressed, hovering near 2.0% in 2026Q1, which indicates that the company is currently struggling to generate returns on invested capital that exceed its cost of capital following its aggressive expansion into new European lottery markets.
The persistent gap between invested capital and returns suggests that the integration of large-scale assets like the UK National Lottery is currently dilutive to shareholder value. Investors should monitor whether management can improve these returns as the operational complexity of the new license stabilizes over the coming quarters.
As reported in financial statements, BRSL's cash conversion cycle has shown extreme instability, swinging from -287 days in 2023Q4 to -71 days in 2026Q1, reflecting the unpredictable nature of managing large-scale lottery payouts and the timing of regulatory remittances across multiple diverse geographic jurisdictions.
The erratic nature of these efficiency metrics suggests that the company's working capital management is highly sensitive to jackpot-driven volume spikes and regulatory payment schedules. This volatility complicates the assessment of underlying operational efficiency and may indicate a need for more robust liquidity management strategies.
Based on the company's reported figures, the interest coverage ratio has declined to 2.95 in 2026Q1, signaling that the company's ability to service its debt obligations is becoming increasingly sensitive to fluctuations in operating income during this capital-intensive phase of license integration.
While the reported debt-to-equity ratio of 1.94 appears manageable in isolation, the downward trend in coverage ratios suggests that the company's financial flexibility is narrowing. This warrants further investigation into the sustainability of current dividend payouts given the ongoing pressure on operating cash flows.
As evidenced by the erratic TTM P/E of -1120.00, the standard price-to-earnings ratio is a fundamentally flawed metric for BRSL, as it fails to account for the heavy non-cash amortization of concession rights that artificially depresses reported net income without impacting the company's actual cash-generative capacity.
Analysts should instead focus on EV/EBITDA or free cash flow metrics to better capture the true economic performance of the lottery concessions. Relying on P/E ratios obscures the underlying profitability of the business model and leads to an inaccurate assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying BRSL stock.
Brightstar Lottery's current P/E ratio is -1091.0x. The historical average is 37.9x.
Brightstar Lottery's current EV/EBITDA is 4.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
Brightstar Lottery's return on equity (ROE) is 8.1%. The historical average is 2.8%.
Based on historical data, Brightstar Lottery is trading at a P/E of -1091.0x. Compare with industry peers and growth rates for a complete picture.
Brightstar Lottery's current dividend yield is 35.83% with a payout ratio of 523.8%.
Brightstar Lottery has 50.5% gross margin and 35.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Brightstar Lottery's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.