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DKNGDraftKings Inc.
$21.25$10.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
DKNG logo

DraftKings Inc.

DKNG
NASDAQ · Casinos & Gaming
$21.25
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$10.54B
P/E-2623.5x
52W High$44.22
Volume16.61M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Seasonal Profitability Inflection Masks Rising Leverage Risk

DraftKings has demonstrated a clear profitability inflection, with Q4 2025 achieving a 7.6% operating margin and $151.8M operating income, yet this progress is undermined by persistent quarterly volatility and a deteriorating balance sheet. The company's asset...

GrowthMixed
ProfitabilityStable
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

DKNG price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

4/12 Beats

EPS beat 4 of last 12 quarters

02

Valuation risk

-6903% Peers

P/E is 6903% below peer median

03

Market leadership

RS 22 · Lag

Laggard (Underperforming 78% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth decelerated to -4.6% in Q2 2026 from 16.8% in Q1, with gross margins fluctuating between 31.5% and 46.0% over ten quarters, reflecting structural cost pressures from state taxes and promotional spend.

Analyst Consensus+57.9% target
Buy(48 analysts)
35 Buy9 Hold4 Sell

The Bull Case

Upside Catalysts

Rapid revenue growth

The company is experiencing rapid revenue growth, driven by strong demand for its sports betting and casino platform.

Expanding EBITDA margins

DraftKings is showing expanding EBITDA margins, indicating improving profitability and operational efficiency.

Disciplined expense management

The company has demonstrated disciplined expense management, contributing to its path toward profitability.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
DKNG-40.41%
S&P 500 (^GSPC)+12.39%
1-Year Return
DKNG-50.89%
S&P 500 (^GSPC)+15.77%
3-Year Return
DKNG-22.33%
S&P 500 (^GSPC)+76.15%
5-Year Return
DKNG-58.94%
S&P 500 (^GSPC)+72.12%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E
-2623.5x
Forward P/E
181.2x
EV/EBITDA0th %ile
41.9x
FCF YieldCash Flow
6.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-2623.5x
N/A
N/A
EV/EBITDA
41.9x
67.1x
0th· Low
Price/FCF
16.3x
44.0x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$4.03-81.0%
Base (Fair)$7.38-66.1%
Bull$9.55-55.1%
$4.03 Bear$7.38 Base$9.55 Bull
Current Market Price: $21.25
Trades at a 187.9% premium to Base DCF ($7.38)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$6.05B+27.0% YoY
Net income
$4M+100.7% YoY
Free cash flow
$648M+58.9% YoY
Operating margin
-0.3%+12.5 pts YoY
ROIC (TTM)-0.9%
Avg ROIC 5Y-
ROE (TTM)0.5%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate4/12 (33%)
Revenue Beat Rate4/12 (33%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
-$0.14-741.6%
vs $0.02
$1.4B-4.7%
vs $1.5B
Q2 2026
May 7, 2026
$0.20-9.1%
vs $0.22
$1.6B+0.9%
vs $1.6B
Q1 2026
Feb 12, 2026
$0.36+0.0%
vs $0.36
$2.0B-0.0%
vs $2.0B
Q4 2025
Nov 6, 2025
-$0.52-20.6%
vs -$0.43
$1.1B-5.0%
vs $1.2B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·2d ago
DraftKings Announces Jason Robins' Participation in Upcoming Event

BOSTON--(BUSINESS WIRE)--DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced that Jason Robins, the Company's Chief Executive Officer and Co-founder, will participate in the following event:The Wells Fargo Consumer Conference on September 22, 2026. The fireside chat is scheduled for 11:30 a.m. ET / 8:30 a.m. PT.Registration and the live audio portion of the Wells Fargo Consumer Conference can be accessed at DraftKings' Investor Relations website: ir.aboutdraftkings.com.

Invezz·5d ago
DraftKings stock is losing to prediction markets despite CEO reassurances

DraftKings (DKNG) stock is slipping further on Friday amidst mounting pressure from specialized event-contract platforms, most notably Kalshi. Kalshi is seeing a massive surge in sports wagering volume with the kickoff of the NFL season – eating into the near-term appeal of DKNG shares.

CNBC·5d ago
Sportsbooks remain king this football season, but upstarts are making a run for the money

The NFL season is expected to generate about $40 billion in legal wagers and event contracts, according to a new research report from Eilers & Krejcik Gaming. Sportsbooks are still raking in about 80% of the action, but prediction markets are taking advantage in states where sports betting is still illegal or inaccessible to commercial operators, the market researcher said.

Business Wire·6d ago
TRWD Develops Licensing-Led Expansion Strategy to Complement Acquisition Model and Expand Beyond 100+ Venue Goal

LAS VEGAS--(BUSINESS WIRE)---- $DKNG #ARCEntertainmentGroup--TRWD expands beyond acquisitions with a licensing-led strategy using SMS and payment technology to enable growth beyond 100 venues.

Filtered for DraftKings Inc.More Headlines
04

Compare before deciding

Benchmark DKNG against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for DraftKings Inc. (DKNG)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
DKNG logoDKNGDraftKings Inc.Current
$21.25$10.54B-2623.4626.99%0.06%0.45%—
FLUT logoFLUTFlutter Entertainment plc
$85.89$14.9B-49.6516.62%-4.63%-8.22%—
RSI logoRSIRush Street Interactive, Inc.
$20.56$2.38B146.8622.76%2.33%10.33%—
PENN logoPENNPENN Entertainment, Inc.
$15.56$2.08B-2.675.82%-12.66%-48.65%—
MGM logoMGMMGM Resorts International
$37.85$9.52B49.801.72%2.4%12.69%—
CZR logoCZRCaesars Entertainment, Inc.
$29.61$6.03B-12.242.14%-3.81%-11.99%—

Compare DKNG vs Peers

DraftKings Inc. (DKNG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs FLUT

Most directly comparable listed peer for DKNG.

Scale Benchmark

vs NFLX

Larger-name benchmark to compare DKNG against a more recognizable public peer.

Peer Set

Compare Top 5

vs FLUT, RSI, PENN, MGM

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

DKNG SEC Filings & Documents

DraftKings Inc. (DKNG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 7, 2026·SEC

Material company update

Jun 26, 2026·SEC

Material company update

Jun 9, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 13, 2026·SEC

FY 2025

Feb 14, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

Aug 7, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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DKNG Frequently Asked Questions

DraftKings Inc. (DKNG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is DraftKings Inc.'s revenue?

DraftKings Inc. (DKNG) reported $6.22B in revenue for fiscal year 2025. This represents a 3144% increase from $191.8M in 2017.

How fast is DraftKings Inc. growing?

DraftKings Inc. (DKNG) grew revenue by 27.0% over the past year. This is strong growth.

Is DKNG profitable?

DraftKings Inc. (DKNG) reported a net loss of $166.9M for fiscal year 2025.

Dividend & Returns
What is DKNG's return on equity?

DraftKings Inc. (DKNG) has a return on equity (ROE) of 0.5%. This is below average, suggesting room for improvement.

What is DraftKings Inc.'s free cash flow?

DraftKings Inc. (DKNG) generated $615.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in DKNG back in 2017?

Total return calculator · dividends reinvested · 9+ years of data

See returns →