The company's financial position appears strained as total debt climbed to $12.6 billion, resulting in a debt-to-equity ratio of 1.29 and a current ratio that has tightened to 0.90.
| Total Current Assets | 4.5B | 4.8B | 4.34B | 3.98B | 3.49B | 2.66B | 2B | 479.29M |
| Cash & Short-Term Investments | 3.53B | 3.85B | 3.59B | 3.44B | 2.68B | 2.32B | 1.74B | 393.72M |
| Cash Only | 3.5B | 3.83B | 3.46B | 3.27B | 2.52B | 2.21B | 1.63B | 393.72M |
| Short-Term Investments | 23M | 23M | 130M | 172M | 166M | 112.42M | 113.18M | 0 |
| Accounts Receivable | 601M | 190M | 491M | 328M | 266.8M | 168.76M | 123.16M | 24.91M |
| Days Sales Outstanding | 8.25 | 4.23 | 12.76 | 10.15 | 10.29 | 7.41 | 7.45 | 3.33 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 58M | 751M | 262M | 0 | 336.33M | 0 | 0 | 0 |
| Total Non-Current Assets | 23.97B | 24.48B | 20.16B | 20.66B | 21.15B | 20.06B | 21.23B | 6.68B |
| Property, Plant & Equipment | 1.14B | 1.18B | 1B | 900M | 844.68M | 611.4M | 494.7M | 395.04M |
| Fixed Asset Turnover | 14.73x | 13.88x | 14.05x | 13.10x | 11.20x | 13.59x | 12.20x | 6.91x |
| Goodwill | 15.65B | 15.82B | 13.35B | 13.74B | 13.06B | 12.66B | 13.01B | 5.46B |
| Intangible Assets | 6.71B | 7.02B | 5.36B | 5.88B | 7.07B | 6.6B | 7.56B | 739.87M |
| Long-Term Investments | 41M | 21M | 6M | 9M | 52.45M | 125.56M | 54.4M | 3.58M |
| Other Non-Current Assets | 175M | 130M | 175M | 100M | 36.21M | 52.82M | 105.94M | 63.32M |
| Total Assets | 28.47B | 29.28B | 24.51B | 24.64B | 24.64B | 22.72B | 23.23B | 7.16B |
| Asset Turnover | 0.58x | 0.56x | 0.57x | 0.48x | 0.38x | 0.37x | 0.26x | 0.38x |
| Asset Growth % | 72.14% | 19.47% | -0.52% | -0.01% | 8.43% | -2.18% | 224.62% | - |
| Total Current Liabilities | 4.98B | 5.04B | 4.59B | 4.53B | 3.99B | 2.81B | 2.71B | 1.17B |
| Accounts Payable | 427M | 386M | 266M | 240M | 245.87M | 100.5M | 108.95M | 33.52M |
| Days Payables Outstanding | 15.05 | 15.69 | 13.22 | 14.12 | 18.65 | 9.45 | 18.89 | 10.56 |
| Short-Term Debt | 324M | 239M | 172M | 174M | 144.23M | 93.05M | 101.84M | 388.02M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 1.68B | 976.56M | 879.5M | 237.4M |
| Other Current Liabilities | 3.77B | 4.42B | 4.03B | 3.69B | 1.57B | 1.37B | 1.37B | 418.36M |
| Current Ratio | 0.90x | 0.95x | 0.95x | 0.88x | 0.87x | 0.95x | 0.74x | 0.41x |
| Quick Ratio | 0.90x | 0.95x | 0.95x | 0.88x | 0.87x | 0.95x | 0.74x | 0.41x |
| Cash Conversion Cycle | -6.8 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 13.78B | 14.54B | 8.65B | 8.74B | 8.22B | 5.98B | 5.49B | 432M |
| Long-Term Debt | 11.79B | 12.63B | 6.68B | 7B | 6.67B | 4.81B | 4.22B | 153.27M |
| Capital Lease Obligations | 1.86B | 476M | 428M | 354M | 385.89M | 294.46M | 199.16M | 175M |
| Deferred Tax Liabilities | 4.35B | 1.1B | 605M | 802M | 914.32M | 674.52M | 684.71M | 86.11M |
| Other Non-Current Liabilities | 432M | 229M | 935M | 580M | 249M | 200.32M | 382.61M | 17.62M |
| Total Liabilities | 18.77B | 19.58B | 13.24B | 13.27B | 12.2B | 8.79B | 8.2B | 1.61B |
| Total Debt | 12.56B | 13.35B | 7.4B | 7.53B | 7.2B | 5.2B | 4.52B | 716.29M |
| Net Debt | 9.05B | 9.52B | 3.94B | 4.26B | 4.68B | 2.99B | 2.89B | 322.58M |
| Debt / Equity | 1.29x | 1.38x | 0.66x | 0.66x | 0.58x | 0.37x | 0.30x | 0.13x |
| Debt / EBITDA | 5.26x | 5.25x | 3.77x | 10.24x | 7.29x | 9.26x | 4.70x | 1.31x |
| Net Debt / EBITDA | 3.79x | 3.74x | 2.00x | 5.79x | 4.74x | 5.33x | 3.01x | 0.59x |
| Interest Coverage | 0.63x | 0.80x | 1.02x | -1.54x | -0.40x | -2.02x | 1.85x | 9.52x |
| Total Equity | 9.71B | 9.7B | 11.27B | 11.37B | 12.43B | 13.94B | 15.03B | 5.55B |
| Equity Growth % | -38.78% | -13.93% | -0.89% | -8.58% | -10.77% | -7.29% | 170.82% | - |
| Book Value per Share | 54.24 | 54.18 | 62.59 | 64.23 | 70.25 | 79.18 | 113.14 | 69.09 |
| Total Shareholders' Equity | 9.06B | 9.04B | 9.29B | 10.04B | 12.28B | 13.88B | 14.99B | 5.28B |
| Common Stock | 36M | 36M | 36M | 36M | 582.93M | 646.89M | 3.39B | 567.39M |
| Retained Earnings | 8.23B | 8.12B | 9.57B | 10.11B | 11.28B | 13.3B | 11.47B | 4.69B |
| Treasury Stock | 0 | 0 | 0 | 0 | -240.58K | -5.42M | -63.56M | -62M |
| Accumulated OCI | -1.25B | -1.11B | -1.93B | -1.48B | 422.1M | -52.82M | 194.11M | 84.39M |
| Minority Interest | 645M | 660M | 1.97B | 1.32B | 154.33M | 50.79M | 42.1M | 271.44M |
Elevated Debt and Goodwill
As reported in recent financial filings, Flutter's total debt surged from $7.4 billion in 2025Q1 to $12.6 billion by 2026Q1, driving the debt-to-equity ratio to 1.29 and signaling a more aggressive reliance on external financing to fund its global expansion and consolidation efforts.
The rapid accumulation of debt suggests that management is prioritizing inorganic growth over balance sheet conservatism. Investors should monitor whether this increased leverage limits the company's flexibility to navigate potential regulatory headwinds or future market volatility.
Based on the latest quarterly data, goodwill accounts for $15.6 billion of the company's $28.5 billion in total assets, representing a significant portion of the balance sheet that warrants close scrutiny for potential impairment risks in the event of underperforming acquisitions.
The heavy reliance on intangible assets suggests that the company's valuation is highly sensitive to the long-term success of its integrated brand portfolio. If the anticipated synergies from recent mergers fail to materialize, the resulting write-downs could materially impact the company's reported equity position.
According to the 2026Q1 balance sheet, the current ratio has compressed to 0.90, indicating that current liabilities now exceed current assets and suggesting a narrowing margin of safety for meeting short-term obligations without relying on external refinancing or operational cash flow.
This liquidity profile appears to be a byproduct of aggressive capital deployment and debt-funded growth. While the company maintains a cash position of $3.5 billion, the persistent sub-1.0 current ratio suggests that investors should remain cautious regarding the company's ability to absorb sudden shocks to its working capital cycle.
As evidenced by the reported figures, equity has remained relatively flat at $9.1 billion in 2026Q1 compared to $9.9 billion in 2025Q1, reflecting the offsetting impacts of retained earnings and the ongoing dilution associated with stock-based compensation programs.
The lack of meaningful growth in the equity base, despite significant revenue expansion, suggests that the company is struggling to retain the value generated by its operations. This trend may indicate that a substantial portion of shareholder value is being diverted to compensate employees rather than strengthening the underlying capital structure.
Quick answers to the most common questions about buying FLUT stock.
As of 2025, Flutter Entertainment plc (FLUT) had total assets of $29.28B including $4.80B in current assets.
Flutter Entertainment plc (FLUT) carries total debt of $13.35B, offset by $3.85B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Flutter Entertainment plc (FLUT) has total shareholders' equity (book value) of $9.04B ($54.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Flutter Entertainment plc (FLUT) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.