Latest Ratios: P/E Ratio -13.9x · EV/EBITDA 5.8x · ROE N/A. (2012–2025 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $215M | $272M | $264M | $289M | $369M | $316M | $147M | $148M | $138M | $242M | $31M |
| Enterprise Value | $545M | $602M | $586M | $580M | $640M | $601M | $411M | $401M | $247M | $346M | $442M |
| P/E Ratio → | -13.90 | — | 4.08 | 38.00 | 17.85 | — | — | — | — | — | — |
| P/S Ratio | 0.71 | 0.89 | 0.89 | 0.89 | 1.30 | 1.54 | 0.74 | 0.96 | 0.97 | 1.98 | 0.26 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 33.59 | 42.50 | 91.12 | — | — | — | 6.41 | 46.18 | — | — | 3.36 |
| P/OCF | 4.13 | 5.23 | 8.34 | 6.34 | 10.59 | 51.01 | 2.79 | 4.81 | 4.02 | 13.28 | 1.65 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.98 | 1.97 | 1.80 | 2.25 | 2.92 | 2.07 | 2.61 | 1.75 | 2.83 | 3.69 |
| EV / EBITDA | 5.79 | 6.39 | 7.47 | 7.05 | 7.11 | 12.31 | 10.26 | 13.36 | 7.15 | 15.80 | 13.96 |
| EV / EBIT | 14.70 | 17.21 | 16.93 | 13.59 | 12.62 | 158.07 | — | — | 6.65 | — | 78.43 |
| EV / FCF | — | 94.11 | 201.98 | — | — | — | 17.89 | 125.21 | — | — | 48.20 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.6% | 71.6% | 68.9% | 60.2% | 66.6% | 66.2% | 69.3% | 76.5% | 78.2% | 78.2% | 83.0% |
| Operating Margin | 12.2% | 12.2% | 10.3% | 12.0% | 16.3% | -2.2% | -9.1% | -8.5% | -5.2% | -9.7% | 4.7% |
| Net Profit Margin | -5.6% | -5.6% | 21.8% | 2.1% | 7.5% | -19.7% | -28.6% | -26.8% | -14.6% | -40.1% | -50.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | -3.9% | -3.9% | 16.6% | 2.2% | 7.1% | -12.8% | -17.4% | -15.4% | -9.6% | -24.0% | -44.3% |
| ROIC | 8.8% | 8.8% | 8.6% | 14.6% | 19.3% | -2.0% | -7.6% | -6.7% | -5.5% | -8.2% | 1.4% |
| ROCE | 10.5% | 10.5% | 10.6% | 17.1% | 21.2% | -2.0% | -7.7% | -6.6% | -4.7% | -8.2% | 5.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 3.95 | 3.95 | 4.47 | 4.03 | 3.29 | 6.81 | 7.76 | 9.40 | 3.82 | 5.65 | 13.03 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 3.51 | 3.51 | 4.10 | 3.54 | 3.01 | 5.83 | 6.58 | 8.43 | 3.17 | 4.74 | 12.99 |
| Debt / FCF | — | 51.61 | 110.86 | — | — | — | 11.48 | 79.03 | — | — | 44.84 |
| Interest Coverage | 0.86 | 0.86 | 1.05 | 1.37 | 1.85 | 0.08 | -0.83 | -0.36 | 1.79 | -0.66 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.23 | 2.23 | 1.54 | 1.55 | 1.69 | 1.52 | 1.15 | 1.08 | 1.12 | 1.03 | 0.76 |
| Quick Ratio | 1.97 | 1.97 | 1.27 | 1.23 | 1.29 | 1.33 | 0.96 | 0.87 | 1.02 | 0.95 | 0.63 |
| Cash Ratio | 0.59 | 0.59 | 0.28 | 0.40 | 0.33 | 0.58 | 0.50 | 0.33 | 0.43 | 0.33 | 0.03 |
| Asset Turnover | — | 0.69 | 0.68 | 0.94 | 0.99 | 0.67 | 0.61 | 0.47 | 0.68 | 0.56 | 0.63 |
| Inventory Turnover | 4.68 | 4.68 | 3.30 | 3.98 | 3.13 | 4.49 | 3.46 | 1.92 | 5.91 | 5.33 | 2.66 |
| Days Sales Outstanding | — | 95.54 | 113.76 | 76.64 | 74.92 | 87.44 | 65.71 | 93.99 | 57.90 | 89.39 | 81.68 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 24.5% | 2.6% | 5.6% | — | — | — | — | — | — |
| FCF Yield | 3.0% | 2.4% | 1.1% | — | — | — | 15.6% | 2.2% | — | — | 29.8% |
| Buyback Yield | 0.2% | 0.1% | 0.0% | 0.6% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.1% | 0.0% | 0.6% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $29M | $29M | $29M | $29M | $24M | $22M | $22M | $23M | $18M | $3M |
UK retail regulatory exposure
Based on reported figures, INSE trades at a forward P/E of 22.94 and an EV/EBITDA of 5.81, suggesting that the market is heavily discounting the company's future earnings potential due to persistent GAAP losses and the inherent volatility of its UK-centric retail gaming business model.
The divergence between the forward P/E and the depressed EV/EBITDA multiple indicates that investors are pricing in significant execution risk regarding the company's digital transformation. The valuation appears to reflect a 'value trap' scenario where the market remains skeptical of the company's ability to convert high gross margins into sustainable bottom-line growth.
According to recent financial data, INSE's ROIC has struggled to gain traction, fluctuating between -0.7% and 3.6% over the last ten quarters, which suggests that the company is failing to generate returns that exceed its cost of capital in its current operational configuration.
The low and inconsistent ROIC highlights the burden of maintaining a large, capital-intensive physical terminal estate. Without a more aggressive shift toward asset-light digital revenue, the company may continue to struggle with compounding value for shareholders, as capital reinvestment is largely consumed by maintenance rather than growth.
As reported in financial statements, INSE's cash conversion cycle has shown extreme variance, ranging from 22 to 121 days over the observed period, which suggests that the company faces significant challenges in managing its inventory and receivables effectively across its diverse gaming and leisure segments.
The erratic nature of the CCC, particularly the spikes in days inventory outstanding, implies that the company may be holding excess hardware or struggling with the timing of terminal deployments. This inefficiency ties up liquidity that could otherwise be deployed toward higher-margin digital content development.
Based on the latest quarterly filings, INSE maintains a current ratio of 2.08, yet this metric appears misleading when viewed against the company's persistent negative equity position and the ongoing cash requirements of its high-intensity physical gaming terminal business, which warrants further investigation by investors.
While the current ratio suggests a comfortable cushion, the underlying quality of current assets—specifically the potential for obsolete inventory or slow-moving receivables—remains a concern. The company's liquidity position appears vulnerable to any sudden contraction in retail footfall or regulatory shifts that could impair the value of its physical assets.
The most commonly misapplied metric for INSE is EBITDA, which frequently obscures the company's true economic reality by ignoring the significant depreciation and amortization costs associated with its capital-intensive gaming terminal estate, as evidenced by the persistent gap between EBITDA and net income.
Investors should prioritize free cash flow or cash-based earnings metrics over EBITDA, as the latter fails to account for the recurring capital expenditures required to keep the company's hardware competitive. Relying on EBITDA likely leads to an overestimation of the company's ability to self-fund its digital expansion.
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Quick answers to the most common questions about buying INSE stock.
Inspired Entertainment, Inc.'s current P/E ratio is -13.9x. The historical average is 20.0x.
Inspired Entertainment, Inc.'s current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Based on historical data, Inspired Entertainment, Inc. is trading at a P/E of -13.9x. Compare with industry peers and growth rates for a complete picture.
Inspired Entertainment, Inc. has 71.6% gross margin and 12.2% operating margin. Operating margin between 10-20% is typical for established companies.
Inspired Entertainment, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.