Light & Wonder, Inc. (LNW) Financial Ratios
30 years of historical data (1995–2024) · Consumer Cyclical · Gambling, Resorts & Casinos
EV/EBITDA
↓
11.52
↓-54% vs avg
5yr avg: 25.13
30Y Low5.2·High60.7
P/FCF
↑
24.06
↑+38% vs avg
5yr avg: 17.44
30Y Low3.2·High50.7
P/B Ratio
↑
14.02
↑+55% vs avg
5yr avg: 9.05
30Y Low2.0·High14.7
ROE
↓
48.0%
↑-62% vs avg
5yr avg: 127.1%
30Y Low-148%·High317%
Debt/EBITDA
↓
3.81
↓-75% vs avg
5yr avg: 15.39
30Y Low2.6·High45.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
LNW Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Light & Wonder, Inc. trades at 26.6x earnings, 9% below its 5-year average of 29.4x, sitting at the 33rd percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a premium of 36%. On a free-cash-flow basis, the stock trades at 24.1x P/FCF, 38% above the 5-year average of 17.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.1B | $7.9B | $7.6B | $5.6B | $6.5B | $3.9B | $2.5B | $1.6B | $4.6B | $1.2B | $771M |
| Enterprise Value | $11.9B | $11.6B | $11.1B | $8.6B | $14.7B | $12.4B | $11.0B | $10.5B | $12.6B | $9.2B | $8.8B |
| P/E Ratio → | 26.62 | 23.47 | 46.92 | — | 17.73 | — | — | — | — | — | — |
| P/S Ratio | 2.55 | 2.47 | 2.63 | 2.22 | 3.04 | 2.32 | 1.04 | 0.48 | 1.48 | 0.42 | 0.28 |
| P/B Ratio | 14.02 | 12.36 | 9.98 | 4.80 | — | — | — | — | — | — | — |
| P/FCF | 24.06 | 23.26 | 21.94 | — | 12.74 | 11.80 | 9.54 | — | 21.40 | 8.37 | 8.50 |
| P/OCF | 12.87 | 12.44 | 12.94 | — | 9.56 | 8.37 | 4.56 | 4.70 | 9.00 | 2.92 | 1.86 |
P/E links to full P/E history page with 30-year chart
LNW EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Light & Wonder, Inc.'s enterprise value stands at 11.5x EBITDA, 54% below its 5-year average of 25.1x. This is roughly in line with the Consumer Cyclical sector median of 11.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.63 | 3.84 | 3.42 | 6.83 | 7.28 | 4.61 | 3.12 | 4.07 | 3.18 | 3.21 |
| EV / EBITDA | 11.52 | 11.26 | 12.35 | 12.41 | 28.96 | 60.66 | 13.24 | 10.99 | 11.67 | 10.62 | — |
| EV / EBIT | 17.74 | 16.22 | 21.68 | 52.45 | 79.95 | — | 51.96 | 40.29 | 33.48 | 52.17 | — |
| EV / FCF | — | 34.27 | 32.02 | — | 28.62 | 37.05 | 42.21 | — | 58.83 | 62.84 | 97.67 |
LNW Profitability
Margins and return-on-capital ratios measuring operating efficiency
Light & Wonder, Inc. earns an operating margin of 21.0%, significantly above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from 10.9% to 21.0% over the past 3 years, signaling improving operational efficiency. Return on equity of 48.0% is exceptionally high — well above the sector median of 5.6%. ROIC of 11.6% represents solid returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.8% | 70.8% | 70.0% | 70.6% | 71.7% | 64.1% | 68.8% | 62.7% | 62.2% | 61.6% | 60.0% |
| Operating Margin | 21.0% | 21.0% | 17.8% | 10.9% | 5.1% | -14.4% | 12.1% | 7.9% | 12.7% | 4.5% | -37.1% |
| Net Profit Margin | 10.5% | 10.5% | 5.6% | 146.3% | 17.2% | -33.5% | -5.4% | -10.5% | -7.9% | -12.3% | -50.5% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 48.0% | 48.0% | 16.9% | 316.5% | — | — | — | — | — | — | — |
| ROA | 6.1% | 6.1% | 2.8% | 52.9% | 4.7% | -7.2% | -1.7% | -4.6% | -3.3% | -4.8% | -15.7% |
| ROIC | 11.6% | 11.6% | 9.2% | 4.0% | 1.4% | -3.0% | 3.4% | 3.2% | 4.9% | 1.6% | -10.4% |
| ROCE | 14.0% | 14.0% | 10.1% | 4.4% | 1.6% | -3.5% | 4.1% | 3.8% | 5.9% | 1.9% | -12.5% |
LNW Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Light & Wonder, Inc. carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (13% below the sector average of 4.4x). Net debt stands at $3.7B ($3.9B total debt minus $196M cash). Interest coverage of just 2.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.16 | 6.16 | 5.14 | 3.40 | — | — | — | — | — | — | — |
| Debt / EBITDA | 3.81 | 3.81 | 4.36 | 5.70 | 17.22 | 45.89 | 10.62 | 9.46 | 8.16 | 9.34 | — |
| Net Debt / Equity | — | 5.85 | 4.58 | 2.61 | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 3.62 | 3.62 | 3.89 | 4.38 | 16.06 | 41.34 | 10.25 | 9.28 | 7.42 | 9.21 | — |
| Debt / FCF | — | 11.01 | 10.08 | — | 15.88 | 25.25 | 32.67 | — | 37.43 | 54.48 | 89.16 |
| Interest Coverage | 2.28 | 2.28 | 1.60 | 0.83 | 0.23 | -0.49 | 0.49 | 0.44 | 0.64 | 0.20 | -1.54 |
LNW Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.61x means Light & Wonder, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.72x to 1.61x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.61 | 1.61 | 1.88 | 2.72 | 1.78 | 2.62 | 2.11 | 1.83 | 2.54 | 1.61 | 1.80 |
| Quick Ratio | 1.39 | 1.39 | 1.63 | 2.46 | 1.68 | 2.48 | 1.79 | 1.54 | 2.21 | 1.26 | 1.42 |
| Cash Ratio | 0.27 | 0.27 | 0.61 | 1.47 | 0.60 | 1.12 | 0.41 | 0.22 | 1.07 | 0.17 | 0.20 |
| Asset Turnover | — | 0.59 | 0.52 | 0.42 | 0.27 | 0.21 | 0.31 | 0.44 | 0.40 | 0.41 | 0.36 |
| Inventory Turnover | 5.89 | 5.89 | 4.93 | 4.58 | 6.21 | 5.13 | 3.06 | 5.82 | 4.79 | 4.57 | 4.44 |
| Days Sales Outstanding | — | 66.98 | 63.64 | 66.11 | 71.71 | 94.10 | 115.40 | 77.38 | 81.01 | 78.53 | 86.63 |
LNW Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Light & Wonder, Inc. returns 5.7% to shareholders annually primarily through share buybacks. The earnings yield of 3.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 4.3% | 2.1% | — | 5.6% | — | — | — | — | — | — |
| FCF Yield | 4.2% | 4.3% | 4.6% | — | 7.8% | 8.5% | 10.5% | — | 4.7% | 12.0% | 11.8% |
| Buyback Yield | 5.7% | 5.9% | 2.5% | 7.9% | 0.0% | 0.0% | 0.0% | 1.3% | 0.2% | 0.5% | 0.2% |
| Total Shareholder Yield | 5.7% | 5.9% | 2.5% | 7.9% | 0.0% | 0.0% | 0.0% | 1.3% | 0.2% | 0.5% | 0.2% |
| Shares Outstanding | — | $91M | $93M | $95M | $98M | $95M | $93M | $91M | $89M | $87M | $86M |
Peer Comparison
Compare LNW with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 LNWYou | $8B | 26.6 | 11.5 | 24.1 | 70.8% | 21.0% | 48.0% | 11.6% | 3.8 |
 ACEL | $927M | 18.9 | 6.7 | 15.0 | 31.8% | 8.2% | 19.3% | 13.8% | 3.4 |
 DKNG | $12B | -2953.1 | 46.9 | 18.3 | 41.3% | -0.3% | 0.5% | -0.9% | 7.4 |
 RSI | $3B | 199.0 | 20.8 | 18.1 | 34.6% | 7.7% | 13.3% | — | 0.1 |
 PENN | $2B | -2.9 | 13.8 | — | 27.4% | 3.9% | -36.0% | 1.8% | 11.7 |
 GENI | $1B | -10.0 | — | 16.8 | 23.0% | -15.6% | -17.2% | -16.6% | — |
 MGM | $10B | 50.3 | 31.6 | 5.9 | 44.4% | 5.7% | 5.9% | 1.7% | 27.8 |
 CZR | $6B | -11.5 | 8.9 | 10.9 | 37.7% | 18.1% | -12.5% | 5.4% | 7.5 |
 WYNN | $11B | 34.3 | 12.4 | 16.2 | 32.7% | 16.2% | — | 9.3% | 6.9 |
 BYD | $6B | 3.8 | 7.9 | 16.5 | 42.1% | 21.4% | 88.0% | 12.3% | 2.8 |
 RRR | $3B | 17.0 | 3.8 | 10.8 | 52.6% | 29.7% | 58.9% | 23.4% | 0.1 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonLNW — Frequently Asked Questions
Quick answers to the most common questions about buying LNW stock.
What is Light & Wonder, Inc.'s P/E ratio?
Light & Wonder, Inc.'s current P/E ratio is 26.6x. The historical average is 33.5x. This places it at the 33th percentile of its historical range.
What is Light & Wonder, Inc.'s EV/EBITDA?
Light & Wonder, Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
What is Light & Wonder, Inc.'s ROE?
Light & Wonder, Inc.'s return on equity (ROE) is 48.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 9.6%.
Is LNW stock overvalued?
Based on historical data, Light & Wonder, Inc. is trading at a P/E of 26.6x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Light & Wonder, Inc.'s profit margins?
Light & Wonder, Inc. has 70.8% gross margin and 21.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Light & Wonder, Inc. have?
Light & Wonder, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.