Latest Ratios: P/E Ratio 146.9x · EV/EBITDA 16.2x · ROE 13.3%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $4.6B | $1.2B | $308M | $228M | $948M | $1.1B | — | — |
| Enterprise Value | $2.1B | $4.3B | $989M | $143M | $24M | $668M | $877M | — | — |
| P/E Ratio → | 146.86 | 138.79 | 508.15 | — | — | — | — | — | — |
| P/S Ratio | 2.10 | 4.04 | 1.31 | 0.45 | 0.39 | 1.94 | 4.06 | — | — |
| P/B Ratio | 16.00 | 15.12 | 6.12 | 1.85 | 1.19 | 3.08 | — | — | — |
| P/FCF | 18.11 | 34.85 | 15.75 | — | — | — | 113.83 | — | — |
| P/OCF | 14.44 | 27.80 | 11.40 | — | — | — | 69.91 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.76 | 1.07 | 0.21 | 0.04 | 1.37 | 3.15 | — | — |
| EV / EBITDA | 16.18 | 33.48 | 17.49 | — | — | — | — | — | — |
| EV / EBIT | 23.58 | — | 30.18 | — | — | — | — | — | — |
| EV / FCF | — | 32.40 | 12.83 | — | — | — | 88.23 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.6% | 34.6% | 34.9% | 32.7% | 30.0% | 32.0% | 31.5% | 48.3% | 41.2% |
| Operating Margin | 7.7% | 7.7% | 2.6% | -7.5% | -21.1% | -19.3% | -47.9% | -35.1% | -58.7% |
| Net Profit Margin | 2.9% | 2.9% | 0.3% | -2.6% | -6.5% | -6.0% | 0.4% | -35.3% | -58.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 1.3% | -10.3% | -15.5% | -144.0% | — | — | — |
| ROA | 6.4% | 6.4% | 0.7% | -5.5% | -10.2% | -8.1% | 0.6% | -133.4% | -131.5% |
| ROIC | — | — | — | -2003.5% | -1246.3% | -249.6% | — | — | — |
| ROCE | 26.3% | 26.3% | 12.2% | -26.7% | -47.0% | -81.1% | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.02 | 0.02 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.14 | 0.14 | 0.08 | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.06 | -1.13 | -0.99 | -1.07 | -0.91 | — | — | — |
| Net Debt / EBITDA | -2.53 | -2.53 | -3.97 | — | — | — | — | — | — |
| Debt / FCF | — | -2.45 | -2.92 | — | — | — | -25.61 | — | — |
| Interest Coverage | — | — | 34.23 | — | -217.80 | -354.10 | -952.53 | -181.52 | — |
Net cash position: cash ($341M) exceeds total debt ($18M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.93 | 1.93 | 1.75 | 1.66 | 1.84 | 4.07 | 0.73 | 0.66 | 0.51 |
| Quick Ratio | 1.93 | 1.93 | 1.75 | 1.66 | 1.84 | 4.07 | 0.73 | 0.66 | 0.51 |
| Cash Ratio | 1.62 | 1.62 | 1.40 | 1.22 | 1.43 | 3.35 | 0.64 | 0.40 | 0.15 |
| Asset Turnover | — | 1.72 | 2.44 | 2.17 | 1.69 | 1.19 | 0.90 | 2.50 | 2.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 11.52 | 13.08 | 23.23 | 29.02 | 25.42 | 38.72 | 28.58 | 2.14 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | 480.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 0.7% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 5.5% | 2.9% | 6.3% | — | — | — | 0.9% | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | — | — |
| Total Shareholder Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.4% | 0.5% | — | — |
| Shares Outstanding | — | $236M | $88M | $69M | $64M | $57M | $52M | $29M | $29M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RSI stock.
Rush Street Interactive, Inc.'s current P/E ratio is 146.9x. The historical average is 138.8x. This places it at the 100th percentile of its historical range.
Rush Street Interactive, Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.5x.
Rush Street Interactive, Inc.'s return on equity (ROE) is 13.3%. The historical average is -31.0%.
Based on historical data, Rush Street Interactive, Inc. is trading at a P/E of 146.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rush Street Interactive, Inc. has 34.6% gross margin and 7.7% operating margin.
Rush Street Interactive, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Illinois gaming tax hike
Metrics are mathematically derived from official filings.
Margin Expansion Inflecting Sharply
Operating margin expanded from 0.7% in 2024Q1 to 11.7% in 2026Q2, according to recent financial statements, while gross margin held steady near 35%, indicating that scale is driving profitability without sacrificing pricing power.
The ten-quarter progression shows a clear inflection: operating margin crossed 5% in 2025Q1 and has since nearly doubled, reaching 11.7% in 2026Q2. This suggests that RSI's cost structure is scaling efficiently, with SG&A growing slower than revenue. However, net margin remains thin at 2.9%, reflecting the high variable costs of gaming taxes and revenue shares, which are structurally embedded in the model. Investors should monitor whether this margin expansion is sustainable as promotional intensity in the industry fluctuates.
ROIC Volatility Masks Underlying Improvement
ROIC swung from negative in 2024 to 102.2% in 2025Q3, then settled at 5.1% in 2026Q2, as per reported figures, reflecting the lumpy timing of earnings and capital base, but the trend suggests improving capital efficiency.
The extreme volatility in ROIC—from 83.4% in 2025Q2 to 5.1% in 2026Q2—is likely due to the small equity base and timing of profits, making the metric less meaningful on a quarterly basis. Over a longer horizon, the company is transitioning from losses to profitability, and the return on invested capital appears to be normalizing as the capital base grows. The asset-light model, with minimal PPE, means that returns are driven by margin expansion rather than asset turnover, which is a positive sign for scalability.
Working Capital Efficiency Improving
DSO improved from 16 days in 2024Q1 to 10 days in 2026Q2, while DPO remained stable around 14 days, as per financial statements, indicating tighter receivables management and a stable payables cycle.
The reduction in DSO suggests that RSI is collecting on player deposits and receivables more quickly, which is a sign of operational discipline. The cash conversion cycle is effectively negative or near zero, given the prepaid nature of gaming deposits, which provides a float benefit. This efficiency, combined with minimal capital intensity, supports strong free cash flow conversion, which has consistently exceeded net income.
Minimal Leverage Provides Strategic Flexibility
RSI's debt-to-equity ratio stands at 0.04, with total debt of $14.8 million against $342.7 million cash, as reported in SEC filings, giving it a fortress-like balance sheet compared to levered peers like DraftKings.
The negligible leverage and high cash balance suggest that RSI is well-insulated from interest rate volatility and has ample dry powder for strategic initiatives, such as M&A or market expansion. The interest coverage ratio, while not consistently reported, is likely extremely high given the minimal debt. This financial flexibility is a competitive advantage in a capital-intensive industry, allowing RSI to invest in growth without the burden of debt service.
Liquidity Buffer Strengthens Steadily
Current ratio improved to 2.12 in 2026Q2 from 1.60 in 2024Q1, with cash covering over 75% of total liabilities, as per balance sheet data, indicating a robust liquidity position.
The consistent improvement in the current ratio, driven by rising cash balances and minimal debt, suggests that RSI can withstand short-term shocks, such as regulatory changes or promotional spikes. The quick ratio equals the current ratio, indicating that inventory is not a factor, which is typical for a digital services company. This liquidity buffer provides a cushion against the volatility inherent in the gaming industry, including potential tax hikes or economic downturns.
EV/EBITDA Misleads on Earnings Quality
EV/EBITDA of 21.06 appears reasonable, but it obscures the impact of stock-based compensation, which was $7.3 million in 2026Q2, representing 63% of net income, as per filings, suggesting that cash earnings are stronger than reported.
The most commonly misapplied ratio for RSI is EV/EBITDA, because EBITDA excludes stock-based compensation, which is a significant non-cash expense that still dilutes shareholders. Adjusting for SBC, the true cash earnings yield is higher, making the valuation appear more attractive. Investors should use a metric like EV/EBITDAR or EV/OCF to capture the full cost of employee compensation and the company's cash-generating ability.