NASDAQ · DKNG

DraftKings Inc.

Consumer Cyclical · Gambling, Resorts & Casinos

$21.75▼ 3.20% ($0.72)at close

After hours$21.91▲ 0.74%7:59 PM ET

52-week

$20.46$44.22

Market cap

$10.79B

P/E

2,907.23

EPS (TTM)

-$0.34

Next earnings

Nov 5, 2026

No multiple

What the market price implies · Reverse DCF

To support a price of $21.75, this model requires revenue to grow by 24.13%/yr over the next 10 years, compounded annually.

Historical revenue grew by 47.02%/yr over the past 4 years. The required annual growth rate is 22.88 percentage points lower.

Selected forecast · Base scenario

15.39%/yr · actual 10-year annualized revenue growth

Year 1 growth: 24.17%

Market-implied · Base operating assumptions + edited margins

24.13%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$21.75

Estimated value / share

$9.78

Base scenario

This estimate is 55.03% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 24.17% · Ending margin 0% · Discount rate 12.04%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 19, 2026, 11:00 PM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -49.77%Revenue (TTM): 15.03%FCF (TTM): 30.22%P/S: 0th pct

What changed

The stock fell 49.77% over the last year. Revenue grew 15.03% over the trailing twelve months. Operating margin moved from -6.16% to -2.93%. Free cash flow grew 30.22% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently -2.93%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

DraftKings Inc. operates as a leading digital enterprise specializing in sports entertainment and gaming.

CEOJason D. Robins

SectorConsumer Cyclical

IndustryGambling, Resorts & Casinos

Employees5,500

IPO dateJul 25, 2019

https://www.draftkings.com

Market multiples

Forward P/E—

EV/EBITDA43.22

Enterprise value$13.11B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-4.58%

Gross margin (FY2025)41.25%▲3.1ppvs FY2024

Operating margin (FY2025)-0.26%▲12.5ppvs FY2024

ROE-21.14%▼21.6ppvs FY2025

Analyst consensus

RatingBuy

Target price$33.56▲54.30%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est -$0.14 · Revenue est $1.41B

View

NASDAQ · DKNG

DraftKings Inc.

Consumer Cyclical · Gambling, Resorts & Casinos

$21.75▼ 3.20% ($0.72)at close

After hours$21.91▲ 0.74%7:59 PM ET

52-week

$20.46$44.22

Market cap

$10.79B

P/E

2,907.23

EPS (TTM)

-$0.34

Next earnings

Nov 5, 2026

No multiple

What the market price implies · Reverse DCF

To support a price of $21.75, this model requires revenue to grow by 24.13%/yr over the next 10 years, compounded annually.

Historical revenue grew by 47.02%/yr over the past 4 years. The required annual growth rate is 22.88 percentage points lower.

Selected forecast · Base scenario

15.39%/yr · actual 10-year annualized revenue growth

Year 1 growth: 24.17%

Market-implied · Base operating assumptions + edited margins

24.13%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$21.75

Estimated value / share

$9.78

Base scenario

This estimate is 55.03% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 24.17% · Ending margin 0% · Discount rate 12.04%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 19, 2026, 11:00 PM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -49.77%Revenue (TTM): 15.03%FCF (TTM): 30.22%P/S: 0th pct

What changed

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently -2.93%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

DraftKings Inc. operates as a leading digital enterprise specializing in sports entertainment and gaming.

CEOJason D. Robins

SectorConsumer Cyclical

IndustryGambling, Resorts & Casinos

Employees5,500

IPO dateJul 25, 2019

https://www.draftkings.com

Market multiples

Forward P/E—

EV/EBITDA43.22

Enterprise value$13.11B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-4.58%

Gross margin (FY2025)41.25%▲3.1ppvs FY2024

Operating margin (FY2025)-0.26%▲12.5ppvs FY2024

ROE-21.14%▼21.6ppvs FY2025

Analyst consensus

RatingBuy

Target price$33.56▲54.30%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est -$0.14 · Revenue est $1.41B

View