Accel Entertainment

ACEL

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$12.06

-0.04 (-0.33%)

Market Cap

$981.6M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Share count falling — buybacks

−8.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 94.6M (2021) → 86.4M (2025)

Winston Score History

The full picture

Accel Entertainment installs and operates video gaming terminals (VGTs) — electronic slot-like machines — inside bars, restaurants, truck stops, and similar businesses across the United States. The company does not own casinos; instead, it partners with small local establishments that want to offer legal gaming to their customers without running it themselves. Accel is one of the largest terminal route operators in the country, primarily serving Illinois, which is the biggest regulated VGT market in the U.S.

Accel makes money by splitting gaming revenue with its location partners and the state government. The business operates mainly in Illinois, with smaller operations in a handful of other states like Georgia, Montana, and Nebraska. Its competitive moat comes from long-term contracts with thousands of local venues and the logistical difficulty of replacing an established operator. The key risk is heavy dependence on Illinois, meaning any change to that state's gaming regulations or tax rates could significantly hurt the business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+75.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

46.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$255M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Accel Entertainment is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.4%

Modest — 31.4% gross margin

Profit after running costs

Operating Margin

8.7%

Modest — 8.7% operating margin

Return on the money invested

ROCE

13.3%

Good — 13.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+8.7%

Steady sales growth (+8.7% YoY)

Profit growth

EPS YoY

+64.3%

Earnings growing fast (+64.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

263%

Turns 263% of profit into real cash

Spare cash per sale

FCF Margin

1.5%

Thin free cash flow (1.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

2.02

Heavy debt load (2.02)

Covers its interest

Interest Cover

3.27x

Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.7x

Fair value — P/E 17.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.0

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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