Brightstar Lottery

BRSL

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$12.10

+0.52 (+4.49%)

Market Cap

$2.22B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−4.7% over 4y

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

Diluted shares outstanding: 206.8M (2021) → 197.0M (2025)

Winston Score History

The full picture

Brightstar Lottery is a company that runs lottery games and related services. It sells lottery tickets and manages lottery systems, mainly working with government agencies and state-run lottery organizations as its core customers. The company operates in the gambling and gaming industry, sitting at the intersection of technology and regulated gaming.

Brightstar Lottery makes money by taking a share of lottery ticket sales and charging fees to governments for managing lottery infrastructure and software. It operates primarily in regulated markets, where winning a government contract often locks in revenue for many years — that long-term contract structure is a key part of its competitive position. With a gross margin above 45% and an operating margin around 28%, the business generates solid profits, but a relatively low ROIC of 6% suggests heavy capital requirements. The main risk the company faces is contract renewal — losing a major government lottery contract can remove a large chunk of revenue quickly, making client retention critical to long-term stability.

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

-7.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+162.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$47M/ year

↑ Rising (+9% vs prior year)

1.9% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

48.3%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~1 months

$628M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Brightstar Lottery has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

46.9%

Healthy — 46.9% gross margin

Profit after running costs

Operating Margin

20.7%

Excellent — 20.7% operating margin

Return on the money invested

ROCE

12.8%

Good — 12.8% 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

+0.7%

Nearly flat sales (+0.7% YoY)

Profit growth

EPS YoY

+3.1%

Modest earnings growth (+3.1% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/7 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-738%

Weak — only -738% of profit becomes cash

Spare cash per sale

FCF Margin

-89.5%

Burning cash (-89.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

5.15

Heavy debt load (5.15)

Covers its interest

Interest Cover

3.28x

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)

12.2x

Attractive valuation — P/E 12.2

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

-3.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

38.65%

Healthy income — 38.65% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-75.6%

Dividend cut (-75.6% YoY) — warning sign

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