DraftKings

DKNG

Gambling, Resorts & Casinos · Consumer Cyclical

Also trades as: 0ABA.L

Price

$26.17

+1.14 (+4.55%)

Market Cap

$12.98B

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+23.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 402.5M (2021) → 495.9M (2025)

Winston Score History

The full picture

DraftKings is an online sports betting and daily fantasy sports company based in the United States. It lets customers place bets on professional and college sports, play casino-style games online, and compete in fantasy sports contests — all through its app or website. It is one of the two dominant players in the US online sports betting market, alongside FanDuel.

DraftKings makes money by keeping a portion of every bet placed, called the "hold," plus fees from fantasy contests and online casino games. It operates primarily in the US, where it holds licenses in more than 25 states that have legalized online sports betting, with a smaller presence in Canada. Its brand recognition and large existing customer base give it some competitive advantage, but the business spends heavily on promotions and marketing to attract new bettors. The key risk is that customer acquisition costs remain high, and profitability depends on how quickly legal sports betting expands to new states.

Politician Trades

4 trades / 12mo

1 Congressional buy and 3 sells on DKNG in the last 12 months.

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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

-4.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-143.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$460M/ year

↑ Rising (+16% vs prior year)

7.6% of revenue

1.9x the sector average (4%)

R&D investment increasing — building for the future

Insider Activity

4.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

DraftKings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

38.2%

Modest — 38.2% gross margin

Profit after running costs

Operating Margin

-4.7%

Losing money on operations — -4.7%

Return on the money invested

ROCE

-9.5%

Weak — -9.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+15.0%

Fast-growing sales (+15.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

9.9%

Modest free cash flow (9.9%)

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

2.36

Heavy debt load (2.36)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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