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Light & Wonder

LNW.AX
57
Gambling, Resorts & Casinos · Consumer Cyclical
Price
A$126.67
-1.74 (-1.36%)
Market Cap
A$9.96B
Exchange
Australian Securities Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Weak
Cash Flow
Exceptional
Stability
Weak
Valuation
Strong
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Share count falling — buybacks

−10.5% over 3y

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

Diluted shares outstanding: 95.0M (2022) → 85.0M (2025)

Winston Score History

The full picture

Light & Wonder makes games and technology for casinos around the world. Its main products include physical slot machines, digital casino games, and the software systems that run them. The company also owns the SciPlay brand, which makes free-to-play social casino games for mobile phones. Casinos, both land-based and online, are its primary customers.

The company earns money in several ways: selling slot machines outright, licensing its game content to online casinos, and taking a share of revenue from its social gaming apps. Light & Wonder operates globally, with a strong presence in North America, Australia, and Europe, and competes with companies like IGT and Aristocrat. Its library of popular game titles and casino management software creates some switching costs for customers. The key growth driver is the ongoing shift toward online and mobile gambling, but the company carries significant debt from past acquisitions, which is reflected in its negative return on invested capital.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
60.5%
Premium pricing power — 60.5% gross margin
Profit after running costs
Operating Margin
27.7%
Excellent — 27.7% operating margin
Return on the money invested
ROCE
16.5%
Strong — 16.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
1/3 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
327%
Turns 327% of profit into real cash
Spare cash per sale
FCF Margin
16.6%
Converts sales into free cash efficiently (16.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
17.05
Heavy debt load (17.05)
Covers its interest
Interest Cover
2.73x
Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
17.8x
Fair value — P/E 17.8

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
+7.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.8 → 10.4)

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Dividends

Not applicable for this business.
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