Light & Wonder

LNWO

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$92.94

+0.44 (+0.48%)

Market Cap

$7.31B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 28, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Weak

Valuation

Strong

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Share count falling — buybacks

−13.3% over 4y

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

Diluted shares outstanding: 98.0M (2021) → 85.0M (2025)

Winston Score History

The full picture

Light & Wonder makes gaming machines, digital casino games, and lottery systems. Its products include slot machines you see on casino floors, online casino games played through apps and websites, and technology that powers state lotteries. The company was formerly known as Scientific Games before rebranding in 2022.

Light & Wonder earns money by selling and leasing gaming machines to casinos, licensing digital games to online gambling operators, and providing lottery services under long-term contracts. It operates across North America, Europe, Australia, and other global markets. High development costs and strict gaming regulations create barriers for new competitors, giving established players like Light & Wonder an advantage. Growth depends on expanding its digital gaming segment, particularly as more states and countries legalize online gambling, though the company carries significant debt from past acquisitions that remains a key financial risk.

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

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+37.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$252M/ year

→ Flat (-4% vs prior year)

7.6% of revenue

1.9x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

0.9%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$249M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth context

Light & Wonder is growing revenue at 2% 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

74.6%

Premium pricing power — 74.6% gross margin

Profit after running costs

Operating Margin

26.9%

Excellent — 26.9% 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

+4.8%

Slow sales growth (+4.8% YoY)

Profit growth

EPS YoY

-23.3%

Earnings shrinking (-23.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

326%

Turns 326% of profit into real cash

Spare cash per sale

FCF Margin

16.5%

Converts sales into free cash efficiently (16.5%)

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

16.99

Heavy debt load (16.99)

Covers its interest

Interest Cover

2.70x

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)

27.4x

Growth-priced — P/E 27.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+13.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.4 → 13.5)

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Dividends

Not applicable for this business.

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