Playtech

PTEC.L

Software - Application · Technology

Price

392.00 GBp

+0.40 (+0.10%)

Market Cap

£1.09B

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Playtech is a technology company that builds software for the gambling industry. It makes the platforms, games, and tools that casinos, sports betting companies, and online gambling sites use to run their businesses. Its customers are mostly regulated gambling operators across Europe and Asia, and it is one of the largest gambling software providers in the world.

Playtech earns money by licensing its software to gambling operators and taking a share of the revenue those operators generate. It works across more than 30 countries, with strong footholds in the UK, Europe, and parts of Asia. Its main competitive advantage is the breadth of its platform — it covers casino games, poker, sports betting, and live dealer products all in one system, which makes it sticky for customers. The key risk is regulatory pressure, as governments in multiple markets continue to tighten rules around online gambling, which could limit where and how Playtech's clients are allowed to operate.

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

-13.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-23.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€117M/ year

↓ Declining (-37% vs prior year)

15.6% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

26.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€1.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Playtech'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.

Share count broadly stable

−0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 312.1M (2021) → 310.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

89.2%

Premium pricing power — 89.2% gross margin

Profit after running costs

Operating Margin

-6.7%

Losing money on operations — -6.7%

Return on the money invested

ROCE

-4.9%

Weak — -4.9% 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

-11.6%

Shrinking sales (-11.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 7% of profit becomes cash

Spare cash per sale

FCF Margin

6.5%

Modest free cash flow (6.5%)

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

0.22

Conservative — low debt load (0.22)

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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