Brightstar Lottery BRSL

NYSE · Services-Miscellaneous Amusement & Recreation · $1.9B

$10.02−0.99%Nov 5 close · Databento

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BRSL Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $10.021D −0.99%3M −8.91%SMA20 $9.66SMA50 $10.17RSI(14) 54.2

10.02

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 54.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$1.9B

Enterprise value$4.6B

Revenue$2.5B 0.0%

ROIC7.2%

EPS, diluted$0.74 −56.7%

Modern Valuation (EOD)

Market Cap$1.9B

Enterprise Value$4.6B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT6.66

EV / Sales1.82

P / E (GAAP)12.86

P / FCF—

P / Oper. CF—

P / Book1.19

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield7.8%

Shareholder Yield+54.3%

Buyback Yield14.3%

Dividend Yield7.98%

Dividend / sh$0.80

Payout Ratio524%

FCF / sh—

EPS (diluted)$0.74

Compounder & Returns

Rule of 40—

ROIC7.2%

Cash ROIC (CROIC)—

GP / Assets—

ROE9.2%

ROA1.6%

Gross Margin—

Oper. Margin27.3%

Net Margin5.9%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio+2.7%

SBC % of FCF—

SBC % of Rev0.6%

Reinvest. Rate—

Sales Growth Y/Y0.0%

Sales 3Y CAGR−1.1%

EPS Growth Y/Y−56.7%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−3.4%

Balance Sheet & Scale

Revenue (FY)$2.5B

Gross Profit (FY)—

Oper. Income (FY)$686.0M

GAAP Net Income$147.0M

True FCF (ex-SBC)—

Cash & Equiv$1.5B

Total Debt$4.2B

Net Cash (Debt)$-2.7B

Net Cash % MCap−141.6%

Debt / FCF (yrs)—

Current Ratio0.76186.85M sh

Price & Technicals (EOD)

Perf Week+4.38%

Perf Month−0.20%

Perf Quarter−9.32%

Perf Half Y−21.04%

Perf YTD−22.98%

SMA 20 Dist+3.78%$9.66

SMA 50 Dist−1.51%$10.17

SMA 100 Dist−5.38%$10.59

Window High−23.92%$13.17

Window Low+8.56%$9.23

RSI (14) · Vol54.233%v

Income Distribution & Cash Flow ConversionHow every dollar of BRSL revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$579.4M ($23.1 / $100)

R&D Reinvestment$47.0M ($1.9 / $100)

SG&A & Other OpEx$1.2B ($47.7 / $100)

Tax & Non-Operating$539.0M ($21.5 / $100)

Net Profit Kept$147.0M ($5.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$147.0M (5.9% margin)

Operating Cash Flow (OCF)$-99.0M(-3.9% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$15.0M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$4.1B	$2.6B	$2.5B	$2.5B	$2.5B	−0.0%	−11.5%
Cost of Revenue (COGS)	—	—	—	—	$579.4M	—	—
Research & Development (R&D)	$238.0M	$45.0M	$36.0M	$43.0M	$47.0M	+9.3%	−33.3%
Selling, General & Admin (SG&A)	$810.0M	$400.0M	$246.0M	$235.0M	$215.0M	−8.5%	−28.2%
Total Operating Expenses	$3.2B	$1.9B	$1.8B	$1.8B	—	—	−16.9%
Operating Income (EBIT)	$902.0M	$743.0M	$752.0M	$686.0M	$686.0M	+0.0%	−6.6%
Interest Expense	$341.0M	$289.0M	$207.0M	$206.0M	$172.0M	−16.5%	−15.7%
Income Tax Expense	$274.0M	$212.0M	$223.0M	$250.0M	$165.0M	−34.0%	−11.9%
GAAP Net Income	$482.0M	$275.0M	$156.0M	$348.0M	$147.0M	−57.8%	−25.7%
Diluted EPS	$2.33	$1.35	$0.77	$1.71	$0.74	−56.7%	−24.9%
Diluted Shares	207.0M	203.0M	203.0M	204.0M	197.0M	−3.4%	−1.2%
Balance Sheet
Cash & Equivalents	$808.0M	$642.0M	$653.0M	$704.0M	$1.5B	+113.1%	+16.7%
Inventory	$183.0M	$254.0M	$110.0M	$113.0M	$116.0M	+2.7%	−10.8%
Total Current Assets	$2.5B	$2.1B	$2.1B	$6.2B	$2.3B	−62.1%	−1.6%
Total Assets	$11.3B	$10.4B	$10.5B	$10.3B	$9.2B	−10.9%	−5.2%
Total Current Liabilities	$1.9B	$1.8B	$1.7B	$2.7B	$3.1B	+14.3%	+12.6%
Total Debt (Short + Long Term)	$6.5B	$5.8B	$5.7B	$5.4B	$4.2B	−22.1%	−10.4%
Total Liabilities	$9.4B	$8.5B	$8.5B	$8.2B	$7.6B	−7.9%	−5.2%
Stockholders' Equity	$2.0B	$2.0B	$2.0B	$2.1B	$1.6B	−22.9%	−5.2%
Net Cash / (Net Debt)	$-5.7B	$-5.1B	$-5.0B	$-4.7B	$-2.7B	+42.5%	—
Invested Capital	$7.6B	$7.1B	$7.0B	$6.7B	$4.3B	−36.5%	−13.5%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$978.0M	$899.0M	$1.0B	$1.1B	$-99.0M	−109.4%	—
Depreciation & Amortization (D&A)	$526.0M	$492.0M	$215.0M	$204.0M	$221.0M	+8.3%	−19.5%
Stock-Based Compensation (SBC)	$35.0M	$34.0M	$34.0M	$38.0M	$15.0M	−60.5%	−19.1%
Share Repurchases (Buybacks)	$41.0M	$115.0M	$0	$0	$271.0M	—	+60.3%
Dividends Paid	$41.0M	$161.0M	$160.0M	$161.0M	$770.0M	+378.3%	+108.2%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what BRSL did at the next close after each story

No Wire story has named BRSL yet.

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 3.59% from the one before, three times BRSL’s median day (1.20%). On 3 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.59%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayBRSLWhat we hold that dayGroup (median of 4) · each

1 Jan 7, 2026−4.46%
Before our storiesgroup −1.4%, did not move with it
1Jan 7, 2026−4.46%
Before our stories
−1.4% did not move with itMTN −1.6 · DIS −1.4 · DKNG −0.8
2 Feb 12, 2026−5.20%
Before our storiesgroup −4.3%, moved with BRSL
2Feb 12, 2026−5.20%
Before our stories
−4.3% moved with BRSLDIS −5.3 · DKNG −4.3 · MTN −2.2
3 Feb 24, 2026+5.13%
Before our storiesgroup +1.6%, did not move with it
3Feb 24, 2026+5.13%
Before our stories
+1.6% did not move with itDKNG +2.6 · DIS +1.6 · MTN +1.0
4 Mar 10, 2026−3.99%
Before our storiesgroup −0.1%, did not move with it
4Mar 10, 2026−3.99%
Before our stories
−0.1% did not move with itDIS −0.3 · DKNG −0.1 · MTN +0.9
5 Apr 22, 2026−4.02%
Before our storiesgroup −1.9%, did not move with it
5Apr 22, 2026−4.02%
Before our stories
−1.9% did not move with itDKNG −2.3 · MTN −1.9 · DIS +0.5
6 May 12, 2026−9.55%
Before our storiesgroup +0.4%, did not move with it
6May 12, 2026−9.55%
Before our stories
+0.4% did not move with itMTN +0.4 · DKNG +0.4 · DIS +1.4
7 May 13, 2026−5.02%
Before our storiesgroup −1.2%, did not move with it
7May 13, 2026−5.02%
Before our stories
−1.2% did not move with itMTN −3.0 · DIS −1.2 · DKNG +1.7
8 Jun 4, 2026+4.26%
Before our storiesgroup +0.4%, did not move with it
8Jun 4, 2026+4.26%
Before our stories
+0.4% did not move with itDKNG +1.0 · MTN +0.4 · DIS −0.1
9 Jun 17, 2026−4.23%
Nothing on BRSLgroup −4.9%, moved with BRSL
9Jun 17, 2026−4.23%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
−4.9% moved with BRSLDKNG −7.7 · MTN −4.9 · DIS −0.4
10 Jul 1, 2026+3.92%
Nothing on BRSLgroup +0.1%, did not move with it
10Jul 1, 2026+3.92%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
+0.1% did not move with itDKNG +2.0 · MTN +0.1 · DIS −0.6
11 Aug 4, 2026+11.77%
Nothing on BRSLgroup +0.2%, did not move with it
11Aug 4, 2026+11.77%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
+0.2% did not move with itDKNG +0.5 · MTN +0.2 · DIS +0.0
12 Aug 18, 2026−4.93%
Nothing on BRSLgroup +0.4%, did not move with it
12Aug 18, 2026−4.93%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
+0.4% did not move with itDKNG −5.0 · DIS +0.4 · MTN +2.2
13 Aug 21, 2026+4.49%
Nothing on BRSLgroup +1.7%, did not move with it
13Aug 21, 2026+4.49%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
+1.7% did not move with itDKNG +4.5 · MTN +1.7 · DIS +0.4
14 Sep 10, 2026−4.14%
Nothing on BRSLgroup +1.6%, did not move with it
14Sep 10, 2026−4.14%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
+1.6% did not move with itDKNG +0.2 · DIS +1.6 · MTN +2.3
15 Sep 24, 2026−5.07%
Nothing on BRSLgroup +0.1%, did not move with it
15Sep 24, 2026−5.07%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
+0.1% did not move with itMTN −1.6 · DKNG +0.1 · DIS +2.0
16 Oct 14, 2026−4.02%
Nothing on BRSLgroup −2.0%, moved with BRSL
16Oct 14, 2026−4.02%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
−2.0% moved with BRSLDKNG −4.2 · MTN −2.0 · DIS +0.4
17 Nov 2, 2026+3.94%
Nothing on BRSLgroup +2.0%, did not move with it
17Nov 2, 2026+3.94%
Nothing on BRSLNo BRSL story, brief or results filing in our record that day
+2.0% did not move with itDKNG +4.3 · MTN +2.0 · DIS +2.0 · MSGK −0.9

A story on the same day is not a cause, and a group move is not proof either. Group: the median of DIS, DKNG, MSGK and MTN that day, the largest companies in BRSL’s SEC industry; “moved with BRSL” means the same direction and at least half the size.

Same industry

BRSL against four same-industry peers, a year at 100

BRSL is down 38.9% in a year. Madison Square Garden Entertainment is up 69.3%, Vail Resorts 9.2%, Disney 7.4% and DraftKings is down 24.0%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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BRSL −38.9%. Madison Square Garden Entertainment +69.3%, Vail Resorts +9.2%, Disney +7.4%, DraftKings −24.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in BRSL’s SEC industry (Services-Miscellaneous Amusement & Recreation) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

DIS	Disney	$205.4B	—
DKNG	DraftKings	$11.5B	—
MSGK	MSG Knickerbockers	$7.8B	—
MTN	Vail Resorts	$5.7B	—
MSGE	Madison Square Garden Entertainment	$3.8B	—
RSI	Rush Street Interactive	$2.9B	—
STUB	StubHub Holdings	$2.1B	—
GENI	Genius Sports	$1.8B	—