Draftkings DKNG
Nasdaq · Services-Miscellaneous Amusement & Recreation · $11.5B$23.52+1.77%Nov 5 close · Databento
DKNG 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 $23.521D +1.77%3M −3.09%SMA20 $20.65SMA50 $21.62RSI(14) 67.9
23.52
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 67.9
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 DatabentoMarket cap$11.5B
EV / True FCF32.0x
Revenue$6.1B +27.0%
True FCF (ex-SBC)$308.2M +58.9%
Rule of 4037.7%
Operating margin-0.3%
True FCF Yield2.7%
EPS, diluted$-0.01 +99.0%
Modern Valuation (EOD)
Market Cap$11.5B
Enterprise Value$9.9B
EV / True FCF31.98
EV / FCF15.22
EV / Gross Profit—
EV / EBIT—
EV / Sales1.63
P / E (GAAP)3089.03
P / FCF17.70
P / Oper. CF17.29
P / Book18.15
Owner & Cash Yields
True FCF Yield2.7%
FCF Yield5.6%
Owner Earn. Yield-2.9%
Earnings Yield0.0%
Shareholder Yield+2.0%
Buyback Yield5.0%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh—
EPS (diluted)$-0.01
Compounder & Returns
Rule of 4037.7%
ROIC—
Cash ROIC (CROIC)—
GP / Assets—
ROE0.6%
ROA0.1%
Gross Margin—
Oper. Margin-0.3%
Net Margin0.1%
FCF Margin10.7%
True FCF Margin5.1%
Quality & Dilution
Cash Conversion17453%
Accrual Ratio−14.5%
SBC % of FCF52.4%
SBC % of Rev5.6%
Reinvest. Rate2%
Sales Growth Y/Y+27.0%
Sales 3Y CAGR+39.3%
EPS Growth Y/Y+99.0%
FCF Growth Y/Y+58.9%
FCF 3Y CAGR—
Share Change Y/Y+2.9%
Balance Sheet & Scale
Revenue (FY)$6.1B
Gross Profit (FY)—
Oper. Income (FY)$-15.8M
GAAP Net Income$3.7M
True FCF (ex-SBC)$308.2M
Cash & Equiv$1.6B
Total Debt—
Net Cash (Debt)$1.6B
Net Cash % MCap+14.0%
Debt / FCF (yrs)—
Current Ratio1.03
Price & Technicals (EOD)
Perf Week+13.51%
Perf Month+22.82%
Perf Quarter−2.12%
Perf Half Y−6.74%
Perf YTD+2.75%
SMA 20 Dist+13.90%$20.65
SMA 50 Dist+8.79%$21.62
SMA 100 Dist+0.93%$23.30
Window High−21.65%$30.02
Window Low+26.52%$18.59
RSI (14) · Vol67.940%v
Income Distribution & Cash Flow ConversionHow every dollar of DKNG 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)$3.6B ($58.7 / $100)
Operating Expenses$2.5B ($41.5 / $100)
Tax & Non-Operating$0 ($0.0 / $100)
Net Profit Kept$3.7M ($0.0 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$3.7M (0.1% margin)
Operating Cash Flow (OCF)$662.9M(10.9% of rev)
Less: Capital Expenditures−$15.4M(0.3% of rev)
Standard Free Cash Flow (FCF)$647.5M(10.7% margin)
Less: Stock-Based Comp (SBC)−$339.3M(52.4% of FCF)
True FCF (Owner Cash ex-SBC)$308.2M(5.1% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $1.3B | $2.2B | $3.7B | $4.8B | $6.1B | +27.0% | +47.0% | |
| Cost of Revenue (COGS) | $794.2M | $1.5B | $2.3B | $3.0B | $3.6B | +20.6% | +45.5% | |
| Operating Income (EBIT) | $-1.6B | $-1.5B | $-789.2M | $-609.0M | $-15.8M | +97.4% | — | |
| Interest Expense | $2.1M | $2.7M | $2.7M | $3.0M | $3.0M | +0.0% | +8.8% | |
| Income Tax Expense | $8.3M | $-67.9M | $10.2M | $-86.3M | $4.3M | +105.0% | −15.2% | |
| GAAP Net Income | $-1.5B | $-1.4B | $-802.1M | $-507.3M | $3.7M | +100.7% | — | |
| Diluted EPS | $-3.78 | $-3.16 | $-1.73 | $-1.05 | $-0.01 | +99.0% | — | |
| Diluted Shares | 402.5M | 436.5M | 462.6M | 482.0M | 495.9M | +2.9% | +5.4% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $2.6B | $1.8B | $1.6B | $1.3B | $1.6B | +20.6% | −11.6% | |
| Total Current Assets | $2.8B | $2.1B | $2.1B | $1.5B | $1.8B | +18.3% | −9.9% | |
| Total Assets | $4.1B | $4.0B | $3.9B | $4.3B | $4.5B | +5.8% | +2.7% | |
| Total Current Liabilities | $929.4M | $1.2B | $1.5B | $1.7B | $1.8B | +6.1% | +17.2% | |
| Total Liabilities | $2.4B | $2.7B | $3.1B | $3.3B | $3.9B | +19.1% | +13.0% | |
| Stockholders' Equity | $1.7B | $1.3B | $840.3M | $1.0B | $631.5M | −37.5% | −21.7% | |
| Net Cash / (Net Debt) | $2.6B | $1.8B | $1.6B | $1.3B | $1.6B | +20.6% | −11.6% | |
| Invested Capital | $-951.3M | $-456.1M | $-783.2M | $-319.6M | $-973.1M | −204.5% | — | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $-419.5M | $-625.5M | $-1.8M | $417.8M | $662.9M | +58.7% | — | |
| Depreciation & Amortization (D&A) | $13.8M | $18.7M | $20.4M | $21.1M | $19.2M | −9.0% | +8.6% | |
| Stock-Based Compensation (SBC) | $683.3M | $578.8M | $398.5M | $381.4M | $339.3M | −11.0% | −16.1% | |
| Capital Expenditures (CapEx) | $15.9M | $32.4M | $20.9M | $10.2M | $15.4M | +50.9% | −0.9% | |
| Free Cash Flow (FCF) | $-435.4M | $-657.9M | $-22.7M | $407.6M | $647.5M | +58.9% | — | |
| True FCF (ex-SBC Owner Cash) | $-1.1B | $-1.2B | $-421.1M | $26.2M | $308.2M | +1075.2% | — | |
| Share Repurchases (Buybacks) | $17.8M | $0 | $0 | $48.1M | $571.5M | +1089.0% | +137.9% | |
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
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