Light & Wonder, Inc.
LNWO· OTC, OTC· Services-Computer Integrated Systems Design
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- –
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +14.3%
We record prices for the companies we cover; LNWO is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 85.0M
- Revenue
- $3.3B
- Free cash flow
- –
- Owner earnings
- –
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 20.6%
- Net
- 8.3%
- Free cash flow
- –
- Owner earnings
- –
- Stock pay
- 3.7%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 112.7%
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- 9.7%
- Revenue, 5 yr
- 14.3%
- Revenue, 9 yr
- 1.6%
- Diluted EPS, 3 yr
- -56.2%
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- –
Financial health · FY2025
- Cash and investments
- $167.0M
- Total debt
- –
- Net cash
- –
- Debt/Equity
- –
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -2.2%
Financials: ten years from the 10-Ks
Revenue
$3.3B
+1.6% a year over 9 years
FY2016FY2025
Margins
Operating20.6%Net8.3%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow–Owner earnings–
Free cash flow +21.3% a year
FY2016FY2025
Diluted shares
85.0M
-2.6% over 9 years, net buybacks
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $2.9B | $3.1B | $3.4B | $2.4B | $1.7B | $2.2B | $2.5B | $2.9B | $3.2B | $3.3B |
| Revenue growth | 4.5% | 7.0% | 9.0% | -29.0% | -28.9% | 26.7% | 16.7% | 15.5% | 9.9% | 4.0% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 4.5% | 12.8% | 7.9% | 12.1% | -14.4% | 5.1% | 10.9% | 17.8% | 21.0% | 20.6% |
| Net income | -$353.7M | -$242.0M | -$352.0M | -$130.0M | -$569.0M | $371.0M | $3.7B | $163.0M | $336.0M | $276.0M |
| Net margin | -12.3% | -7.8% | -10.5% | -5.4% | -33.5% | 17.2% | 146.3% | 5.6% | 10.5% | 8.3% |
| Diluted EPS | $-4.05 | $-2.72 | $-3.87 | $-1.40 | $-6.02 | $3.77 | $38.78 | $1.75 | $3.68 | $3.26 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $419.0M | $507.0M | $346.0M | $546.0M | $471.0M | $685.0M | -$381.0M | $590.0M | $632.0M | $794.0M |
| Capital expenditure | $272.9M | $294.0M | $391.0M | $285.0M | – | – | – | – | – | – |
| Free cash flow | $146.1M | $213.0M | -$45.0M | $261.0M | – | – | – | – | – | – |
| Stock-based compensation | $35.3M | $27.0M | $44.0M | $32.0M | $56.0M | $113.0M | $69.0M | $118.0M | $110.0M | $121.0M |
| Owner earnings? | $110.8M | $186.0M | -$89.0M | $229.0M | – | – | – | – | – | – |
| Free cash flow per share | $1.67 | $2.39 | $-0.49 | $2.81 | – | – | – | – | – | – |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | $0 | – | – | – | $0 | $0 | $405.0M | $170.0M | $462.0M | $880.0M |
| Diluted shares | 87.3M | 89.0M | 91.0M | 93.0M | 95.0M | 98.0M | 95.0M | 93.0M | 91.0M | 85.0M |
| Share count change? | 1.6% | 1.9% | 2.2% | 2.2% | 2.2% | 3.2% | -3.1% | -2.1% | -2.2% | -6.6% |
| Balance sheet | ||||||||||
| Cash and equivalents | $115.1M | $788.8M | $168.0M | $313.0M | $928.0M | $585.0M | $914.0M | $425.0M | $196.0M | $167.0M |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | – | – | – | – | – | – | – | – | – | – |
| Net debt | – | – | – | – | – | – | – | – | – | – |
| Shareholders' equity | -$1.9B | -$2.0B | -$2.5B | -$2.2B | -$2.7B | -$2.3B | $990.0M | $765.0M | $636.0M | $245.0M |
Latest filings
| 2026-08-04 | 10-Q | Quarterly report |
| 2026-08-04 | 8-K | Earnings release |
| 2026-05-06 | 10-Q | Quarterly report |
| 2026-05-06 | 8-K | Earnings release |
| 2026-04-30 | DEF 14A | Proxy statement |
| 2026-02-24 | 10-K | Annual report |
| 2026-02-24 | 8-K | Earnings release |
| 2025-11-05 | 10-Q | Quarterly report |
| 2025-11-05 | 8-K | Earnings release |
| 2025-08-06 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
