DraftKings - Public Comps and Valuation Multiples

DraftKings Overview

About DraftKings

DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number two or three revenue share position across states in which it competes. DraftKings is now live with online or retail sports betting in 28 states and iGaming in five states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company also operates a non-fungible token commissioned-based marketplace and develops and licenses online gaming products.

Founded

2011

HQ

Employees

5.1K+

Website

draftkings.com

Sectors

Casinos & Gambling
Online Betting
ViceTech

Financials

LTM Revenue $5.9B

LTM EBITDA $664M

EV

$21.9B

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DraftKings Financials

As of August 2025, DraftKings reported last 12-month revenue of $5.9B and EBITDA of $664M.

In the same period, DraftKings generated $2.5B in LTM gross profit and $7.3M in net income.

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DraftKings P&L

In the most recent fiscal year, DraftKings reported revenue of $4.8B and EBITDA of -$319M.

DraftKings expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$5.9B	XXX	$4.8B	XXX	XXX	XXX
Gross Profit	$2.5B	XXX	$1.8B	XXX	XXX	XXX
Gross Margin	42%	XXX	38%	XXX	XXX	XXX
EBITDA	$664M	XXX	-$319M	XXX	XXX	XXX
EBITDA Margin	11%	XXX	-7%	XXX	XXX	XXX
EBIT	-$29.3M	XXX	-$609M	XXX	XXX	XXX
EBIT Margin	0%	XXX	-13%	XXX	XXX	XXX
Net Profit	$7.3M	XXX	-$507M	XXX	XXX	XXX
Net Margin	0%	XXX	-11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$468M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for DraftKings including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.9B. EBITDA for the last twelve months was $664M. In the most recent fiscal year, DraftKings achieved $4.8B in revenue and -$319M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$5.9B	Analyst estimates available to subscribers	$4.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.5B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	42.5% gross margin	Analyst estimates available to subscribers	38.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$664M	Analyst estimates available to subscribers	-$319M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	11.2% EBITDA margin	Analyst estimates available to subscribers	-6.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$29.3M	Analyst estimates available to subscribers	-$609M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-0.5% EBIT margin	Analyst estimates available to subscribers	-12.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$7.3M	Analyst estimates available to subscribers	-$507M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	0.1% net profit margin	Analyst estimates available to subscribers	-10.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$468M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for DraftKings

This financial data table provides comprehensive performance metrics for DraftKings, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

DraftKings generated $5.9B in revenue over the last twelve months.
The company achieved $664M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.5B.
Net income over the last twelve months reached $7.3M.

Fiscal Year Performance

In the most recent fiscal year, DraftKings reported $4.8B in total revenue.
Fiscal year EBITDA was -$319M.
The company maintained a gross profit margin of 38.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was -6.7%.
Net profit margin reached -10.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for DraftKings. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

DraftKings Stock Performance

DraftKings has current market cap of $21.3B, and EV of $21.9B.

Market Cap Evolution

DraftKings Stock Data

As of September 16, 2025, DraftKings's stock price is $43.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$21.9B	$21.3B	XXX	XXX	XXX	XXX	$0.01

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DraftKings Valuation Multiples

DraftKings's trades at 4.6x EV/Revenue multiple, and -68.6x EV/EBITDA.

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DraftKings Financial Valuation Multiples

As of September 16, 2025, DraftKings has market cap of $21.3B and EV of $21.9B.

Equity research analysts estimate DraftKings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

DraftKings has a P/E ratio of 2896.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$21.3B	XXX	$21.3B	XXX	XXX	XXX
EV (current)	$21.9B	XXX	$21.9B	XXX	XXX	XXX
EV/Revenue	3.7x	XXX	4.6x	XXX	XXX	XXX
EV/EBITDA	33.0x	XXX	-68.6x	XXX	XXX	XXX
EV/EBIT	-747.0x	XXX	-36.0x	XXX	XXX	XXX
EV/Gross Profit	8.7x	XXX	n/a	XXX	XXX	XXX
P/E	2896.7x	XXX	-41.9x	XXX	XXX	XXX
EV/FCF	36.4x	XXX	73.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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DraftKings Margins & Growth Rates

DraftKings's last 12 month revenue growth is 22%

DraftKings's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.5M for the same period.

DraftKings's rule of 40 is 6% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

DraftKings's rule of X is 66% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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DraftKings Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	22%	XXX	26%	XXX	XXX	XXX
EBITDA Margin	11%	XXX	-7%	XXX	XXX	XXX
EBITDA Growth	85%	XXX	n/a	XXX	XXX	XXX
Rule of 40	6%	XXX	15%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	66%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	27%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	8%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	51%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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