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Light & Wonder Valuation Multiples
Discover revenue and EBITDA valuation multiples for Light & Wonder and similar public comparables like MSG Sports, Toho, Planet Fitness, Churchill Downs and more.
Light & Wonder Overview
About Light & Wonder
Light & Wonder is principally an electronic gaming machine manufacturer, selling machines to pubs, clubs, and casinos. The firm is licensed in most jurisdictions allowing gambling globally. Light & Wonder is one of the three largest players in the space along with International Game Technology and Aristocrat Leisure. SciPlay, about one fourth of revenue, develops and distributes casual mobile games, principally in the social casino niche. The more nascent iGaming business sits between these two businesses, providing digital content and capabilities to real-money gaming providers.
Founded
1984
HQ
Employees
6.8K
Website
Financials (LTM)
EV
$12B
Light & Wonder Financials
Light & Wonder reported last 12-month revenue of $3B and EBITDA of $1B.
In the same LTM period, Light & Wonder generated $2B in gross profit, $1B in EBITDA, and $322M in net income.
Revenue (LTM)
Light & Wonder P&L
In the most recent fiscal year, Light & Wonder reported revenue of $3B and EBITDA of $1B.
Light & Wonder expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $3B | XXX | $3B | XXX | XXX | XXX |
| Gross Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Margin | 73% | XXX | 73% | XXX | XXX | XXX |
| EBITDA | $1B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 44% | XXX | 44% | XXX | XXX | XXX |
| EBIT Margin | 22% | XXX | 27% | XXX | XXX | XXX |
| Net Profit | $322M | XXX | $276M | XXX | XXX | XXX |
| Net Margin | 10% | XXX | 8% | XXX | XXX | XXX |
| Net Debt | — | — | $5B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Light & Wonder Stock Performance
Light & Wonder has current market cap of $7B, and enterprise value of $12B.
Market Cap Evolution
Light & Wonder's stock price is $89.65.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $12B | $7B | — | XXX | XXX | XXX | $3.39 |
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Start Free TrialLight & Wonder Valuation Multiples
Light & Wonder trades at 3.6x EV/Revenue multiple, and 8.2x EV/EBITDA.
EV / Revenue (LTM)
Light & Wonder Financial Valuation Multiples
As of March 28, 2026, Light & Wonder has market cap of $7B and EV of $12B.
Equity research analysts estimate Light & Wonder's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Light & Wonder has a P/E ratio of 22.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $12B | XXX | $12B | XXX | XXX | XXX |
| EV/Revenue | 3.6x | XXX | 3.6x | XXX | XXX | XXX |
| EV/EBITDA | 8.2x | XXX | 8.3x | XXX | XXX | XXX |
| EV/EBIT | 16.4x | XXX | 13.4x | XXX | XXX | XXX |
| EV/Gross Profit | 4.9x | XXX | 5.0x | XXX | XXX | XXX |
| P/E | 22.7x | XXX | 26.5x | XXX | XXX | XXX |
| EV/FCF | 25.5x | XXX | 24.9x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Light & Wonder Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Light & Wonder Margins & Growth Rates
Light & Wonder's revenue in the last 12 month grew by 8%.
Light & Wonder's revenue per employee in the last FY averaged $0.5M.
Light & Wonder's rule of 40 is 52% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Light & Wonder's rule of X is 63% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Light & Wonder Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 8% | XXX | XXX | XXX |
| EBITDA Margin | 44% | XXX | 44% | XXX | XXX | XXX |
| EBITDA Growth | 9% | XXX | 9% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 52% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 63% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| R&D Expenses to Revenue | 8% | XXX | 8% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 46% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Light & Wonder Public Comps
See public comps and valuation multiples for other Casinos & Gambling and Lifestyle & Recreation comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| MSG Sports | XXX | XXX | XXX | XXX | XXX | XXX |
| Toho | XXX | XXX | XXX | XXX | XXX | XXX |
| Planet Fitness | XXX | XXX | XXX | XXX | XXX | XXX |
| Churchill Downs | XXX | XXX | XXX | XXX | XXX | XXX |
| Allwyn | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Light & Wonder M&A Activity
Light & Wonder acquired XXX companies to date.
Last acquisition by Light & Wonder was on XXXXXXXX, XXXXX. Light & Wonder acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Light & Wonder
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
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Start Free TrialLight & Wonder Investment Activity
Light & Wonder invested in XXX companies to date.
Light & Wonder made its latest investment on XXXXXXXX, XXXXX. Light & Wonder invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Light & Wonder
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Light & Wonder
| When was Light & Wonder founded? | Light & Wonder was founded in 1984. |
| Where is Light & Wonder headquartered? | Light & Wonder is headquartered in United States. |
| How many employees does Light & Wonder have? | As of today, Light & Wonder has over 6K employees. |
| Is Light & Wonder publicly listed? | Yes, Light & Wonder is a public company listed on OTC Pink Sheets. |
| What is the stock symbol of Light & Wonder? | Light & Wonder trades under LNWO ticker. |
| When did Light & Wonder go public? | Light & Wonder went public in 1984. |
| Who are competitors of Light & Wonder? | Light & Wonder main competitors are MSG Sports, Toho, Planet Fitness, Churchill Downs. |
| What is the current market cap of Light & Wonder? | Light & Wonder's current market cap is $7B. |
| What is the current revenue of Light & Wonder? | Light & Wonder's last 12 months revenue is $3B. |
| What is the current revenue growth of Light & Wonder? | Light & Wonder revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of Light & Wonder? | Current revenue multiple of Light & Wonder is 3.6x. |
| Is Light & Wonder profitable? | Yes, Light & Wonder is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Light & Wonder? | Light & Wonder's last 12 months EBITDA is $1B. |
| What is Light & Wonder's EBITDA margin? | Light & Wonder's last 12 months EBITDA margin is 44%. |
| What is the current EV/EBITDA multiple of Light & Wonder? | Current EBITDA multiple of Light & Wonder is 8.2x. |
| What is the current FCF of Light & Wonder? | Light & Wonder's last 12 months FCF is $472M. |
| What is Light & Wonder's FCF margin? | Light & Wonder's last 12 months FCF margin is 14%. |
| What is the current EV/FCF multiple of Light & Wonder? | Current FCF multiple of Light & Wonder is 25.5x. |
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