DKNG vs FLUT: DraftKings and Flutter Entertainment compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Flutter Entertainment is the larger company, worth $14.2B, about 1.5 times DraftKings.
- Flutter Entertainment grew revenue faster over the last year (+3.3% vs -4.6%).
- DraftKings keeps more of each dollar of revenue as operating profit (-2.9% vs -3.7%).
- Flutter Entertainment's price assumes faster free cash flow growth: about 8% a year, against 4% for DraftKings (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DKNG | FLUT |
|---|---|---|
| Market cap | $9.7B | $14.2B |
| Share price | $19.58 | $79.78 |
| Revenue (last fiscal year) | $6.1B | $16.4B |
| Free cash flow (last fiscal year) | $516M | $569M |
| Revenue growth, last year | -4.6% | +3.3% |
| Revenue growth per year, last 5 fiscal years | +47.0% | +36.5% |
| Operating margin | -2.9% | -3.7% |
| Net margin | -2.7% | -4.4% |
| Return on equity | -29.3% | -8.6% |
| P/E (trailing) | 217.3x | — |
| Price / free cash flow | 15.0x | 24.9x |
| EV / EBITDA | 89.5x | 14.5x |
| FCF growth the price implies | 4.2% | 7.9% |
| Dividend yield | — | — |
| Debt / equity | 6.51x | 2.15x |
| Fundamental grade | F | D |
| Superinvestors holding it | 5 | 0 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
DraftKings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | -$482M | -120.5% |
| 2022 | $2.2B | -$722M | -67.5% |
| 2023 | $3.7B | -$103M | -21.5% |
| 2024 | $4.8B | $312M | -12.8% |
| 2025 | $6.1B | $516M | -0.26% |
Flutter Entertainment
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2019 | $2.5B | $618M | 10.4% |
| 2022 | $9.5B | $834M | -0.93% |
| 2023 | $11.8B | $510M | -4.7% |
| 2024 | $14.0B | $1.1B | 6.2% |
| 2025 | $16.4B | $569M | 0.22% |
Where the revenue comes from
DraftKings · by products, 2025
Sportsbook$3.8B63%
iGaming$1.8B30%
Other$423M7%
Flutter Entertainment · by products, 2017
Poker$877M67%
Gaming$335M26%
Other$51M4%
Betting$49M4%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DKNG in InvestinglyQuestions
Which is bigger, DraftKings or Flutter Entertainment?
Flutter Entertainment (FLUT), at $14.2B against $9.7B.
Which grows faster, DKNG or FLUT?
Flutter Entertainment: revenue grew +3.3% over the last year, against -4.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.