FLUT vs RSI: Flutter Entertainment and Rush Street Interactive 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 3.1 times Rush Street Interactive.
- Rush Street Interactive grew revenue faster over the last year (+46.3% vs +3.3%).
- Rush Street Interactive keeps more of each dollar of revenue as operating profit (10.0% vs -3.7%).
- Rush Street Interactive's price assumes faster free cash flow growth: about 12% a year, against 8% for Flutter Entertainment (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 | FLUT | RSI |
|---|---|---|
| Market cap | $14.2B | $4.5B |
| Share price | $79.78 | $18.90 |
| Revenue (last fiscal year) | $16.4B | $1.1B |
| Free cash flow (last fiscal year) | $569M | $136M |
| Revenue growth, last year | +3.3% | +46.3% |
| Revenue growth per year, last 5 fiscal years | +36.5% | +23.5% |
| Operating margin | -3.7% | 10.0% |
| Net margin | -4.4% | 2.3% |
| Return on equity | -8.6% | 17.2% |
| P/E (trailing) | — | 57.6x |
| Price / free cash flow | 24.9x | 27.6x |
| EV / EBITDA | 14.5x | 3.10x |
| FCF growth the price implies | 7.9% | 11.7% |
| Dividend yield | — | — |
| Debt / equity | 2.15x | 2.46x |
| Fundamental grade | D | C |
| Superinvestors holding it | 0 | 1 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Rush Street Interactive
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $488M | -$56M | -19.3% |
| 2022 | $592M | -$81M | -21.1% |
| 2023 | $691M | -$30M | -7.5% |
| 2024 | $924M | $81M | 2.7% |
| 2025 | $1.1B | $136M | 7.7% |
Where the revenue comes from
Flutter Entertainment · by products, 2017
Poker$877M67%
Gaming$335M26%
Other$51M4%
Betting$49M4%
Rush Street Interactive · by products, 2025
Online casino and online sports betting$1.1B99%
Social gaming$5M0%
Retail sports betting$2M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FLUT in InvestinglyQuestions
Which is bigger, Flutter Entertainment or Rush Street Interactive?
Flutter Entertainment (FLUT), at $14.2B against $4.5B.
Which grows faster, FLUT or RSI?
Rush Street Interactive: revenue grew +46.3% over the last year, against +3.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.