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Held by 681 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 10 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DIS | $180.9B | 15.3× | 9.5× | 1.9× | 3.4% | — | 13.1% | 11.3% | 8.2% | 1.6× | 2,849 |
| DKNG | $9.5B | — | — | 1.6× | 27.0% | 41.3% | 0.1% | 0.6% | 0.6% | — | 681 |
| MTN | $5.2B | 19.2× | 9.2× | 1.7× | 2.7% | — | 9.4% | 66.0% | 7.9% | 3.1× | 431 |
| MSGE | $3.9B | 59.4× | 21.0× | 3.7× | 12.5% | — | 6.2% | 145% | 10.7% | 1.4× | 407 |
| RSI | $2.3B | 65.3× | 15.7× | 2.1× | 22.8% | 34.6% | 2.9% | 22.6% | 22.6% | -2.6× | 295 |
| BRSL | $1.8B | 13.6× | — | 0.7× | -0.0% | — | 5.9% | 16.8% | 2.9% | — | — |
| GENI | $1.7B | — | — | 2.5× | 31.0% | 23.0% | -16.7% | -15.4% | -15.4% | — | 268 |
| PRKS | $1.5B | 10.7× | 6.8× | 0.9× | -3.6% | — | 10.1% | -38.6% | 9.4% | 4.0× | 232 |
| PRSU | $1.4B | 65.6× | — | 3.2× | 23.4% | 92.3% | 5.0% | 3.9% | 3.3% | — | 200 |
| FBYD | $419M | 288.0× | — | 28.1× | 121% | — | 42.4% | 52.9% | 24.5% | — | 59 |
| BUKS | $281M | 12.9× | 8.3× | 2.9× | 16.7% | — | 22.4% | 26.8% | 19.7% | -0.2× | 2 |
Peers = companies sharing DKNG's sector (Services-Miscellaneous Amusement & Recreation) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $571.5M buybacks = $571.5M returned on $647.5M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 6 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $6.05B 100.0% | $4.77B 100.0% | $3.67B 100.0% | $2.24B 100.0% | $1.30B 100.0% | $614.5M 100.0% |
| Cost of Revenue | $3.56B 58.7% | $2.95B 61.9% | $2.29B 62.5% | $1.48B 66.2% | $794.2M 61.3% | $346.6M 56.4% |
| Selling, General & Admin | $673.6M 11.1% | $764.1M 16.0% | $606.6M 16.5% | $763.7M 34.1% | $828.3M 63.9% | $447.4M 72.8% |
| Operating Income | -$15.8M -0.3% | -$609.0M -12.8% | -$789.2M -21.5% | -$1.51B -67.5% | -$1.56B -120.5% | -$843.3M -137.2% |
| Interest Expense | — | $3.0M 0.1% | $2.7M 0.1% | $2.7M 0.1% | $2.1M 0.2% | — |
| Interest & Investment Income | — | $47.3M 1.0% | $58.4M 1.6% | $21.4M 1.0% | $4.1M 0.3% | — |
| Other Income (Expense), net | $38.0M 0.6% | -$23.5M -0.5% | -$224K -0.0% | $20.7M 0.9% | $12.0M 0.9% | $0 0.0% |
| Pretax Income | $7.0M 0.1% | -$593.2M -12.4% | -$791.3M -21.6% | -$1.44B -64.4% | -$1.52B -117.1% | -$1.23B -200.5% |
| Income Tax Expense | $4.3M 0.1% | -$86.3M -1.8% | $10.2M 0.3% | -$67.9M -3.0% | $8.3M 0.6% | -$622K -0.1% |
| Net Income | $3.7M 0.1% | -$507.3M -10.6% | -$802.1M -21.9% | -$1.38B -61.5% | -$1.52B -117.5% | -$1.23B -200.5% |
| Per Share | ||||||
| EPS (Basic) | $0.01 | -$1.05 | -$1.73 | -$3.16 | -$3.78 | -$4.03 |
| EPS (Diluted) | -$0.01 | -$1.05 | -$1.73 | -$3.16 | -$3.78 | -$4.03 |
| Weighted Avg Shares (Basic) | 495.6M | 482.0M | 462.6M | 436.5M | 402.5M | 305.6M |
| Weighted Avg Shares (Diluted) | 495.9M | 482.0M | 462.6M | 436.5M | 402.5M | 305.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 2 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $19.87 today, the market must believe free cash flow compounds 23.4%/yr for a decade (off $167.2M on the SBC-adjusted basis).
On the basis ($527.5M) the requirement is 7.3%/yr. The difference is what charging stock compensation costs.
The market's 23.4% is more conservative than its 1-yr track record.
Default is 11.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.50B shares (market data) · net debt -$1.13B
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.13B (at 2025-12-31) covers the $8.8M due within a year 127.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2024 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-08
Where each multiple sits in its own 6-yr range · 25th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 1% against ROIC 1% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 56.4 | 61.3 | 66.2 | 62.5 | 61.9 | 58.7 |
| SG&A | 72.8 | 63.9 | 34.1 | 16.5 | 16.0 | 11.1 |
| Operating Income | -137.2 | -120.5 | -67.5 | -21.5 | -12.8 | -0.3 |
| Income Tax | -0.1 | 0.6 | -3.0 | 0.3 | -1.8 | 0.1 |
| Net Income | -200.5 | -117.5 | -61.5 | -21.9 | -10.6 | 0.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DKNG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | 43.6% | -137.2% | -200.5% |
| FY2021 | 38.7% | -120.5% | -117.5% |
| FY2022 | 33.8% | -67.5% | -61.5% |
| FY2023 | 37.5% | -21.5% | -21.9% |
| FY2024 | 38.1% | -12.8% | -10.6% |
| FY2025 | 41.3% | -0.3% | 0.1% |
Return on equity (1%) and return on invested capital (1%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to -3.7x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -5.35x |
| 5% | -5.08x |
| 10% | -4.81x |
| 15% | -4.54x |
| 20% | -4.28x |
| 25% | -4.01x |
| 30% | -3.74x |
| 35% | -3.47x |
| 40% | -3.21x |
| 45% | -2.94x |
| 50% | -2.67x |
| 55% | -2.41x |
| 60% | -2.14x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $54,186,000 of the $54,186,000 total — a fixed obligation that does not appear in a headline debt figure.
At $19.15, free cash flow must compound 22.89%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.
This is solved on free cash flow AFTER stock compensation ($167M against $528M before it). On the unadjusted figure the requirement would be 6.76%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.