DraftKings Inc (DKNG) is overvalued and Flutter Entertainment Plc (FLUT) is overvalued.
Both trade above our estimate of their intrinsic value. DKNG is the closer of the two: -239%, against -488% for FLUT.
Values as of the 22 Sept 2026 close.
A 1.1x revenue multiple, discounted for its losses, values the shares at $6.44; the price of $21.80 is 239% above that value.
Leak Score 24/100 on 4 of 12 signals
Discounting its cash flows at 8.1% values the shares at $15.06; the price of $88.62 is 488% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | DKNG | FLUT |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $21.80 | $88.62 |
| Intrinsic value | $6.44 | $15.06 |
| Margin of safety | -239% | -488% |
| Leak Score | 24/100 (4/12) | 0/100 (2/12) |
| Market cap | $19.4B | $15.4B |
| Revenue growth, 5 years | 58.0% | 23.7% |
| Operating margin | -2.8% | 2.8% |
| Net margin | -2.7% | -4.4% |
| Return on equity | -21.1% | -8.0% |
| Debt to equity | 3.36 | 1.44 |
| Forward P/E | 25.1x | 12.3x |
| P/B | 19.0x | 1.8x |