DraftKings Inc (DKNG) is overvalued and Rush Street Interactive Inc (RSI) is overvalued.
Both trade above our estimate of their intrinsic value. RSI is the closer of the two: -119%, against -239% for DKNG.
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 12.2% (average of 3 methods) values the shares at $9.69; the price of $21.22 is 119% above that value, and 68% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | DKNG | RSI |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $21.80 | $21.22 |
| Intrinsic value | $6.44 | $9.69 |
| Margin of safety | -239% | -119% |
| Leak Score | 24/100 (4/12) | 59/100 (3/12) |
| Market cap | $19.4B | $4.9B |
| Revenue growth, 5 years | 58.0% | 32.4% |
| Operating margin | -2.8% | 10.1% |
| Net margin | -2.7% | 2.3% |
| Return on equity | -21.1% | 20.7% |
| Debt to equity | 3.36 | 0.08 |
| P/E | — | 71.6x |
| Forward P/E | 25.1x | 25.3x |
| P/B | 19.0x | 13.2x |