Valuation, from the filing
| Public float | $6.34B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $82.16 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 23.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 25.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
23.0× earnings today, against a median of 21.3× across 5 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $6.34B | 23.0× | |
| 2024-06-30 | $7.16B | 21.3× | |
| 2023-06-30 | $4.86B | 29.8× | |
| 2022-06-30 | $3.95B | 1.1× | |
| 2021-06-30 | $7.35B | 19.8× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Services-Computer Integrated Systems Design filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Long-term debt / equity | 20.86x | 100th | |
| Operating margin | 20.6% | 88th | |
| Gross margin | 73.3% | 77th | |
| Net margin | 8.3% | 75th | |
| Effective tax rate | 24.4% | 73th | |
| Current ratio | 1.60x | 65th | |
| R&D / revenue | 7.6% | 37th | |
| Revenue YoY growth | 4.0% | 39th | |
| SBC / revenue | 3.7% | 44th |
Light & Wonder, Inc. (LNWO) reported revenue of $828.00M for the fiscal year ended 2026-06-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Light & Wonder, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Services-Computer Integrated Systems Design.
Income
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $828.00M | $790.00M | $890.00M | $841.00M | $809.00M | $774.00M | $797.00M | $817.00M | $818.00M | $756.00M |
| Cost of revenue | $210.00M | $194.00M | $238.00M | $217.00M | $219.00M | $211.00M | $230.00M | $246.00M | $236.00M | $219.00M |
| Gross profit | $618.00M | $596.00M | $652.00M | $624.00M | $590.00M | $563.00M | $567.00M | $571.00M | $582.00M | $537.00M |
| Operating income | $223.00M | $130.00M | $83.00M | $229.00M | $202.00M | $170.00M | $168.00M | $159.00M | $175.00M | $165.00M |
| Net income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $108.00M | $64.00M | $82.00M | $82.00M |
| Research & development | $61.00M | $67.00M | $60.00M | $62.00M | $64.00M | $65.00M | $68.00M | $66.00M | $66.00M | $62.00M |
| Weighted-average diluted shares | shares 78.50M | shares 79.20M | Unavailable | shares 85.00M | shares 85.60M | shares 86.90M | Unavailable | shares 91.00M | shares 92.00M | shares 92.00M |
| Pretax income | $150.00M | $62.00M | -$2.00M | $139.00M | $124.00M | $105.00M | $132.00M | $81.00M | $108.00M | $100.00M |
| Income tax expense | $30.00M | $10.00M | $13.00M | $25.00M | $29.00M | $23.00M | $24.00M | $17.00M | $26.00M | $18.00M |
| Diluted EPS | $1.53 | $0.66 | Unavailable | $1.34 | $1.11 | $0.94 | Unavailable | $0.71 | $0.90 | $0.88 |
| Selling, general & administrative | $211.00M | $237.00M | $225.00M | $219.00M | $208.00M | $217.00M | $215.00M | $220.00M | $220.00M | $218.00M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $148.00M | $147.00M | $167.00M | $236.00M | $136.00M | $134.00M | $196.00M | $347.00M | $321.00M | $450.00M |
| Total assets | $6.36B | $6.36B | $6.46B | $6.51B | $6.49B | $5.46B | $5.42B | $5.60B | $5.54B | $5.59B |
| Current assets | $1.24B | $1.20B | $1.28B | $1.32B | $1.24B | $1.18B | $1.18B | $1.28B | $1.29B | $1.34B |
| Total liabilities | $6.06B | $6.05B | $6.22B | $5.79B | $5.79B | $4.84B | $4.78B | $4.74B | $4.75B | $4.75B |
| Current liabilities | $715.00M | $676.00M | $803.00M | $621.00M | $697.00M | $753.00M | $735.00M | $680.00M | $696.00M | $677.00M |
| Total equity incl. NCI | $302.00M | $311.00M | $245.00M | $723.00M | $702.00M | $620.00M | $636.00M | $858.00M | $786.00M | $835.00M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $193.00M | $185.00M | $169.00M | $175.00M | $187.00M | $169.00M | $158.00M | $183.00M | $186.00M | $175.00M |
| Accounts receivable | $640.00M | $614.00M | $689.00M | $659.00M | $643.00M | $629.00M | $585.00M | $580.00M | $575.00M | $504.00M |
| Goodwill | $3.36B | $3.37B | $3.37B | $3.36B | $3.36B | $2.92B | $2.89B | $2.95B | $2.92B | $2.92B |
| Long-term debt | $5.07B | $5.08B | $5.11B | $4.89B | $4.82B | $3.88B | $3.85B | $3.85B | $3.85B | $3.85B |
| Accounts payable | $199.00M | $147.00M | $189.00M | $162.00M | $248.00M | $244.00M | $216.00M | $200.00M | $277.00M | $211.00M |
Cash flow
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $241.00M | $139.00M | $319.00M | $184.00M | $106.00M | $185.00M | $202.00M | $118.00M | $141.00M | $171.00M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$83.00M | -$73.00M | -$92.00M | -$79.00M | -$938.00M | -$62.00M | -$29.00M | -$71.00M | -$87.00M | -$71.00M |
| Financing cash flow | -$162.00M | -$79.00M | -$291.00M | -$48.00M | $831.00M | -$171.00M | -$262.00M | -$65.00M | -$185.00M | -$65.00M |
| Net change in cash | -$3.00M | -$13.00M | -$63.00M | $58.00M | $4.00M | -$45.00M | -$95.00M | -$15.00M | -$131.00M | $32.00M |
| Stock-based compensation | $33.00M | $32.00M | $34.00M | $28.00M | $31.00M | $27.00M | $28.00M | $29.00M | $31.00M | $22.00M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $141.00M | $22.00M | $500.00M | $110.00M | $104.00M | $166.00M | $243.00M | $44.00M | $150.00M | $25.00M |
| Depreciation & amortization | $117.00M | $108.00M | $108.00M | $108.00M | $99.00M | $91.00M | $97.00M | $90.00M | $87.00M | $86.00M |
Derived
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | 74.6% | 75.4% | 73.3% | 74.2% | 72.9% | 72.7% | 71.1% | 69.9% | 71.1% | 71.0% |
| Operating margin | 26.9% | 16.5% | 9.3% | 27.2% | 25.0% | 22.0% | 21.1% | 19.5% | 21.4% | 21.8% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 4.0% | 4.1% | 3.8% | 3.3% | 3.8% | 3.5% | 3.5% | 3.5% | 3.8% | 2.9% |
| Current ratio | 1.73x | 1.78x | 1.60x | 2.13x | 1.77x | 1.57x | 1.61x | 1.88x | 1.85x | 1.98x |
| Revenue YoY growth | 2.3% | 2.1% | 11.7% | 2.9% | -1.1% | 2.4% | 3.4% | 11.8% | 11.9% | 12.8% |
| Net margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 13.6% | Unavailable | Unavailable | Unavailable |
| R&D / revenue | 7.4% | 8.5% | 6.7% | 7.4% | 7.9% | 8.4% | 8.5% | 8.1% | 8.1% | 8.2% |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 16.78x | Unavailable | 20.86x | 6.77x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 20.0% | 16.1% | Unavailable | 18.0% | 23.4% | 21.9% | 18.2% | 21.0% | 24.1% | 18.0% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open LNWO in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.