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Light & Wonder
(NASDAQ:LNW)
Light & Wonder (LNW) vs. SPDR S&P 500 ETF (SPY)
Light & Wonder Business Overview & Revenue Model
Light & Wonder Earnings Call Summary
Light & Wonder Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.20B | 3.19B | 2.90B | 2.51B | 2.15B | 2.72B |
| Gross Profit | 2.29B | 2.26B | 2.03B | 1.77B | 1.54B | 1.56B |
| EBITDA | 1.11B | 1.09B | 898.00M | 591.00M | 601.00M | 163.00M |
| Net Income | 349.00M | 336.00M | 163.00M | -176.00M | 371.00M | -569.00M |
Balance Sheet | ||||||
| Total Assets | 6.49B | 5.42B | 5.55B | 6.01B | 7.88B | 7.98B |
| Cash, Cash Equivalents and Short-Term Investments | 136.00M | 196.00M | 425.00M | 914.00M | 585.00M | 928.00M |
| Total Debt | 4.89B | 3.92B | 3.93B | 3.95B | 8.75B | 9.36B |
| Total Liabilities | 5.79B | 4.79B | 4.79B | 4.85B | 9.99B | 10.51B |
| Stockholders Equity | 702.00M | 636.00M | 765.00M | 990.00M | -2.26B | -2.65B |
Cash Flow | ||||||
| Free Cash Flow | 266.00M | 338.00M | 348.00M | -597.00M | 514.00M | 281.00M |
| Operating Cash Flow | 603.00M | 632.00M | 590.00M | -381.00M | 685.00M | 471.00M |
| Investing Cash Flow | -1.10B | -258.00M | -251.00M | 6.12B | -442.00M | -173.00M |
| Financing Cash Flow | 333.00M | -573.00M | -292.00M | -5.46B | -679.00M | 463.00M |
Light & Wonder Technical Analysis
Light & Wonder Risk Analysis
Light & Wonder Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $6.24B | 3.40 | ― | 0.91% | 5.91% | 336.91% | |
| ― | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
| ― | $6.10B | 18.40 | 46.91% | ― | 3.93% | 19.20% | |
| ― | $8.76B | 201.07 | 2.25% | ― | 0.89% | -31.56% | |
| ― | $12.45B | 35.66 | ― | 0.84% | -1.94% | -53.90% | |
| ― | $4.10B | ― | -6.06% | ― | 0.87% | 31.28% | |
| ― | $3.20B | 60.07 | ― | ― | 12.22% | ― |
Light & Wonder Corporate Events
On October 13, 2025, Light & Wonder, Inc. announced its plan to delist from the Nasdaq Stock Market and transition to a sole primary listing on the Australian Securities Exchange (ASX), effective November 13, 2025. This strategic move aims to align the company’s capital markets presence with its long-term growth plans and consolidate trading liquidity on the ASX, which has a strong understanding of the gaming sector. The transition will impact existing Nasdaq shareholders, who will need to convert their shares into CHESS Depositary Interests (CDIs) to trade on the ASX or opt for alternative trading options.
The most recent analyst rating on (LNW) stock is a Buy with a $130.00 price target. To see the full list of analyst forecasts on Light & Wonder stock, see the LNW Stock Forecast page.
On October 7, 2025, Light & Wonder, Inc. provided the Australian Securities Exchange with a Statement of CHESS Depositary Interests on Issue. This announcement, detailed in their Current Report on Form 8-K, is informational and not subject to liabilities under the Securities Exchange Act of 1934.
The most recent analyst rating on (LNW) stock is a Buy with a $130.00 price target. To see the full list of analyst forecasts on Light & Wonder stock, see the LNW Stock Forecast page.
On September 5, 2025, Light & Wonder, Inc. provided the Australian Securities Exchange with a Statement of CHESS Depositary Interests on Issue. This announcement is part of the company’s regulatory compliance and does not impact its filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.
The most recent analyst rating on (LNW) stock is a Hold with a $93.00 price target. To see the full list of analyst forecasts on Light & Wonder stock, see the LNW Stock Forecast page.
On September 10, 2025, Light & Wonder, Inc. announced the pricing of $1 billion in senior unsecured notes due 2033 by its subsidiary, Light and Wonder International, Inc. The proceeds from this offering will be used to repay existing borrowings, redeem outstanding notes due 2028, and for general corporate purposes. This strategic financial move is expected to enhance the company’s financial flexibility and strengthen its market position.
The most recent analyst rating on (LNW) stock is a Hold with a $93.00 price target. To see the full list of analyst forecasts on Light & Wonder stock, see the LNW Stock Forecast page.
On September 10, 2025, Light & Wonder, Inc. announced a proposed private offering of $1 billion in senior unsecured notes due 2033 through its subsidiary, Light and Wonder International, Inc. The proceeds are intended to repay existing borrowings, redeem $700 million of outstanding notes due 2028, and for general corporate purposes. This move is expected to impact the company’s financial structure by refinancing debt and potentially enhancing its market position.
The most recent analyst rating on (LNW) stock is a Hold with a $93.00 price target. To see the full list of analyst forecasts on Light & Wonder stock, see the LNW Stock Forecast page.
On August 7, 2025, Light & Wonder, Inc. provided the Australian Securities Exchange with a Statement of CHESS Depositary Interests on Issue. This announcement is part of their regulatory compliance and does not impact the company’s filings under the Securities Act of 1933 or the Exchange Act.
The most recent analyst rating on (LNW) stock is a Buy with a $120.00 price target. To see the full list of analyst forecasts on Light & Wonder stock, see the LNW Stock Forecast page.
The recent earnings call for Light & Wonder Inc. painted a picture of robust performance and strategic advancements, despite some challenges. The sentiment was largely positive, driven by strong gaming operations, successful integration of the Grover acquisition, and growth in SciPlay and iGaming. However, the company acknowledged hurdles such as a decline in global game sales, impacts on the social casino market, ongoing litigation, and macroeconomic uncertainties. The strategic transition to a sole ASX listing was highlighted as a move to enhance shareholder value.
Light & Wonder, Inc. is a leading global games company specializing in cross-platform gaming experiences, known for its strong market presence in gaming, SciPlay, and iGaming sectors. In its second quarter of 2025, Light & Wonder reported a slight decrease in consolidated revenue to $809 million, while net income increased by 16% to $95 million, showcasing strong game performance and disciplined investment strategies. The company completed the acquisition of Grover Gaming, adding over 600 units since the announcement, and continued to expand its North American premium installed base. Key financial highlights include a 7% increase in Consolidated AEBITDA to $352 million and a 4% increase in Adjusted NPATA to $135 million. The company also announced a strategic shift to a sole primary listing on the ASX, with plans to delist from Nasdaq by November 2025, reflecting a focus on aligning its capital markets presence with long-term growth plans. Looking ahead, Light & Wonder remains committed to its long-term financial targets and value creation, with a strong emphasis on R&D investment and strategic capital management.
On July 31, 2025, Light & Wonder‘s Board of Directors approved transitioning from a dual listing on Nasdaq and ASX to a sole primary listing on the ASX, expecting to delist from Nasdaq by November 2025. This strategic move aligns with their long-term growth plans and shareholder interests. The company reported strong second-quarter results for 2025, with a 16% increase in net income and a 7% rise in consolidated AEBITDA, despite a slight revenue decrease. Light & Wonder completed the Grover acquisition, adding over 600 units since February 2025, and returned $266 million to shareholders through share repurchases in the first half of 2025. The company also increased its share repurchase program from $1.0 billion to $1.5 billion, reflecting confidence in its financial outlook.
The most recent analyst rating on (LNW) stock is a Buy with a $120.00 price target. To see the full list of analyst forecasts on Light & Wonder stock, see the LNW Stock Forecast page.