Flutter Entertainment PLC (FLUT) intrinsic value & 10-year financials

Flutter Entertainment PLC (FLUT) has a Graham intrinsic value of $7.83 per share. At $75.60 on Oct 17, 2026, the stock trades 866% above that value. Over the last 5 fiscal years revenue grew 14.7% a year to $16.4B, with an average return on invested capital of 0.4%.

Graham intrinsic value
$7.83
Share price (Oct 17, 2026)
$75.60
Price vs Graham value
866% above
Market cap
$13.4B
Revenue (FY2025)
$16.4B
Revenue growth (5-yr CAGR)
14.7%
ROIC (10-yr avg)
0.4%
Free cash flow (FY2025)
$1.1B

FLUT 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $16.4B -$407.0M -$1.75 $1.1B 0.2% 0.2%
FY2024 $14.0B $162.0M $0.24 $1.5B 6.2% 5.7%
FY2023 $11.8B -$1.2B -$6.89 $778.0M -4.7% -3.4%
FY2022 $9.5B -$370.0M -$2.44 $1.0B -0.9% -0.8%
FY2021 $9.5B — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Flutter Entertainment plc is a consistent compounder, expanding top-line revenue at 14.6% annually over the past decade.

Flutter Entertainment plc has historically struggled to out-earn its cost of capital, averaging just 0.4% ROIC.

Flutter Entertainment plc capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Flutter Entertainment plc is modeled at 14.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.83 per share.

FLUT stock: frequently asked questions

What is the intrinsic value of Flutter Entertainment PLC (FLUT) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 14.7% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, FLUT's intrinsic value is about $7.83 per share.

Is FLUT stock undervalued?

At $75.60 (close on Oct 17, 2026), FLUT trades 866% above its Graham value of $7.83. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Flutter Entertainment PLC grown?

Revenue went from $9.5B in fiscal 2021 to $16.4B in fiscal 2025, a compound annual growth rate of 14.7%. Net income was -$407.0M in fiscal 2025.

Does Flutter Entertainment PLC generate free cash flow?

Flutter Entertainment PLC generated $1.1B of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 4 of the last 4 reported years.

What is FLUT's return on invested capital?

Average ROIC over the last 5 fiscal years was 0.4%, and average return on equity was -4.3%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this FLUT data come from?

From Flutter Entertainment PLC's annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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