Light & Wonder, Inc. (LNWO) intrinsic value & 10-year financials
Light & Wonder, Inc. (LNWO) has a Graham intrinsic value of $3.83 per share. At $81.86 on Oct 17, 2026, the stock trades 2037% above that value. Over the last 10 fiscal years revenue grew 1.6% a year to $3.3B, with an average return on invested capital of 6.3%.
- Graham intrinsic value
- $3.83
- Share price (Oct 17, 2026)
- $81.86
- Price vs Graham value
- 2037% above
- Market cap
- $7.0B
- Revenue (FY2025)
- $3.3B
- Revenue growth (10-yr CAGR)
- 1.6%
- ROIC (10-yr avg)
- 6.3%
- Free cash flow (FY2025)
- $484.0M
LNWO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.3B | $276.0M | $3.26 | $484.0M | 20.6% | 10.8% |
| FY2024 | $3.2B | $336.0M | $3.68 | $338.0M | 21.0% | 12.5% |
| FY2023 | $2.9B | $163.0M | $1.75 | $348.0M | 17.8% | 11.0% |
| FY2022 | $2.5B | $3.7B | $38.78 | -$597.0M | 10.9% | 5.5% |
| FY2021 | $2.2B | $371.0M | $3.77 | $514.0M | 5.1% | 1.9% |
| FY2020 | $2.7B | -$569.0M | -$6.02 | $281.0M | 0.8% | 0.4% |
| FY2019 | $3.4B | -$130.0M | -$1.40 | $261.0M | 16.1% | 8.7% |
| FY2018 | $3.4B | -$352.4M | -$3.87 | -$44.7M | 7.9% | 4.3% |
| FY2017 | $3.1B | -$242.3M | -$2.72 | $213.4M | 12.7% | 6.6% |
| FY2016 | $2.9B | -$353.7M | -$4.05 | $146.1M | 4.5% | 1.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Light & Wonder, Inc. has demonstrated mature, steady growth, with revenue compounding at 1.6% annually over the past decade.
Light & Wonder, Inc. has historically struggled to out-earn its cost of capital, averaging just 6.3% ROIC.
Light & Wonder, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Light & Wonder, Inc. is modeled at -3.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.83 per share.