# Brightstar Lottery (BRSL.US)

Canonical: https://gigainvestors.com/s/BRSL

Analysis as of: 2026-10-16T07:27:05.607Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $9.70 per share; close as of 2026-10-15.

Estimated value: low $26.87 per share, central $30.42 per share, high $35.16 per share. Buy at or below the central value $30.42 per share. Valuation as of 2026-10-16T07:27:05.607Z; scenarios are not confidence intervals.

Expected annual return: 28.2% at the stated quote. About 28.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 4

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: -0.01×

- FY2018: 0.12×

- FY2019: 0.12×

- FY2020: 0.08×

- FY2021: 0.22×

- FY2022: 0.29×

- FY2023: 0.30×

- FY2024: 0.29×

- FY2025: 0.35×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 5.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.8%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.1%

- FY2017: -1.1%

- FY2018: 6.8%

- FY2019: 6.9%

- FY2020: 5.3%

- FY2021: 20.2%

- FY2022: 12.9%

- FY2023: 12.3%

- FY2024: 12.2%

- FY2025: 59.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -5.5 pp

- Working capital / revenue, final three-year average: -4.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.60×

- FY2022: 1.93×

- FY2023: 2.72×

- FY2024: 1.73×

- FY2025: 1.87×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.8% vs 12.3%

- Per-share earnings: -0.39 to 0.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: -$2.3B

- Cumulative retained earnings: -$551M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.16

- Per-share value, starting three-year median: -$0.39

- Per-share value, ending three-year median: $0.77

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 4.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $235M

- Cumulative net income, 10 years: -$387M

- ROIC, first three-year median: 6.8%

- ROIC, last three-year median: 12.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.05

- FY2017: -$5.26

- FY2018: -$0.10

- FY2019: -$0.09

- FY2020: -$4.39

- FY2021: $2.33

- FY2022: $1.35

- FY2023: $0.77

- FY2024: $1.71

- FY2025: $0.75

### accounting: fail

- restructuring or one-time charges in at least three of five years

- earnings not backed by cash

- Sloan accruals: 2.7%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 5

- Earnings backed by cash: No

- Operating cash / earnings: -0.67×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 3.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.8%

- FY2017: -11.4%

- FY2018: -0.4%

- FY2019: -8.1%

- FY2020: -13.6%

- FY2021: -4.4%

- FY2022: -6.0%

- FY2023: -8.4%

- FY2024: -6.6%

- FY2025: 2.7%

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 71% since Jul 2023 · sales +0%

Story as of 2026-10-16T09:58:25.901Z; price observation 2026-10-15.

Price needs cash profits to shrink 14.8% a year for ten years

### Sales · FY2024–2025

sales +0%; source https://www.sec.gov/Archives/edgar/data/1619762/000162828026011083/igt-20251231.htm; observed 2026-02-24.

- FY2016: $5.2B 

- FY2017: $4.9B 

- FY2018: $4.0B 

- FY2019: $4.0B 

- FY2020: $3.1B 

- FY2021: $4.1B 

- FY2022: $2.6B 

- FY2023: $2.5B 

- FY2024: $2.5B 

- FY2025: $2.5B 

### Gross margin · FY2025

gross margin 50.5%; source https://www.sec.gov/Archives/edgar/data/1619762/000162828026011083/igt-20251231.htm; observed 2026-02-24.

- FY2020: 36.5% 

- FY2021: 47.9% 

- FY2022: 46.1% 

- FY2023: 54.3% 

- FY2024: 53.1% 

- FY2025: 50.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gambling; annual sales are USD 2.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1619762/000162828026011083/igt-20251231.htm (filed 2026-02-24); FY2025: revenue 2511000000; grossProfit 1267000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BRSL.US: Brightstar Lottery PLC provides lottery solutions in the United States, Italy, rest of Europe, and internationally. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and the lottery authority; operates and provides lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services, as well as lottery management services; instant lottery systems; and iLottery, a platform that provides access to eInstant and draw games. It also processes commercial transactions, such as prepaid cellular telephone recharges, bill payments, e-vouchers and retail-based programs, electronic tax payments, prepaid card recharges, stamp duty, and money transfer services; sells additional machines and central computers to expand existing systems or replace existing equipment; and licenses related software. In addition, the company provides marketing services, such as retail optimization and lottery brand awareness campaigns; telephone support, software and hardware maintenance, software development, and other professional services; and ancillary maintenance and support services for systems, equipment, and software. The company was formerly known as International Game Technology PLC and changed its name to Brightstar Lottery PLC in July 2025. Brightstar Lottery PLC was founded in 1976 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 50.5% to 54.3% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 54.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 53.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1619762/000162828026011083/igt-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 50.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.14095271733760226],[2017,-0.011210855920902608],[2018,0.0682665975658138],[2019,0.06905497149120955],[2020,0.052802745768873435],[2021,0.20217241379310344],[2022,0.1292071491500989],[2023,0.12333415902898191],[2024,0.12190635451505016],[2025,0.5898148148148148]]; median 0.12262025677201605. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 271 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 1093806000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 0; owner earnings 586143000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 0; owner earnings 595000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 238000000; cash acquisitions 0; owner earnings 770000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 0; upkeep 162000000; cash acquisitions 142000000; owner earnings 532000000. Growth capex plus acquisitions / owner earnings = 0.2669172932330827.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 0; upkeep 147000000; cash acquisitions 0; owner earnings 424000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 149000000; owner earnings 601000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1619762/000162828026011083/igt-20251231.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 316000000; owner earnings 275000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,161179000],[2017,162528000],[2018,163236000],[2019,164000000],[2020,40887000],[2021,41000000],[2022,161000000],[2023,160000000],[2024,161000000],[2025,770000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1619762/000162828026011083/igt-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 271000000 USD.

### Are managers owners

Insiders own 48.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BRSL.US SharesStats.PercentInsiders = 48.557 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 14.8% yearly over ten years; actual decline was 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate -0.2181547332718175. Price 9.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.6604018752793688 → FY2025 1.3959390862944163. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.72 per share

- 2016-11: $25.78 per share

- 2016-12: $25.52 per share

- 2017-01: $26.41 per share

- 2017-02: $27.00 per share

- 2017-03: $23.70 per share

- 2017-04: $22.20 per share

- 2017-05: $17.75 per share

- 2017-06: $18.30 per share

- 2017-07: $19.04 per share

- 2017-08: $20.37 per share

- 2017-09: $24.55 per share

- 2017-10: $23.50 per share

- 2017-11: $27.49 per share

- 2017-12: $26.51 per share

- 2018-01: $29.07 per share

- 2018-02: $26.50 per share

- 2018-03: $26.73 per share

- 2018-04: $28.27 per share

- 2018-05: $25.14 per share

- 2018-06: $23.24 per share

- 2018-07: $25.28 per share

- 2018-08: $21.04 per share

- 2018-09: $19.75 per share

- 2018-10: $18.55 per share

- 2018-11: $17.21 per share

- 2018-12: $14.63 per share

- 2019-01: $16.36 per share

- 2019-02: $17.25 per share

- 2019-03: $12.99 per share

- 2019-04: $14.63 per share

- 2019-05: $13.00 per share

- 2019-06: $12.97 per share

- 2019-07: $13.35 per share

- 2019-08: $11.98 per share

- 2019-09: $14.21 per share

- 2019-10: $13.24 per share

- 2019-11: $14.85 per share

- 2019-12: $14.97 per share

- 2020-01: $13.49 per share

- 2020-02: $10.64 per share

- 2020-03: $5.95 per share

- 2020-04: $7.54 per share

- 2020-05: $8.43 per share

- 2020-06: $8.90 per share

- 2020-07: $9.86 per share

- 2020-08: $11.13 per share

- 2020-09: $11.13 per share

- 2020-10: $8.21 per share

- 2020-11: $12.59 per share

- 2020-12: $16.94 per share

- 2021-01: $16.11 per share

- 2021-02: $18.29 per share

- 2021-03: $16.05 per share

- 2021-04: $17.22 per share

- 2021-05: $24.26 per share

- 2021-06: $23.96 per share

- 2021-07: $18.75 per share

- 2021-08: $21.49 per share

- 2021-09: $26.32 per share

- 2021-10: $29.49 per share

- 2021-11: $27.02 per share

- 2021-12: $28.91 per share

- 2022-01: $26.77 per share

- 2022-02: $30.62 per share

- 2022-03: $24.68 per share

- 2022-04: $21.83 per share

- 2022-05: $21.42 per share

- 2022-06: $18.56 per share

- 2022-07: $18.95 per share

- 2022-08: $17.94 per share

- 2022-09: $15.80 per share

- 2022-10: $20.05 per share

- 2022-11: $24.54 per share

- 2022-12: $22.68 per share

- 2023-01: $26.45 per share

- 2023-02: $26.56 per share

- 2023-03: $26.80 per share

- 2023-04: $28.14 per share

- 2023-05: $24.53 per share

- 2023-06: $31.89 per share

- 2023-07: $33.83 per share

- 2023-08: $32.02 per share

- 2023-09: $30.32 per share

- 2023-10: $25.42 per share

- 2023-11: $26.73 per share

- 2023-12: $27.41 per share

- 2024-01: $25.96 per share

- 2024-02: $27.17 per share

- 2024-03: $22.59 per share

- 2024-04: $19.74 per share

- 2024-05: $19.74 per share

- 2024-06: $20.46 per share

- 2024-07: $23.47 per share

- 2024-08: $22.39 per share

- 2024-09: $21.30 per share

- 2024-10: $20.32 per share

- 2024-11: $19.23 per share

- 2024-12: $17.66 per share

- 2025-01: $17.02 per share

- 2025-02: $17.73 per share

- 2025-03: $16.26 per share

- 2025-04: $16.40 per share

- 2025-05: $14.71 per share

- 2025-06: $15.81 per share

- 2025-07: $14.84 per share

- 2025-08: $16.64 per share

- 2025-09: $17.25 per share

- 2025-10: $16.66 per share

- 2025-11: $15.64 per share

- 2025-12: $15.48 per share

- 2026-01: $14.48 per share

- 2026-02: $13.56 per share

- 2026-03: $12.74 per share

- 2026-04: $13.13 per share

- 2026-05: $11.23 per share

- 2026-06: $10.72 per share

- 2026-07: $10.04 per share

- 2026-08: $11.27 per share

- 2026-09: $9.99 per share

- 2026-10: $9.70 per share

## Annual estimated value (USD per share)

- FY2024: low $27.44 per share, central $30.94 per share, high $35.59 per share

- FY2025: low $30.13 per share, central $33.75 per share, high $38.57 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1619762/000162828026011083/igt-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.