# Entain (ENT.LSE)

Canonical: https://gigainvestors.com/s/ENT.LSE

Analysis as of: 2026-10-16T07:38:32.147Z. Financial observations: FY2005–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## 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: GBX 439.10 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 7

- Operating margin variation: 0.85×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: 0.08×

- FY2018: 0.06×

- FY2019: 0.04×

- FY2020: 0.08×

- FY2021: 0.12×

- FY2022: 0.14×

- FY2023: 0.09×

- FY2024: -0.05×

- FY2025: 0.10×

### moat: fail

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

- Recent gross margin fell 5.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.2%

- ROIC, second-lowest year: -2.0%

- Typical minus recent gross margin: 5.0 pp

- Typical gross margin (annual median): 54.2%

- Recent gross margin (lower of latest and 3-year median): 49.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -2.0%

- FY2017: 32.7%

- FY2018: 7.8%

- FY2019: 6.2%

- FY2020: 11.9%

- FY2021: 18.4%

- FY2022: 24.7%

- FY2023: 41.5%

- FY2024: -20.3%

- FY2025: 72.6%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -606M

- Net income, five-year total: GBP -1.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -13.7 pp

- Working capital / revenue, final three-year average: -9.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: GBP 382M

- FY2022: GBP 111M

- FY2023: GBP -688M

- FY2024: GBP -184M

- FY2025: GBP -227M

### management: fail

- 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: 7.8% vs 41.5%

- Per-share earnings: -0.04 to -1.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: GBP 1.2B

- Cumulative retained earnings: GBP -916M

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: GBP -1.01

- Per-share value, starting three-year median: GBP -0.04

- Per-share value, ending three-year median: GBP -1.04

- Average buyback yield: 1.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 11B

- Cumulative net income, 10 years: GBP -2.1B

- ROIC, first three-year median: 7.8%

- ROIC, last three-year median: 41.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP -0.25

- FY2017: GBP -0.04

- FY2018: GBP -0.11

- FY2019: GBP -0.26

- FY2020: GBP 0.10

- FY2021: GBP 0.42

- FY2022: GBP 0.04

- FY2023: GBP -1.45

- FY2024: GBP -0.71

- FY2025: GBP -1.04

### accounting: pass

- Sloan accruals: -13.0%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 7.87×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.5%

- FY2017: -9.6%

- FY2018: -4.8%

- FY2019: -8.5%

- FY2020: -9.0%

- FY2021: -5.3%

- FY2022: -7.0%

- FY2023: -12.7%

- FY2024: -10.2%

- FY2025: -13.0%

## Holders

## Price story

Down 79% since Oct 2021 · "Entain shares down 3% as Brazil betting ban puts 2026 EBITDA at low end" (finance.yahoo.com, Sep 2026) · sales +3.3%

Story as of 2026-10-16T10:00:10.031Z; price observation 2026-10-15.

- 2025-10-15: Ladbrokes owner Entain sees growth slow after punter-friendly sports results ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/ladbrokes-owner-entain-sees-growth-082049460.html))

- 2026-03-05: Ladbrokes owner Entain says gambling tax hikes will shrink regulated market ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/ladbrokes-owner-entain-says-gambling-132451718.html))

- 2026-04-14: Entain: BetMGM Cuts 2026 Revenue Outlook, Maintains EBITDA Guidance Despite Tough Sports Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/entain-betmgm-cuts-2026-revenue-181246790.html))

- 2026-08-13: Ladbrokes owner Entain says new gambling taxes to have ‘massive impact’ ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/ladbrokes-owner-entain-says-gambling-095951717.html))

- 2026-09-28: Entain reveals impact from Brazil online gambling ban ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/entain-reveals-impact-brazil-online-071805356.html))

### Sales · FY2024–2025

sales +3.3%; source https://filings.xbrl.org/213800GNI3K45LQR8L28/2025-12-31/ESEF/GB/0/213800GNI3K45LQR8L28-2025-12-31/reports/213800GNI3K45LQR8L28-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: GBP 618M 

- FY2017: GBP 790M 

- FY2018: GBP 2.9B 

- FY2019: GBP 3.6B 

- FY2020: GBP 3.6B 

- FY2021: GBP 3.8B 

- FY2022: GBP 4.3B 

- FY2023: GBP 4.8B 

- FY2024: GBP 5.1B 

- FY2025: GBP 5.3B 

### Gross margin · FY2025

gross margin 49.2%; source https://filings.xbrl.org/213800GNI3K45LQR8L28/2025-12-31/ESEF/GB/0/213800GNI3K45LQR8L28-2025-12-31/reports/213800GNI3K45LQR8L28-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: 54.4% 

- FY2017: 71.4% 

- FY2018: 81.4% 

- FY2019: 49.6% 

- FY2020: 49.5% 

- FY2021: 54.0% 

- FY2022: 54.9% 

- FY2023: 49.3% 

- FY2024: 61.3% 

- FY2025: 49.2% 

## Owner memo

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

### How it makes money

Operates in gambling; annual sales are GBP 5.3 billion.

- Source: https://filings.xbrl.org/213800GNI3K45LQR8L28/2025-12-31/ESEF/GB/0/213800GNI3K45LQR8L28-2025-12-31/reports/213800GNI3K45LQR8L28-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: revenue 5259400000; grossProfit 2589100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENT.LSE: Entain Plc operates as a sports-betting and gaming company in the United Kingdom, Ireland, Italy, rest of Europe, Australia, New Zealand, and internationally. It provides online and multi-channel betting under the Ladbrokes name; street and online betting under the Coral name; online sports betting, casino, and gaming under the Eurobet name; scores, sports information, editorial and social content, and sports focused free-to play games under the 365Scores name; sports betting and gaming operator under the SuperSport and BetCity names; online betting under the bwin name; and sports betting, poker, and casino games under the Crystalbet name. The company also offers online casino and sports betting under the Optibet name; online bingo under the Gala Bingo; online bingo under the Foxy Bingo name; sportsbetting and gaming under the Sports Interaction and Vistabet names; games under the Nutz and Laimz names; game under the boost casino name; online gaming under the Borgata Bingo name; bingo and casino under the Foxy Games name; online bingo, sportsbook, casino, and poker under the betboo; and management software solutions for racing and sportsbooks under the Stadium name. In addition, it offers sports betting and iGaming under the BetMGM and Sportingbet names; sports betting under the Ladbrokes Australia, TAB, betcha, and STS names; Gioco Digitale, an online poker platform; Ladbrokes Belgium, a sports betting platform; online casino under the Ninja Casino and PartyCasino names; casino and live casino under the Gala Casino name; online poker under the PartyPoker name; sports under the Neds and Klondaika names; and iGaming platform under the Finnplay name. The company was incorporated in 2004 and is based in Douglas, Isle of Man.

### Why customers stay

Margins ranged from 49.2% to 61.3% during 2023–25; it earns 15.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 49.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 61.3%.

- Source: https://filings.xbrl.org/213800GNI3K45LQR8L28/2025-12-31/ESEF/GB/0/213800GNI3K45LQR8L28-2025-12-31/reports/213800GNI3K45LQR8L28-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: grossProfit / revenue = 49.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,-0.01991799306720494],[2017,0.3266446499339498],[2018,0.0777633215840763],[2019,0.062194441574542826],[2020,0.11935900118574318],[2021,0.18411268977083758],[2022,0.24704594445335185],[2023,0.4149688017318222],[2024,-0.2032914908941249],[2025,0.7261725436494352]]; median 0.1517358454782904. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 10900000; owner earnings 101500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 95500000; owner earnings 282200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 179800000; owner earnings 189200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 164200000; owner earnings 371600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 176200000; owner earnings 381660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 212000000; owner earnings 111020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,0],[2017,120000000],[2018,142700000],[2019,203600000],[2020,12400000],[2021,24500000],[2022,50000000],[2023,106900000],[2024,116300000],[2025,122100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENT.LSE SharesStats.PercentInsiders = 0.16199999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Closing price 439.1 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 8.223131838407971; price multiple 0.5339814667072289. FY2025 cash earnings/share -0.35419787174828715. Closing-price date 2026-10-15.

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

- 2016-10: GBX 696.50 per share

- 2016-11: GBX 652.00 per share

- 2016-12: GBX 642.50 per share

- 2017-01: GBX 606.00 per share

- 2017-02: GBX 695.00 per share

- 2017-03: GBX 733.50 per share

- 2017-04: GBX 747.00 per share

- 2017-05: GBX 804.00 per share

- 2017-06: GBX 756.50 per share

- 2017-07: GBX 768.50 per share

- 2017-08: GBX 780.50 per share

- 2017-09: GBX 821.00 per share

- 2017-10: GBX 937.50 per share

- 2017-11: GBX 901.50 per share

- 2017-12: GBX 925.00 per share

- 2018-01: GBX 927.00 per share

- 2018-02: GBX 893.00 per share

- 2018-03: GBX 919.00 per share

- 2018-04: GBX 892.50 per share

- 2018-05: GBX 1,017.00 per share

- 2018-06: GBX 1,051.00 per share

- 2018-07: GBX 1,170.00 per share

- 2018-08: GBX 1,102.00 per share

- 2018-09: GBX 918.50 per share

- 2018-10: GBX 937.00 per share

- 2018-11: GBX 739.00 per share

- 2018-12: GBX 674.00 per share

- 2019-01: GBX 672.00 per share

- 2019-02: GBX 656.50 per share

- 2019-03: GBX 559.00 per share

- 2019-04: GBX 652.80 per share

- 2019-05: GBX 599.40 per share

- 2019-06: GBX 651.80 per share

- 2019-07: GBX 591.60 per share

- 2019-08: GBX 629.00 per share

- 2019-09: GBX 743.40 per share

- 2019-10: GBX 890.00 per share

- 2019-11: GBX 851.60 per share

- 2019-12: GBX 884.20 per share

- 2020-01: GBX 877.20 per share

- 2020-02: GBX 789.60 per share

- 2020-03: GBX 561.00 per share

- 2020-04: GBX 754.00 per share

- 2020-05: GBX 792.80 per share

- 2020-06: GBX 740.60 per share

- 2020-07: GBX 664.60 per share

- 2020-08: GBX 804.20 per share

- 2020-09: GBX 974.00 per share

- 2020-10: GBX 966.20 per share

- 2020-11: GBX 1,035.50 per share

- 2020-12: GBX 1,133.50 per share

- 2021-01: GBX 1,241.00 per share

- 2021-02: GBX 1,413.00 per share

- 2021-03: GBX 1,518.00 per share

- 2021-04: GBX 1,691.50 per share

- 2021-05: GBX 1,649.50 per share

- 2021-06: GBX 1,745.50 per share

- 2021-07: GBX 1,816.50 per share

- 2021-08: GBX 1,933.00 per share

- 2021-09: GBX 2,130.00 per share

- 2021-10: GBX 2,048.00 per share

- 2021-11: GBX 1,669.00 per share

- 2021-12: GBX 1,683.00 per share

- 2022-01: GBX 1,591.00 per share

- 2022-02: GBX 1,684.00 per share

- 2022-03: GBX 1,643.50 per share

- 2022-04: GBX 1,518.50 per share

- 2022-05: GBX 1,462.00 per share

- 2022-06: GBX 1,245.00 per share

- 2022-07: GBX 1,202.50 per share

- 2022-08: GBX 1,273.00 per share

- 2022-09: GBX 1,086.00 per share

- 2022-10: GBX 1,263.00 per share

- 2022-11: GBX 1,402.00 per share

- 2022-12: GBX 1,321.50 per share

- 2023-01: GBX 1,488.50 per share

- 2023-02: GBX 1,359.50 per share

- 2023-03: GBX 1,256.50 per share

- 2023-04: GBX 1,444.00 per share

- 2023-05: GBX 1,319.00 per share

- 2023-06: GBX 1,272.00 per share

- 2023-07: GBX 1,386.00 per share

- 2023-08: GBX 1,157.50 per share

- 2023-09: GBX 932.80 per share

- 2023-10: GBX 930.40 per share

- 2023-11: GBX 802.80 per share

- 2023-12: GBX 994.20 per share

- 2024-01: GBX 968.20 per share

- 2024-02: GBX 913.00 per share

- 2024-03: GBX 797.40 per share

- 2024-04: GBX 786.60 per share

- 2024-05: GBX 675.20 per share

- 2024-06: GBX 630.00 per share

- 2024-07: GBX 571.00 per share

- 2024-08: GBX 646.00 per share

- 2024-09: GBX 763.20 per share

- 2024-10: GBX 745.00 per share

- 2024-11: GBX 805.60 per share

- 2024-12: GBX 687.20 per share

- 2025-01: GBX 706.80 per share

- 2025-02: GBX 746.60 per share

- 2025-03: GBX 577.80 per share

- 2025-04: GBX 637.60 per share

- 2025-05: GBX 750.60 per share

- 2025-06: GBX 901.00 per share

- 2025-07: GBX 1,022.00 per share

- 2025-08: GBX 878.00 per share

- 2025-09: GBX 873.80 per share

- 2025-10: GBX 792.40 per share

- 2025-11: GBX 777.00 per share

- 2025-12: GBX 766.60 per share

- 2026-01: GBX 605.00 per share

- 2026-02: GBX 575.00 per share

- 2026-03: GBX 561.00 per share

- 2026-04: GBX 543.60 per share

- 2026-05: GBX 533.80 per share

- 2026-06: GBX 559.00 per share

- 2026-07: GBX 541.40 per share

- 2026-08: GBX 513.20 per share

- 2026-09: GBX 417.10 per share

- 2026-10: GBX 439.10 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 184.11 per share, central GBX 202.60 per share, high GBX 227.23 per share

- FY2017: low GBX 216.42 per share, central GBX 240.08 per share, high GBX 271.58 per share

- FY2018: low GBX 701.95 per share, central GBX 789.98 per share, high GBX 907.16 per share

- FY2019: low GBX 700.80 per share, central GBX 789.88 per share, high GBX 908.46 per share

- FY2020: low GBX 743.48 per share, central GBX 831.11 per share, high GBX 947.76 per share

- FY2021: low GBX 775.58 per share, central GBX 872.93 per share, high GBX 1,002.54 per share

- FY2022: low GBX 864.07 per share, central GBX 969.80 per share, high GBX 1,110.55 per share

- FY2023: low GBX 470.34 per share, central GBX 529.84 per share, high GBX 609.04 per share

- FY2024: low GBX 259.39 per share, central GBX 290.39 per share, high GBX 331.65 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 ESEF filing](https://filings.xbrl.org/213800GNI3K45LQR8L28/2025-12-31/ESEF/GB/0/213800GNI3K45LQR8L28-2025-12-31/reports/213800GNI3K45LQR8L28-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-24.

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.