# Playtech (PTEC.LSE)

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

Analysis as of: 2026-10-16T07:42:48.538Z. Financial observations: FY2008–FY2025.

Listing currency: GBX. Reporting currency: EUR.

## 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 366.80 per share; close as of 2026-10-15.

Estimated value: low GBX 283.48 per share, central GBX 309.54 per share, high GBX 344.23 per share. Buy at or below the central value GBX 309.54 per share. Valuation as of 2026-10-16T07:42:48.538Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines 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: 3

- Years with a net loss: 3

- Operating margin variation: 1.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.19×

- FY2018: 0.15×

- FY2019: 0.14×

- FY2020: 0.15×

- FY2021: 0.12×

- FY2022: 0.14×

- FY2023: 0.00×

- FY2024: -0.05×

- FY2025: -0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.2%

- ROIC, second-lowest year: -2.0%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.6%

- ROIC including acquisitions, ten-year median: 5.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 44.9%

- FY2017: 26.2%

- FY2018: 22.4%

- FY2019: 18.2%

- FY2020: 15.0%

- FY2021: 9.8%

- FY2022: 11.5%

- FY2023: 0.0%

- FY2024: -2.0%

- FY2025: -5.4%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.2B

- Net income, five-year total: EUR 2.3B

- Return on incremental invested capital: -121.2%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 10.1 pp

- Working capital / revenue, final three-year average: 16.1%

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

- FY2021: 0.97×

- FY2022: 0.80×

- FY2023: 0.56×

- FY2024: 2.23×

- FY2025: 1.03×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 26.2% vs -2.0%

- Per-share earnings: 0.54 to 0.34 (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: -1.2%

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

- Market cap gain: EUR -2.5B

- Cumulative retained earnings: EUR 438M

- Diluted shares, 10-year annual growth: -1.2%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.7%

- Per-share value change: EUR -0.20

- Per-share value, starting three-year median: EUR 0.54

- Per-share value, ending three-year median: EUR 0.34

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 2.8%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.1B

- Cumulative net income, 10 years: EUR 2.5B

- ROIC, first three-year median: 26.2%

- ROIC, last three-year median: -2.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.54

- FY2017: EUR 0.71

- FY2018: EUR 0.35

- FY2019: EUR -0.06

- FY2020: EUR -1.00

- FY2021: EUR 2.18

- FY2022: EUR 0.28

- FY2023: EUR 0.34

- FY2024: EUR -0.08

- FY2025: EUR 4.70

### accounting: fail

- Sloan accruals exceed 10%

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 61.7%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 17.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.06×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -2.5%

- FY2018: -8.5%

- FY2019: -11.0%

- FY2020: -21.7%

- FY2021: 12.3%

- FY2022: -10.7%

- FY2023: -7.9%

- FY2024: -12.6%

- FY2025: 61.7%

## Holders

## Price story

Down 52% since Apr 2025 · sales -11.6%

Story as of 2026-10-16T10:00:12.508Z; price observation 2026-10-15.

Price needs cash profits to grow 3.9% a year for ten years

### Sales · FY2024–2025

sales -11.6%; source https://filings.xbrl.org/21380068TTB6Z9ZEU548/2024-12-31/ESEF/GB/0/21380068TTB6Z9ZEU548-2024-12-31/reports/21380068TTB6Z9ZEU548-2024-12-31-T01.xhtml; observed 2025-04-29.

- FY2016: EUR 709M 

- FY2017: EUR 807M 

- FY2018: EUR 1.2B 

- FY2019: EUR 1.4B 

- FY2020: EUR 1.1B 

- FY2021: EUR 1.2B 

- FY2022: EUR 1.6B 

- FY2023: EUR 772M 

- FY2024: EUR 848M 

- FY2025: EUR 750M 

## Owner memo

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

### How it makes money

Operates in gambling; annual sales are EUR 749.8 million.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2025-12-31 (filed 2025-04-29); FY2025: revenue 749812877; grossProfit 763600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTEC.LSE: Playtech plc, a technology company, provides gambling software, services, content, and platform technologies. It offers technologies across various product verticals, including casino, live casino, sports betting, virtual sports, bingo, and poker. The company also owns intellectual property rights; licenses the software; provides online bingo and casino software; casino management systems; licenses Alderney for online gaming and Bingo B2C operations; poker and bingo network; and owns video slots intellectual property. In addition, it engages in owning bingo software intellectual property and bingo hardware; developing and provision of online gaming slots; provision of marketing support services, software development and support services; development of software for fixed odds betting terminals and casino machines; Software development and operational support; Consulting and online technical support, data mining processing and advertising services; and operates poker community business. Further, the company designs, develops, and manufactures online software; offers management services; retail and digital sports betting; and develops mobile sportsbook betting platform. It operates in the United Kingdom, Latvia, Italy, Cyprus, Australia, Estonia, Alderney, and internationally. Playtech plc was founded in 1999 and is headquartered in London, the United Kingdom.

### Why customers stay

It earns 13.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2023-12-31 (filed 2025-04-29); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2024-12-31 (filed 2025-04-29); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2025-12-31 (filed 2025-04-29); FY2025: grossProfit / revenue = 101.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-29); 10-year return on capital observations [[2016,0.4485017388446278],[2017,0.26202547826999634],[2018,0.224396198417272],[2019,0.1816656489098028],[2020,0.14986740690429082],[2021,0.09844211657265646],[2022,0.11451737154302442],[2023,0.00047376093294460643],[2024,-0.019723318022156173],[2025,-0.05370326307100713]]; median 0.1321923892236576. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back EUR 75.1 million of shares.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2016-12-31 (filed 2025-04-29); FY2016: growth capex 6146167.733321369; upkeep 69272832.26667863; owner earnings 187332167.73332137. Growth capex / owner earnings = 0.032808928694354346.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2017-12-31 (filed 2025-04-29); FY2017: growth capex 8413335.315220982; upkeep 80021664.68477902; owner earnings 237572335.31522098. Growth capex / owner earnings = 0.03541378378108635.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2018-12-31 (filed 2025-04-29); FY2018: growth capex 18343000; upkeep 100095000; owner earnings 123809000. Growth capex / owner earnings = 0.1481556268122673.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2021-12-31 (filed 2025-04-29); FY2021: growth capex 16200000; upkeep 98000000; owner earnings 656580000. Growth capex / owner earnings = 0.024673307136982545.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2022-12-31 (filed 2025-04-29); FY2022: growth capex 26700000; upkeep 98700000; cash acquisitions 203300000; owner earnings 70440000. Growth capex plus acquisitions / owner earnings = 3.26519023282226.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2023-12-31 (filed 2025-04-29); FY2023: growth capex 0; upkeep 150000000; cash acquisitions 12800000; owner earnings 58540000. Growth capex plus acquisitions / owner earnings = 0.2186539118551418.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2025-12-31 (filed 2025-04-29); FY2025: growth capex 0; upkeep 44973055; cash acquisitions 0; owner earnings 1504389083. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-29); Dividend observations: [[2016,245734000],[2017,104656000],[2018,113288000],[2019,55545000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,1734310508]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PTEC.LSE.json#2025-12-31 (filed 2025-04-29); FY2025: cash repurchases 75118759 EUR.

### Are managers owners

Insiders own 33.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTEC.LSE SharesStats.PercentInsiders = 33.115 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.9% yearly over ten years; actual growth was 28.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-29); Ten-year compound average after fade. Initial solved rate 0.04218237158661531. Price 366.8; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.38737346755586766 → FY2025 4.847282517305518. Closing-price date 2026-10-15.

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

- 2016-10: GBX 928.00 per share

- 2016-11: GBX 859.00 per share

- 2016-12: GBX 826.00 per share

- 2017-01: GBX 829.00 per share

- 2017-02: GBX 892.50 per share

- 2017-03: GBX 931.00 per share

- 2017-04: GBX 959.00 per share

- 2017-05: GBX 989.50 per share

- 2017-06: GBX 951.00 per share

- 2017-07: GBX 960.50 per share

- 2017-08: GBX 950.00 per share

- 2017-09: GBX 918.50 per share

- 2017-10: GBX 984.00 per share

- 2017-11: GBX 841.00 per share

- 2017-12: GBX 860.50 per share

- 2018-01: GBX 792.40 per share

- 2018-02: GBX 782.20 per share

- 2018-03: GBX 732.80 per share

- 2018-04: GBX 810.60 per share

- 2018-05: GBX 781.80 per share

- 2018-06: GBX 753.00 per share

- 2018-07: GBX 537.80 per share

- 2018-08: GBX 532.00 per share

- 2018-09: GBX 487.50 per share

- 2018-10: GBX 479.00 per share

- 2018-11: GBX 444.40 per share

- 2018-12: GBX 385.00 per share

- 2019-01: GBX 387.20 per share

- 2019-02: GBX 422.40 per share

- 2019-03: GBX 434.60 per share

- 2019-04: GBX 437.20 per share

- 2019-05: GBX 405.30 per share

- 2019-06: GBX 426.60 per share

- 2019-07: GBX 443.80 per share

- 2019-08: GBX 371.00 per share

- 2019-09: GBX 426.40 per share

- 2019-10: GBX 392.70 per share

- 2019-11: GBX 384.10 per share

- 2019-12: GBX 397.00 per share

- 2020-01: GBX 345.10 per share

- 2020-02: GBX 250.00 per share

- 2020-03: GBX 169.70 per share

- 2020-04: GBX 233.40 per share

- 2020-05: GBX 264.70 per share

- 2020-06: GBX 281.50 per share

- 2020-07: GBX 298.20 per share

- 2020-08: GBX 368.90 per share

- 2020-09: GBX 362.70 per share

- 2020-10: GBX 340.20 per share

- 2020-11: GBX 384.00 per share

- 2020-12: GBX 401.30 per share

- 2021-01: GBX 465.00 per share

- 2021-02: GBX 473.20 per share

- 2021-03: GBX 441.90 per share

- 2021-04: GBX 465.40 per share

- 2021-05: GBX 460.00 per share

- 2021-06: GBX 425.20 per share

- 2021-07: GBX 370.00 per share

- 2021-08: GBX 408.80 per share

- 2021-09: GBX 469.20 per share

- 2021-10: GBX 696.00 per share

- 2021-11: GBX 746.00 per share

- 2021-12: GBX 732.50 per share

- 2022-01: GBX 584.00 per share

- 2022-02: GBX 667.00 per share

- 2022-03: GBX 592.00 per share

- 2022-04: GBX 524.00 per share

- 2022-05: GBX 560.00 per share

- 2022-06: GBX 541.50 per share

- 2022-07: GBX 491.00 per share

- 2022-08: GBX 448.00 per share

- 2022-09: GBX 441.60 per share

- 2022-10: GBX 519.00 per share

- 2022-11: GBX 550.50 per share

- 2022-12: GBX 509.00 per share

- 2023-01: GBX 565.00 per share

- 2023-02: GBX 563.00 per share

- 2023-03: GBX 527.00 per share

- 2023-04: GBX 577.00 per share

- 2023-05: GBX 601.00 per share

- 2023-06: GBX 590.00 per share

- 2023-07: GBX 561.00 per share

- 2023-08: GBX 525.00 per share

- 2023-09: GBX 452.00 per share

- 2023-10: GBX 392.60 per share

- 2023-11: GBX 410.80 per share

- 2023-12: GBX 448.60 per share

- 2024-01: GBX 444.40 per share

- 2024-02: GBX 443.40 per share

- 2024-03: GBX 461.40 per share

- 2024-04: GBX 530.00 per share

- 2024-05: GBX 478.00 per share

- 2024-06: GBX 465.00 per share

- 2024-07: GBX 565.00 per share

- 2024-08: GBX 651.00 per share

- 2024-09: GBX 752.00 per share

- 2024-10: GBX 726.00 per share

- 2024-11: GBX 729.00 per share

- 2024-12: GBX 715.00 per share

- 2025-01: GBX 735.00 per share

- 2025-02: GBX 733.00 per share

- 2025-03: GBX 697.00 per share

- 2025-04: GBX 760.00 per share

- 2025-05: GBX 317.50 per share

- 2025-06: GBX 376.00 per share

- 2025-07: GBX 398.00 per share

- 2025-08: GBX 409.50 per share

- 2025-09: GBX 369.00 per share

- 2025-10: GBX 263.50 per share

- 2025-11: GBX 283.00 per share

- 2025-12: GBX 283.50 per share

- 2026-01: GBX 296.00 per share

- 2026-02: GBX 353.50 per share

- 2026-03: GBX 334.00 per share

- 2026-04: GBX 365.00 per share

- 2026-05: GBX 350.80 per share

- 2026-06: GBX 318.60 per share

- 2026-07: GBX 378.60 per share

- 2026-08: GBX 406.40 per share

- 2026-09: GBX 373.80 per share

- 2026-10: GBX 366.80 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 687.31 per share, central GBX 764.79 per share, high GBX 867.93 per share

- FY2017: low GBX 769.18 per share, central GBX 856.20 per share, high GBX 972.05 per share

- FY2018: low GBX 1,194.84 per share, central GBX 1,645.68 per share, high GBX 1,908.20 per share

- FY2019: low GBX 1,338.10 per share, central GBX 1,819.12 per share, high GBX 2,104.88 per share

- FY2020: low GBX 602.13 per share, central GBX 770.29 per share, high GBX 871.51 per share

- FY2021: low GBX 514.43 per share, central GBX 564.59 per share, high GBX 631.36 per share

- FY2022: low GBX 315.46 per share, central GBX 344.22 per share, high GBX 382.51 per share

- FY2023: low GBX 236.13 per share, central GBX 249.99 per share, high GBX 268.43 per share

- FY2024: low GBX 178.57 per share, central GBX 193.80 per share, high GBX 214.08 per share

- FY2025: low GBX 253.78 per share, central GBX 277.11 per share, high GBX 308.17 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/21380068TTB6Z9ZEU548/2024-12-31/ESEF/GB/0/21380068TTB6Z9ZEU548-2024-12-31/reports/21380068TTB6Z9ZEU548-2024-12-31-T01.xhtml); period 2024-12-31, filed 2025-04-29.

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.