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DraftKings Inc. (DKNG)

割安
Consumer CyclicalGamblingUnited States

ファンダメンタル

51

株価

$19.02

時価総額

$10.56B

パート1 · 企業の価値

概要

DraftKings runs mobile sports betting (Sportsbook) and online casino games (iGaming) in states and countries where they are legal, plus daily fantasy sports contests, a digital lottery courier service, and a newer prediction-markets product. Users open the DraftKings app, deposit money, and place bets on sporting events or play casino games; the company sets the odds or house edge and earns the difference between what is wagered and what it pays out to winners.

収益の仕組み

Revenue is the amount wagered (handle) multiplied by the net revenue margin DraftKings keeps after paying out winning bets and promotional credits, plus a similar take rate on iGaming wagers. Because online betting is legalized state by state, a large part of revenue growth comes from newly opened markets maturing rather than from existing users betting more, and heavy promotional spending to win and keep bettors remains one of the company's largest costs.

セグメント別売上高

Sportsbook & iGaming93%

Mobile sports wagering and online casino games, together the large majority of revenue across regulated US states and Ontario, Canada.

Other products7%

Daily fantasy sports contests, a digital lottery courier service, and the newly launched prediction-markets vertical.

競争優位性(moat)

ブランド · 狭い

DraftKings and FanDuel dominate US online betting, and reaching that scale required years of state-by-state licensing and heavy marketing spend few new entrants can match. That advantage is only narrow, though: bettors routinely hold accounts on multiple apps and chase the best odds or bonus, so brand loyalty alone does little to stop them from betting elsewhere too.

需要を左右する要因

景気循環型

Betting is discretionary spending that rises and falls with household budgets, and DraftKings' growth today depends heavily on new states legalizing online sports betting and iGaming, a process that can stall for years in any given state. Once a state is mature, revenue growth slows to the pace of existing bettors' spending rather than new-market expansion.

主なリスク

  • Intense competition — FanDuel and other operators compete aggressively on odds, promotions and product features; DraftKings must keep spending to retain market share in a business where switching between apps costs a bettor nothing.
  • Regulatory and legalization uncertainty — Online sports betting and iGaming remain illegal in a large share of US states, and existing laws and tax rates can change; growth assumes legalization keeps expanding on the timeline the company expects.
  • Cybersecurity threats — The platform handles customer funds, personal data and payment information; a breach could disrupt operations, trigger regulatory penalties and damage the trust the betting product depends on.
  • Dependence on app store distribution — The DraftKings app is distributed mainly through Apple's App Store and Google Play; changes to their rules, fees or approval decisions could restrict how customers reach the product.
  • Sensitivity to discretionary spending — Betting and casino play are among the first expenses households cut when money is tight, so a weaker economy or falling consumer confidence directly reduces how much customers wager.

強気材料

Buyers argue that Sportsbook and iGaming margins are structurally improving as promotional spending eases and legal markets mature, and that DraftKings, as one of only two national-scale operators alongside FanDuel, is positioned to keep capturing a duopoly's share of a growing legal betting market.

弱気材料

Sellers fear that new state tax increases, promotion-driven price competition, and bettors who freely hold accounts on multiple apps could keep margins thinner than the current growth numbers suggest, especially once the easiest state legalizations are behind the industry.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: —Score: 52Market cap: $13.30B

Its FanDuel brand is the other half of the U.S. online sportsbook duopoly, competing state by state for the same bettors across sports betting, iGaming and daily fantasy sports.

P/E: —Score: 53Market cap: $6.04B

Caesars Sportsbook and Caesars Palace Online Casino compete in the same regulated U.S. states, using the group's land-based casino loyalty programme to win the same digital customers.

P/E: —Score: 51Market cap: $1.96B

Through ESPN Bet and Hollywood Casino online, it competes for the same American online sports betting and iGaming revenue, leaning on the ESPN media partnership for customer acquisition.

BetMGM, LLCNot tracked

The joint venture between MGM Resorts International and Entain runs the third-largest U.S. online sportsbook and casino, chasing the same regulated American players with the same promotional offers.

Fanatics Betting and Gaming, LLCNot tracked

The privately held sports-merchandise group turned its retail customer base into a sportsbook and iGaming operation that has climbed to roughly 7% of U.S. handle, competing directly for the same fans.

Rush Street Interactive, Inc.RSI

Its BetRivers brand operates online sportsbooks and casinos in many of the same U.S. states, and is a smaller but direct rival for the same regulated players.

貸借対照表と流動性

売上高

$6.22B

直近12か月(2026/6/30まで)

純利益

$-167M

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$648M

自己資本合計

$631M

負債合計

$3.90B

流動比率

1.02

利払い倍率

-

負債/EBITDA

5.17

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース割安

適正価値

$35.12

現在株価

$19.02

安全マージン

+45.9%

適正価値レンジ

$33.36 - $36.87

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$35.12
ディスカウンテッド・キャッシュフロー(DCF):算出に必要なデータが不足しています
利益倍率(P/E):算出に必要なデータが不足しています
グレアムの成長公式:算出に必要なデータが不足しています
収益力価値(EPV):算出に必要なデータが不足しています
正当化されたP/B:算出に必要なデータが不足しています
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:算出に必要なデータが不足しています
売上高倍率:$21.50
アナリスト・コンセンサス:買い (35B / 9H / 1S)
直近の決算サプライズ:-918.71%

バリュエーション指標

P/E レシオ

-

ROE

0.6%

P/B レシオ

16.57

P/FCF

14.49

粗利益率

40.5%

ROIC

-5.3%

収益性レーダー

価値創造(経済的モート)

ROIC

-5.3%

WACC

12.2%

ROIC − WACC

-17.5 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(13)

  • EPS shows upward trend
  • Price CAGR 10.30%
  • Gross Margin 40.5%
  • P/FCF 14.49
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Revenue Growth 5Y 58.0%
  • Analyst Consensus 78% Buy
  • Share Dilution -176.8%
  • Net Margin Trend -2.7% vs -5.6%
  • Piotroski F-Score 8/9

不合格(9)

  • ROIC -5.3%
  • P/B Ratio 16.57
  • Debt/Equity ratio
  • Operating Margin -2.9%
  • Return on Tangible Assets
  • Low reliance on intangibles
  • DCF valuation (Unknown)
  • ROE -26.3%
  • Earnings Surprise avg -160.6%

データなし(5)

  • Dividend Payout NaN%
  • Interest Coverage
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-スコア

8/9

財務健全性が高い

score
criteria

利益の質

-

低品質:会計処理を調査してください

株式希薄化

-176.8%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Jason D. RobinsCo-Founder, Chairman & CEO44
Mr. Paul LibermanCo-Founder, President of Operations and Director41
Mr. Matthew KalishCo-Founder & Director43
Mr. Alan EllingsonCFO, Principal Financial Officer & Principal Accounting Officer45
Mr. R. Stanton Dodge Esq.Chief Legal Officer & Secretary57
Mr. Erik BradburyChief Accounting Officer47
Zach MayburyChief Technology Officer-
Michael DeLalioSenior Director of Investor Relations-
Ms. Jennifer AguiarChief Compliance Officer-
Ms. Stephanie Agrimanakis ShermanChief Marketing Officer-

監査リスク

7

取締役会リスク

10

報酬リスク

9

株主権利リスク

10

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-13

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-07

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-25

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for DKNG, sourced from Markets Gazette.

  • 1d agoNEGATIVE
    “We Are In an Era of Warped Entrepreneurship,” Says Makunda

    A New York Times investigation revealed DraftKings Inc. utilized a machine-learning model to score customers based on their potential losses from free bets and bonuses. This practice has sparked concerns about the company targeting problem gamblers, with internal analysis suggesting that 'a problem gambler' represented the 'best investment' due to financial metrics. Gautam Mukunda, a Bloomberg News Opinion Contributor, critiques this as 'warped entrepreneurship' and advocates for regulations against predatory capitalism to foster socially beneficial business practices. Investors should monitor potential regulatory scrutiny and reputational damage.

  • 13d agoNEGATIVE
    Le azioni DraftKings soffrono per i mercati predittivi nonostante il CEO

    DraftKings shares are experiencing further declines, pressured by the rise of predictive markets, notably Kalshi. Kalshi's surge in sports betting volume with the NFL season's start is diminishing the short-term appeal of DKNG stock. This trend of predictive markets gaining popularity has impacted DraftKings negatively throughout 2026, resulting in a nearly 40% drop from the year's start. The current sell-off challenges recent reassurances from CEO Jason Robins, who previously dismissed competitive concerns from these platforms.

  • 21d agoPOSITIVE
    Prediction Markets Are Huge Opportunity, DraftKings CEO Says

    DraftKings CEO Jason Robins highlighted significant growth across all company products, identifying prediction markets as a substantial future opportunity. This strategic focus on emerging markets and continued expansion of existing offerings suggests a positive outlook for the company's revenue streams and market position. Investors may see this as a sign of innovation and potential for increased market share, which could translate into stock appreciation.

  • 8/26/2026NEGATIVE
    Exclusive: Struggling DraftKings awards $30 million marketing contract to cofounder who recently stepped down

    DraftKings has awarded a marketing contract valued at potentially millions to HardScope, a startup founded by Matthew Kalish, who recently stepped down from his executive role at the company. The agreements were signed just six weeks prior to Kalish's departure. This move raises governance concerns and questions about the allocation of company resources, especially given DraftKings' ongoing efforts to achieve profitability. Investors may view this as a potential misuse of funds or a conflict of interest, which could negatively impact the stock's perception and valuation.

  • 8/7/2026NEUTRAL
    DraftKings CEO Blasts Prediction Bets on Earnings Call Comments

    DraftKings CEO Jason Robins expressed disapproval of prediction market wagers placed on executive comments during earnings calls. Robins stated that such betting is not beneficial for the company. While this comment does not directly impact DraftKings' financial performance or operational outlook, it highlights a potential concern for management regarding market speculation on executive statements. Investors may view this as a minor distraction, but it does not currently present a clear positive or negative signal for the stock.

  • 8/6/2026NEGATIVE
    DraftKings Profit Falls Short Amid Prediction Market Blitz

    DraftKings Inc. announced second-quarter results that fell below analyst forecasts, signaling increased competitive pressure within the sports betting sector. The company's performance was impacted by the emergence of prediction market platforms, which are drawing attention and wagers away from traditional sportsbooks. This development introduces a new dynamic for investors to consider, as it may affect market share and future revenue streams for established players like DraftKings. The miss suggests potential headwinds that could challenge the company's growth trajectory.

  • 8/6/2026POSITIVE
    Option Traders Pile Into Bullish DraftKings Bets Before Earnings

    Ahead of DraftKings' upcoming earnings report, a significant influx of options trading activity indicates a bullish sentiment among traders. The increased volume in call options suggests a market expectation for positive performance or a favorable outlook from the sports betting company. This heightened interest, driven by anticipation of strong results, could precede a notable upward movement in the stock price if the earnings meet or exceed these optimistic projections. Investors will be closely watching the earnings call for confirmation of this bullish thesis.

  • 6/13/2026NEUTRAL
    DraftKings and Flutter Jump as World Cup Continues, But Key Risk Remains

    DraftKings and Flutter Entertainment stocks are experiencing upward momentum, coinciding with the ongoing World Cup, a period typically associated with increased sports betting activity. However, this positive trend is tempered by the emerging threat of prediction markets, which could represent a structural shift in the market and a long-term risk to traditional sports betting operators. Investors are weighing the short-term gains from major sporting events against the potential disruption from new market entrants and evolving consumer preferences.

via Markets Gazette