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DraftKings Inc. (DKNG)

被低估
Consumer CyclicalGamblingUnited States

基本面

51

价格

$19.02

市值

$10.56B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

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.

护城河

品牌 · 狭窄

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.

需求驱动因素

周期性

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.

主要风险

  • 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.

看多理由

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.

看空理由

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.

资产负债表与流动性

营收

$6.22B

最近12个月(截至2026/6/30)

净利润

$-167M

最近12个月(截至2026/6/30)

自由现金流

$648M

股东权益合计

$631M

负债合计

$3.90B

流动比率

1.02

利息覆盖率

-

债务/EBITDA

5.17

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形被低估

公允价值

$35.12

当前价格

$19.02

安全边际

+45.9%

公允价值区间

$33.36 - $36.87

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$35.12
现金流折现法(DCF):数据不足,无法计算
市盈率法(P/E):数据不足,无法计算
格雷厄姆成长公式:数据不足,无法计算
盈利能力价值(EPV):数据不足,无法计算
合理市净率(P/B):数据不足,无法计算
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$21.50
分析师共识:买入 (35B / 9H / 1S)
最近财报超预期:-918.71%

估值指标

市盈率(P/E)

-

ROE

0.6%

市净率(P/B)

16.57

P/FCF

14.49

毛利率

40.5%

ROIC

-5.3%

盈利能力雷达图

价值创造(经济护城河)

ROIC

-5.3%

WACC

12.2%

ROIC − WACC

-17.5 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(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

未通过(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%

不可用(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-评分

8/9

财务状况强健

score
criteria

盈利质量

-

低质量:需深入审查会计处理

股权稀释

-176.8%

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
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-

审计风险

7

董事会风险

10

薪酬风险

9

股东权利风险

10

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-13

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-07

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-09-25

    查看文件

via SEC EDGAR

损益历史

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 Sales, Profit Fall Short Amid Prediction Market Blitz

    DraftKings Inc. reported second-quarter results that fell short of analyst expectations, signaling potential headwinds for the sportsbetting giant. The company's performance was impacted by increased competition from emerging prediction market platforms, which are capturing a share of the betting landscape. This miss suggests that DraftKings may need to adapt its strategy to counter new competitive pressures and maintain its market dominance. Investors will be closely watching the company's response and future guidance.

  • 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