LIGHT & WONDER INC (LNW)
Share Price Analysis and Chart

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LNW

LNW - LIGHT & WONDER INC

FNArena Sector : Gaming
Year End: December
GICS Industry Group : Consumer Services
Debt/EBITDA: 3.85
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$117.00

24 Mar
2026

2.380

OPEN

$116.78

2.08%

HIGH

$118.94

281,080

LOW

$116.32

TARGET
$202.50 73.1% upside
OTHER COMPANIES IN THE SAME SECTOR
AGI . ALL . BBT . BET . JIN . PBH . PLY . SGR . SKC . TAH . TLC . TLC .
FNARENA'S MARKET CONSENSUS FORECASTS
LNW: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 1111.9 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.1 xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx515.7
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx5,139.5 M
Book Value Per Share xxxxxxxxxxxxxxx477.1
Net Operating Cash Flow xxxxxxxxxxxxxxx1,200.3 M
Net Profit Margin xxxxxxxxxxxxxxx8.33 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx61.38 %
Return on Invested Capital xxxxxxxxxxxxxxx5.57 %
Return on Assets xxxxxxxxxxxxxxx4.64 %
Return on Equity xxxxxxxxxxxxxxx61.38 %
Return on Total Capital xxxxxxxxxxxxxxx18.01 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx719.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx106 M
Long Term Debt xxxxxxxxxxxxxxx7,706 M
Total Debt xxxxxxxxxxxxxxx7,813 M
Goodwill - Gross xxxxxxxxxxxxxxx5,055 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx391 M
Price To Book Value xxxxxxxxxxxxxxx33.02

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx480.8 M
Capex % of Sales xxxxxxxxxxxxxxx9.35 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,002 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,738 M
Research & Development xxxxxxxxxxxxxxx391 M
Investments - Total xxxxxxxxxxxxxxx15 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

27/02/2026

1

Overweight

$205.00

75.21%

On further inspection, the target price is lowered to $205 from $220 with an Overweight rating unchanged.

EPS forecasts are lowered by -4.4% and -3% for FY26/FY27.

****

Morgan Stanley keeps an Overweight rating and $220.00 price target on Light & Wonder after the release of the 4Q25 result.

FY25 AEBITDA of US$1.44bn is in line with consensus and management guidance, with the broker highlighting a recovery in outright sales and margin improvement in Gaming Ops.

The broker also points to SciPlay’s disciplined user-acquisition spend and iGaming momentum from higher proprietary content mix, while expecting FY26’s earnings profile to resemble FY25 despite a softer 1Q due to strategic investment, legal costs and tariffs.

Forecasts are flagged as a modest revision higher. Industry view In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 0.00 cents and EPS of 921.70 cents.
Morgan Stanley forecasts a full year FY27 dividend of 0.00 cents and EPS of 1164.62 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

05/03/2026

1

Buy

$195.00

66.67%

Canaccord Genuity highlights a strong 4Q25 and 2025 result from Light & Wonder, with adjusted EBITDA rising 29% in the quarter and 16% for the full year, modestly ahead of forecasts on strong margin execution.

Free cash flow improved significantly, with conversion reaching 80% of adjusted NPATA for FY25 and 109% in 4Q25, reflecting improved earnings quality.

The broker notes continued market share gains in North American gaming operations and strong machine sales momentum, although international machine sales remain uneven following weaker Australian performance.

SciPlay revenue softened slightly due to issues with the Jackpot Party title, though monetisation improvements and direct-to-consumer conversion partly offset user declines.

Buy rating retained. Target price rises to $195 from $192.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 767.83 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 842.65 cents.
Access Extra Coverage Research History >

LNW STOCK CHART

FNArena News on LNW

1
Australian Broker Call *Extra* Edition – Mar 25, 2026

1:47 PM - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Mar 17, 2026

Mar 17 2026 - Daily Market Reports
3
Rudi’s View: TACO Time?

Mar 11 2026 - Rudi's View
4
Weekly Ratings, Targets, Forecast Changes – 06-03-26

Mar 09 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Mar 05, 2026

Mar 05 2026 - Daily Market Reports

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