LIGHT & WONDER INC (LNW)
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LNW

LNW - LIGHT & WONDER INC

FNArena Sector : Gaming
Year End: December
GICS Industry Group : Consumer Services
Debt/EBITDA: 3.72
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$134.38

13 Nov
2025

-5.820

OPEN

$134.00

-4.15%

HIGH

$139.90

2,319,835

LOW

$132.64

TARGET
$187.667 39.7% 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 FY25
Forecast		 FY26
Forecast
EPS (cps) 886.9 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 14.8 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 © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx572.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx4,833.2 M
Book Value Per Share xxxxxxxxxxxxxxx1,194.4
Net Operating Cash Flow xxxxxxxxxxxxxxx952.1 M
Net Profit Margin xxxxxxxxxxxxxxx10.54 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx47.42 %
Return on Invested Capital xxxxxxxxxxxxxxx7.22 %
Return on Assets xxxxxxxxxxxxxxx6.03 %
Return on Equity xxxxxxxxxxxxxxx47.42 %
Return on Total Capital xxxxxxxxxxxxxxx16.23 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx506.4 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx63 M
Long Term Debt xxxxxxxxxxxxxxx6,263 M
Total Debt xxxxxxxxxxxxxxx6,326 M
Goodwill - Gross xxxxxxxxxxxxxxx4,668 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx494 M
Price To Book Value xxxxxxxxxxxxxxx11.48

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx445.7 M
Capex % of Sales xxxxxxxxxxxxxxx9.22 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,959 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,719 M
Research & Development xxxxxxxxxxxxxxx397 M
Investments - Total xxxxxxxxxxxxxxx40 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

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

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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Citi

07/11/2025

1

Buy

$175.00

30.23%

Following a further review of Light & Wonder's September quarterly result, Citi lowers its target to $175 from $176 and retains a Buy rating.

FNArena's summary of the broker's initial research follows.

Light & Wonder reported Sep Q adjusted earnings up 18% year on year, 5% above consensus. Revenue of $841m was in line with Citi. The beat came through in the margin, with earnings margins up 500bps in Gaming and 700bps in iGaming.

The earnings beat suggests to Citi there is less risk in hitting FY25 guidance, with 25-38% growth required in the Dec Q to hit the range. Management guided FY26 Gaming margins are likely to be in the low 50% range given the impact of tariffs.

This is in line with Citi's current FY26 forecast of 52.5% but does suggest margins will be down on the Sep Q result of 54.7%. 

FORECAST
Citi forecasts a full year FY25 dividend of 0.00 cents and EPS of 764.09 cents.
Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of 1012.15 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

11/11/2025

1

Buy

$177.00

31.72%

Light & Wonder delivered a solid third-quarter result, with adjusted earnings (AEBITDA) of $375m, 4% ahead of Jarden's expectations, driven by strong margin expansion across all divisions.

Gaming margins lifted to 55% on a richer recurring mix, notes the broker, and iGaming achieved $86m in revenue and $34m in earnings. SciPlay posted a 36% margin as direct-to-consumer share reached 20%, explain the analysts.

Jarden highlights an improvement in cash generation, aided by tax benefits, while buybacks continued with $735m capacity remaining.

The broker views Light & Wonder as a highly cash generative business, supported by recurring growth and balance sheet flexibility, maintaining a Buy rating and $177 target.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 1016.04 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1224.70 cents.
Access Extra Coverage Research History >

LNW STOCK CHART

FNArena News on LNW

1
Australian Broker Call *Extra* Edition – Nov 12, 2025

Nov 12 2025 - Daily Market Reports
2
FNArena Corporate Results Monitor – 07-11-2025

Nov 07 2025 - Australia
3
Next Week At A Glance – 10-14 Nov 2025

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Rudi’s View: Amcor, Charter Hall, Challenger, Goodman, Woolworths & More

Nov 06 2025 - Rudi's View
5
October In Review: Growth Slips Value Rips

Nov 05 2025 - Australia

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