DraftKings Inc. Financial Ratios — DKNG Stock

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-50.92	-45.3	-65.35	-40.57	-33.99	-20.09	-12.33	0.08
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	-0.08
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	-0.24
Gross Margin (%)	83.45	78.48	67.88	43.6	38.72	33.75	37.46	38.11	41.25
EBITDA Margin (%)	-34.87	-30.62	-41.1	-124.62	-111.15	-59.92	-16.02	-7.09	4.29
Operating Margin (%)	-38.15	-33.93	-45.31	-137.22	-120.49	-67.48	-21.53	-12.77	-0.26
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-39.27	-33.64	-43.97	-200.46	-117.1	-64.4	-21.59	-12.44	0.12
Profit Margin (%)	-39.38	-33.68	-44.13	-200.45	-117.53	-61.5	-21.88	-10.64	0.06
Net Income to Common Margin (%)	-39.38	-33.68	-44.13	-200.45	-117.53	-61.5	-21.88	-10.64	0.06
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	60.94
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	4	75	82	1,319	1,325	1,346	1,335	1,890
ST Debt	- -	4	7	13	13	4	11	11	10
LT Debt	- -	- -	68	69	1,306	1,320	1,335	1,324	1,880
Total Debt/EBITDA	- -	-0.05	-0.57	-0.11	-0.92	-0.99	-2.29	-3.95	7.28
Net Debt/EBITDA	- -	1.65	0.01	2.37	0.63	0.04	0.03	-1.38	2.73
Total Debt/EBIT	- -	-0.05	-0.51	-0.1	-0.84	-0.88	-1.71	-2.19	-119.48
Net Debt/EBIT	- -	1.49	0.01	2.16	0.58	0.04	0.02	-0.77	-44.77
EBITDA to Interest Expense	- -	- -	- -	-715.74	-683.02	-506.41	-219.23	-114.28	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	-758.8	-729.61	-545.51	-261.55	-155.12	- -
EBIT to Interest Expense	- -	- -	- -	-788.09	-740.45	-570.26	-294.6	-205.81	- -
Interest Expense	- -	- -	- -	1	2	3	3	3	- -
Common Equity/Total Assets	- -	-285.8	-301.99	-64.85	-92.25	-127.02	-150.42	-150.36	-142.08
Long-Term Debt/Equity (%)	- -	- -	- -	2.61	77.79	99.83	158.82	131.02	297.73
Long-Term Debt/Capital (%)	- -	- -	-7.4	-3.2	-53.62	-34.68	-29.09	-25.93	-41.34
Long-Term Debt/Total Assets (%)	- -	- -	20.67	2	32.09	32.68	33.83	30.91	41.49
Total Debt/Equity (%)	- -	-2.02	-151.5	3.1	78.56	100.15	160.19	132.1	299.28
Total Debt/Capital (%)	- -	-0.44	-8.13	-3.8	-54.15	-34.8	-29.34	-26.15	-41.56
Total Debt/Total Assets (%)	- -	1.25	22.71	2.37	32.41	32.79	34.12	31.17	41.71
Net Debt to Equity	- -	61.63	2.86	-69.06	-53.88	-4.39	-1.99	46.32	112.14
Net Debt/Capital (%)	- -	11.77	0.14	45.82	19.71	1.14	0.29	-7.94	-12.48
EBITDA	-67	-69	-133	-766	-1,440	-1,343	-587	-338	260
EBITDA-CapEx	-67	-96	-175	-812	-1,539	-1,446	-701	-459	105
Operating Income (Loss)	-73	-77	-147	-843	-1,562	-1,512	-789	-609	-16

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.6	0.3	3.28	2.32	1.05	0.82	0.48	0.64
Current Ratio	- -	1.34	1.02	3.96	2.96	1.67	1.34	0.93	1.03
Quick Ratio	- -	0.71	0.42	3.41	2.42	1.22	1.05	0.51	0.7
CFO/Avg Current Liab	- -	-0.47	-0.21	-0.48	-0.57	-0.57	- -	0.26	0.39
Common Equity/Total Assets	- -	-285.8	-301.99	-64.85	-92.25	-127.02	-150.42	-150.36	-142.08
Long-Term Debt/Equity (%)	- -	- -	- -	2.61	77.79	99.83	158.82	131.02	297.73
Long-Term Debt/Capital (%)	- -	- -	-7.4	-3.2	-53.62	-34.68	-29.09	-25.93	-41.34
Long-Term Debt/Total Assets (%)	- -	- -	20.67	2	32.09	32.68	33.83	30.91	41.49
Total Debt/Equity (%)	- -	-2.02	-151.5	3.1	78.56	100.15	160.19	132.1	299.28
Total Debt/Capital (%)	- -	-0.44	-8.13	-3.8	-54.15	-34.8	-29.34	-26.15	-41.56
Total Debt/Total Assets (%)	- -	1.25	22.71	2.37	32.41	32.79	34.12	31.17	41.71
CFO/Total Liabilities	- -	-9.41	-12.25	-24.03	-17.55	-23.02	-0.06	12.76	17
CFO/CapEx	-147.64	-1.71	-1.1	-4.21	-4.27	-6.04	-0.02	3.46	4.29
Altman's Z-Score	- -	-4.13	-2.2	9.13	0.4	-2.66	0.36	-0.28	1.19

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	21.21	12.64	11.75	15.02	14.5	13.08	23.42	74.1
Days Sales Outstanding	- -	17.21	28.88	31.07	24.3	25.17	27.91	15.58	4.93
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	8.38	7.36	15.51	19.7	47.36	103.54	67.22	58.54
Accounts Payable Turnover Days	- -	43.58	49.62	23.53	18.53	7.71	3.53	5.43	6.24
Cash Conversion Cycle	- -	-26.37	-20.74	7.53	5.78	17.46	24.38	10.16	-1.31
Inventory to Cash Days	- -	17.21	28.88	31.07	24.3	25.17	27.91	15.58	4.93
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	1,975	14,228	11,056	4,967	16,307	17,930	17,089
- Cash & Cash Equivalents	- -	118	77	1,817	2,153	1,309	1,271	788	1,128
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	4	75	82	1,319	1,325	1,346	1,335	1,890
Enterprise Value	- -	-114	1,974	12,493	10,222	4,982	16,382	18,477	17,851
Total Capital	- -	-852	-924	-2,149	-2,435	-3,807	-4,588	-5,106	-4,548
Total Debt/Capital (%)	- -	-0.44	-8.13	-3.8	-54.15	-34.8	-29.34	-26.15	-41.56
Total Debt / EV	- -	-0.03	0.04	0.01	0.13	0.27	0.08	0.07	0.11
EV/Sales	- -	- -	6.1	20.33	7.89	2.22	4.47	3.88	2.95
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	68.74
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	17,021.68	43.96	26.93
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	143.27	34.14	21.84
Diluted Market Cap	- -	- -	1,975	14,228	11,056	4,967	16,307	17,930	17,089
Diluted Enterprise Value	- -	-114	1,974	12,493	10,222	4,982	16,382	18,477	17,851
EV per Share	- -	- -	10.69	40.88	25.4	11.43	35.41	38.33	36
TTM Sales	192	226	323	615	1,296	2,240	3,665	4,768	6,055
TTM EBITDA	-67	-69	-133	-766	-1,440	-1,343	-587	-338	260
TTM Operating Income	-73	-77	-147	-843	-1,562	-1,512	-789	-609	-16
TTM Cash Flow to Firm	-88	-46	-47	-193	-417	-623	1	420	663
TTM Free Cash Flow to Firm	-88	-19	-4	-147	-319	-519	114	541	817

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	-458.61	-96.08	-34.42	-9.52	146.07	33.29	20.91
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	-114	1,974	12,493	10,222	4,982	16,382	18,477	17,851
Low Price	- -	- -	9.76	10.6	25.8	9.77	10.98	28.69	26.23
EV/Sales	- -	- -	6.1	20.33	7.89	2.22	4.47	3.88	2.95
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	68.74
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	4,606.12
Price/Earnings Average	- -	- -	-12.9	-8.01	-13.51	-5.15	-14.83	-37.51	5,149.08
Price/Earnings High	- -	- -	-14.28	-15.92	-19.65	-9.03	-22.69	-47.1	7,165.82
Price/Earnings Low	- -	- -	-12.62	-2.63	-6.82	-3.09	-6.33	-27.26	3,506.05
Price/Book Value	- -	- -	-1.98	-6.38	-2.95	-0.97	-2.75	-2.78	-2.65
Price/Book Value Average	- -	- -	-1.84	-4.42	-5.48	-1.38	-2	-2.95	-2.97
Price/Book Value High	- -	- -	-2.04	-8.79	-7.98	-2.43	-3.07	-3.71	-4.13
Price/Book Value Low	- -	- -	-1.8	-1.45	-2.77	-0.83	-0.86	-2.15	-2.02
Price/Tangible Book Value	- -	- -	-22.38	9.45	20.95	-14.58	-22.14	-12.13	-9.21
Price/Tangible Book Value Average	- -	- -	-20.86	6.55	38.99	-20.83	-16.15	-12.88	-10.3
Price/Tangible Book Value High	- -	- -	-23.09	13.03	56.72	-36.55	-24.71	-16.17	-14.33
Price/Tangible Book Value Low	- -	- -	-20.41	2.15	19.67	-12.51	-6.89	-9.36	-7.01
Price/Sales	- -	- -	6.11	23.15	8.53	2.22	4.45	3.76	2.82
Price/Sales Average	- -	- -	5.69	16.05	15.88	3.17	3.25	3.99	3.16
Price/Sales High	- -	- -	6.3	31.92	23.1	5.56	4.97	5.01	4.39
Price/Sales Low	- -	- -	5.57	5.27	8.01	1.9	1.39	2.9	2.15
Price/Cash Flow	- -	- -	-42.41	-73.28	-26.36	-7.94	-9,312.76	42.92	25.78
Price/Cash Flow Average	- -	- -	-39.53	-50.79	-49.07	-11.34	-6,793.65	45.55	28.82
Price/Cash Flow High	- -	- -	-43.75	-101.03	-71.36	-19.9	-10,395.95	57.19	40.11
Price/Cash Flow Low	- -	- -	-38.68	-16.68	-24.75	-6.81	-2,900.83	33.1	19.62
Price/Free Cash Flow Average	- -	- -	-427.5	-66.59	-64.08	-13.59	106.56	35.33	23.37
Price/Free Cash Flow High	- -	- -	-473.19	-132.46	-93.2	-23.86	163.06	44.36	32.53
Price/Free Cash Flow Low	- -	- -	-418.32	-21.87	-32.33	-8.16	45.5	25.67	15.91
EV/Sales Average	- -	- -	5.69	13.22	15.24	3.17	3.27	4.11	3.28
EV/Sales High	- -	- -	6.3	29.1	22.46	5.56	4.99	5.13	4.52
EV/Sales Low	- -	- -	5.57	2.45	7.37	1.91	1.41	3.02	2.27
EV/EBITDA Average	- -	1.65	-13.84	-10.61	-13.71	-5.3	-20.38	-57.89	76.5
EV/EBITDA High	- -	1.65	-15.32	-23.35	-20.2	-9.29	-31.12	-72.28	105.32
EV/EBITDA Low	- -	1.65	-13.55	-1.96	-6.63	-3.19	-8.78	-42.51	53.03
EV/EBIT Average	- -	1.49	-12.55	-9.64	-12.65	-4.7	-15.17	-32.15	-1,255.95
EV/EBIT High	- -	1.49	-13.9	-21.2	-18.64	-8.25	-23.16	-40.13	-1,728.99
EV/EBIT Low	- -	1.49	-12.28	-1.78	-6.12	-2.83	-6.53	-23.6	-870.57
Last Price	- -	- -	10.7	46.56	27.47	11.39	35.25	37.2	34.46
High Price	- -	- -	11.04	64.19	74.38	28.55	39.35	49.57	53.61
Enterprise Value Average	- -	-114	1,840	8,125	19,749	7,110	11,971	19,577	19,865
Enterprise Value High	- -	-114	2,037	17,880	29,103	12,465	18,279	24,440	27,347
Enterprise Value Low	- -	-114	1,800	1,504	9,550	4,276	5,155	14,375	13,770

Shares Outstanding	- -	312	312	396	408	451	473	489	495
Diluted Weighted Avg Shares	391	391	185	306	402	436	463	482	496
Basic Weighted Avg Shares	391	391	185	306	402	436	463	482	496
Revenue per Share	0.49	0.58	1.75	2.01	3.22	5.14	7.92	9.89	12.21
EBITDA per Share	-0.17	-0.18	-0.72	-2.51	-3.58	-3.08	-1.27	-0.7	0.52
Operating Income per Share	-0.19	-0.2	-0.79	-2.76	-3.88	-3.47	-1.71	-1.26	-0.03
Basic EPS, GAAP	-0.19	-0.2	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01
Basic EPS from Cont Ops	-0.19	-0.2	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01
Diluted EPS, GAAP	-0.19	-0.2	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01
Diluted EPS from Cont Ops	-0.19	-0.2	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.23	-0.12	-0.25	-0.64	-1.04	-1.43	- -	0.87	1.34
Free Cash Flow per Basic Share	-0.23	-0.18	-0.48	-0.79	-1.29	-1.67	-0.25	0.62	1.03
Cash & Equivalents per Share	- -	0.3	0.41	5.95	5.35	3	2.75	1.64	2.27
Book Value per Share	- -	-2.19	-5.41	-7.3	-9.33	-11.77	-12.83	-13.36	-12.98
Tangible Book Value per Share	- -	-0.53	-0.48	4.93	1.31	-0.78	-1.59	-3.07	-3.74

DraftKings Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)