Light & Wonder (LNW) Financials

$84.22 +2.08 (+2.53%)

Closing price 04:00 PM Eastern

Extended Trading

$84.22 0.00 (-0.01%)

As of 04:35 PM Eastern

Annual Income Statements for Light & Wonder

This table shows Light & Wonder's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.00	-354	-242	-352	-130	-569	371	3,675	163	336
Consolidated Net Income / (Loss)	0.00	-354	-242	-352	-118	-548	390	3,697	180	336
Net Income / (Loss) Continuing Operations	0.00	-354	-242	-352	-330	-801	24	-176	180	336
Total Pre-Tax Income	0.00	-479	-227	-339	-377	-804	-294	-163	205	421
Total Operating Income	0.00	131	394	266	290	-245	110	273	518	668
Total Gross Profit	0.00	1,777	1,920	2,108	1,642	1,089	1,544	1,774	2,030	2,257
Total Revenue	0.00	2,883	3,084	3,363	2,388	1,699	2,153	2,512	2,902	3,188
Operating Revenue	-	2,883	3,084	3,363	2,388	1,699	2,153	2,512	2,902	3,188
Total Cost of Revenue	0.00	1,106	1,164	1,255	746	610	609	738	872	931
Operating Cost of Revenue	-	1,106	1,164	1,255	746	610	609	738	872	931
Total Operating Expenses	0.00	1,647	1,526	1,842	1,352	1,334	1,434	1,501	1,512	1,589
Selling, General & Admin Expense	-	577	613	697	619	627	679	717	808	872
Research & Development Expense	-	205	184	202	166	148	190	218	228	262
Depreciation Expense	-	739	683	690	542	449	398	420	384	361
Restructuring Charge	-	57	46	253	25	56	167	146	92	94
Total Other Income / (Expense), net	0.00	-609	-621	-605	-667	-559	-404	-436	-313	-247
Interest Expense	-	636	648	690	689	504	478	474	324	295
Other Income / (Expense), net	-	14	0.00	60	22	-55	74	38	11	48
Income Tax Expense	-	-125	15	13	-47	-3.00	-318	13	25	85
Net Income / (Loss) Discontinued Operations	-	-	-	-	212	253	366	3,873	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	12	21	19	22	17	0.00
Basic Earnings per Share	($16.23)	($4.05)	($2.72)	($3.87)	($1.40)	($6.02)	$3.86	$38.78	$1.79	$3.77
Weighted Average Basic Shares Outstanding	85.90M	87.30M	89M	91M	93M	95M	96M	95M	91M	89M
Diluted Earnings per Share	($16.23)	($4.05)	($2.72)	($3.87)	($1.40)	($6.02)	$3.77	$38.78	$1.75	$3.68
Weighted Average Diluted Shares Outstanding	85.90M	87.30M	89M	91M	93M	95M	98M	95M	93M	91M
Weighted Average Basic & Diluted Shares Outstanding	85.90M	87.30M	89.10M	91.10M	93.87M	95.39M	96.68M	91.00M	89.83M	84.47M

This table shows Light & Wonder's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	328	30	22	-1.00	75	67	82	82	64	108	82
Consolidated Net Income / (Loss)	335	39	27	5.00	80	68	82	82	64	108	82
Net Income / (Loss) Continuing Operations	20	21	27	5.00	80	68	82	82	64	108	82
Total Pre-Tax Income	24	26	26	20	94	65	100	108	81	132	105
Total Operating Income	89	98	102	113	147	156	165	175	159	169	170
Total Gross Profit	455	477	468	513	513	536	537	582	571	567	563
Total Revenue	648	682	670	731	731	770	756	818	817	797	774
Operating Revenue	648	682	670	731	731	770	756	818	817	797	774
Total Cost of Revenue	193	205	202	218	218	234	219	236	246	230	211
Operating Cost of Revenue	193	205	202	218	218	234	219	236	246	230	211
Total Operating Expenses	366	379	366	400	366	380	372	407	412	398	393
Selling, General & Admin Expense	181	182	192	203	204	209	218	220	220	214	217
Research & Development Expense	56	53	54	58	55	61	62	66	66	68	65
Depreciation Expense	102	103	101	108	90	85	86	87	90	98	91
Restructuring Charge	27	41	19	31	17	25	6.00	34	36	18	20
Total Other Income / (Expense), net	-65	-72	-76	-93	-53	-91	-65	-67	-78	-37	-65
Interest Expense	68	73	75	78	93	78	75	75	75	70	69
Other Income / (Expense), net	3.00	1.00	-1.00	-15	40	-13	10	8.00	-3.00	33	4.00
Income Tax Expense	4.00	5.00	-1.00	15	14	-3.00	18	26	17	24	23
Basic Earnings per Share	$3.47	$0.44	$0.24	($0.01)	$0.83	$0.73	$0.91	$0.92	$0.72	$1.22	$0.97
Weighted Average Basic Shares Outstanding	94M	95M	91M	91M	91M	91M	90M	90M	89M	89M	85M
Diluted Earnings per Share	$3.42	$0.49	$0.23	($0.01)	$0.81	$0.72	$0.88	$0.90	$0.71	$1.19	$0.94
Weighted Average Diluted Shares Outstanding	96M	95M	93M	91M	92M	93M	92M	92M	91M	91M	87M
Weighted Average Basic & Diluted Shares Outstanding	93.67M	91.00M	91.12M	91.36M	90.05M	89.83M	90.14M	88.72M	88.31M	84.47M	84.38M

This table details how cash moves in and out of Light & Wonder's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-	-9.90	677	-614	564	768	-442	266	-446	-209
Net Cash From Operating Activities	-	419	507	346	546	471	685	-381	590	632
Net Cash From Continuing Operating Activities	-	419	507	346	209	33	304	-425	590	632
Net Income / (Loss) Continuing Operations	-	-354	-242	-352	94	-801	24	-176	180	336
Consolidated Net Income / (Loss)	-	-354	-242	-352	-118	-548	390	3,697	180	336
Net Income / (Loss) Discontinued Operations	-	-	-	-	-212	253	366	3,873	0.00	0.00
Depreciation Expense	-	739	683	690	542	449	398	420	384	361
Non-Cash Adjustments To Reconcile Net Income	-	130	93	140	156	291	103	203	155	135
Changes in Operating Assets and Liabilities, net	-	-96	-27	-132	-173	94	-221	-872	-129	-200
Net Cash From Discontinued Operating Activities	-	-	-	-	337	438	381	44	0.00	0.00
Net Cash From Investing Activities	-	-228	-415	-798	-263	-173	-442	6,116	-251	-258
Net Cash From Continuing Investing Activities	-	-228	-415	-798	-220	-126	-347	-252	-248	-258
Purchase of Property, Plant & Equipment	-	-273	-294	-391	-224	-137	-171	-216	-242	-294
Acquisitions	-	-1.20	-165	-477	0.00	-13	-186	-136	-4.00	-5.00
Sale and/or Maturity of Investments	-	-	-	-	-	24	10	50	-2.00	41
Other Investing Activities, net	-	29	44	70	4.00	0.00	0.00	50	0.00	0.00
Net Cash From Discontinued Investing Activities	-	-	-	-	-43	-47	-95	6,368	-3.00	0.00
Net Cash From Financing Activities	-	-196	580	-156	-129	463	-679	-5,463	-788	-577
Net Cash From Continuing Financing Activities	-	-196	580	-156	-126	469	-655	-5,460	-788	-577
Repayment of Debt	-	-500	-1,945	-3,162	-3,002	-583	-642	-7,410	-797	-15
Repurchase of Common Equity	-	-	0.00	0.00	-9.00	0.00	0.00	-442	-193	-462
Issuance of Debt	-	360	2,587	3,072	2,570	1,080	60	2,480	755	0.00
Other Financing Activities, net	-	-56	-62	-66	-27	-32	-73	-88	-553	-100
Net Cash From Discontinued Financing Activities	-	-	-	-	-3.00	-6.00	-24	-3.00	0.00	0.00
Effect of Exchange Rate Changes	-	-4.90	5.00	-	-	7.00	-6.00	-6.00	3.00	-6.00
Cash Interest Paid	-	622	633	633	549	471	453	351	306	286
Cash Income Taxes Paid	-	22	33	33	41	22	38	692	147	164

This table details how cash moves in and out of Light & Wonder's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	304	-359	63	-66	-17	-426	32	-131	-15	-95	-45
Net Cash From Operating Activities	-351	-87	185	34	204	167	171	141	118	202	185
Net Cash From Continuing Operating Activities	-359	-79	185	34	204	167	171	141	118	202	185
Net Income / (Loss) Continuing Operations	20	21	27	5.00	80	68	82	82	64	108	82
Consolidated Net Income / (Loss)	335	39	27	5.00	80	68	82	82	64	108	82
Non-Cash Adjustments To Reconcile Net Income	119	-285	138	182	72	-237	110	125	76	-176	107
Changes in Operating Assets and Liabilities, net	-498	-235	20	-153	52	-48	-21	-66	-22	-91	-4.00
Net Cash From Investing Activities	685	-28	-57	-61	-72	-61	-71	-87	-71	-29	-62
Net Cash From Continuing Investing Activities	-54	-28	-57	-61	-72	-58	-71	-87	-71	-29	-62
Purchase of Property, Plant & Equipment	-58	-58	-53	-59	-70	-60	-66	-87	-71	-70	-61
Other Investing Activities, net	-	-	-4.00	-2.00	-2.00	8.00	-5.00	-	-	5.00	-1.00
Net Cash From Financing Activities	-24	-250	-65	-40	-146	-537	-65	-185	-65	-262	-171
Net Cash From Continuing Financing Activities	-24	-250	-65	-40	-146	-537	-65	-185	-65	-262	-171
Repayment of Debt	-55	-43	-6.00	-5.00	-576	-210	0.00	-5.00	-	-10	-75
Repurchase of Common Equity	-11	-221	-36	3.00	-112	-48	-25	-150	-44	-243	-166
Issuance of Debt	50	-	-	-	-	205	-	-	-	-	110
Other Financing Activities, net	-8.00	14	-23	-38	-8.00	-484	-40	-30	-21	-9.00	-40
Effect of Exchange Rate Changes	-6.00	6.00	0.00	1.00	-3.00	5.00	-3.00	-	3.00	-6.00	3.00
Cash Interest Paid	52	80	63	84	74	85	63	83	62	78	54
Cash Income Taxes Paid	474	195	9.00	87	23	28	8.00	62	48	46	24

This table presents Light & Wonder's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	7,732	-	7,725	7,718	7,809	7,984	7,883	6,009	5,552	5,421
Total Current Assets	1,176	-	1,876	1,369	1,615	2,181	1,732	1,694	1,311	1,183
Cash & Equivalents	129	-	789	168	313	928	585	914	425	196
Restricted Cash	20	-	29	39	51	45	41	47	90	110
Accounts Receivable	487	-	541	599	755	438	423	455	506	585
Inventories, net	249	-	243	216	244	119	98	161	177	158
Prepaid Expenses	123	-	131	233	252	98	88	117	113	134
Plant, Property, & Equipment, net	794	-	568	547	500	242	213	204	236	286
Total Noncurrent Assets	5,763	-	5,281	5,802	5,694	5,561	5,938	4,111	4,005	3,952
Noncurrent Note & Lease Receivables	51	-	53	40	53	19	17	14	37	97
Goodwill	3,014	-	2,956	3,280	3,280	2,730	2,892	2,919	2,945	2,890
Intangible Assets	2,406	-	1,944	2,094	1,774	1,231	1,063	942	763	615
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	106	349	114	142	229
Other Noncurrent Operating Assets	45	-	58	77	303	99	131	116	112	115
Other Noncurrent Nonoperating Assets	18	-	16	13	11	1,376	1,486	6.00	6.00	6.00
Total Liabilities & Shareholders' Equity	7,732	-	7,725	7,718	7,809	7,984	7,883	6,009	5,552	5,421
Total Liabilities	9,228	-	9,752	10,181	9,917	10,508	9,989	4,848	4,787	4,785
Total Current Liabilities	654	-	740	747	766	832	974	622	696	735
Short-Term Debt	50	-	40	45	45	44	44	24	22	23
Accounts Payable	160	-	190	225	226	150	204	154	241	216
Accrued Expenses	444	-	509	477	495	343	428	380	404	447
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	16	64	29	49
Total Noncurrent Liabilities	8,574	-	9,013	9,434	9,151	9,676	9,015	4,226	4,091	4,050
Long-Term Debt	8,157	-	8,736	8,992	8,680	9,259	8,646	3,870	3,852	3,847
Noncurrent Deferred & Payable Income Tax Liabilities	228	-	73	108	91	46	35	87	20	12
Other Noncurrent Operating Liabilities	189	-	203	334	380	233	210	269	219	191
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,496	-	-2,027	-2,463	-2,108	-2,524	-2,106	1,161	765	636
Total Preferred & Common Equity	-1,496	-	-2,027	-2,463	-2,212	-2,653	-2,256	990	765	636
Total Common Equity	-1,496	-	-2,027	-2,463	-2,212	-2,653	-2,256	990	765	636
Common Stock	767	-	809	836	1,209	1,269	1,338	1,371	1,119	1,201
Retained Earnings	-1,865	-	-2,461	-2,824	-2,954	-3,529	-3,158	517	680	1,016
Treasury Stock	-175	-	-175	-175	-175	-175	-175	-580	-751	-1,216
Accumulated Other Comprehensive Income / (Loss)	-222	-	-200	-300	-292	-218	-261	-318	-283	-365

This table presents Light & Wonder's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	6,246	6,022	5,962	5,887	5,588	5,538	5,596	5,455
Total Current Assets	2,048	1,762	1,735	1,720	1,340	1,289	1,279	1,184
Cash & Equivalents	1,277	931	909	891	450	321	347	134
Restricted Cash	42	93	48	50	97	95	54	128
Accounts Receivable	426	458	499	477	504	575	580	629
Inventories, net	137	172	183	183	175	186	183	169
Prepaid Expenses	166	108	96	119	114	112	115	124
Plant, Property, & Equipment, net	202	214	214	229	246	269	281	291
Total Noncurrent Assets	3,996	4,046	4,013	3,938	4,002	3,980	4,036	3,980
Noncurrent Note & Lease Receivables	16	14	12	11	57	60	93	93
Goodwill	2,865	2,922	2,930	2,903	2,925	2,925	2,954	2,919
Intangible Assets	897	884	835	789	728	691	662	595
Noncurrent Deferred & Refundable Income Taxes	92	112	112	112	166	180	215	256
Other Noncurrent Operating Assets	119	108	117	117	120	118	106	112
Other Noncurrent Nonoperating Assets	7.00	6.00	7.00	6.00	6.00	6.00	6.00	5.00
Total Liabilities & Shareholders' Equity	6,246	6,022	5,962	5,887	5,588	5,538	5,596	5,455
Total Liabilities	5,014	4,838	4,732	4,741	4,753	4,752	4,738	4,835
Total Current Liabilities	802	642	577	619	677	696	680	753
Short-Term Debt	24	23	23	22	22	22	23	23
Accounts Payable	176	189	171	162	211	277	200	244
Accrued Expenses	352	362	371	403	381	362	429	434
Current Deferred & Payable Income Tax Liabilities	250	68	12	32	63	35	28	52
Total Noncurrent Liabilities	4,212	4,196	4,155	4,122	4,076	4,056	4,058	4,082
Long-Term Debt	3,874	3,867	3,863	3,855	3,852	3,849	3,850	3,884
Noncurrent Deferred & Payable Income Tax Liabilities	143	71	51	43	20	19	20	12
Other Noncurrent Operating Liabilities	195	258	241	224	204	188	188	186
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,232	1,184	1,230	1,146	835	786	858	620
Total Preferred & Common Equity	1,071	1,008	1,048	959	835	786	858	620
Total Common Equity	1,071	1,008	1,048	959	835	786	858	620
Common Stock	1,377	1,389	1,388	1,403	1,155	1,176	1,183	1,227
Retained Earnings	487	539	538	613	762	844	908	1,098
Treasury Stock	-378	-608	-613	-726	-776	-927	-972	-1,383
Accumulated Other Comprehensive Income / (Loss)	-415	-312	-265	-331	-306	-307	-261	-322

This table displays calculated financial ratios and metrics derived from Light & Wonder's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-100.00%	0.00%	6.96%	9.05%	-28.99%	-28.85%	26.72%	16.67%	15.53%	9.86%
EBITDA Growth	-100.00%	0.00%	21.94%	-5.66%	-15.94%	-82.55%	290.60%	25.60%	24.90%	17.96%
EBIT Growth	100.00%	0.00%	172.66%	-17.26%	-4.29%	-196.15%	161.33%	69.02%	70.10%	35.35%
NOPAT Growth	100.00%	0.00%	201.68%	-32.49%	9.02%	-184.48%	144.90%	148.18%	138.01%	17.22%
Net Income Growth	100.00%	0.00%	31.58%	-45.45%	66.48%	-364.41%	171.17%	847.95%	-95.13%	86.67%
EPS Growth	-485.92%	75.05%	32.84%	-42.28%	63.82%	-330.00%	162.62%	928.65%	-95.49%	110.29%
Operating Cash Flow Growth	0.00%	0.00%	21.00%	-31.76%	57.80%	-13.74%	45.44%	-155.62%	254.86%	7.12%
Free Cash Flow Firm Growth	130.56%	328.15%	-184.05%	96.13%	239.29%	412.93%	-99.60%	7,968.33%	-12.24%	7.60%
Invested Capital Growth	-19.16%	-100.00%	0.00%	6.97%	-1.44%	-27.79%	1.65%	-6.69%	0.73%	1.85%
Revenue Q/Q Growth	-100.00%	2,535.65%	2.36%	1.87%	-30.22%	9.83%	36.61%	4.23%	3.13%	0.85%
EBITDA Q/Q Growth	100.00%	-20.65%	10.25%	38.87%	-39.22%	-38.68%	64.87%	10.09%	2.93%	7.16%
EBIT Q/Q Growth	100.00%	-87.02%	35.67%	836.78%	-58.12%	-57.07%	4,500.00%	30.67%	9.07%	8.98%
NOPAT Q/Q Growth	100.00%	-91.79%	38.93%	547.20%	-68.34%	-10.36%	623.81%	52.51%	23.41%	-2.66%
Net Income Q/Q Growth	100.00%	-134.54%	21.94%	41.61%	-189.39%	-8.30%	88.41%	-1.60%	19.21%	13.51%
EPS Q/Q Growth	-6.22%	5.81%	22.29%	41.63%	-204.48%	-8.86%	102.69%	-1.20%	15.13%	14.64%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	8.99%	-27.00%	38.93%	3.52%	10.84%	-460.29%	75.60%	5.86%
Free Cash Flow Firm Q/Q Growth	130.04%	189.37%	-1,274.09%	-256.32%	-38.90%	305.76%	-99.46%	-24.51%	339.99%	52.54%
Invested Capital Q/Q Growth	-10.61%	-100.00%	-0.75%	4.57%	0.18%	-20.71%	1.41%	7.47%	1.03%	-3.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	61.63%	62.26%	62.68%	68.76%	64.10%	71.71%	70.62%	69.95%	70.80%
EBITDA Margin	0.00%	30.63%	34.92%	30.21%	35.76%	8.77%	27.03%	29.10%	31.46%	33.78%
Operating Margin	0.00%	4.53%	12.78%	7.91%	12.14%	-14.42%	5.11%	10.87%	17.85%	20.95%
EBIT Margin	0.00%	5.01%	12.78%	9.69%	13.07%	-17.66%	8.55%	12.38%	18.23%	22.46%
Profit (Net Income) Margin	0.00%	-12.27%	-7.85%	-10.47%	-4.94%	-32.25%	18.11%	147.17%	6.20%	10.54%
Tax Burden Percent	0.00%	73.89%	106.61%	103.83%	31.30%	68.16%	-132.65%	-2,268.10%	87.80%	79.81%
Interest Burden Percent	0.00%	-331.28%	-57.61%	-103.99%	-120.83%	268.00%	-159.78%	-52.41%	38.75%	58.80%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.20%	20.19%
Return on Invested Capital (ROIC)	0.00%	2.89%	9.74%	3.18%	3.38%	-3.34%	1.77%	4.51%	11.09%	12.83%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-8.50%	-3.73%	-3.46%	-0.49%	-8.39%	6.47%	79.00%	2.33%	7.12%
Return on Net Nonoperating Assets (RNNOA)	0.00%	44.41%	14.13%	12.50%	1.79%	27.00%	-18.62%	-786.95%	7.61%	35.14%
Return on Equity (ROE)	0.00%	47.30%	23.88%	15.68%	5.16%	23.66%	-16.85%	-782.43%	18.69%	47.97%
Cash Return on Invested Capital (CROIC)	21.18%	202.89%	-190.26%	-3.55%	4.82%	28.94%	0.14%	11.43%	10.35%	11.00%
Operating Return on Assets (OROA)	0.00%	3.74%	10.20%	4.22%	4.02%	-3.80%	2.32%	4.48%	9.15%	13.05%
Return on Assets (ROA)	0.00%	-9.15%	-6.27%	-4.56%	-1.52%	-6.94%	4.92%	53.22%	3.11%	6.12%
Return on Common Equity (ROCE)	0.00%	47.30%	23.88%	15.68%	5.28%	24.85%	-17.86%	-1,048.21%	17.03%	47.97%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	11.94%	14.29%	5.33%	20.66%	-17.29%	373.43%	23.53%	52.83%
Net Operating Profit after Tax (NOPAT)	0.00	91	276	186	203	-172	77	191	455	533
NOPAT Margin	0.00%	3.17%	8.94%	5.54%	8.50%	-10.09%	3.58%	7.61%	15.67%	16.72%
Net Nonoperating Expense Percent (NNEP)	0.00%	11.40%	13.47%	6.64%	3.87%	5.05%	-4.70%	-74.48%	8.75%	5.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.78%	9.80%	11.83%
Cost of Revenue to Revenue	0.00%	38.37%	37.74%	37.32%	31.24%	35.90%	28.29%	29.38%	30.05%	29.20%
SG&A Expenses to Revenue	0.00%	20.01%	19.88%	20.73%	25.92%	36.90%	31.54%	28.54%	27.84%	27.35%
R&D to Revenue	0.00%	7.10%	5.97%	6.01%	6.95%	8.71%	8.82%	8.68%	7.86%	8.22%
Operating Expenses to Revenue	0.00%	57.10%	49.48%	54.77%	56.62%	78.52%	66.60%	59.75%	52.10%	49.84%
Earnings before Interest and Taxes (EBIT)	0.00	145	394	326	312	-300	184	311	529	716
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.00	883	1,077	1,016	854	149	582	731	913	1,077
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.54	9.67	11.99
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.43	1.49	0.49	1.05	2.32	3.00	2.19	2.55	2.39
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	17.39	1.49	45.36	22.70
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.75%	66.95%	2.20%	4.40%
Enterprise Value to Invested Capital (EV/IC)	1.36	0.00	2.17	1.68	1.79	2.88	3.35	2.10	2.61	2.67
Enterprise Value to Revenue (EV/Rev)	0.00	0.43	3.99	3.02	4.48	7.30	6.81	3.42	3.71	3.51
Enterprise Value to EBITDA (EV/EBITDA)	0.00	1.39	11.42	10.01	12.52	83.27	25.20	11.76	11.78	10.39
Enterprise Value to EBIT (EV/EBIT)	0.00	8.48	31.23	31.20	34.26	0.00	79.70	27.63	20.33	15.63
Enterprise Value to NOPAT (EV/NOPAT)	0.00	13.41	44.61	54.63	52.66	0.00	190.44	44.97	23.64	20.99
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.93	24.27	29.40	19.58	26.34	21.41	0.00	18.23	17.71
Enterprise Value to Free Cash Flow (EV/FCFF)	5.75	0.19	0.00	0.00	36.86	8.34	2,443.99	17.75	25.31	24.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.49	0.00	-4.33	-3.67	-4.14	-3.69	-4.13	3.35	5.06	6.08
Long-Term Debt to Equity	-5.45	0.00	-4.31	-3.65	-4.12	-3.67	-4.11	3.33	5.04	6.05
Financial Leverage	-10.47	-5.22	-3.79	-3.61	-3.63	-3.22	-2.88	-9.96	3.26	4.93
Leverage Ratio	-11.70	-5.17	-3.81	-3.44	-3.40	-3.41	-3.43	-14.70	6.00	7.83
Compound Leverage Factor	0.00	17.13	2.20	3.58	4.10	-9.14	5.48	7.70	2.33	4.61
Debt to Total Capital	122.28%	0.00%	130.03%	137.47%	131.86%	137.23%	131.99%	77.03%	83.51%	85.89%
Short-Term Debt to Total Capital	0.75%	0.00%	0.60%	0.68%	0.68%	0.65%	0.67%	0.47%	0.47%	0.51%
Long-Term Debt to Total Capital	121.53%	0.00%	129.43%	136.78%	131.18%	136.58%	131.32%	76.56%	83.04%	85.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	1.57%	1.90%	2.28%	3.38%	0.00%	0.00%
Common Equity to Total Capital	-22.28%	0.00%	-30.03%	-37.47%	-33.43%	-39.14%	-34.26%	19.58%	16.49%	14.11%
Debt to EBITDA	0.00	0.00	8.15	8.89	10.22	62.44	14.93	5.33	4.24	3.59
Net Debt to EBITDA	0.00	0.00	7.15	8.40	9.47	55.91	13.86	4.01	3.68	3.31
Long-Term Debt to EBITDA	0.00	0.00	8.11	8.85	10.16	62.14	14.86	5.29	4.22	3.57
Debt to NOPAT	0.00	0.00	31.82	48.53	42.98	-54.24	112.86	20.38	8.52	7.26
Net Debt to NOPAT	0.00	0.00	27.94	45.82	39.84	-48.57	104.73	15.35	7.39	6.69
Long-Term Debt to NOPAT	0.00	0.00	31.68	48.29	42.76	-53.99	112.29	20.25	8.47	7.22
Altman Z-Score	-0.21	0.00	0.58	0.26	0.19	-0.10	0.29	1.60	2.07	2.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	-2.28%	-5.03%	-6.03%	-33.97%	8.88%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.80	0.00	2.54	1.83	2.11	2.62	1.78	2.72	1.88	1.61
Quick Ratio	1.20	0.00	1.99	1.18	1.39	1.64	1.03	2.20	1.34	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,497	6,408	-5,386	-208	290	1,488	6.00	484	425	457
Operating Cash Flow to CapEx	0.00%	163.54%	172.45%	88.49%	243.75%	343.80%	400.58%	-176.39%	243.80%	214.97%
Free Cash Flow to Firm to Interest Expense	0.00	10.07	-8.31	-0.30	0.42	2.95	0.01	1.02	1.31	1.55
Operating Cash Flow to Interest Expense	0.00	0.66	0.78	0.50	0.79	0.93	1.43	-0.80	1.82	2.14
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.26	0.33	-0.07	0.47	0.66	1.08	-1.26	1.07	1.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.75	0.80	0.44	0.31	0.22	0.27	0.36	0.50	0.58
Accounts Receivable Turnover	0.00	0.00	0.00	5.90	3.53	2.85	5.00	5.72	6.04	5.84
Inventory Turnover	0.00	0.00	0.00	5.47	3.24	3.36	5.61	5.70	5.16	5.56
Fixed Asset Turnover	0.00	0.00	0.00	6.03	4.56	4.58	9.46	12.05	13.19	12.21
Accounts Payable Turnover	0.00	0.00	0.00	6.04	3.31	3.24	3.44	4.12	4.42	4.07
Days Sales Outstanding (DSO)	0.00	0.00	0.00	61.86	103.48	128.15	72.98	63.79	60.44	62.46
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	66.76	112.53	108.60	65.03	64.05	70.74	65.67
Days Payable Outstanding (DPO)	0.00	0.00	0.00	60.41	110.33	112.49	106.08	88.53	82.67	89.58
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	68.21	105.68	124.26	31.93	39.31	48.51	38.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,316	0.00	5,662	6,056	5,969	4,310	4,381	4,088	4,118	4,194
Invested Capital Turnover	0.00	0.91	1.09	0.57	0.40	0.33	0.50	0.59	0.71	0.77
Increase / (Decrease) in Invested Capital	-1,497	-6,316	5,662	394	-87	-1,659	71	-293	30	76
Enterprise Value (EV)	8,603	1,226	12,304	10,172	10,689	12,408	14,664	8,593	10,753	11,192
Market Capitalization	773	1,226	4,599	1,640	2,497	3,949	6,450	5,489	7,394	7,628
Book Value per Share	($17.34)	$0.00	($22.61)	($26.86)	($23.72)	($27.88)	($23.38)	$10.57	$8.50	$7.20
Tangible Book Value per Share	($80.19)	$0.00	($77.28)	($85.46)	($77.92)	($69.50)	($64.35)	($30.65)	($32.68)	($32.49)
Total Capital	6,712	0.00	6,750	6,574	6,617	6,779	6,584	5,055	4,639	4,506
Total Debt	8,207	0.00	8,777	9,037	8,725	9,303	8,690	3,894	3,874	3,870
Total Long-Term Debt	8,157	0.00	8,736	8,992	8,680	9,259	8,646	3,870	3,852	3,847
Net Debt	7,830	0.00	7,705	8,532	8,088	8,330	8,064	2,933	3,359	3,564
Capital Expenditures (CapEx)	0.00	256	294	391	224	137	171	216	242	294
Debt-free, Cash-free Net Working Capital (DFCFNWC)	423	0.00	359	460	530	420	176	135	122	165
Debt-free Net Working Capital (DFNWC)	572	0.00	1,177	667	894	1,393	802	1,096	637	471
Net Working Capital (NWC)	522	0.00	1,137	622	849	1,349	758	1,072	615	448
Net Nonoperating Expense (NNE)	0.00	445	518	538	321	377	-313	-3,506	275	197
Net Nonoperating Obligations (NNO)	7,812	0.00	7,689	8,519	8,077	6,834	6,487	2,927	3,353	3,558
Total Depreciation and Amortization (D&A)	0.00	739	683	690	542	449	398	420	384	361
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	11.64%	13.68%	22.19%	24.72%	8.17%	5.37%	4.20%	5.18%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	38.16%	19.83%	37.44%	81.99%	37.25%	43.63%	21.95%	14.77%
Net Working Capital to Revenue	0.00%	0.00%	36.85%	18.50%	35.55%	79.40%	35.21%	42.68%	21.19%	14.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($16.23)	($4.05)	($2.72)	($3.87)	($1.40)	($6.02)	$3.86	$38.78	$1.79	$3.77
Adjusted Weighted Average Basic Shares Outstanding	85.90M	87.30M	89.10M	91.10M	93M	95M	96M	95M	91M	89M
Adjusted Diluted Earnings per Share	($16.23)	($4.05)	($2.72)	($3.87)	($1.40)	($6.02)	$3.77	$38.78	$1.75	$3.68
Adjusted Weighted Average Diluted Shares Outstanding	85.90M	87.30M	89.10M	91.10M	93M	95M	98M	95M	93M	91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	86.53M	88.13M	89.10M	92.25M	93.87M	95.39M	96.68M	91.00M	89.83M	84.47M
Normalized Net Operating Profit after Tax (NOPAT)	0.00	180	308	363	221	-95	194	293	536	608
Normalized NOPAT Margin	0.00%	6.23%	9.99%	10.80%	9.23%	-5.56%	9.01%	11.68%	18.46%	19.08%
Pre Tax Income Margin	0.00%	-16.60%	-7.36%	-10.08%	-15.79%	-47.32%	-13.66%	-6.49%	7.06%	13.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.23	0.61	0.47	0.45	-0.60	0.38	0.66	1.63	2.43
NOPAT to Interest Expense	0.00	0.14	0.43	0.27	0.29	-0.34	0.16	0.40	1.40	1.81
EBIT Less CapEx to Interest Expense	0.00	-0.18	0.15	-0.09	0.13	-0.87	0.03	0.20	0.89	1.43
NOPAT Less CapEx to Interest Expense	0.00	-0.26	-0.03	-0.30	-0.03	-0.61	-0.20	-0.05	0.66	0.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-7.63%	0.00%	0.00%	11.96%	107.22%	137.50%

This table displays calculated financial ratios and metrics derived from Light & Wonder's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.22%	17.59%	17.13%	19.84%	12.81%	12.90%	12.84%	11.90%	11.76%	3.51%	2.38%
EBITDA Growth	34.72%	49.63%	26.25%	17.71%	42.78%	12.87%	29.21%	31.07%	-11.19%	31.58%	1.53%
EBIT Growth	91.67%	280.77%	94.23%	44.12%	103.26%	44.44%	73.27%	86.73%	-16.58%	41.26%	-0.57%
NOPAT Growth	211.62%	2,726.92%	278.30%	-12.27%	68.68%	106.18%	27.73%	370.34%	0.42%	-15.27%	-1.88%
Net Income Growth	79.14%	-60.61%	-3.57%	-99.85%	-76.12%	74.36%	203.70%	1,540.00%	-20.00%	58.82%	0.00%
EPS Growth	85.87%	-48.96%	-11.54%	-100.03%	-76.32%	46.94%	282.61%	9,100.00%	-12.35%	65.28%	6.82%
Operating Cash Flow Growth	-287.70%	-138.50%	96.81%	191.89%	158.12%	291.95%	-7.57%	314.71%	-42.16%	20.96%	8.19%
Free Cash Flow Firm Growth	-48.22%	645.68%	-32.55%	-134.84%	-124.89%	-64.21%	-95.88%	107.11%	16.69%	-53.25%	23.44%
Invested Capital Growth	-11.94%	-6.69%	-10.21%	21.33%	7.15%	0.73%	2.77%	2.00%	6.08%	1.85%	2.50%
Revenue Q/Q Growth	6.23%	5.25%	-1.76%	9.10%	0.00%	5.34%	-1.82%	8.20%	-0.12%	-2.45%	-2.89%
EBITDA Q/Q Growth	10.86%	4.12%	0.00%	1.98%	34.47%	-17.69%	14.47%	3.45%	-8.89%	21.95%	-11.67%
EBIT Q/Q Growth	35.29%	7.61%	2.02%	-2.97%	90.82%	-23.53%	22.38%	4.57%	-14.75%	29.49%	-13.86%
NOPAT Q/Q Growth	130.33%	6.72%	33.82%	-73.33%	342.85%	30.45%	-17.10%	-1.80%	-5.45%	10.06%	-3.99%
Net Income Q/Q Growth	-89.83%	-88.36%	-30.77%	-81.48%	1,500.00%	-15.00%	20.59%	0.00%	-21.95%	68.75%	-24.07%
EPS Q/Q Growth	-90.12%	-85.67%	-53.06%	-104.35%	8,200.00%	-11.11%	22.22%	2.27%	-21.11%	67.61%	-21.01%
Operating Cash Flow Q/Q Growth	-848.65%	75.21%	312.64%	-81.62%	500.00%	-18.14%	2.40%	-17.54%	-16.31%	71.19%	-8.42%
Free Cash Flow Firm Q/Q Growth	-70.70%	-36.94%	52.07%	-224.00%	79.07%	190.68%	-82.51%	114.04%	-345.38%	150.89%	-53.81%
Invested Capital Q/Q Growth	11.16%	7.47%	-1.08%	2.67%	-1.83%	1.03%	0.92%	1.90%	2.10%	-3.01%	1.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.22%	69.94%	69.85%	70.18%	70.18%	69.61%	71.03%	71.15%	69.89%	71.14%	72.74%
EBITDA Margin	29.94%	29.62%	30.15%	28.18%	37.89%	29.61%	34.52%	33.01%	30.11%	37.64%	34.24%
Operating Margin	13.73%	14.37%	15.22%	15.46%	20.11%	20.26%	21.83%	21.39%	19.46%	21.20%	21.96%
EBIT Margin	14.20%	14.52%	15.07%	13.41%	25.58%	18.57%	23.15%	22.37%	19.09%	25.35%	22.48%
Profit (Net Income) Margin	51.70%	5.72%	4.03%	0.68%	10.94%	8.83%	10.85%	10.02%	7.83%	13.55%	10.59%
Tax Burden Percent	1,395.83%	150.00%	103.85%	25.00%	85.11%	104.62%	82.00%	75.93%	79.01%	81.82%	78.10%
Interest Burden Percent	26.09%	26.26%	25.74%	20.41%	50.27%	45.45%	57.14%	59.02%	51.92%	65.35%	60.34%
Effective Tax Rate	16.67%	19.23%	-3.85%	75.00%	14.89%	-4.62%	18.00%	24.07%	20.99%	18.18%	21.90%
Return on Invested Capital (ROIC)	6.79%	6.89%	9.65%	2.79%	12.22%	14.99%	13.04%	11.91%	11.57%	13.31%	13.07%
ROIC Less NNEP Spread (ROIC-NNEP)	12.53%	6.03%	7.99%	1.92%	10.58%	11.96%	11.32%	10.31%	9.65%	12.43%	11.61%
Return on Net Nonoperating Assets (RNNOA)	-118.71%	-60.09%	-79.69%	4.71%	24.49%	38.99%	34.65%	32.59%	30.79%	61.33%	55.54%
Return on Equity (ROE)	-111.92%	-53.20%	-70.03%	7.49%	36.71%	53.98%	47.69%	44.51%	42.36%	74.64%	68.61%
Cash Return on Invested Capital (CROIC)	15.79%	11.43%	16.25%	-11.20%	2.45%	10.35%	9.20%	11.06%	7.14%	11.00%	10.14%
Operating Return on Assets (OROA)	4.85%	5.25%	5.63%	5.88%	11.87%	9.32%	11.92%	11.96%	10.51%	14.73%	13.05%
Return on Assets (ROA)	17.68%	2.07%	1.51%	0.30%	5.08%	4.43%	5.58%	5.36%	4.31%	7.87%	6.15%
Return on Common Equity (ROCE)	-147.52%	-71.28%	-94.14%	6.34%	31.34%	49.19%	43.54%	40.49%	38.41%	74.64%	68.61%
Return on Equity Simple (ROE_SIMPLE)	350.79%	0.00%	366.67%	38.74%	15.75%	0.00%	28.14%	39.69%	34.50%	0.00%	54.19%
Net Operating Profit after Tax (NOPAT)	74	79	106	28	125	163	135	133	126	138	133
NOPAT Margin	11.45%	11.61%	15.81%	3.86%	17.11%	21.19%	17.90%	16.24%	15.38%	17.35%	17.15%
Net Nonoperating Expense Percent (NNEP)	-5.74%	0.85%	1.66%	0.86%	1.64%	3.03%	1.72%	1.60%	1.93%	0.88%	1.46%
Return On Investment Capital (ROIC_SIMPLE)	-	1.57%	-	-	-	3.52%	-	-	-	3.07%	2.93%
Cost of Revenue to Revenue	29.78%	30.06%	30.15%	29.82%	29.82%	30.39%	28.97%	28.85%	30.11%	28.86%	27.26%
SG&A Expenses to Revenue	27.93%	26.69%	28.66%	27.77%	27.91%	27.14%	28.84%	26.89%	26.93%	26.85%	28.04%
R&D to Revenue	8.64%	7.77%	8.06%	7.93%	7.52%	7.92%	8.20%	8.07%	8.08%	8.53%	8.40%
Operating Expenses to Revenue	56.48%	55.57%	54.63%	54.72%	50.07%	49.35%	49.21%	49.76%	50.43%	49.94%	50.78%
Earnings before Interest and Taxes (EBIT)	92	99	101	98	187	143	175	183	156	202	174
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	194	202	202	206	277	228	261	270	246	300	265
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.78	5.54	5.42	5.98	6.80	9.67	11.01	12.03	9.38	11.99	11.80
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.68	2.19	2.09	2.29	2.32	2.55	3.08	3.07	2.55	2.39	2.28
Price to Earnings (P/E)	1.08	1.49	1.49	16.53	51.72	45.36	41.22	30.89	27.29	22.70	21.77
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	92.46%	66.95%	67.18%	6.05%	1.93%	2.20%	2.43%	3.24%	3.66%	4.40%	4.59%
Enterprise Value to Invested Capital (EV/IC)	1.78	2.10	2.10	2.26	2.36	2.61	3.01	3.05	2.66	2.67	2.57
Enterprise Value to Revenue (EV/Rev)	2.82	3.42	3.26	3.43	3.43	3.71	4.19	4.20	3.65	3.51	3.42
Enterprise Value to EBITDA (EV/EBITDA)	10.22	11.76	11.00	11.66	10.87	11.78	12.88	12.46	11.46	10.39	10.14
Enterprise Value to EBIT (EV/EBIT)	28.51	27.63	23.63	24.04	19.88	20.33	20.76	18.76	17.54	15.63	15.33
Enterprise Value to NOPAT (EV/NOPAT)	54.15	44.97	36.28	30.67	26.15	23.64	25.58	23.61	21.04	20.99	20.65
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	28.69	18.23	21.74	18.90	19.30	17.71	16.97
Enterprise Value to Free Cash Flow (EV/FCFF)	10.58	17.75	12.25	0.00	99.83	25.31	33.18	27.84	38.45	24.48	25.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.16	3.35	3.29	3.16	3.38	5.06	4.64	4.92	4.51	6.08	6.30
Long-Term Debt to Equity	3.14	3.33	3.27	3.14	3.36	5.04	4.61	4.90	4.49	6.05	6.26
Financial Leverage	-9.47	-9.96	-9.97	2.45	2.31	3.26	3.06	3.16	3.19	4.93	4.78
Leverage Ratio	-14.70	-14.70	-14.66	5.67	5.10	6.00	5.75	5.70	5.73	7.83	7.59
Compound Leverage Factor	-3.83	-3.86	-3.77	1.16	2.56	2.73	3.29	3.37	2.98	5.12	4.58
Debt to Total Capital	75.98%	77.03%	76.67%	75.96%	77.18%	83.51%	82.27%	83.12%	81.86%	85.89%	86.30%
Short-Term Debt to Total Capital	0.47%	0.47%	0.45%	0.45%	0.44%	0.47%	0.47%	0.47%	0.49%	0.51%	0.51%
Long-Term Debt to Total Capital	75.52%	76.56%	76.21%	75.51%	76.75%	83.04%	81.80%	82.65%	81.38%	85.38%	85.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.14%	3.38%	3.47%	3.56%	3.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	20.88%	19.58%	19.87%	20.48%	19.09%	16.49%	17.73%	16.88%	18.14%	14.11%	13.70%
Debt to EBITDA	5.87	5.33	5.03	4.83	4.37	4.24	3.99	3.74	3.85	3.59	3.61
Net Debt to EBITDA	3.88	4.01	3.71	3.64	3.31	3.68	3.42	3.33	3.45	3.31	3.37
Long-Term Debt to EBITDA	5.83	5.29	5.00	4.80	4.35	4.22	3.96	3.72	3.83	3.57	3.59
Debt to NOPAT	31.11	20.38	16.59	12.71	10.52	8.52	7.92	7.08	7.07	7.26	7.36
Net Debt to NOPAT	20.58	15.35	12.22	9.58	7.97	7.39	6.80	6.32	6.34	6.69	6.87
Long-Term Debt to NOPAT	30.92	20.25	16.49	12.64	10.46	8.47	7.87	7.04	7.03	7.22	7.32
Altman Z-Score	1.27	1.49	1.51	1.67	1.78	1.84	2.13	2.20	2.03	2.03	1.98
Noncontrolling Interest Sharing Ratio	-31.80%	-33.97%	-34.42%	15.35%	14.63%	8.88%	8.72%	9.03%	9.33%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.55	2.72	2.74	3.01	2.78	1.88	1.98	1.85	1.88	1.61	1.57
Quick Ratio	2.12	2.20	2.16	2.44	2.21	1.34	1.41	1.29	1.36	1.06	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	590	372	566	-702	-147	133	23	50	-122	62	29
Operating Cash Flow to CapEx	-605.17%	-150.00%	349.06%	57.63%	291.43%	278.33%	259.09%	162.07%	166.20%	288.57%	303.28%
Free Cash Flow to Firm to Interest Expense	8.68	5.10	7.55	-9.00	-1.58	1.71	0.31	0.66	-1.63	0.89	0.42
Operating Cash Flow to Interest Expense	-5.16	-1.19	2.47	0.44	2.19	2.14	2.28	1.88	1.57	2.89	2.68
Operating Cash Flow Less CapEx to Interest Expense	-6.01	-1.99	1.76	-0.32	1.44	1.37	1.40	0.72	0.63	1.89	1.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.36	0.37	0.44	0.46	0.50	0.51	0.53	0.55	0.58	0.58
Accounts Receivable Turnover	5.73	5.72	5.87	5.98	6.23	6.04	6.21	5.73	5.98	5.84	5.66
Inventory Turnover	5.81	5.70	5.47	5.24	5.27	5.16	5.12	4.92	5.11	5.56	5.37
Fixed Asset Turnover	11.48	12.05	12.70	13.04	13.06	13.19	12.99	12.73	12.40	12.21	11.94
Accounts Payable Turnover	4.10	4.12	4.03	4.88	4.99	4.42	4.45	4.05	5.17	4.07	4.06
Days Sales Outstanding (DSO)	63.69	63.79	62.16	61.08	58.56	60.44	58.76	63.74	61.03	62.46	64.50
Days Inventory Outstanding (DIO)	62.82	64.05	66.68	69.61	69.28	70.74	71.23	74.25	71.44	65.67	68.02
Days Payable Outstanding (DPO)	89.04	88.53	90.55	74.74	73.17	82.67	82.11	90.14	70.66	89.58	89.96
Cash Conversion Cycle (CCC)	37.47	39.31	38.30	55.95	54.67	48.51	47.88	47.85	61.81	38.54	42.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,804	4,088	4,044	4,152	4,076	4,118	4,156	4,235	4,324	4,194	4,260
Invested Capital Turnover	0.59	0.59	0.61	0.72	0.71	0.71	0.73	0.73	0.75	0.77	0.76
Increase / (Decrease) in Invested Capital	-516	-293	-460	730	272	30	112	83	248	76	104
Enterprise Value (EV)	6,785	8,593	8,506	9,376	9,639	10,753	12,520	12,909	11,522	11,192	10,961
Market Capitalization	4,045	5,489	5,464	6,265	6,516	7,394	9,193	9,454	8,050	7,628	7,316
Book Value per Share	$11.35	$10.57	$11.08	$11.50	$10.50	$8.50	$9.28	$8.72	$9.67	$7.20	$7.34
Tangible Book Value per Share	($28.53)	($30.65)	($30.75)	($29.82)	($29.92)	($32.68)	($31.31)	($31.40)	($31.09)	($32.49)	($34.26)
Total Capital	5,130	5,055	5,074	5,116	5,023	4,639	4,709	4,657	4,731	4,506	4,527
Total Debt	3,898	3,894	3,890	3,886	3,877	3,874	3,874	3,871	3,873	3,870	3,907
Total Long-Term Debt	3,874	3,870	3,867	3,863	3,855	3,852	3,852	3,849	3,850	3,847	3,884
Net Debt	2,579	2,933	2,866	2,929	2,936	3,359	3,327	3,455	3,472	3,564	3,645
Capital Expenditures (CapEx)	58	58	53	59	70	60	66	87	71	70	61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-49	135	119	224	182	122	138	199	221	165	192
Debt-free Net Working Capital (DFNWC)	1,270	1,096	1,143	1,181	1,123	637	685	615	622	471	454
Net Working Capital (NWC)	1,246	1,072	1,120	1,158	1,101	615	663	593	599	448	431
Net Nonoperating Expense (NNE)	-261	40	79	23	45	95	53	51	62	30	51
Net Nonoperating Obligations (NNO)	2,572	2,927	2,860	2,922	2,930	3,353	3,321	3,449	3,466	3,558	3,640
Total Depreciation and Amortization (D&A)	102	103	101	108	90	85	86	87	90	98	91
Debt-free, Cash-free Net Working Capital to Revenue	-2.03%	5.37%	4.56%	8.20%	6.47%	4.20%	4.62%	6.47%	6.99%	5.18%	5.99%
Debt-free Net Working Capital to Revenue	52.70%	43.63%	43.79%	43.24%	39.91%	21.95%	22.93%	20.00%	19.68%	14.77%	14.16%
Net Working Capital to Revenue	51.70%	42.68%	42.91%	42.40%	39.13%	21.19%	22.19%	19.28%	18.95%	14.05%	13.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.47	$0.44	$0.24	($0.01)	$0.83	$0.73	$0.91	$0.92	$0.72	$1.22	$0.97
Adjusted Weighted Average Basic Shares Outstanding	94M	95M	91M	91M	91M	91M	90M	90M	89M	89M	85M
Adjusted Diluted Earnings per Share	$3.42	$0.49	$0.23	($0.01)	$0.81	$0.72	$0.88	$0.90	$0.71	$1.19	$0.94
Adjusted Weighted Average Diluted Shares Outstanding	96M	95M	93M	91M	92M	93M	92M	92M	91M	91M	87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	93.67M	91.00M	91.12M	91.36M	90.05M	89.83M	90.14M	88.72M	88.31M	84.47M	84.38M
Normalized Net Operating Profit after Tax (NOPAT)	97	112	85	101	140	127	140	159	154	153	148
Normalized NOPAT Margin	14.92%	16.46%	12.64%	13.79%	19.09%	16.45%	18.55%	19.40%	18.86%	19.20%	19.17%
Pre Tax Income Margin	3.70%	3.81%	3.88%	2.74%	12.86%	8.44%	13.23%	13.20%	9.91%	16.56%	13.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.35	1.36	1.35	1.26	2.01	1.83	2.33	2.44	2.08	2.89	2.52
NOPAT to Interest Expense	1.09	1.08	1.41	0.36	1.35	2.09	1.80	1.77	1.68	1.98	1.92
EBIT Less CapEx to Interest Expense	0.50	0.56	0.64	0.50	1.26	1.06	1.45	1.28	1.13	1.89	1.64
NOPAT Less CapEx to Interest Expense	0.24	0.29	0.71	-0.39	0.59	1.32	0.92	0.61	0.73	0.98	1.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	5.88%	11.96%	11.55%	65.27%	242.38%	107.22%	77.45%	107.37%	90.20%	137.50%	179.46%

Frequently Asked Questions About Light & Wonder's Financials

When does Light & Wonder's financial year end?

According to the most recent income statement we have on file, Light & Wonder's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Light & Wonder's net income changed over the last 9 years?

Light & Wonder's net income appears to be on an upward trend, with a most recent value of $336 million in 2024, rising from $0.00 in 2015. The previous period was $180 million in 2023. See where experts think Light & Wonder is headed by visiting Light & Wonder's forecast page.

What is Light & Wonder's operating income?

Light & Wonder's total operating income in 2024 was $668 million, based on the following breakdown:

Total Gross Profit: $2.26 billion
Total Operating Expenses: $1.59 billion

How has Light & Wonder's revenue changed over the last 9 years?

Over the last 9 years, Light & Wonder's total revenue changed from $0.00 in 2015 to $3.19 billion in 2024, a change of 318,800,000,000.0%.

How much debt does Light & Wonder have?

Light & Wonder's total liabilities were at $4.79 billion at the end of 2024, a 0.0% decrease from 2023, and a 48.1% decrease since 2015.

How much cash does Light & Wonder have?

In the past 9 years, Light & Wonder's cash and equivalents has ranged from $0.00 in 2016 to $928 million in 2020, and is currently $196 million as of their latest financial filing in 2024.

How has Light & Wonder's book value per share changed over the last 9 years?

Over the last 9 years, Light & Wonder's book value per share changed from -17.34 in 2015 to 7.20 in 2024, a change of -141.5%.

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This page (NASDAQ:LNW) was last updated on 6/16/2025 by MarketBeat.com Staff

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Light & Wonder (LNW) Financials

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Light & Wonder (LNW) Financials

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