Recent News
On February 19, 2026 bwin launched a new German advertising campaign focused on sponsorships with German football clubs and the national team, rolling creative across TV and digital channels. On March 5, 2026 Entain’s full-year materials highlighted a bwin brand revitalisation and a 2026 roll-out across sports and markets, indicating continued marketing investment and brand prioritisation.
Technical Analysis
ADX at 14.68 signals no dominant trend; absence of a strong directional trend reduces conviction in large, persistent price moves and elevates the relevance of short-term signals for swing traders.
Directional indicators show DI+ at 22.33 with a decreasing trend, a bearish signal for directional strength; DI- at 18.89 registered a peak-and-reversal pattern, which implies a recent pullback in downside pressure and therefore a bullish turn for DI-. The mixed DI picture suggests short-term tugging forces rather than a clean trend.
MACD sits at 0.33 with the MACD signal at 0.24 and the MACD trend labeled dip & reversal; MACD recently crossed above its signal line, an explicitly bullish momentum signal that supports near-term upside attempts in price.
MRO equals 25.88 and shows an increasing trend. Because the MRO reads positive, price sits above the WMDST target and carries downward pressure from mean-reversion; the combination of a rising MRO and its positive reading suggests the current premium to target could compress if fundamentals fail to catch up.
RSI at 49.47 lies near neutral and displays a dip & reversal pattern; the indicator therefore supports the view of rebuilding short-term buying pressure without overbought extremes.
Price sits above short-term averages—price close $22.13 above the 20-day average $21.68 and the 50-day average $20.50—but below the 200-day average $27.86. The 12-day EMA (price12dayEMA $21.72) shows a dip & reversal, reinforcing short-term bullish momentum while the longer-term average keeps a ceiling on sustained upside.
Bollinger bands place current price near the 1x upper band (upper ~ $22.17), consistent with a short-term bounce that may face resistance around the 200-day average; volatility readings remain muted (42-day 5%, 52-week 4%), so directional moves could remain range-limited until trend strength increases.
Fundamental Analysis
Total revenue registered at $342,897,000. YoY revenue growth reads 44.91% while QoQ revenue growth registers 73.93%; however the reported overall revenue growth figure shows -5.44% (different look-backs), so rely on the explicit YoY and QoQ breakouts for near-term top-line momentum.
Profitability remains negative: EBIT equals -$15,727,000 and EBITDA equals $24,943,000. Operating (EBIT) margin totals -4.59%; that margin sits well below the industry peer mean of 13.52% and the industry peer median of 11.62%, though above the industry peer low of -8.38%. Operating margin contracted QoQ by -420.10% and declined YoY by -46.44% (reported margin change figures), underscoring margin pressure despite revenue gains.
Net income totaled -$25,861,000 and EPS actual arrived at -$0.37 versus an estimate of -$0.25, producing an EPS surprise of -48% (EPS difference -$0.12). Forward EPS sits at $0.6363 with a forward PE of 40.94, indicating analyst-modelled recovery expectations relative to current negative trailing profitability.
Leverage and liquidity show constraints: total debt $1,770,442,000 with net debt $1,571,034,000 against market cap $1,600,047,138 and enterprise value $3,246,820,138; debt-to-equity equals 2.95x and debt-to-EBITDA reads roughly 70.98x, both indicating high leverage relative to earnings. Cash and short-term investments total $123,669,000 and the cash ratio equals 11.98%; operating cash flow realized $10,269,000 while free cash flow equals -$84,000, signaling limited free-cash generation at present.
Key efficiency and capital metrics: asset turnover 0.0896 (low asset productivity versus the industry peer mean of 0.2342), book value per share $8.36, and return on equity -4.31%. Enterprise multiple registers 130.17, reflecting a sizable premium embedded in enterprise value versus current operating performance.
Valuation summary: WMDST values the stock as over-valued. The valuation gap stems from negative margins, elevated leverage, negligible free cash flow, and an enterprise multiple that outpaces the company’s current profitability profile, even while forward EPS and strong QoQ/YoY revenue growth suggest a potential earnings trajectory improvement.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 325.9 M |
| Operating Cash Flow | $ 10.3 M | |
| Capital Expenditures | $ -10.35 M | |
| Change In Working Capital | $ -4.54 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 21.0 M | |
| End Period Cash Flow | $ 346.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 342.9 M | |
| Forward Revenue | $ -151.39 M | |
| COSTS | ||
| Cost Of Revenue | $ 252.2 M | |
| Depreciation | $ 1.6 M | |
| Depreciation and Amortization | $ 40.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 358.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 90.7 M | |
| EBITDA | $ 24.9 M | |
| EBIT | $ -15.73 M | |
| Operating Income | $ -15.73 M | |
| Interest Income | $ -29.00 M | |
| Interest Expense | — | |
| Net Interest Income | $ -29.00 M | |
| Income Before Tax | $ -42.63 M | |
| Tax Provision | $ 1.0 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -25.86 M | |
| Net Income From Continuing Operations | $ -43.67 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.25 | |
| EPS Actual | $ -0.37 | |
| EPS Difference | $ -0.12 | |
| EPS Surprise | -48.0 % | |
| Forward EPS | $ 0.64 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.9 B | |
| Intangible Assets | $ 2.5 B | |
| Net Tangible Assets | $ -1.90 B | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 123.7 M | |
| Cash | $ 123.7 M | |
| Net Receivables | $ 342.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 82.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 771.2 M | |
| Short-Term Debt | $ 21.6 M | |
| Total Current Liabilities | $ 1.0 B | |
| Net Debt | $ 1.6 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 2.8 B | |
| EQUITY | ||
| Total Equity | $ 600.2 M | |
| Retained Earnings | $ -245.24 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.36 | |
| Shares Outstanding | 71.780 M | |
| Revenue Per-Share | $ 4.78 | |
| VALUATION | Market Capitalization | $ 1.6 B |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | 130.17 | |
| Enterprise Multiple QoQ | 30.465 % | |
| Enterprise Multiple YoY | -98.754 % | |
| Enterprise Multiple IPRWA | BWIN: 130.17 high: 123.675 median: 91.512 mean: 87.879 low: -2.827 |
|
| EV/R | 9.469 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.435 | |
| Asset To Liability | 1.39 | |
| Debt To Capital | 0.747 | |
| Debt To Assets | 0.458 | |
| Debt To Assets QoQ | 0.0 % | |
| Debt To Assets YoY | 932.2 % | |
| Debt To Assets IPRWA | high: 1.609 mean: 0.65 median: 0.62 BWIN: 0.458 low: 0.019 |
|
| Debt To Equity | 2.95 | |
| Debt To Equity QoQ | 5.099 % | |
| Debt To Equity YoY | 995.843 % | |
| Debt To Equity IPRWA | high: 12.912 BWIN: 2.95 mean: -0.781 median: -1.801 low: -8.585 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.666 | |
| Price To Book QoQ | -20.041 % | |
| Price To Book YoY | -45.102 % | |
| Price To Book IPRWA | high: 26.123 BWIN: 2.666 mean: -2.853 median: -5.751 low: -26.316 |
|
| Price To Earnings (P/E) | 71.907 | |
| Price To Earnings QoQ | -22.945 % | |
| Price To Earnings YoY | -53.397 % | |
| Price To Earnings IPRWA | high: 247.068 mean: 139.555 median: 109.671 BWIN: 71.907 low: -244.749 |
|
| PE/G Ratio | -0.328 | |
| Price To Sales (P/S) | 4.666 | |
| Price To Sales QoQ | -18.101 % | |
| Price To Sales YoY | -46.708 % | |
| Price To Sales IPRWA | high: 27.836 mean: 14.576 median: 12.243 BWIN: 4.666 low: 0.273 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 40.942 | |
| Forward PE/G | -0.187 | |
| Forward P/S | -10.47 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 74.066 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.09 | |
| Asset Turnover Ratio QoQ | -6.959 % | |
| Asset Turnover Ratio YoY | -2.045 % | |
| Asset Turnover Ratio IPRWA | high: 0.603 median: 0.242 mean: 0.234 BWIN: 0.09 low: 0.063 |
|
| Receivables Turnover | 0.996 | |
| Receivables Turnover Ratio QoQ | -4.407 % | |
| Receivables Turnover Ratio YoY | 109.108 % | |
| Receivables Turnover Ratio IPRWA | high: 47.268 mean: 9.671 median: 7.943 low: 1.083 BWIN: 0.996 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 91.624 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -49.183 | |
| Cash Conversion Cycle Days QoQ | -177.166 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 84.283 median: 16.201 mean: 9.941 BWIN: -49.183 low: -80.186 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.054 | |
| CapEx To Revenue | -0.03 | |
| CapEx To Depreciation | -6.313 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ -1.90 B | |
| Net Working Capital | $ 167.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.12 | |
| Current Ratio | 1.162 | |
| Current Ratio QoQ | 0.783 % | |
| Current Ratio YoY | 19.554 % | |
| Current Ratio IPRWA | high: 2.73 BWIN: 1.162 median: 1.047 mean: 0.964 low: 0.36 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 70.98 | |
| Cost Of Debt | 1.42 % | |
| Interest Coverage Ratio | -0.499 | |
| Interest Coverage Ratio QoQ | -402.671 % | |
| Interest Coverage Ratio YoY | -43.222 % | |
| Interest Coverage Ratio IPRWA | high: 16.489 mean: 4.979 median: 4.298 BWIN: -0.499 low: -8.807 |
|
| Operating Cash Flow Ratio | 0.699 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 140.807 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.804 % | |
| Revenue Growth | -5.437 % | |
| Revenue Growth QoQ | 73.928 % | |
| Revenue Growth YoY | 44.909 % | |
| Revenue Growth IPRWA | high: 27.02 % median: 1.758 % mean: -0.854 % BWIN: -5.437 % low: -32.161 % |
|
| Earnings Growth | -219.355 % | |
| Earnings Growth QoQ | 737.553 % | |
| Earnings Growth YoY | 1106.44 % | |
| Earnings Growth IPRWA | high: 366.667 % mean: 42.473 % median: -3.106 % BWIN: -219.355 % low: -360.784 % |
|
| MARGINS | ||
| Gross Margin | 26.45 % | |
| Gross Margin QoQ | 6.016 % | |
| Gross Margin YoY | 90.178 % | |
| Gross Margin IPRWA | high: 82.469 % mean: 33.113 % BWIN: 26.45 % median: 23.421 % low: -4.539 % |
|
| EBIT Margin | -4.587 % | |
| EBIT Margin QoQ | -420.098 % | |
| EBIT Margin YoY | -46.439 % | |
| EBIT Margin IPRWA | high: 34.806 % mean: 13.522 % median: 11.624 % BWIN: -4.587 % low: -8.383 % |
|
| Return On Sales (ROS) | -4.587 % | |
| Return On Sales QoQ | -420.098 % | |
| Return On Sales YoY | -46.439 % | |
| Return On Sales IPRWA | high: 40.032 % mean: 14.096 % median: 11.631 % BWIN: -4.587 % low: -7.947 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -84.00 K | |
| Free Cash Flow Yield | 0.0 % | |
| Free Cash Flow Yield QoQ | -100.0 % | |
| Free Cash Flow Yield YoY | -100.0 % | |
| Free Cash Flow Yield IPRWA | high: 7.195 % mean: 0.941 % median: 0.802 % BWIN: 0.0 % low: -4.042 % |
|
| Free Cash Growth | -100.261 % | |
| Free Cash Growth QoQ | -53.243 % | |
| Free Cash Growth YoY | -34.502 % | |
| Free Cash Growth IPRWA | high: 149.518 % median: -31.246 % mean: -32.591 % BWIN: -100.261 % low: -365.169 % |
|
| Free Cash To Net Income | 0.003 | |
| Cash Flow Margin | 210.458 % | |
| Cash Flow To Earnings | -27.905 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.676 % | |
| Return On Assets QoQ | 36.016 % | |
| Return On Assets YoY | 18.596 % | |
| Return On Assets IPRWA | high: 6.953 % mean: 1.931 % median: 1.607 % BWIN: -0.676 % low: -1.777 % |
|
| Return On Capital Employed (ROCE) | -0.556 % | |
| Return On Equity (ROE) | -0.043 | |
| Return On Equity QoQ | 42.588 % | |
| Return On Equity YoY | 24.646 % | |
| Return On Equity IPRWA | high: 0.351 mean: -0.004 median: -0.035 BWIN: -0.043 low: -0.202 |
|
| DuPont ROE | -4.24 % | |
| Return On Invested Capital (ROIC) | -0.541 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -99.825 % | |
| Return On Invested Capital IPRWA | high: 18.398 % mean: 6.466 % median: 5.862 % BWIN: -0.541 % low: -5.359 % |
|