Light & Wonder, Inc. (LNWO) Fair Value & Analysis
Consumer Cyclical · US · Market cap $7.2B
Light & Wonder, Inc.
LNWO · US
Strengths
Risks
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 13 days ago
Fair value updated Aug 13, 2026, revised from $70.17 to $77.19 (+10.0%) since Jul 18, 2026. Share price +17.7% over the past month.
A solid business, but trading 18% above our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide ($37.21 to $106.20). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $41.14 – $122.55 · fair‑value band $37.21 – $106.20 · the $91.40 price screens above the $77.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Light & Wonder, Inc. (LNWO) currently trades at $91.40, while our model-based Fair Value estimate is $77.19, implying the stock looks roughly 15.6% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Light & Wonder, Inc. generated revenue of $3.3B at a net margin of 7.4%. Revenue grew 2.1% year over year. It earns a return on equity of 52.9%. Net debt stands at $5.1B. Fundamentals as of Aug 13, 2026
Our scenario range runs from $37.21 (bear case) to $106.20 (bull case); at $91.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -10% fair-value upside, at -16%, LNWO screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Growth Earnings ($81.69) versus Dividend Discount ($0.9100). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 46
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Light & Wonder, Inc. operates as a cross-platform games company in the United States and internationally. It operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals and video lottery terminals, including conversion kits and spare parts.
Full company description
Light & Wonder, Inc. operates as a cross-platform games company in the United States and internationally. It operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals and video lottery terminals, including conversion kits and spare parts. This segment also leases or provides gaming content, gaming machines, and server-based system; electronic pull-tabs and related services to charitable gaming entities; sells and supports casino-management system based software and hardware; licenses proprietary table games content; and supplies Shufflers and other table product utilities to commercial, tribal, and governmental gaming operators. The SciPlay segment develops, markets, and operates a portfolio of social games on various online platforms. The iGaming segment provides a suite of digital gaming content, distribution platforms, player account management systems, and other iGaming content and services. This segment also offers the Open Platform System, which offers a range of reporting and administrative functions and tools providing operators full control over various areas of digital gaming operations. It also supplies, maintains, and sells table game products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment; and sells virtual coins, chips, or bingo cards, which players can use to play casino-style slot games, table games, and bingo games. Light & Wonder, Inc. was incorporated in 1984 and is headquartered in Las Vegas, Nevada.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Light & Wonder, Inc. reported revenue of $3.3B in FY2025 versus $2.2B in FY2021, a compound +11.4%/yr. Reported net income was $276M in FY2025, compounding −7.1%/yr from FY2021.
LNWO screens 16% overvalued. Compare with Flutter Entertainment plc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Light & Wonder (LNWO) Q2 Earnings Surpass Estimates
- How The Light & Wonder (LNWO) Narrative Is Shifting As Analysts Rework Valuation Assumptions
- Light & Wonder (LNWO) Q1 Earnings and Revenues Lag Estimates
- Light & Wonder (LNWO) Surges 5.0%: Is This an Indication of Further Gains?
Peer Group
Gambling · 55 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Gambling median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Gambling stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Flutter Entertainment plc FLUT | $98.08 | $88.33 | -10% |
| Evolution AB EVO | kr 737.20 | kr 973.92 | +32% |
| The Lottery Corporation TLC | A$5.36 | A$2.99 | -44% |
| Rush Street Interactive, Inc RSI | $26.05 | $3.10 | -88% |
| Super Group SGHC | $13.95 | $9.39 | -33% |
| Lottomatica Group LTMC | €24.25 | €16.45 | -32% |
| Churchill Downs Incorporated CHDN | $88.53 | $88.74 | +0% |
| FDJ United FDJ | €22.33 | €20.97 | -6% |
| Brightstar Lottery PLC BRSL | $11.31 | $17.61 | +56% |
| Tabcorp Holdings TAH | A$0.8900 | A$0.6000 | -33% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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