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BRSL

Brightstar Lottery

BRSL

Brightstar Lottery • NYSE
$15.64 ▼ -0.06% (-0.01)
Market Cap $3.15 B
52w High $20.31
52w Low $13.81
Dividend Yield 0.88%
P/E 173.78
Volume 1.44M
Outstanding Shares 201.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $629M ▼ $84M ▼ $117M ▲ 18.601% ▲ $0.28 ▲ $225M ▲
Q2-2025 $630M ▲ $135M ▲ $-58M ▼ -9.206% ▼ $-0.29 ▼ $146M ▼
Q1-2025 $583M ▼ $118M ▲ $27M ▼ 4.631% ▼ $0.13 ▼ $207M ▼
Q4-2024 $652M ▲ $107M ▼ $218M ▲ 33.436% ▲ $1.08 ▲ $355M ▲
Q3-2024 $586M $152M $7M 1.195% $0.04 $173M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.696B ▲ $9.288B ▼ $7.934B ▼ $871M ▼
Q2-2025 $1.309B ▲ $11.238B ▲ $9.226B ▲ $1.531B ▼
Q1-2025 $631M ▲ $10.34B ▲ $8.345B ▲ $1.642B ▼
Q4-2024 $584M ▲ $10.278B ▲ $8.217B ▼ $1.652B ▲
Q3-2024 $501M $10.252B $8.358B $1.482B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $56M ▲ $-462.556M ▼ $4.057B ▲ $-3.405B ▼ $295M ▼ $-531.838M ▼
Q2-2025 $-96M ▼ $330.604M ▲ $-17.977M ▲ $397.846M ▲ $662M ▲ $225.891M ▲
Q1-2025 $8M ▼ $224M ▼ $-116M ▼ $-79M ▲ $48M ▼ $148M ▼
Q4-2024 $115M ▲ $306M ▲ $-87M ▲ $-81M ▼ $101M ▼ $261M ▲
Q3-2024 $-58M $261M $-90M $-72M $116M $231M

Five-Year Company Overview

Income Statement

Income Statement Brightstar’s income statement shows a business that is consistently profitable but growing more through efficiency than through expansion. Revenue has drifted down from earlier levels and then flattened out, suggesting a mature, contract-driven business with limited recent top‑line growth. Despite that, operating profits and cash-style earnings have held up well, which points to tight cost control and good underlying margins. Net profit dipped in the middle of the period and then recovered, ending the most recent year noticeably stronger than the prior year but still below the peak. Earnings per share have moved around, but the latest year looks meaningfully better, likely helped by both higher profit and changes in share count after the carve‑out. Overall, the income statement tells a story of a stable, high-margin operator that has managed profitability well in the face of softer revenue, but still needs stronger revenue momentum over time to reduce reliance on cost discipline alone.

Balance Sheet

Balance Sheet The balance sheet looks like that of a capital‑light but fairly leveraged technology and services provider. Total assets have been broadly stable, with no sign of aggressive expansion or heavy asset build‑up. Cash levels are steady but not especially large, so the company does not appear to be sitting on an oversized cash cushion. Debt is substantial but has been coming down each year, while shareholder equity has been slowly building. That combination means leverage is still notable but clearly moving in the right direction. The trend points to gradual strengthening of the financial foundation, though the business remains sensitive to borrowing costs and credit conditions. In short, the balance sheet shows a solid but still debt‑heavy company that has been deliberately de‑risking over time.

Cash Flow

Cash Flow Cash flow is one of Brightstar’s clear strengths. Operating cash generation has been consistently healthy and very stable from year to year, indicating that reported profits are well backed by real cash. Capital spending needs are modest, reflecting a technology and services model rather than a heavy bricks‑and‑mortar footprint. Free cash flow after investment has remained comfortably positive throughout the period and has inched higher. This gives the company room to continue paying down debt, support product development, and absorb temporary swings in earnings. Overall, cash flows paint the picture of a dependable cash engine, which helps offset concerns about leverage and modest revenue growth.

Competitive Edge

Competitive Edge Brightstar operates from a position of clear strength within the global lottery ecosystem. It is a focused, pure‑play lottery specialist with a large international footprint and deep relationships with government‑run lotteries. Long‑term, often exclusive contracts with lottery authorities create a stable revenue base and high switching costs, as replacing a core lottery system is complex, risky, and politically sensitive. Regulation and licensing requirements form a natural barrier to entry, favoring established providers with a long track record of security, compliance, and integrity. Brightstar’s role as a key technology partner to many of the world’s largest lotteries adds to its credibility and bargaining power. The flip side is concentration risk: dependence on a limited number of regulated customers and on contract renewals. Changes in regulation, public attitudes towards gambling, or government procurement decisions can have outsized effects. Competition from other major vendors and from broader digital entertainment options also remains a structural challenge. Netting it out, Brightstar’s moat is strong and rooted in trust, scale, and regulation, but it must continuously defend its positions at contract renewal and adapt to changing social and regulatory expectations.

Innovation and R&D

Innovation and R&D Innovation is a central part of Brightstar’s strategy and a key support for its competitive moat. The company has built an integrated technology stack, with platforms like OMNIA that connect retail terminals, self‑service machines, and online play into a single ecosystem. This “one brain, many channels” approach makes it easier for lottery authorities to run complex operations and for players to move smoothly between physical and digital experiences. On the retail side, Brightstar continues to update terminals, vending machines, and in‑lane solutions to fit into modern stores with minimal disruption. On the digital side, it operates a scalable cloud‑based iLottery platform and a large catalog of instant‑win and draw games, supported by engagement tools such as loyalty programs and second‑chance draws. The company is also leaning into data and AI to personalize offers, optimize game portfolios, and improve operations. Its “Connected Play” concept—linking paper tickets, mobile apps, and digital content—aims to keep lottery relevant in a smartphone‑centric world. The opportunity is to ride the global shift toward digital and omnichannel lottery. The risks lie in execution, cybersecurity, and ensuring that advanced data use remains acceptable to regulators and the public, especially given the sensitivity around gambling and responsible play.

Summary

Brightstar Lottery looks like a mature, high‑margin lottery technology provider with a strong position in a specialized, regulated niche. Financially, it combines stable profits with very reliable cash flows. Revenue has softened from earlier highs and then flattened, but management appears to have protected margins through cost discipline and operational efficiency. The balance sheet is still debt‑heavy, yet leverage has been trending down and equity has been building, signaling gradual de‑risking. Strategically, the company benefits from long‑standing government relationships, multi‑year contracts, and high regulatory barriers, all of which underpin a durable competitive moat. Its broad offerings—spanning retail systems, instant tickets, digital platforms, and managed services—create stickiness and cross‑selling opportunities. Innovation efforts in omnichannel play, cloud‑based iLottery, advanced retail equipment, and AI‑driven personalization position Brightstar to capture growth as lotteries modernize and move further online. At the same time, it remains exposed to regulatory decisions, social attitudes toward gambling, contract renewal risk, and ongoing competition for major lottery accounts. Overall, Brightstar appears to be a steady cash generator with a strong strategic position, using technology and innovation to defend and gradually expand its role in a tightly regulated global lottery market, while working down a still‑meaningful debt load.

NEWS

November 24, 2025 · 4:31 PM UTC

Brightstar Lottery Enhances Retail Lottery Experience in Malaysia with Delivery of 1,200 New Terminals

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November 19, 2025 · 6:45 AM UTC

Brightstar Lottery Reaffirms Sustainability Commitment in Its 2024 Sustainability Report

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November 18, 2025 · 6:45 AM UTC

Brightstar Lottery Signs Nine-Year Agreement to Continue Operation of Italy Lotto

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November 13, 2025 · 6:45 AM UTC

Brightstar Lottery to Deliver Premier Instant Ticket Games for SAZKA in the Czech Republic

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November 12, 2025 · 6:45 AM UTC

Brightstar Lottery Signs 2-Year Contract Extension with The Texas Lottery

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