Accel Entertainment
Accel Entertainment's revenue rose 8.1% to $1.3 billion in fiscal 2025. Its operating margin was 8.1%, up from 7.4% a year earlier. Free cash flow was $62 million, up 13.4%. It paid out $40 million in dividends and buybacks, 64% of free cash flow. The diluted share count rose 1.6%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Accel Entertainment does
Accel Entertainment places and runs gaming terminals, games of chance and games of skill, in local businesses such as bars, restaurants, convenience stores, truck stops, and fraternal and veteran clubs. It owns and services the machines, handles cash collection, and offers extras such as ATMs, jukeboxes, dartboards and pool tables.
It works under long-term, exclusive contracts with these location partners and earns revenue from the gaming its terminals produce in their venues. It operates in Illinois, Montana, Nevada, Nebraska, Georgia, Louisiana, Iowa and Pennsylvania, with each state's own rules on how many terminals a venue may hold. Accel also designs and manufactures gaming terminals and related equipment through Grand Vision Gaming.
It also owns Fairmount Park, a casino and horse racing track in Collinsville, Illinois, where the casino opened in April 2025. As of December 31, 2025, it employed over 1,600 people across the country.
Its biggest risks, as it describes them
- Gaming rules, licenses and taxes that vary by state and can change, including efforts to limit legal gaming.
- Its debt, which could limit cash flow and its freedom to finance new contracts.
- Loss of location partners or failure to win new ones under its exclusive contracts.
- Product defects or claims linked to the machines it supplies to its location partners.
- Two large holders, Clairvest and the Rubenstein family, can influence matters put to stockholders.
Income statement
From fiscal 2017 to 2025, earnings per share grew 20.0% a year and net income 25.6% a year, as new shares raised the share count by 45% and diluted each share's earnings.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 231 | 256 | 262 | 281 | 297 |
| Debt incl. finance leases | 342 | 542 | 544 | 597 | 608 |
| Net debt (negative means net cash) | 111 | 286 | 282 | 315 | 312 |
| Net debt to EBITDA | 1.2x | 2.3x | 1.9x | 2.3x | 1.9x |
| Debt to equity | 2.2x | 3.0x | 2.7x | 2.3x | 2.3x |
| Interest coverage | 7.3x | 4.9x | 3.5x | 2.8x | 3.4x |
| Current ratio | 3.5x | 3.3x | 2.9x | 2.8x | 2.6x |
| Quick ratio | 3.5x | 3.2x | 2.8x | 2.7x | 2.5x |
Cash flow
Projections
Project Accel Entertainment's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Accel Entertainment reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | 5 of 8 | 5 of 8 | 5 of 8 |
| Rule of 40 | 25.0% | 9.6% | 12.8% |
| Altman Z'' | 2.90 | 2.64 | 2.80 |
| Accruals ratio | −9.8% | −8.8% | −9.2% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Pass | Pass |
| Current ratio rose | Fail | Fail | Fail |
| Share count didn't rise | Pass | Pass | Fail |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Fail | Fail | Fail |
| F-score | 5 of 8 | 5 of 8 | 5 of 8 |
Compare
Put Accel Entertainment side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Accel Entertainment | FY25 | 8.1% | 8.1% | 4.7% | 13.3% | 1.9x | 5 | |
| Rush Street Interactive | FY25 | 22.8% | 7.7% | 14.5% | — | — | — | Compare |
| Red Rock Resorts | FY25 | 3.7% | 29.7% | 14.4% | 14.7% | 4.1x | 7 | Compare |
| Churchill Downs | FY25 | 7.0% | 23.4% | 23.9% | 8.4% | 5.4x | 6 | Compare |
| Monarch Casino & Resort | FY25 | 4.4% | — | 23.6% | — | — | — | Compare |
9 years of figures
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | 248 | 0 | 429 | 316 | 735 | 970 | 1,170 | 1,231 | 1,331 |
| Revenue growth | — | −100.0% | — | −26.2% | 132.2% | 32.0% | 20.7% | 5.2% | 8.1% |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — |
| Operating income | 18 | 25 | 13 | −25 | 70 | 97 | 107 | 91 | 108 |
| Net income | 8 | 11 | −37 | −0 | 32 | 74 | 46 | 35 | 52 |
| Diluted EPS (US$) | 0.14 | 0.17 | −0.59 | −0.02 | 0.33 | 0.81 | 0.53 | 0.41 | 0.60 |
| Diluted shares (millions) | 59 | 62 | 62 | 83 | 95 | 91 | 87 | 85 | 86 |
| Cash flow | |||||||||
| Cash from operations | 33 | 44 | 46 | −4 | 111 | 108 | 132 | 121 | 151 |
| Capital expenditure | 24 | 23 | 21 | 26 | 30 | 47 | 82 | 66 | 89 |
| Free cash flow | 9 | 21 | 25 | −29 | 81 | 61 | 51 | 55 | 62 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 3 | 0 | 0 | 9 | 79 | 30 | 26 | 40 |
| Acquisitions | 45 | 51 | 101 | 36 | 6 | 144 | 7 | 54 | 5 |
| Stock-based compensation | 1 | 0 | 2 | 6 | 6 | 7 | 9 | 12 | 12 |
| Balance sheet at fiscal year end | |||||||||
| Cash and short-term investments | 0 | 92 | 136 | 134 | 231 | 256 | 262 | 281 | 297 |
| Debt incl. finance leases | — | 231 | 350 | 340 | 342 | 542 | 544 | 597 | 608 |
| Total assets | 450 | 335 | 509 | 560 | 616 | 863 | 913 | 1,048 | 1,103 |
| Total liabilities | 16 | 16 | 552 | 432 | 458 | 684 | 714 | 793 | 834 |
| Shareholders' equity | 44 | 57 | −43 | 128 | 158 | 179 | 198 | 255 | 270 |
| Margins and ratios | |||||||||
| Gross margin | — | — | — | — | — | — | — | — | — |
| Operating margin | 7.3% | — | 3.1% | −7.8% | 9.6% | 10.0% | 9.2% | 7.4% | 8.1% |
| Net margin | 3.4% | — | −8.6% | −0.1% | 4.3% | 7.6% | 3.9% | 2.9% | 3.9% |
| Free cash flow margin | 3.8% | — | 5.8% | −9.3% | 11.0% | 6.2% | 4.3% | 4.4% | 4.7% |
| Rule of 40 (growth + FCF margin) | — | — | — | −35.5% | 143.3% | 38.2% | 25.0% | 9.6% | 12.8% |
| Return on capital | — | — | 5.8% | −7.7% | 15.8% | 20.6% | 15.8% | 11.4% | 13.3% |
| Return on equity | — | 21.2% | — | −1.0% | 22.0% | 44.0% | 24.2% | 15.6% | 19.6% |
| Return on assets | — | 2.8% | −8.7% | −0.1% | 5.4% | 10.0% | 5.1% | 3.6% | 4.8% |
| Net debt to EBITDA | — | 3.0x | 5.4x | — | 1.2x | 2.3x | 1.9x | 2.3x | 1.9x |