Dave & Buster's

PLAY · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

PLAY · Last close · October 26, 2026

$7.07

Dave & Buster's revenue fell 1.4% to $2.1 billion in fiscal 2025. Its operating margin was 4.1%, down from 10.3% a year earlier. Free cash flow was −$101 million. It paid out $24 million in dividends and buybacks. The diluted share count fell 13.3%.

Dave & Buster’s Entertainment, Inc. Latest fiscal year ended February 3, 2026 10-K filed March 31, 2026 · 0001525769-26-000008 Updated October 11, 2026

Revenue

$2.1B

1.4%

Operating margin

4.1%

6.2 pts

Net income

−$49M

$58M a year earlier

Free cash flow

−$101M

Return on capital

4.1%

7.3 pts

Market cap

$246M

Oct 26 close

P/E

—

Loss: no P/E

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.

About these figures. Dave & Buster's shareholders' equity fell to a small fraction of its assets in fiscal 2025, so return on equity is left blank that year.

What Dave & Buster's does

Dave & Buster's owns and runs 243 entertainment and dining venues in North America under two brands. As of February 3, 2026 it had 179 Dave & Buster's stores in 43 states, Puerto Rico and Canada, which combine a full food and drink menu, arcade games and sports viewing. It also had 64 Main Event stores in 22 states, which offer food and drinks along with bowling, laser tag, arcade games and virtual reality. Outside North America it is a franchisor, with four franchised Dave & Buster's locations open.

Game play is a core part of the business. Customers buy game cards or credits at kiosks, through the mobile app or from staff. Entertainment revenue made up about 62.9% of total revenue in fiscal 2025, with the rest from other sources. Dave & Buster's stores average about 125 games and Main Event stores about 112.

It leases space for its stores under long-term leases, and the company has substantial debt. In fiscal 2024 it moved its year-end from Sunday to Tuesday to avoid ending periods on its busier weekends.

Its biggest risks, as it describes them

Failing to carry out its strategy, including growing sales at existing stores.
Changes in consumer tastes and spending, and competition from other entertainment and restaurant options.
Its substantial debt and loan terms that limit what it can do.
Long-term, non-cancelable store leases.
The cost of opening new stores and the chance of writing down the value of its assets.

From Dave & Buster's's annual report on Form 10-K, filed March 31, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 4.4% a year and net income 5.4% a year, while buybacks cut the share count by 8%. Dave & Buster's then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Dave & Buster's yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Dave & Buster's says to expect

Rest of fiscal 2026: store remodelsThe Company expects to complete two additional Dave & Buster’s store remodels during the remainder of fiscal 2026, bringing the total number of remodels completed in fiscal 2026 to eight.
Rest of fiscal 2026: international franchise storesThe Company has six international franchise stores and expects to open at least one additional international franchise store during the remainder of fiscal 2026.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 14, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Dave & Buster's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Dave & Buster's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was negative) of $11M, net cash of −$1.6B at February 3, 2026 and 35 million diluted shares, from its filings. The scenarios are fitted to Dave & Buster's: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Restaurants), plus 1 point as a smaller company, worth $246M, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Dave & Buster's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at February 3, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Dave & Buster's's own revenue growth, as above. Cautious: growth of 0.5% then 1% a year, 2% after year 10, a 12% discount rate. Base: growth of 2.5% then 2.5% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 4.5% then 4% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $7.07
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Dave & Buster's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	26	182	37	7	17
Debt incl. finance leases	440	1,288	1,338	1,524	1,586
Net debt (negative means net cash)	414	1,106	1,300	1,517	1,569
Net debt to EBITDA	1.3x	2.6x	2.5x	3.3x	4.3x
Debt to equity	1.6x	3.1x	5.3x	—	—
Interest coverage	3.5x	3.0x	2.4x	1.6x	0.6x
Current ratio	0.5x	0.7x	0.3x	0.2x	0.3x
Quick ratio	0.3x	0.6x	0.2x	0.1x	0.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $122,033 of Dave & Buster's shares on the open market, and 1 insider sold $102,668.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 28, 2026	Cory HattonInterim CFO	Bought	4,000	$6.50	$26,000	Form 4
Sep 17, 2026	Nathaniel LipmanDirector	Bought	12,000	$6.78	$81,360	Form 4
Apr 17, 2026	Steve KlohnSVP Chief Information Officer	Sold	6,989	$14.69	$102,668	Form 4
Jan 16, 2026	Rodolfo Rodriguez JrSVP, Chief Legal Officer	Bought	730	$20.10	$14,673	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	6 of 9	5 of 9	6 of 9
Accruals ratio	−6.3%	−6.5%	−8.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Dave & Buster's 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
Dave & Buster's	FY25	−1.4%	4.1%	−4.8%	4.1%	4.3x	6
Papa John's	FY25	−0.3%	4.3%	3.0%	19.3%	4.0x	4	Compare
Wendy's	FY25	−3.1%	15.8%	11.2%	7.8%	6.3x	4	Compare
Dutch Bros	FY25	27.9%	9.8%	3.3%	11.9%	1.3x	5	Compare
Shake Shack	FY25	15.4%	4.3%	3.9%	9.6%	−0.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,005	1,140	1,265	1,355	436	1,304	1,964	2,205	2,133	2,103
Revenue growth	15.9%	13.4%	11.0%	7.1%	−67.8%	198.7%	50.6%	12.3%	−3.3%	−1.4%
Gross profit	825	943	1,045	1,121	362	1,099	1,641	1,852	1,818	1,802
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	150	166	161	148	−253	187	262	307	220	86
Net income	91	121	117	100	−207	109	137	127	58	−49
Diluted EPS (US$)	2.10	2.84	2.93	2.94	−4.75	2.21	2.79	2.88	1.46	−1.40
Diluted shares (millions)	43	43	40	34	44	49	49	44	40	35
Cash flow
Cash from operations	231	265	338	289	−49	283	444	364	312	291
Capital expenditure	181	220	216	228	83	92	234	330	530	391
Free cash flow	51	45	121	61	−132	191	210	34	−218	−101
Dividends paid	0	0	12	16	5	0	0	0	0	0
Share buybacks	29	152	149	297	0	0	25	300	172	24
Acquisitions	0	0	0	0	0	0	819	0	0	0
Stock-based compensation	6	9	7	7	7	12	20	16	5	20
Balance sheet at fiscal year end
Cash and short-term investments	20	19	22	25	12	26	182	37	7	17
Debt incl. finance leases	265	367	394	648	610	440	1,288	1,338	1,524	1,586
Total assets	1,053	1,197	1,273	2,370	2,353	2,346	3,761	3,754	4,016	4,117
Total liabilities	613	775	885	2,200	2,200	2,070	3,350	3,503	3,870	4,025
Shareholders' equity	440	422	388	170	153	275	410	251	146	91
Margins and ratios
Gross margin	82.1%	82.7%	82.6%	82.8%	82.8%	84.3%	83.5%	84.0%	85.3%	85.7%
Operating margin	15.0%	14.5%	12.7%	10.9%	−57.9%	14.4%	13.4%	13.9%	10.3%	4.1%
Net margin	9.0%	10.6%	9.3%	7.4%	−47.4%	8.3%	7.0%	5.8%	2.7%	−2.3%
Free cash flow margin	5.0%	3.9%	9.6%	4.5%	−30.3%	14.7%	10.7%	1.5%	−10.2%	−4.8%
Return on capital	14.2%	17.6%	16.7%	15.0%	−25.8%	22.1%	18.8%	15.6%	11.4%	4.1%
Return on equity	23.1%	28.1%	29.0%	36.0%	−128.2%	50.7%	40.0%	38.4%	29.4%	—
Return on assets	8.8%	10.8%	9.5%	5.5%	−8.8%	4.6%	4.5%	3.4%	1.5%	−1.2%
Net debt to EBITDA	1.0x	1.3x	1.3x	2.2x	—	1.3x	2.6x	2.5x	3.3x	4.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Dave & Buster's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Dave & Buster's.