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Light & WonderASX:LNW +1.48%80 Debt-to-EBITDA is 5.15 as of Mar. 2026, which is 39% below its 10-year median of 8.50. GuruFocus rates ASX:LNW with a GF Score™ of 80/100 and a GF Value™ of A$154.83 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 651 Travel & Leisure companies, Light & Wonder ranks worse than 72.96% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Light & Wonder's Debt-to-EBITDA or its related term are showing as below:
ASX:LNW'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 3.64 Med: 8.5 Max: 63.26
Current: 4.82
During the past 13 years, the highest Debt-to-EBITDA Ratio of Light & Wonder was 63.26. The lowest was 3.64. And the median was 8.50.
ASX:LNW's Debt-to-EBITDA is ranked worse than 72.96% of 651
companies
in the Travel & Leisure industry
Industry Median: 2.51
vs ASX:LNW: 4.82
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Light & Wonder Debt-to-EBITDA Related Terms
Light & Wonder Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Light & Wonder's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASX:LNW vs CHDN, SGHC, RSI: Debt-to-EBITDA Comparison
For the Gambling subindustry, Light & Wonder's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Light & Wonder Debt-to-EBITDA vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Light & Wonder's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Light & Wonder's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Light & Wonder (ASX:LNW) has a Debt-to-EBITDA of 5.15 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Light & Wonder. This is 39% below median its historical median of 8.50. Over the past decade, Light & Wonder's Debt-to-EBITDA has ranged from 3.64 to 63.26. According to the industry distribution chart, Light & Wonder ranks #475 out of 651 companies in the Travel & Leisure industry, placing it in the top 73%.
Is Light & Wonder's Debt-to-EBITDA too high?
Light & Wonder's current Debt-to-EBITDA of 5.15 is 39% below median its 10-year median of 8.50. Over the past 10 years, this metric has ranged from a low of 3.64 to a high of 63.26. The Travel & Leisure industry median Debt-to-EBITDA is 2.51. Light & Wonder's value of 5.15 is 105.2% above this industry median. Based on the distribution chart, Light & Wonder ranks #475 out of 651 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Light & Wonder has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Light & Wonder's Debt-to-EBITDA compare to CHDN and SGHC?
According to the Travel & Leisure industry distribution chart, Light & Wonder ranks #475 out of 651 companies for Debt-to-EBITDA. This places Light & Wonder in the lower half of its industry. The industry median Debt-to-EBITDA is 2.51. Light & Wonder's value of 5.15 is 105.2% above this benchmark. Historically, Light & Wonder's own Debt-to-EBITDA has ranged from 3.64 to 63.26 over the past decade. While the company's 10-year median is 8.50 vs. the industry median of 2.51, Light & Wonder has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Travel & Leisure company?
The median Debt-to-EBITDA among Travel & Leisure companies is 2.51, based on 651 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Light & Wonder's current Debt-to-EBITDA of 5.15 is 105.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Light & Wonder. For the Travel & Leisure industry, the median Debt-to-EBITDA is 2.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Light & Wonder's current Debt-to-EBITDA is 5.15, which is 39% below median its own 10-year median of 8.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Light & Wonder stock overvalued right now?
Based on GuruFocus' analysis, Light & Wonder (ASX:LNW) is currently considered Modestly Undervalued. The stock's GF Value™ is A$154.83, compared to a current price of A$115.97 — trading 25.1% below its estimated fair value. The current Debt-to-EBITDA is 5.15, which is 39% below median its 10-year median of 8.50 and 105.2% above the Travel & Leisure industry median of 2.51. Light & Wonder's overall GF Score™ is 80/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Light & Wonder (ASX:LNW), the current Debt-to-EBITDA is 5.15 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Light & Wonder (ASX:LNW) Overvalued in 2026?
Based on GuruFocus' analysis, Light & Wonder stock appears to be undervalued.
The current stock price of A$115.97 is trading 25.1% below its estimated GF Value™ of A$154.83.
GuruFocus considers Light & Wonder to be Modestly Undervalued.
Key valuation signals for ASX:LNW:
Debt-to-EBITDA: 5.15 (39% below median its 10-year median of 8.50)
GF Value™: A$154.83 vs. price of A$115.97 (25.1% below fair value)
Industry Position: 105.2% above the Travel & Leisure median (#475 of 651)
No single metric tells the full story. See the ASX:LNW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Light & Wonder is principally an electronic gaming machine manufacturer, selling machines to pubs, clubs, and casinos. The firm is licensed in most jurisdictions allowing gambling globally. Light & Wonder is one of the three largest players in the space along with International Game Technology and Aristocrat Leisure. SciPlay, about one fourth of revenue, develops and distributes casual mobile games, principally in the social casino niche. The more nascent iGaming business sits between these two businesses, providing digital content and capabilities to real-money gaming providers.
80GF Score
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