FLUT (Flutter Entertainment) Beneish M-Score: -2.57 (As of Jun. 24, 2026)


FLUT Flutter Entertainment PLC FLUT
69 GF Score
Price $98.51
GF Value $310.86
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Flutter Entertainment Beneish M-Score?

Flutter Entertainment FLUT +0.67% 69 Beneish M-Score is -2.57 as of Jun. 24, 2026. GuruFocus rates FLUT with a GF Score™ of 69/100 and a GF Value™ of $310.86 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 823 Travel & Leisure companies, Flutter Entertainment ranks worse than 56.01% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Flutter Entertainment's Beneish M-Score or its related term are showing as below:

FLUT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.44   Max: 2.86
Current: -2.57

During the past 13 years, the highest Beneish M-Score of Flutter Entertainment was 2.86. The lowest was -2.69. And the median was -2.44.

Flutter Entertainment Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Flutter Entertainment's Beneish M-Score 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.

Flutter Entertainment Beneish M-Score Chart

Flutter Entertainment Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.51 -2.44

Flutter Entertainment Quarterly Data
Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.44 2.86 2.50 -2.44 -2.57

FLUT vs DKNG, LNWO, SGHC: Beneish M-Score Comparison

For the Gambling subindustry, Flutter Entertainment's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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.

Flutter Entertainment Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Flutter Entertainment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Flutter Entertainment's Beneish M-Score falls into.


FLUT
69GF Score
Flutter Entertainment PLC FLUT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Flutter Entertainment Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Flutter Entertainment for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.1134+0.528 * 1.0746+0.404 * 1.0174+0.892 * 1.189+0.115 * 0.8788
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0253+4.679 * -0.063988-0.327 * 1.2861
=-2.57

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $695 Mil.
Revenue was 4304 + 4737 + 3794 + 4187 = $17,022 Mil.
Gross Profit was 1837 + 2110 + 1626 + 1959 = $7,532 Mil.
Total Current Assets was $4,500 Mil.
Total Assets was $28,474 Mil.
Property, Plant and Equipment(Net PPE) was $1,135 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,639 Mil.
Selling, General, & Admin. Expense(SGA) was $6,088 Mil.
Total Current Liabilities was $4,980 Mil.
Long-Term Debt & Capital Lease Obligation was $12,236 Mil.
Net Income was 216 + 23 + -760 + 25 = $-496 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 330 + 428 + 209 + 359 = $1,326 Mil.
 Total Receivables was $525 Mil.
Revenue was 3665 + 3792 + 3248 + 3611 = $14,316 Mil.
Gross Profit was 1709 + 1826 + 1496 + 1776 = $6,807 Mil.
Total Current Assets was $4,241 Mil.
Total Assets was $24,825 Mil.
Property, Plant and Equipment(Net PPE) was $1,013 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,094 Mil.
Selling, General, & Admin. Expense(SGA) was $4,994 Mil.
Total Current Liabilities was $4,469 Mil.
Long-Term Debt & Capital Lease Obligation was $7,202 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(695 / 17022) / (525 / 14316)
=0.04083 / 0.036672
=1.1134

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(6807 / 14316) / (7532 / 17022)
=0.475482 / 0.442486
=1.0746

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (4500 + 1135) / 28474) / (1 - (4241 + 1013) / 24825)
=0.8021 / 0.788359
=1.0174

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=17022 / 14316
=1.189

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1094 / (1094 + 1013)) / (1639 / (1639 + 1135))
=0.519222 / 0.590844
=0.8788

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(6088 / 17022) / (4994 / 14316)
=0.357655 / 0.34884
=1.0253

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((12236 + 4980) / 28474) / ((7202 + 4469) / 24825)
=0.604622 / 0.470131
=1.2861

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-496 - 0 - 1326) / 28474
=-0.063988

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Flutter Entertainment has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.57 mean?
Flutter Entertainment (FLUT) has a Beneish M-Score of -2.57 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Flutter Entertainment and its competitors. According to the industry distribution chart, Flutter Entertainment ranks #461 out of 823 companies in the Travel & Leisure industry, placing it in the top 56%.
Is Flutter Entertainment's Beneish M-Score too high?
Flutter Entertainment's current Beneish M-Score is -2.57. Based on the distribution chart, Flutter Entertainment ranks #461 out of 823 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Flutter Entertainment has a GF Score™ of 69/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Flutter Entertainment's Beneish M-Score compare to DKNG and LNWO?
According to the Travel & Leisure industry distribution chart, Flutter Entertainment ranks #461 out of 823 companies for Beneish M-Score. This places Flutter Entertainment in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Flutter Entertainment and its competitors. Flutter Entertainment's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Flutter Entertainment stock overvalued right now?
Based on GuruFocus' analysis, Flutter Entertainment (FLUT) is currently considered Possible Value Trap. The stock's GF Value™ is $310.86, compared to a current price of $98.51 — trading 68.3% below its estimated fair value. The current Beneish M-Score is -2.57. Flutter Entertainment's overall GF Score™ is 69/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Flutter Entertainment (FLUT), the current Beneish M-Score is -2.57 as of Jun. 24, 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 Flutter Entertainment (FLUT) Overvalued in 2026?

Based on GuruFocus' analysis, Flutter Entertainment stock appears to be undervalued. The current stock price of $98.51 is trading 68.3% below its estimated GF Value™ of $310.86. GuruFocus considers Flutter Entertainment to be Possible Value Trap.

Key valuation signals for FLUT:

  • Beneish M-Score: -2.57
  • GF Value™: $310.86 vs. price of $98.51 (68.3% below fair value)
  • GF Score™: 69/100 with 3 warning signs

No single metric tells the full story. See the FLUT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Flutter Entertainment Business Description

Other Exchanges FLTRl:UKFLTR:UKPPB:Germany
Address One Madison Avenue, New York, NY, USA, 10010
In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK, Ireland, Australia, Italy, and many other countries. Some of its leading brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power beginning in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2025, the company offered products in over 100 countries and had an average of 15.9 million monthly users. In 2025, sports betting was 53% of revenue, online gaming 44%, and fantasy sports, horse racing, and other 3%. The company launched a predictive sports betting platform in late 2025.
69GF Score

Get the complete analysis for FLUT

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$98.51
Price
$310.86
GF Value