Brightstar Lottery PLC
BRSL · Services-Miscellaneous Amusement & Recreation · EDGAR filings ↗
Grade
C67Pure-play global lottery operator (post-IGT Gaming sale) with solid ROE and a license-based moat but high leverage and customer concentration.
Strengths
- ROE 16.8% (75th pct) and net margin 5.9% (72nd pct); cash position 96th pct
- Long-term government lottery licenses provide recurring, defensible revenue
Risks
- Debt/equity 4.64 (94th pct), current ratio 0.76, and negative operating-cash margin
- Heavy concentration on Italian ADM licenses; net income fell 58% and lost Allwyn UK
Notable findings
- High leverageHigh leverage (debt/equity 4.64)
- Weak liquidityCurrent ratio 0.76 (<1)
- Customer concentration~35% of revenue from one customer/distributor — In addition, recurring revenues from the Company’s top 10 customers outside of Italy accounted for approximately 35% of its total consolidated revenues for the year ended December 31, 2025
Key metrics
Net margin
5.9%
Return on equity
16.8%
Return on assets
1.6%
Revenue growth (QoQ)
-0.0%
Net-income growth
-57.8%
Debt / equity
4.6×
Current ratio
0.8×
Tangible book value
-$2.0B
Cash & investments
$1.4B
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-12 | Dessy Alberto | Option exercise | 15K | — |
| 2026-05-12 | Dessy Alberto | Tax withheld | 2.4K | $11.55 |
| 2026-05-12 | Drago Enrico | Option exercise | 15K | — |
| 2026-05-12 | Drago Enrico | Tax withheld | 1.9K | $11.55 |
| 2026-05-12 | Hunter Ashley Maurene | Option exercise | 15K | — |
| 2026-05-12 | Hunter Ashley Maurene | Tax withheld | 2.2K | $11.55 |
| 2026-05-12 | MCCANN JAMES F | Option exercise | 16K | — |
| 2026-05-12 | MCCANN JAMES F | Tax withheld | 1.6K | $11.55 |
| 2026-05-12 | McGregor Heather Jane | Option exercise | 15K | — |
| 2026-05-12 | McGregor Heather Jane | Tax withheld | 2.1K | $11.55 |
| 2026-05-12 | Pinelli Maria | Option exercise | 15K | — |
| 2026-05-12 | Pinelli Maria | Tax withheld | 625 | $11.55 |
| 2026-05-12 | Ravich Samantha Fay | Option exercise | 15K | — |
| 2026-05-12 | Ravich Samantha Fay | Tax withheld | 1.6K | $11.55 |
| 2026-05-12 | Tondato Da Ruos Gian Mario | Option exercise | 15K | — |
| 2026-05-12 | Tondato Da Ruos Gian Mario | Tax withheld | 3.4K | $11.55 |
| 2026-05-12 | Zappia Mariangela | Option exercise | 3.3K | — |
| 2026-05-12 | Zappia Mariangela | Tax withheld | 399 | $11.55 |
| 2026-05-12 | Pellicioli Lorenzo | Option exercise | 15K | — |
| 2026-05-12 | Pellicioli Lorenzo | Tax withheld | 1.4K | $11.55 |
| 2026-05-01 | Chiara Massimiliano | Option exercise | 43K | — |
| 2026-05-01 | Chiara Massimiliano | Tax withheld | 21K | $12.80 |
| 2026-05-01 | Chiara Massimiliano | Option exercise | 30K | — |
| 2026-05-01 | Chiara Massimiliano | Tax withheld | 15K | $12.80 |
| 2026-05-01 | Sadusky Vincent L | Option exercise | 48K | — |
| 2026-05-01 | Sadusky Vincent L | Tax withheld | 20K | $12.80 |
| 2026-05-01 | Sadusky Vincent L | Option exercise | 68K | — |
| 2026-05-01 | Sadusky Vincent L | Tax withheld | 29K | $12.80 |
| 2026-05-01 | Sala Marco | Option exercise | 43K | — |
| 2026-05-01 | Sala Marco | Tax withheld | 20K | $12.80 |
| 2026-05-01 | Sala Marco | Option exercise | 30K | — |
| 2026-05-01 | Sala Marco | Tax withheld | 14K | $12.80 |
| 2026-05-01 | Spears Christopher Clark | Option exercise | 18K | — |
| 2026-05-01 | Spears Christopher Clark | Tax withheld | 5.2K | $12.80 |
| 2026-05-01 | Spears Christopher Clark | Option exercise | 13K | — |
| 2026-05-01 | Spears Christopher Clark | Tax withheld | 5.5K | $12.80 |
| 2026-05-01 | Morgan David Thomas | Option exercise | 2.5K | — |
| 2026-05-01 | Morgan David Thomas | Tax withheld | 752 | $12.80 |
| 2026-05-01 | Morgan David Thomas | Option exercise | 2.7K | — |
| 2026-05-01 | Morgan David Thomas | Tax withheld | 808 | $12.80 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-24 | 2025-12-31 | 0001628280-26-011083 ↗ |
| 20-F | 2025-02-25 | 2024-12-31 | 0001619762-25-000007 ↗ |
| 20-F | 2024-03-12 | 2023-12-31 | 0001619762-24-000017 ↗ |
| 20-F | 2023-02-28 | 2022-12-31 | 0001619762-23-000014 ↗ |
| 20-F | 2022-03-03 | 2021-12-31 | 0001619762-22-000022 ↗ |
| 20-F | 2021-03-02 | 2020-12-31 | 0001619762-21-000010 ↗ |
| 20-F | 2020-03-03 | 2019-12-31 | 0001619762-20-000018 ↗ |
| 20-F | 2019-03-08 | 2018-12-31 | 0001619762-19-000007 ↗ |
| 20-F | 2018-03-15 | 2017-12-31 | 0001628280-18-003245 ↗ |
| 20-F | 2017-04-20 | 2016-12-31 | 0001628280-17-003934 ↗ |
| 20-F | 2016-04-29 | 2015-12-31 | 0001104659-16-116304 ↗ |
| 20-F | 2015-05-15 | 2014-12-31 | 0001104659-15-038726 ↗ |