Light & Wonder, Inc.
LAWIL, LNWO · Services-Computer Integrated Systems Design · 78.7M shares · +0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $52M (gross $170M, SBC $118M)
Reference price $90.08 · est. market cap ~$7.1B — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Gaming-content/systems maker with high gross margins and strong operating cash flow, constrained by leverage.
Strengths
- High gross margin and operating margin — 73.3%, operating margin 20.6% (84th)
- Strong operating cash flow — OCF margin 24.0% (75th)
- Profitable, growing modestly — revenue +4.0%, net margin 8.3%
Risks
- Leverage — interest coverage 2.18 (41st) — debt-heavy capital structure
- Earnings dip — net income -17.9% (41st)
- Gaming/regulatory and content-cycle risk — qualitative (per 10-K)
Notable findings
- Fund exitedNotable fund(s) exited this quarter: BlackRock Finance, Inc.
- Strong balance sheetStrong balance sheet — $167M cash & investments
- Notable holderHeld by 7 notable fund(s): VANGUARD GROUP INC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +4 more (as of 2025-09-30)
- AccumulatingInstitutional holders rose 1→7 QoQ (2024-06-30→2025-09-30)
- New fund positionNotable fund(s) opened this quarter: VANGUARD GROUP INC, STATE STREET CORP, FMR LLC
- Insider sellingInsider selling — 24 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$23M, last 6mo) Form 4 ↗
- Revenue declineRevenue -11.2% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
73.3%
Operating margin
20.6%
Net margin
8.3%
Return on assets
4.3%
Revenue growth (QoQ)
-11.2%
Net-income growth
-17.9%
Net debt / EBITDA
-0.1×
Interest coverage
2.2×
Current ratio
1.6×
EBITDA
$1.1B
Cash & investments
$167M
Stock comp / revenue
3.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Korsanos Antonia | Sell | 30K | $90.08 |
| 2026-06-16 | Odell Jamie | Sell | 30K | $90.08 |
| 2026-06-15 | Korsanos Antonia | Tax withheld | 54K | $88.20 |
| 2026-06-15 | Odell Jamie | Option exercise | 135K | $35.42 |
| 2026-06-15 | Korsanos Antonia | Option exercise | 135K | $35.42 |
| 2026-06-15 | Odell Jamie | Tax withheld | 54K | $88.20 |
| 2026-06-10 | SHANKS VIRGINIA E | Option exercise | 2.4K | — |
| 2026-06-10 | McLennan Hamish | Option exercise | 2.4K | — |
| 2026-06-10 | Morro Stephen W | Option exercise | 2.4K | — |
| 2026-06-10 | Marchetti Michael | Option exercise | 2.4K | — |
| 2026-06-10 | YOUNGBLOOD DR KNEELAND | Option exercise | 2.4K | — |
| 2026-06-10 | Throsby Timothy | Option exercise | 2.4K | — |
| 2026-05-01 | Fine Capital Partners, L.P. | Other | 102K | — |
| 2026-04-29 | Fine Capital Partners, L.P. | Sell | 80K | $82.44 |
| 2026-03-20 | Lane Siobhan | Tax withheld | 2.7K | $78.61 |
| 2026-03-20 | Lane Siobhan | Option exercise | 6.6K | — |
| 2026-03-20 | Lane Siobhan | Tax withheld | 2.7K | $78.61 |
| 2026-03-20 | Kalabic Vanja | Option exercise | 1.2K | — |
| 2026-03-20 | Kalabic Vanja | Tax withheld | 431 | $78.61 |
| 2026-03-20 | Kalabic Vanja | Option exercise | 668 | — |
| 2026-03-20 | Kalabic Vanja | Tax withheld | 240 | $78.61 |
| 2026-03-20 | Chow Oliver | Option exercise | 711 | — |
| 2026-03-20 | Chow Oliver | Tax withheld | 280 | $78.61 |
| 2026-03-20 | Chow Oliver | Option exercise | 1.8K | — |
| 2026-03-20 | Chow Oliver | Tax withheld | 719 | $78.61 |
| 2026-03-20 | Chow Oliver | Option exercise | 1.1K | — |
| 2026-03-20 | Chow Oliver | Tax withheld | 419 | $78.61 |
| 2026-03-20 | Chow Oliver | Option exercise | 1.1K | — |
| 2026-03-20 | Chow Oliver | Tax withheld | 420 | $78.61 |
| 2026-03-20 | Wilson Matthew R. | Option exercise | 11K | — |
| 2026-03-20 | Wilson Matthew R. | Tax withheld | 4.5K | $78.61 |
| 2026-03-20 | Wilson Matthew R. | Option exercise | 6.5K | — |
| 2026-03-20 | Wilson Matthew R. | Tax withheld | 2.6K | $78.61 |
| 2026-03-20 | Wilson Matthew R. | Option exercise | 17K | — |
| 2026-03-20 | Wilson Matthew R. | Tax withheld | 6.7K | $78.61 |
| 2026-03-20 | Wilson Matthew R. | Option exercise | 17K | — |
| 2026-03-20 | Wilson Matthew R. | Tax withheld | 6.7K | $78.61 |
| 2026-03-20 | Lane Siobhan | Option exercise | 4.4K | — |
| 2026-03-20 | Lane Siobhan | Tax withheld | 1.8K | $78.61 |
| 2026-03-20 | Lane Siobhan | Option exercise | 2.5K | — |
| 2026-03-20 | Lane Siobhan | Tax withheld | 1.0K | $78.61 |
| 2026-03-20 | Lane Siobhan | Option exercise | 6.6K | — |
| 2026-03-12 | Morro Stephen W | Option exercise | 2.2K | — |
| 2026-03-12 | McLennan Hamish | Option exercise | 664 | — |
| 2026-03-11 | Lane Siobhan | Sell | 12K | $89.03 |
| 2026-03-11 | Lane Siobhan | Sell | 1.2K | $89.67 |
| 2026-03-10 | Lane Siobhan | Sell | 7.2K | $89.66 |
| 2026-03-10 | Lane Siobhan | Sell | 270 | $90.39 |
| 2026-03-10 | Lane Siobhan | Sell | 4.9K | $88.84 |
| 2026-03-09 | Lane Siobhan | Sell | 2.3K | $90.79 |
| 2026-03-09 | Lane Siobhan | Sell | 2.7K | $89.76 |
| 2026-03-05 | Chow Oliver | Option exercise | 2.0K | — |
| 2026-03-05 | Wilson Matthew R. | Option exercise | 6.3K | — |
| 2026-03-05 | Wilson Matthew R. | Tax withheld | 2.5K | $92.62 |
| 2026-03-05 | Kalabic Vanja | Option exercise | 646 | — |
| 2026-03-05 | Kalabic Vanja | Tax withheld | 259 | $92.62 |
| 2026-03-05 | Kalabic Vanja | Sell | 1.5K | $90.19 |
| 2026-03-05 | Lane Siobhan | Option exercise | 2.4K | — |
| 2026-03-05 | Lane Siobhan | Tax withheld | 1.0K | $92.62 |
| 2026-03-05 | Chow Oliver | Tax withheld | 772 | $92.62 |
| 2026-03-05 | Chow Oliver | Sell | 5.1K | $90.22 |
| 2026-03-04 | Chow Oliver | Tax withheld | 2.0K | $91.05 |
| 2026-03-04 | Kalabic Vanja | Tax withheld | 756 | $91.05 |
| 2026-03-04 | Lane Siobhan | Option exercise | 6.6K | — |
| 2026-03-04 | Kalabic Vanja | Option exercise | 1.9K | — |
| 2026-03-04 | Chow Oliver | Option exercise | 5.1K | — |
| 2026-03-04 | Lane Siobhan | Tax withheld | 2.7K | $91.05 |
| 2026-03-01 | McLennan Hamish | Sell | 6.0K | $90.36 |
| 2026-01-27 | Fine Capital Partners, L.P. | Sell | 2.4K | $113.28 |
| 2026-01-27 | Fine Capital Partners, L.P. | Sell | 2.2K | $112.29 |
| 2026-01-27 | Fine Capital Partners, L.P. | Sell | 4.4K | $113.94 |
| 2026-01-22 | Fine Capital Partners, L.P. | Sell | 5.7K | $116.29 |
| 2026-01-21 | Fine Capital Partners, L.P. | Sell | 1.5K | $115.01 |
| 2026-01-20 | Fine Capital Partners, L.P. | Sell | 9.3K | $120.46 |
| 2026-01-20 | Fine Capital Partners, L.P. | Sell | 39 | $121.17 |
| 2026-01-19 | Fine Capital Partners, L.P. | Sell | 20K | $120.75 |
| 2026-01-19 | Fine Capital Partners, L.P. | Sell | 63 | $121.35 |
| 2026-01-09 | Fine Capital Partners, L.P. | Sell | 14K | $103.45 |
| 2026-01-09 | Fine Capital Partners, L.P. | Sell | 812 | $104.00 |
| 2025-12-29 | Fine Capital Partners, L.P. | Sell | 5.9K | $102.94 |
| 2025-12-29 | Fine Capital Partners, L.P. | Sell | 63 | $104.44 |
| 2025-12-29 | Fine Capital Partners, L.P. | Sell | 2.9K | $101.97 |
| 2025-12-29 | Fine Capital Partners, L.P. | Sell | 11K | $103.89 |
| 2025-12-12 | Fine Capital Partners, L.P. | Sell | 12K | $100.78 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 2.1K | $155.02 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 3.1K | $100.95 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 1.1K | $102.05 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 867 | $102.95 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 2.5K | $151.92 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 811 | $152.57 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 867 | $153.82 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 758 | $155.50 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 2.5K | $151.92 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 811 | $152.57 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 867 | $153.82 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 2.1K | $155.02 |
| 2025-12-09 | Fine Capital Partners, L.P. | Sell | 758 | $155.50 |
| 2025-12-08 | Fine Capital Partners, L.P. | Sell | 7.5K | $150.83 |
| 2025-12-08 | Fine Capital Partners, L.P. | Sell | 7.5K | $99.91 |
| 2025-12-08 | Fine Capital Partners, L.P. | Sell | 7.5K | $150.83 |
| 2025-11-14 | Chow Oliver | Tax withheld | 791 | $88.97 |
| 2025-11-14 | Chow Oliver | Option exercise | 2.0K | — |
| 2025-10-01 | Sottile James | Tax withheld | 1.6K | $84.55 |
| 2025-10-01 | Sottile James | Option exercise | 3.3K | — |
| 2025-10-01 | Odell Jamie | Option exercise | 3.3K | — |
| 2025-10-01 | Korsanos Antonia | Option exercise | 3.3K | — |
| 2025-10-01 | Odell Jamie | Option exercise | 2.1K | — |
| 2025-10-01 | Korsanos Antonia | Option exercise | 1.4K | — |
| 2025-08-25 | Chow Oliver | Tax withheld | 346 | $91.36 |
| 2025-08-25 | Chow Oliver | Option exercise | 879 | — |
| 2025-08-14 | Throsby Timothy | Buy | 2.2K | $89.70 |
| 2025-08-14 | Throsby Timothy | Buy | 7.8K | $90.24 |
| 2025-08-14 | Throsby Timothy | Buy | 10K | $88.61 |
| 2025-08-12 | McLennan Hamish | Buy | 1.4K | $87.61 |
| 2025-08-11 | Odell Jamie | Buy | 36 | $84.18 |
| 2025-08-10 | Korsanos Antonia | Buy | 8.1K | $80.05 |
| 2025-08-07 | Odell Jamie | Buy | 1.3K | $79.25 |
| 2025-08-07 | Odell Jamie | Buy | 7.0K | $78.73 |
| 2025-06-05 | Morro Stephen W | Option exercise | 2.2K | — |
| 2025-06-05 | McLennan Hamish | Option exercise | 2.2K | — |
| 2025-06-05 | Marchetti Michael | Option exercise | 2.2K | — |
| 2025-06-05 | Throsby Timothy | Option exercise | 2.2K | — |
| 2025-06-05 | YOUNGBLOOD DR KNEELAND | Option exercise | 2.2K | — |
| 2025-06-05 | SHANKS VIRGINIA E | Option exercise | 2.2K | — |
| 2025-05-13 | Kalabic Vanja | Option exercise | 526 | — |
| 2025-05-13 | Kalabic Vanja | Tax withheld | 197 | $86.08 |
| 2025-03-20 | Lane Siobhan | Tax withheld | 1.3K | $104.99 |
| 2025-03-20 | Sottile James | Option exercise | 3.4K | — |
| 2025-03-20 | Sottile James | Tax withheld | 1.6K | $102.85 |
| 2025-03-20 | Sottile James | Option exercise | 3.6K | — |
| 2025-03-20 | Sottile James | Tax withheld | 1.7K | $102.85 |
| 2025-03-20 | Sottile James | Option exercise | 2.0K | — |
| 2025-03-20 | Sottile James | Tax withheld | 983 | $102.85 |
| 2025-03-20 | Sottile James | Option exercise | 5.1K | — |
| 2025-03-20 | Sottile James | Tax withheld | 2.5K | $104.99 |
| 2025-03-20 | Sottile James | Option exercise | 4.7K | — |
| 2025-03-20 | Sottile James | Tax withheld | 2.3K | $104.99 |
| 2025-03-20 | Lane Siobhan | Option exercise | 2.5K | — |
| 2025-03-20 | Chow Oliver | Option exercise | 710 | — |
| 2025-03-20 | Chow Oliver | Tax withheld | 280 | $102.85 |
| 2025-03-20 | Chow Oliver | Option exercise | 1.8K | — |
| 2025-03-20 | Chow Oliver | Tax withheld | 719 | $102.85 |
| 2025-03-20 | Wilson Matthew R. | Option exercise | 4.2K | — |
| 2025-03-20 | Wilson Matthew R. | Tax withheld | 1.7K | $102.85 |
| 2025-03-20 | Wilson Matthew R. | Option exercise | 11K | — |
| 2025-03-20 | Wilson Matthew R. | Tax withheld | 4.5K | $102.85 |
| 2025-03-20 | Wilson Matthew R. | Option exercise | 6.5K | — |
| 2025-03-20 | Wilson Matthew R. | Tax withheld | 2.6K | $102.85 |
| 2025-03-20 | Wilson Matthew R. | Option exercise | 6.3K | — |
| 2025-03-20 | Wilson Matthew R. | Tax withheld | 2.5K | $104.99 |
| 2025-03-20 | Wilson Matthew R. | Option exercise | 5.8K | — |
| 2025-03-20 | Wilson Matthew R. | Tax withheld | 2.3K | $104.99 |
| 2025-03-20 | Kalabic Vanja | Option exercise | 847 | — |
| 2025-03-20 | Kalabic Vanja | Tax withheld | 317 | $102.85 |
| 2025-03-20 | Kalabic Vanja | Option exercise | 1.2K | — |
| 2025-03-20 | Kalabic Vanja | Tax withheld | 447 | $102.85 |
| 2025-03-20 | Kalabic Vanja | Option exercise | 668 | — |
| 2025-03-20 | Kalabic Vanja | Tax withheld | 250 | $102.85 |
| 2025-03-20 | Lane Siobhan | Option exercise | 2.3K | — |
| 2025-03-20 | Lane Siobhan | Tax withheld | 982 | $102.85 |
| 2025-03-20 | Lane Siobhan | Option exercise | 4.4K | — |
| 2025-03-20 | Lane Siobhan | Tax withheld | 1.9K | $102.85 |
| 2025-03-20 | Lane Siobhan | Tax withheld | 1.1K | $102.85 |
| 2025-03-20 | Lane Siobhan | Option exercise | 3.5K | — |
| 2025-03-20 | Lane Siobhan | Tax withheld | 1.5K | $104.99 |
| 2025-03-20 | Lane Siobhan | Option exercise | 3.2K | — |
| 2025-03-07 | Wilson Matthew R. | Sell | 6.9K | $103.97 |
| 2025-03-07 | Wilson Matthew R. | Sell | 11K | $104.99 |
| 2025-03-07 | Chow Oliver | Sell | 2.6K | $104.94 |
| 2025-03-06 | Sottile James | Sell | 2.4K | $105.54 |
| 2025-03-06 | Lane Siobhan | Sell | 3.8K | $105.37 |
| 2025-03-06 | Kalabic Vanja | Sell | 1.1K | $104.41 |
| 2025-03-05 | Chow Oliver | Option exercise | 4.3K | — |
| 2025-03-05 | Chow Oliver | Tax withheld | 1.7K | $106.19 |
| 2025-03-05 | Sottile James | Tax withheld | 2.2K | $106.19 |
| 2025-03-05 | Lane Siobhan | Tax withheld | 2.8K | $106.19 |
| 2025-03-05 | Kalabic Vanja | Option exercise | 1.9K | — |
| 2025-03-05 | Kalabic Vanja | Tax withheld | 764 | $106.19 |
| 2025-03-05 | Wilson Matthew R. | Option exercise | 15K | — |
| 2025-03-05 | Wilson Matthew R. | Tax withheld | 6.0K | $106.19 |
| 2025-03-05 | Sottile James | Option exercise | 4.6K | — |
| 2025-03-05 | Lane Siobhan | Option exercise | 6.6K | — |
| 2025-02-28 | McLennan Hamish | Sell | 5.0K | $110.58 |
| 2025-02-28 | McLennan Hamish | Option exercise | 5.0K | $34.12 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-14 | 0001104659-26-073783 ↗ |
| 8-K | 2026-06-11 | 2026-06-10 | 0001104659-26-073012 ↗ |
| 8-K | 2026-06-10 | 2026-06-10 | 0001104659-26-072422 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0000750004-26-000022 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0000750004-26-000021 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0000750004-26-000010 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0000750004-26-000012 ↗ |
| 8-K | 2026-01-22 | 2026-01-22 | 0001104659-26-005821 ↗ |
| 8-K | 2025-11-14 | 2025-11-13 | 0000950157-25-000949 ↗ |
| 8-K | 2025-11-07 | 2025-11-05 | 0000750004-25-000074 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0000750004-25-000072 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0000750004-25-000070 ↗ |