Does Flutter Entertainment plc have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Flutter Entertainment plc (FLUT) 40.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 80, returns on capital 0, balance-sheet safety 0, capital discipline 82.

Is FLUT stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $81.53 per share versus a recent price of $106.56 — 31% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has FLUT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 40.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Flutter Entertainment plc

FLUT · Technology · $18.7B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power80

Median gross margin 47.6% over 4y, very stable.

Returns on capital0

Median ROIC -0.3%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 6.7x, interest coverage 0x.

Capital discipline82

Owner earnings +19.9%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

31% above value

Owner earnings (normalized): $794.0M
Est. intrinsic value / share: $81.53
Recent price: $106.56
Discount to value: 31% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

5 years of fundamentals

The business, in plain English

Flutter Entertainment plc booked $16.4B of revenue in FY2025 in the Technology sector and kept 45.2% of it as gross profit — a solid-margin business by that measure. After every other cost, −2.5% of each revenue dollar reached the bottom line.

It earned 0.1% on invested capital in FY2025, with a median of −0.3% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $12.3B of total debt in FY2025 against $1.0B of owner earnings — roughly 12.2 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

Put together: Capital Discipline is the strongest of the four filters (82/100) and Returns on Capital the weakest (0/100), which is how FLUT lands at 41/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$16.4B FY2025

Gross marginRevenue kept after cost of goods45.2% FY2025

Return on invested capitalOperating profit on the capital employed0.1% FY2025

Owner earningsCash an owner could take out$1.0B FY2025

Gaps in a line mean that item isn’t in FLUT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale40.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FLUT has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#311 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#309BL BlackLine, Inc.40.6 out of 100, Shallow moatShallow moat
#310CNXC CONCENTRIX CORPORATION40.6 out of 100, Shallow moatShallow moat
#312MRVL Marvell Technology, Inc.40.4 out of 100, Shallow moatShallow moat
#313MDB MONGODB, INC.40.3 out of 100, Shallow moatShallow moat

Compare FLUT with its nearest peers →All Technology companies on the Index →

Common questions about FLUT

Does Flutter Entertainment plc have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Flutter Entertainment plc (FLUT) 40.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 80, returns on capital 0, balance-sheet safety 0, capital discipline 82.
Is FLUT stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $81.53 per share versus a recent price of $106.56 — 31% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has FLUT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 40.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FLUT. See the disclaimer.