Rush Street Interactive, Inc. RSI

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 11.40 USD on Nov 2, 2026, −41.3% year to date

Quant rating

Quant rating C Rank 174 of 344 in Consumer Discretionary

Growth A 8 of 344
Valuation B 118 of 344
Quality B 74 of 344
Revisions C 225 of 344
Momentum D 297 of 344

Wall Street consensus Buy (1.93)Average target 24.04 USD +110.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.6B
Enterprise value: 2.4B
52-week range: 11.39 – 34.53
3-year range: 3.69 – 34.53
Dividend yield: –
Beta (5 years): 1.79
Shares outstanding: 231M
Next earnings: Feb 15, 2027

About the company

Rush Street Interactive, Inc. is an online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. It operates and/or supports retail sports betting for its bricks-and-mortar partners under its brands or its partners’ respective brands depending on the terms of its arrangement. It also provides social gaming where users can earn or purchase virtual credits to enjoy free-to-play games. Users who exhaust their credits can either purchase additional virtual credits from the virtual cashier or wait until their virtual credits are replenished for free.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,134	924	691	592	488	–
Revenue growth	22.8%	33.7%	16.7%	21.3%	75.3%	32.4%
EPS (basic, normalized)	0.37	0.19	−0.14	−0.53	−0.51	–
EPS growth	94.7%	–	–	–	–	–
Gross margin	34.6%	34.9%	32.7%	30.0%	32.0%	32.8%
Net margin	2.9%	0.3%	−2.6%	−6.5%	−4.0%	−2.0%
ROE	29.5%	3.6%	−33.3%	−54.6%	−164.8%	−43.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	388
Current ratio	2.22x
Long-term debt (mil)	1.0
Net debt (mil)	−218
Total equity (mil)	195
Net debt / equity	−1.12x
Net debt / EBITDA	−1.42x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,134	+22.8%	2.1x	154	+80.3%	15.7x	0.37	+94.7%	30.8x
2026	1,571	+38.5%	1.5x	253	+64.9%	9.5x	0.61	+64.9%	18.7x
2027	1,798	+14.5%	1.3x	325	+28.3%	7.4x	0.82	+34.3%	13.9x
2028	2,055	+14.3%	1.2x	398	+22.5%	6.1x	1.03	+25.5%	11.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,571	−1.1%	−0.1%	+3.8%	0.61	−1.5%	+1.2%	+3.1%
2027	1,798	−2.2%	−0.8%	+3.2%	0.82	−0.5%	−0.9%	−0.5%
2028	2,055	−3.5%	−3.0%	+3.0%	1.03	−2.5%	−5.1%	−1.3%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	217	220	232	254	262	269	278	325	370	394
Sales mean (mil)	197	201	207	245	260	251	269	306	330	364
Surprise	+10.4%	+9.4%	+11.9%	+3.5%	+1.1%	+7.3%	+3.5%	+6.1%	+12.2%	+8.1%
EPS reported	0.03	0.04	0.05	0.07	0.09	0.11	0.09	0.08	0.14	0.15
EPS mean	−0.02	0.00	−0.01	0.06	0.06	0.06	0.07	0.10	0.12	0.15
Surprise	−241.7%	−3,518.8%	−782.1%	+8.2%	+48.3%	+75.5%	+29.2%	−23.3%	+17.6%	−0.4%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RSI Rush Street Interactive, Inc.	2.6B	−1.42x	2.9%	13.49x	18.7x	13.9x	9.5x	7.4x
MAR Marriott International, Inc.	108.6B	3.06x	9.9%	−24.09x	35.1x	31.4x	20.7x	19.3x
HLT Hilton Worldwide Holdings Inc.	81.1B	3.39x	12.1%	−12.34x	40.0x	34.9x	23.1x	21.0x
VIK Viking Holdings Ltd	38.9B	1.19x	17.7%	23.53x	27.0x	20.1x	19.7x	15.6x
LVS Las Vegas Sands Corp.	24.0B	2.45x	12.5%	−69.63x	13.8x	12.6x	7.9x	7.6x
H Hyatt Hotels Corp	17.4B	3.67x	−0.7%	5.45x	48.8x	38.1x	18.4x	16.4x
Mean		2.06x	9.1%	−10.60x	30.6x	25.2x	16.5x	14.6x
Median		2.75x	11.0%	−3.45x	31.1x	25.7x	19.0x	16.0x

Technical analysis

1M−43.0%
3M−57.6%
1Y−32.8%
3Y+203.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Rush Street Interactive, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,134	924	691	592	488	278
Cost of revenue	742	602	465	415	332	191
Gross profit	393	322	226	178	156	87.6
Selling, general & administrative expenses	264	262	249	288	246	219
Research & development	–	–	–	–	–	–
Depreciation/amortization	40.0	32.2	29.8	14.3	4.2	2.1
Interest expense (income), operating	0.9	3.8	−0.9	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	87.4	24.3	−51.6	−125	−94.3	−133
Net interest income (expense)	9.3	7.5	2.8	−0.6	−0.2	−0.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−108	0	0	0	28.1	4.8
Net income before taxes	−11.1	31.8	−48.8	−125	−66.4	−129
Provision for taxes	−85.1	24.6	11.2	9.0	4.7	–
Minority interest	−40.7	−4.8	41.8	95.7	51.6	133
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	33.3	2.4	−18.3	−38.6	−19.5	4.0
Extraordinary items	–	–	–	–	–	–
Net income	33.3	2.4	−18.3	−38.6	−19.5	4.0
EBIT, normalized	88.3	28.1	−52.5	−125	−94.3	−133
EBITDA, normalized	128	60.3	−22.7	−110	−90.1	−131
Basic EPS, normalized	0.37	0.19	−0.14	−0.53	−0.51	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Rush Street Interactive, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	342	233	168	180	281	256
Receivables	35.8	33.1	44.0	47.1	34.0	29.5
Total inventory	–	–	–	–	–	–
Prepaid expenses	24.3	14.9	13.7	11.3	7.4	2.9
Other current assets	4.2	3.6	2.6	26.4	19.3	6.4
Total current assets	407	285	229	264	342	294
Property, plant & equipment	10.8	9.7	9.9	11.6	8.8	3.1
Goodwill	–	–	–	–	–	–
Intangibles	76.4	77.3	74.9	69.0	53.4	9.8
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	164	7.4	5.2	5.2	4.8	1.2
Total assets	659	379	319	350	409	309
Liabilities
Accounts payable	41.6	25.8	32.3	29.8	6.5	12.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	103	73.4	51.9	65.0	47.8	24.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.4	1.3	–	–	–	–
Other current liabilities	63.9	62.7	53.4	49.2	29.6	365
Total current liabilities	210	163	138	144	83.9	401
Long-term debt	2.0	1.3	0	0	0	0
Minority interest	156	120	112	135	222	−206
Other liabilities	143	16.7	14.8	15.5	17.1	175
Total liabilities	511	301	265	294	323	370
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	252	218	192	178	167	−18.4
Retained earnings (accumulated deficit)	−103	−136	−138	−120	−81.4	−43.5
Treasury stock	−3.2	–	–	–	–	–
Other equity	1.4	−3.1	−0.1	−1.6	−0.5	0.1
Total equity	147	78.7	53.8	56.0	85.4	−61.8
Total liabilities & shareholders' equity	659	379	319	350	409	309

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Rush Street Interactive, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	74.0	7.2	−60.1	−134	−71.1	−132
Depreciation, depletion & amortization	40.0	32.2	29.8	14.3	4.2	2.1
Deferred taxes	−112	−0.1	−0.3	−0.1	0.1	–
Non-cash items	135	36.2	31.4	19.3	−2.8	140
Changes in working capital	28.2	31.0	−6.8	40.4	21.4	5.6
Cash from operations	165	106	−5.9	−60.3	−48.2	16.2
Investing activities
Capital expenditures	−36.0	−31.5	−31.2	−28.3	−31.5	−6.2
Other investing cash flows	−1.0	−1.9	−2.6	−0.7	−5.5	0
Cash from investing	−37.0	−33.4	−33.8	−29.0	−37.0	−6.2
Financing activities
Financing cash flow items	−27.2	−1.2	0	0	−0.4	235
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−10.2	−1.5	−0.5	−1.2	126	6.5
Cash from financing	−37.4	−2.7	−0.5	−1.2	126	241
Foreign exchange effects	17.1	−8.7	5.1	−3.7	−2.1	0.5
Net change in cash	108	61.8	−35.1	−94.2	38.3	252
Free cash flow	129	74.9	−37.1	−88.6	−79.7	9.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.