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DraftKings Inc. DKNG Debt-to-equity

Debt-to-equity at other companies

MGM Resorts International logo
MGM Resorts InternationalMGM
13×+1.9×
Flutter Entertainment logo
Flutter EntertainmentFLUT
1.4×+0.6×

Other financials

Income statement

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Revenue$1.6B+16.8%
Gross profit$696.7M+23.3%
Operating income$5.8M+113%
Net income$21.1M+162%
EPS (diluted)$0.03+143%

Balance sheet

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Cash & equivalents$1.4B-10.2%
Total debt$664.0M-0.6%
Total equity$605.0M-30.7%
Total assets$4.3B-4.6%

Cash flow

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Operating cash flow-$48.4M+59.3%
CapEx$7.1M+168%
Free cash flow-$55.5M+54.4%

Valuation

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Market cap$13.09B-35.4%
Enterprise value$12.37B-36.4%
P/E223.3×
P/S2.1×-2.0×

Profitability

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Gross margin41.8%+3.5pp
Operating margin-5.6%-1.9pp
Net margin0.9%+0.5pp
FCF margin11.3%+4.2pp

Returns & leverage

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Return on equity7.9%+4.3pp
Current ratio-0.2×

Where this comes from

Calculated from DraftKings Inc.’s reported figures.

Based on the most recent quarter.

The official record: DraftKings Inc.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is DraftKings Inc.'s debt-to-equity?
DraftKings Inc. (DKNG) reported debt-to-equity of 1.1× in Q1 2026.
How has DraftKings Inc.'s debt-to-equity changed year-over-year?
DraftKings Inc.'s debt-to-equity increased by 43.5% year-over-year, from 0.8× to 1.1×.
What is the long-term trend for DraftKings Inc.'s debt-to-equity?
Over 4 years (2021 to 2025), DraftKings Inc.'s debt-to-equity has grown at a 121.1% compound annual growth rate (CAGR), from 0× to 1×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.