Playtika Holding Corp (PLTK) valuation at a glance
Playtika Holding Corp (PLTK) trades below the fair value estimate shown here. At $4.11 versus a $5.00 estimate, that is a 22% upside.
- Price
- $4.11
- Fair value estimate
- $5.00
- Upside
- +22%
- Forward P/E
- 4.3×
- Market cap
- $1.56B
- P/S (TTM)
- 0.6×
CompaniesPLTK
PLTK
Playtika Holding Corp
Communication ServicesMobile GamingSocial CasinoCasual GamesControlled CompanyFree Cash FlowSpecial Situation
Overview
$4.11+4.3%
Market Cap
$1.56B
SEC filings + yfinance
P/E (TTM)
–
SEC filings + yfinance
Rev Growth YoY
8.1%
+8.1%SEC filings + yfinance
Gross Margin
73.0%
SEC filings + yfinance
FCF Yield
31.4%
Calculated from SEC filings + yfinance
Upside to FV
+21.7%
analyst consensus (11 analysts, mean $5
Conviction
3/5Mobile-gaming cash machine at 4.3x forward earnings and a 31% FCF yield ($491M TTM), showing a GAAP net loss (-$206M FY25) only because a $379M NON-CASH SuperPlay earn-out remeasurement, booked because Dice Dreams and Disney Solitaire outperformed, ran through the P&L; company Adjusted EBITDA held flat at $753M. Legacy social casino (Slotomania -47% YoY in Q3 2025) is in managed decline while casual games are now ~76% of revenue and the direct-to-consumer storefront (39% of revenue, avoiding Apple/Google's 30% cut) lifts margins. Overhang: ~52% held by a Chinese consortium (Yuzhu Shi / Alpha Frontier) plus ~21% by the Cai family, roughly 85% affiliate-held, a thin 59M float, ~$2.5B debt against NEGATIVE equity (-$463M), a Feb-2026 Washington AG gambling suit, and a dividend suspended in Feb 2026. Catalyst: an April-2026 Morgan Stanley-run strategic review, the third such process since 2022. Analyst mean target $5.05 (+23%).
Research Depth
ScreeningDeep ResearchFull Model
Data as of 2026-07-16
Quality Snowflake
Overall 60/100
Value3/3
Future1/2
Past2/4
Health2/2
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Playtika is a $1.56B mobile-game publisher that threw off $491M of free cash flow over the trailing twelve months, a 31% FCF yield, and trades at 4.3x forward earnings and 0.56x sales, near post-IPO lows after an ~85% de-rating from its $27 January-2021 IPO price. The headline GAAP net loss of -$206M (FY2025) is almost entirely an accounting artifact: a $379.4M non-cash charge to mark up the SuperPlay earn-out liability, booked precisely BECAUSE the acquired games (Dice Dreams, Domino Dreams, Disney Solitaire) outperformed their targets. Strip that out and company-reported Adjusted EBITDA was $753.2M in FY2025, essentially flat versus $757.7M in FY2024, on revenue of $2,755M (+8.1%). The real business is bifurcating: legacy social-casino titles (Slotomania down ~47% YoY, Bingo Blitz roughly flat) are in openly-managed decline (~24% of revenue at Q1 2026), while casual games are ~76% and the direct-to-consumer storefront, which avoids Apple/Google's 30% commission, reached 39% of revenue in Q1 2026 and lifts payer economics. The risks are equally real: ~52% of the stock sits with a Chinese consortium (Yuzhu Shi's Giant / Alpha Frontier) and another ~21% with the Cai family, roughly 85% affiliate-held, leaving a thin ~59M public float and 'controlled company' governance; the balance sheet carries ~$2.5B of debt against NEGATIVE stockholders' equity (-$463M); a February 2026 Washington State Attorney General suit alleges the social-casino apps are illegal gambling; and the board suspended the 10%-yield dividend at its February 2026 results under an updated capital-allocation framework, preserving cash for the remaining SuperPlay earn-out (a $461M payment followed in April 2026). The offsetting catalyst is a live one, on April 6, 2026 an independent Special Committee retained Morgan Stanley to review strategic alternatives across its portfolio, widely read as a possible sale or take-private and the company's third such process since a $2.2B Joffre Capital bid collapsed in 2022. At 4.4x EV/Adjusted-EBITDA with a controlling holder that may want out, the setup is a deep-value special situation: cheap cash flows plus takeout optionality, against secular decline in the legacy base and minority-shareholder risk.
Bull Case
Cash MachineTrailing free cash flow $491M ($482M in FY2025, +21% YoY) = a 31% FCF yield on the $1.56B market cap. Company Adjusted EBITDA $753M (FY2025), flat YoY, ~27% margin. Forward P/E just 4.3x, versus 39-59x trailing earnings for EA and AppLovin. The GAAP loss is a non-cash earn-out mark, not an operating problem.
Sale OptionalityApril 6, 2026: an independent Special Committee retained Morgan Stanley to review strategic alternatives across its portfolio, widely read as a possible sale or take-private. With ~85% affiliate-held (the controlling consortium near ~52%) and a thin 59M float, a controlling-holder-driven take-private is the live thesis. The 2022 Joffre bid implied ~$8.5B enterprise value versus ~$3.3B today; analyst high target is $14.00.
DTC Margin EngineDirect-to-consumer storefronts reached ~39% of revenue in Q1 2026 (up from ~30% in FY2025), pay ~3-4% processing versus Apple/Google's 30%, and accelerated after the April 2025 Epic v. Apple link-out ruling. Management targets ~40% DTC, a structural margin tailwind independent of user growth.
Casual Pivot WorkingCasual games are now ~76% of revenue (from 59% in FY2024). SuperPlay's Disney Solitaire scaled to $123M in Q1 2026 (+72% sequential); Dice Dreams and Domino Dreams drove FY2025 growth of +8.1%. Monetization is deepening: daily paying users +19% and ARPDAU +3.5% in FY2025 even as total DAU held roughly flat.
Deep-Value Multiple0.56x sales and ~4.4x EV/Adjusted-EBITDA sit near the cheapest in the mobile-gaming group and near Playtika's own post-IPO low (P/S de-rated from ~1.1x in 2023 to ~0.55x). Any resolution of the sale process, dividend restoration, or earn-out roll-off re-rates a business already generating owner cash.
Bear Case
Legacy DeclineSlotomania fell ~47% YoY in Q3 2025 and management has openly placed the social-casino portfolio (Slotomania, Bingo Blitz, World Series of Poker) into 'managed decline.' Social casino dropped to ~29% of FY2025 revenue. The casual replacements carry lower margins, and Playtika does not report total bookings, a KPI many peers disclose.
Balance-Sheet Fragility~$2.5B total debt against NEGATIVE stockholders' equity of -$411M (FY2025), worsening to -$463M by Q1 2026. Net debt ~$1.7B. A term loan matures March 2028 and $600M of notes March 2029, a refinancing wall Wedbush flagged when it cut its target to $3, arguing the SuperPlay earn-out (marked at $734M at end-2025, with $461M since paid) pressures free-cash-flow-to-equity in 2026.
Controlled-Company Overhang~52% of shares sit with the controlling holder (Playtika Holding UK II → Alpha Frontier → Giant / Yuzhu Shi) and ~21% with the Cai family (On Chau), roughly 85% affiliate-held. Playtika is a Nasdaq 'controlled company'; the controlling holder has been a persistent seller and any deal is on its terms. Public holders own a thin ~59M float with little governance influence, the 2022 Joffre bid collapsed amid board-domination disputes.
Regulatory / LegalOn Feb 3, 2026 the Washington State AG sued Playtika and Aristocrat, alleging 16 apps illegally took over $225M from Washingtonians and seeking to halt operations. Playtika previously paid $38M to settle a 2020 Washington case; parallel class actions are proceeding in Kentucky and Utah, and Google delisted Slotomania/Caesars/WSOP in 13 countries (2023-2024) under its simulated-gambling policy.
Earn-out Cash DrainThe SuperPlay success that flatters the story also creates a cash liability: the earn-out was marked to $734M at year-end 2025 (up from $355M), with a $461M payment in April 2026. The board suspended the ~10%-yield dividend in Feb 2026 to preserve cash for it. Contingent payments run through 2027, capping capital returns until they clear.
Key Metrics
Market Cap
$1.56B
SEC filings + yfinance
Enterprise Value
$3.30B
Calculated from SEC filings + yfinance
Revenue (TTM)
$2.79B
SEC filings + yfinance
P/E (TTM)
–
SEC filings + yfinance
Forward P/E
4.3×
analyst consensus (11 analysts, mean $5
P/S (TTM)
0.6×
SEC filings + yfinance
P/B
–
SEC filings + yfinance
EV/EBITDA
–
Calculated from SEC filings + yfinance
PEG
–
Calculated from SEC filings + yfinance
Revenue Growth
8.1%
SEC filings + yfinance
Gross Margin
73.0%
SEC filings + yfinance
Operating Margin
-4.2%
SEC filings + yfinance
Net Margin
-10.5%
SEC filings + yfinance
Free Cash Flow
$491M
SEC filings + yfinance
FCF Yield
31.4%
Calculated from SEC filings + yfinance
Debt / Equity
–
SEC filings + yfinance
Current Ratio
1.2×
SEC filings + yfinance
Short Interest
10.0%
Playtika DEF 14A proxy (2026)
Institutional Own.
16.2%
Playtika DEF 14A proxy (2026)
Insider Own.
85.4%
Playtika DEF 14A proxy (2026)
Shares Out.
380.4M
SEC filings + yfinance
Float
59.0M
Playtika DEF 14A proxy (2026)
Valuation
Price vs Fair Value
Bear$3.00
Base$5.00
Bull$8.50
Now $4.11
Bear Case
$3.00
Legacy social-casino decline outpaces casual growth, the Washington AG case escalates, and SuperPlay earn-out payments plus the 2028 debt wall consume free-cash-flow-to-equity (the Wedbush case). Multiple stays ~0.5x sales / ~4x EV/EBITDA with no takeout. Probability ~30%.
Base Case
$5.00
Adjusted EBITDA holds near the $750-790M FY2026 guide, DTC mix keeps rising toward 40%, earn-out clears without impairing the balance sheet, and the stock re-rates modestly toward the ~$5 analyst mean on ~6x forward earnings. No deal, but no crisis. Probability ~45%.
Bull Case
$8.50
The strategic review yields a sale or take-private; at ~6x company Adjusted EBITDA (~$4.5B EV) less ~$1.7B net debt, equity clears ~$7-9/share. Alternatively casual momentum + dividend restoration re-rate the FCF. Analyst high is $14.00. Probability ~25%.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY22 | – | 1.0× | – |
| FY23 | 11.7× | 1.1× | – |
| FY24 | 14.3× | 0.9× | – |
| FY25 | – | 0.5× | – |
| TTM · | – | 0.6× | – |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| PLTK | $1.56B | – | 0.6× | – | +8.1% | 73.0% | -10.5% |
| DDI | $0.56B | 4.9× | 1.5× | 0.4× | +12.7% | 72.5% | 30.8% |
| GDEV | $0.21B | 3.1× | 0.5× | 1.3× | -7.9% | 65.0% | 17.1% |
| EA | $52.0B | 59.1× | 6.9× | 34.2× | +11.9% | 79.0% | 11.8% |
| TTWO | $45.3B | – | 6.8× | 58.6× | +6.1% | 57.7% | -4.5% |
| APP | $152B | 39.1× | 24.7× | 31.4× | +59.0% | 88.4% | 64.3% |
Financials
| Line Item | FY2024 | FY2025 | YoY |
|---|---|---|---|
| Total Revenue | $2,549M | $2,755M | +8.1% |
| Cost of Revenue | $692M | $758M | +9.5% |
| Gross Profit | $1,857M | $1,997M | +7.5% |
| Operating Income FY25 collapse = $379M non-cash SuperPlay earn-out remeasurement in G&A | $460M | $1M | -99.8% |
| Interest Expense | $155M | $143M | -7.7% |
| Net Income (GAAP) | $162M | ($206M) | -227.2% |
| Diluted EPS | $0.44 | ($0.55) | -225% |
| Adj. EBITDA (company) Company-reported; excludes the earn-out mark. ~27% margin. FY26 guide $750-790M. | $758M | $753M | -0.6% |
| Item | FY2025 | Notes |
|---|---|---|
| Cash & Equivalents | $684M | TTM $779M |
| Total Current Assets | $1,069M | Current ratio 1.18 |
| Total Debt | $2,532M | $1.9B term loan due 2028 + $600M 4.25% notes due 2029 |
| Net Debt | ~$1,848M | TTM net debt ~$1.74B |
| SuperPlay Earn-out Liability | $734M | $454M current + $280M long-term; $461M paid post-Q1'26 |
| Stockholders' Equity | ($411M) | Negative, cumulative buybacks/dividends + FY25 loss |
| Component | FY2024 | FY2025 | TTM |
|---|---|---|---|
| Operating Cash Flow | $490M | $568M | $572M |
| Capital Expenditure | ($93M) | ($86M) | ($81M) |
| Free Cash Flow 31% FCF yield on $1.56B market cap | $397M | $482M | $491M |
Source: SEC 10-K (FY2025, filed Feb 26 2026) + Q1 2026 release via yfinance. All figures USD, GAAP, except the 'Adj. EBITDA' row which is Playtika's company-reported non-GAAP figure (adds back ~$399M of non-cash contingent-consideration remeasurement (chiefly the $379M SuperPlay earn-out), D&A, stock comp, interest and tax). yfinance's GAAP-basis EV/EBITDA (~32x) and P/B are not shown as headline metrics because the FY25 earn-out charge and negative equity make them non-meaningful; EV/Adjusted-EBITDA is ~4.4x.
Catalysts
Apr '26
Strategichigh relevance
Special Committee strategic-alternatives review (Morgan Stanley)
Announced Apr 6, 2026: independent directors retained Morgan Stanley to evaluate strategic alternatives 'across its portfolio,' widely read as a possible sale or take-private. No timeline and 'no assurance' of a deal, but the dominant catalyst. Shares rose ~17% on the news. Third such process since the 2022 Joffre bid.
Aug '26
Earningshigh relevance
Q2 2026 earnings (est. ~Aug 12)
Watch: Adjusted EBITDA vs the raised $750-790M FY26 guide, DTC mix toward 40%, SuperPlay turning Adjusted-EBITDA positive, and any update on the dividend and the strategic review. Q1 2026 DTC was a record $292M (+63% YoY).
H2 '26
Capital Structure
Debt refinancing / maturity extension
Management is 'actively evaluating options' to extend its runway ahead of the $1.9B term loan (due Mar 2028) and $600M 4.25% notes (due Mar 2029). Net debt was ~1.6x EBITDA with large headroom, but the 2028 wall is a bear anchor.
2026-27
Product
SuperPlay / Disney IP ramp
Disney Solitaire (launched Apr 2025) hit $123M in Q1 2026 (+72% sequential); management flagged a second Disney-branded title in the pipeline. SuperPlay guided to Adjusted-EBITDA positive in Q2 2026 as front-loaded marketing tapers.
H2 '26
Regulatoryhigh relevance
Washington AG suit + social-casino class actions
Feb 3, 2026 Washington AG suit (16 apps, >$225M alleged) plus Kentucky/Utah class actions and a Dice Dreams 'Luck Battle' case. Early-stage; Playtika cannot yet estimate impact and intends to defend. An adverse ruling threatens the declining-but-cash-rich social-casino base.
2026
Capital Return
Dividend suspension / potential restoration
The board suspended the ~10%-yield $0.40/yr dividend at its Feb 2026 FY2025 results, preserving cash for the SuperPlay earn-out and keeping buybacks available. Restoration once earn-outs clear would signal balance-sheet confidence; continued suspension signals cash strain.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| ~52% is held by the controlling consortium (Alpha Frontier / Giant / Yuzhu Shi) via Playtika Holding UK II, with ~21% more held by the Cai family, roughly 85% affiliate-held; Playtika is a Nasdaq 'controlled company' with a thin ~59M public float. | Governance | High | Certain | Any sale, dividend, or capital decision is on the controlling holder's terms; public holders have limited say. The 2022 Joffre bid collapsed amid board-domination disputes. A take-private could be struck at a modest premium to a depressed price. |
| Negative stockholders' equity (-$463M) with ~$2.5B debt, a $734M earn-out liability, and a 2028 term-loan / 2029 notes refinancing wall. | Capital Structure | High | Medium | Wedbush argues the SuperPlay earn-out (marked at $734M, with $461M since paid) pressures free-cash-flow-to-equity in 2026. Refinancing into higher rates would raise the ~7.2% term-loan cost. Net debt is low (~1.6x EBITDA) but the equity cushion is gone. |
| Legacy social casino (Slotomania -47% YoY in Q3 2025, ~29% of revenue) is in managed decline; casual replacements are lower-margin and Playtika does not disclose total bookings. | Execution | High | High | Growth depends on SuperPlay/Disney titles sustaining momentum against Coin Master, Monopoly Go and Candy Crush. If casual growth stalls while social casino keeps eroding, the flat-revenue story turns into decline. |
| February 2026 Washington State AG suit alleging the social-casino apps are illegal gambling ($225M+, 16 apps), plus Kentucky/Utah class actions and prior Google delistings. | Regulatory | High | Medium | An adverse Washington ruling or expansion to other states could force operational changes or restitution on the highest-margin legacy base. Playtika already paid $38M to settle a 2020 Washington case. |
| The GAAP loss is driven by a $379M non-cash SuperPlay earn-out mark; the same success creates a $734M cash liability ($461M already paid) that suspended the dividend and caps capital returns through 2027. | Accounting / Cash | Medium | High | Investors must look through GAAP to Adjusted EBITDA/FCF, but the earn-out is a real cash outflow. Until it clears, dividends and buybacks are constrained despite the 31% headline FCF yield. |
Technical Snapshot
52-Week Range
$2.64$4.11$4.93
RSI (14)
56.6
neutral
50-Day MA
$3.58
+14.8%above
200-Day MA
$3.54
+16.1%above
Avg Vol (30d)
1.5M
0%vs average
Support Levels
$3.58$2.72$2.64
Resistance Levels
$4.60$4.93$5.05
Technical inputs: SEC filings + yfinance. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Playtika DEF 14A proxy (2026)
| Institution | Shares | % Held | Chg QoQ | Reported |
|---|---|---|---|---|
| Playtika Holding UK II (Alpha Frontier / Yuzhu Shi) | 199.36M | 52.4% | – | |
| LSV Asset Management | ~5.6M | ~1.5% | – | |
| AQR Capital Management | ~5.5M | ~1.4% | – | |
| Renaissance Technologies | ~n/d | small | – | |
| Vanguard / BlackRock (index) | ~n/d | small | – |
Insider Activity
Ownership is dominated by one controlling vehicle, Playtika Holding UK II Limited, indirectly controlled by Chinese gaming mogul Yuzhu Shi via Giant Investment / Alpha Frontier (Cayman), holding 199.36M shares (52.4%). A separate ~21% is held by the Cai family (On Chau vehicles), bringing affiliate ownership to ~85% and leaving a very thin ~59M public float against ~1.5M/day volume, with short interest ~10% of float (~5.9M shares). The controlling holder has been a persistent seller (Form 4s: ~170K shares Nov 2024 at ~$8.6, ~1.19M shares May 2025 at $4.72-4.99). Institutional 13F ownership is small in absolute terms (~12-17%), led by quant/value shops LSV (~5.6M) and AQR (~5.5M), with Geode, Renaissance, Goldman, Vanguard and BlackRock present. CEO/Chairperson Robert Antokol (co-founder since 2010) consolidated the President title on Apr 1, 2026 after CFO Craig Abrahams resigned, with an interim CFO appointed internally.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Playtika Holding UK II | Controlling shareholder | Sell (Form 4) | 199.36M held | $4.72-4.99 | ~1.19M sold May 2025 | ~52% economic |
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| PLTK | $1.56B | – | 0.6× | – | +8.1% | 73.0% | -10.5% |
| DDI | $0.56B | 4.9× | 1.5× | 0.4× | +12.7% | 72.5% | 30.8% |
| GDEV | $0.21B | 3.1× | 0.5× | 1.3× | -7.9% | 65.0% | 17.1% |
| EA | $52.0B | 59.1× | 6.9× | 34.2× | +11.9% | 79.0% | 11.8% |
| TTWO | $45.3B | – | 6.8× | 58.6× | +6.1% | 57.7% | -4.5% |
| APP | $152B | 39.1× | 24.7× | 31.4× | +59.0% | 88.4% | 64.3% |
Recognizable sector comparables. Source basis: SEC filings + yfinance; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-07-16Internal (24-agent deep research + yfinance ground truth)
DEEP INTEL: PLTK, cheap cash flows, real risks, live sale process
Built from a 24-dimension sourced-fact workflow with all financial numbers locked to yfinance (USD) and every operational claim primary-source cited. Headline setup: 4.3x forward P/E, 31% FCF yield, ~4.4x EV/Adjusted-EBITDA, but a GAAP net loss (-$206M FY25), negative equity (-$463M), a 52% controlling holder (~85% affiliate-held), a Washington AG gambling suit, and a just-suspended dividend. The GAAP loss is a non-cash SuperPlay earn-out mark, not operating deterioration; Adjusted EBITDA held at $753M. Conviction 3/5, a special situation, not a clean compounder.
2026-02-26Playtika FY2025 10-K
The $379M non-cash charge that created the GAAP loss
Playtika recorded $379.4M of expense in FY2025 to mark the SuperPlay contingent-consideration (earn-out) liability up to $734.0M at Dec 31, 2025 (from $354.6M a year earlier). The total 'changes in estimated value of contingent consideration' line was $398.8M. This ran through G&A and pushed GAAP operating income from $460M (FY24) to ~$1M (FY25) and net income to -$206M. The charge is non-cash and is a recognition of SuperPlay OUTPERFORMING, free cash flow was a record $482M and company Adjusted EBITDA held at $753.2M.
2026-04-06Playtika 8-K / press release
Strategic review, Morgan Stanley hired
An independent Special Committee retained Morgan Stanley to evaluate strategic alternatives 'across its portfolio.' The release did not explicitly name a sale, though the market read it as a possible sale or take-private. The company cautioned there is 'no assurance' of a transaction and it will not give interim updates. Shares rose ~17% intraday. History: a Feb 2022 review led to a June 2022 Joffre Capital agreement to buy a ~25.73% stake for $2.2B (~$8.5B implied EV), which Joffre terminated in Dec 2022 citing governance; a 2023 wave of PE interest also went nowhere. With ~85% affiliate-held (the controlling consortium near ~52%) and a 59M float, a controlling-holder take-private is the central speculation.
2026-02-26Playtika Q4/FY2025 results
Dividend suspended at the February 2026 results
Playtika initiated a $0.10/quarter dividend in Feb 2024 ($0.40/yr). At its FY2025 results on Feb 26, 2026 the board suspended the dividend, which yfinance still shows as a ~10% yield, under an updated capital-allocation framework that preserves cash for the remaining SuperPlay earn-out (a $461M payment followed in April 2026) and buybacks. The stock is NOT currently a 10% dividend payer, an important correction versus the stale data feed. Restoration would signal balance-sheet confidence.
2026-05Playtika filings + Sensor Tower
Direct-to-consumer: the margin engine (39% of revenue)
Playtika's own web storefronts pay ~3-4% processing versus Apple/Google's 30%. DTC reached $814.5M in FY2025 (~30% of revenue) and a record $291.8M in Q1 2026 (+63% YoY, ~39% of revenue); management targets ~40%. Momentum accelerated after the Apr 30, 2025 Epic v. Apple link-out ruling, though the Ninth Circuit modified the injunction in Dec 2025 to let Apple charge a 'reasonable commission,' a regulatory swing factor. DTC is the clearest structural margin driver independent of user growth.
2026-06Playtika 10-K + quarterly KPIs
Portfolio shift: casual ~76%, social casino in managed decline
Casual games rose from 58.9% of revenue (FY24) to 70.8% (FY25) to ~76% (Q1 2026). Slotomania fell ~47% YoY (Q3 2025); Bingo Blitz (~$154M Q1 2026) is roughly flat. Growth is SuperPlay-led: Disney Solitaire $123M in Q1 2026 (+72% sequential), plus Dice Dreams, Domino Dreams and June's Journey. KPIs show a smaller-but-richer audience: FY2025 average DAU ~8.5M (roughly flat), DPU +19%, ARPDAU +3.5%, payer conversion 4.4%. Management is running the legacy social-casino book for cash, not growth.
2026-02-03Washington State AG + court dockets
Regulatory: Washington AG sues over 'illegal gambling'
On Feb 3, 2026 Washington AG Nick Brown sued Playtika and Aristocrat, alleging 16 apps (Slotomania, House of Fun, Caesars Slots, WSOP, Bingo Blitz) illegally took over $225M from Washingtonians since Sept 2020 under the state Gambling Act and Consumer Protection Act, adding child-targeting claims and seeking to halt operations and provide restitution. Playtika previously paid $38M (with Caesars) to settle the 2020 Wilson case. Parallel class actions proceed in Kentucky and Utah; Google delisted Slotomania/Caesars/WSOP in 13 countries (2023-24). Cases are early-stage.
2026-03-11Playtika Q3 2025 10-Q (debt footnotes)
Debt stack, $1.9B term loan (2028) and $600M notes (2029)
The stack is a $1.9B first-lien term loan due Mar 11, 2028 (~$1,815M face at Sept 2025, ~7.18% all-in, Term SOFR + 2.75%) plus $600M of 4.250% senior unsecured notes due Mar 15, 2029, and an undrawn revolver (cut to $550M in Apr 2025). The only maintenance covenant, a first-lien net-debt ratio of 6.25x, sat at ~1.6x, enormous headroom on company Credit-Adjusted EBITDA (all figures as of Sept 30, 2025). No funded-debt refinancing yet; the 2028 wall is the bear's timing anchor.
2026-07-16yfinance (computed, USD)
The valuation and the de-rating that created it
At $4.11 the market cap is $1.56B and enterprise value $3.30B against $491M TTM free cash flow (31% yield) and $753M company Adjusted EBITDA (~4.4x EV/Adj-EBITDA, 4.3x forward P/E, 0.56x sales). P/S de-rated from ~1.1x (2023) to ~0.55x now, an ~85% fall from the $27 Jan-2021 IPO price. yfinance's GAAP EV/EBITDA (~32x) and P/B are omitted as non-meaningful given the FY25 earn-out charge and negative equity. Analyst mean target $5.05 (+23%), range $3.00-$14.00 across 11 analysts.
Sources
Playtika Holding Corp valuation questions
Is Playtika Holding Corp (PLTK) stock undervalued?
Against the fair value estimate shown on this page, Playtika Holding Corp trades below: $4.11 today versus a $5.00 estimate, about +22%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is Playtika Holding Corp's fair value?
The fair value estimate shown for PLTK is $5.00. Its valuation scenarios span bear $3.00, base $5.00, bull $8.50. See the Valuation section for the basis of each.
What is Playtika Holding Corp's forward P/E ratio?
Playtika Holding Corp (PLTK) trades at a forward P/E of 4.3×, and 0.6× trailing sales.
What is Playtika Holding Corp's market cap?
Playtika Holding Corp (PLTK) has a market capitalization (its market value, often searched as "net worth") of $1.56B, and an enterprise value of $3.30B.
What is the bull and bear case for PLTK?
Valuation scenarios: bull $8.50, base $5.00, bear $3.00. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.