PLTK · Technology(services-computer processing & data preparation) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Playtika Holding Corp. reported revenue of $2.8 billion in fiscal 2025. Of the $4.1 billion its operations generated over 10 years, 74.2% went to dividends and 41.6% to acquisitions. On the accounting screens, it passes 4 of 9 Piotroski tests, its Altman Z'' of -1.04 is in the distress zone and its Beneish M-score is below the -1.78 line; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 20252.8B
Operating margin-0.2%gross margin 72.5%
Return on invested capital-0.3%12.7% on average over 5 years
Free cash flow after stock pay448.9M16.3% of revenue
Net debt ÷ EBITDA40.9×net debt 1.7B
Piotroski F-score4/9tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-1B01B2B3B
2017
2018Revenue 1.5BOperating income 432.6M
2019Revenue 1.9BOperating income 497.4M
2020
2020Revenue 2.4BOperating income 387.2M
2021Revenue 2.6BOperating income 562.2M
2022Revenue 2.6BOperating income 471.4M
2023Revenue 2.6BOperating income 501.6M
2024Revenue 2.5BOperating income 391.6M
2025Revenue 2.8BOperating income -5.1M
2017201820192020202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+1.8%
+3.0%
—
Free cash flow per share
+10.1%
+3.2%
—
Shares
-2.2%
-0.5%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 6.0%
-10%0%10%20%30%
2017
2018
2019
2020
2020
2021Return on invested capital 20.6%
2022Return on invested capital 19.4%
2023Return on invested capital 13.7%
2024Return on invested capital 10.0%
2025Return on invested capital -0.3%
2017201820192020202020212022202320242025
Economic profit
Economic profit
-200M0200M400M
2017
2018
2019
2020
2020
2021Economic profit 301.3M
2022Economic profit 248.4M
2023Economic profit 169.0M
2024Economic profit 90.3M
2025Economic profit -124.7M
2017201820192020202020212022202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
—
Return on assets
-5.6%
Asset turnover
0.74×
Research & development
15.5% of revenue
Overheads (SG&A)
22.5% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-400M-200M0200M400M600M
2017
2018Net income 338.0MFree cash flow 411.7MAfter stock-based pay 411.7M
2019Net income 288.9MFree cash flow 436.6MAfter stock-based pay 436.6M
2020
2020Net income 92.1MFree cash flow 463.6MAfter stock-based pay 187.6M
2021Net income 308.5MFree cash flow 504.3MAfter stock-based pay 403.9M
2022Net income 275.3MFree cash flow 425.4MAfter stock-based pay 301.9M
2023Net income 235.0MFree cash flow 483.0MAfter stock-based pay 373.0M
2024Net income 162.2MFree cash flow 449.2MAfter stock-based pay 350.0M
2025Net income -206.4MFree cash flow 531.4MAfter stock-based pay 448.9M
2017201820192020202020212022202320242025
Where 10 years of operating cash went, 2017–2025
4.1B generated by the business. Each band is its share of that total.
Reinvested in the business 9%376.0M
Acquisitions 42%1.7B
Dividends 74%3.0B
Share buybacks 0%0
More than it generated: funded with cash or new debt -25%-1.0B
Over the same years it paid 791.6M in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$2$0$2$4$6$8
2017
2018Earnings per share $0.89Free cash flow per share $1.09Dividend per share $1.06
2019Earnings per share $0.76Free cash flow per share $1.16Dividend per share $6.26
2020
2020Earnings per share $0.24Free cash flow per share $1.21Dividend per share $0.00
2021Earnings per share $0.75Free cash flow per share $1.23Dividend per share $0.00
2022Earnings per share $0.69Free cash flow per share $1.06Dividend per share $0.00
2023Earnings per share $0.64Free cash flow per share $1.32Dividend per share $0.00
2024Earnings per share $0.44Free cash flow per share $1.21Dividend per share $0.30
2025Earnings per share $-0.55Free cash flow per share $1.41Dividend per share $0.40
2017201820192020202020212022202320242025
Shares outstanding
Diluted shares
0200M400M600M
2017
2018Diluted shares 378.0M
2019Diluted shares 378.0M
2020Diluted shares 94,500
2020Diluted shares 384.7M
2021Diluted shares 411.0M
2022Diluted shares 401.6M
2023Diluted shares 366.8M
2024Diluted shares 372.1M
2025Diluted shares 375.8M
2017201820192020202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
01B2B3B
2017
2018
2019Net debt 2.2B
2020
2020Net debt 1.8B
2021Net debt 1.4B
2022Net debt 1.7B
2023Net debt 1.4B
2024Net debt 1.8B
2025Net debt 1.7B
2017201820192020202020212022202320242025
Net debt ÷ EBITDA
40.9×
Interest coverage
-0× operating income ÷ interest
Current ratio
1.10 current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 9 tests passed
✕ProfitableReturn on assets above zerofailed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-1.04distress zone
1.12.6
Working capital ÷ assets 0.03 × 6.56+0.17
Retained earnings ÷ assets -0.34 × 3.26-1.10
Operating income ÷ assets -0.00 × 6.72-0.01
Equity ÷ liabilities -0.10 × 1.05-0.10
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-3.62below the -1.78 line
-1.78
Receivables vs sales 1.00 (not reported, set to 1)+0.92
Gross margin slipping 1.01+0.53
Soft assets 0.94+0.38
Sales growth 1.08+0.96
Slower depreciation 0.92+0.11
Overheads vs sales 1.98-0.34
Profit not in cash -0.21-0.97
Leverage rising 1.11-0.36
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
The effective tax rate is -19.4%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 40.9 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$2.68discounted at 6.0% a year · 72% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
—
Enterprise value ÷ EBITDA
65.0×
Enterprise value ÷ revenue
1.0×
Free cash flow yield
44.6%
From cash flows to a value per share
10 years of cash flow, today769.0M
Everything after, today1.9B
The whole business2.7B
Minus net debt-1.7B
What belongs to shareholders1.0B
Divided among 375.8M shares: <strong>$2.68</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
0200M400M600M
2017
2018Reported 411.7M
2019Reported 436.6M
2020
2020Reported 187.6M
2021Reported 403.9M
2022Reported 301.9M
2023Reported 373.0M
2024Reported 350.0M
2025Reported 448.9M
2026Projected 93.2M
2027Projected 95.9M
2028Projected 98.7M
2029Projected 101.5M
2030Projected 104.3M
2031Projected 107.2M
2032Projected 110.0M
2033Projected 112.9M
2034Projected 115.8M
2035Projected 118.7M
2017201920202022202420262028203020322034
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
2.8B
2.9B
3.0B
3.1B
3.2B
3.3B
3.4B
3.4B
3.5B
3.6B
Growth
3.0%
2.9%
2.9%
2.8%
2.8%
2.7%
2.7%
2.6%
2.6%
2.5%
Cash margin
3.3%
3.3%
3.3%
3.3%
3.3%
3.3%
3.3%
3.3%
3.3%
3.3%
Free cash flow
93.2M
95.9M
98.7M
101.5M
104.3M
107.2M
110.0M
112.9M
115.8M
118.7M
Worth today
87.9M
85.4M
82.9M
80.4M
78.0M
75.6M
73.2M
70.8M
68.5M
66.3M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
5.0%
3
4
6
8
12
5.5%
2
3
4
5
8
6.0%
1
2
3
4
5
6.5%
1
1
2
3
4
7.0%
0
1
1
2
2
Year-one growth and the final margin
margin ↓ · growth →
-1.0%
1.0%
3.0%
5.0%
7.0%
2.6%
0
1
1
2
3
3.0%
1
1
2
3
3
3.3%
1
2
3
3
4
3.6%
2
3
3
4
5
3.9%
3
3
4
5
6
All the inputs moving at once
4,924 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$-2.21
Median$2.59
90th percentile$10.41
$0.00$10.00$20.00
Half of the simulations land between <b>$-0.07</b> and <b>$6.02</b>; one in ten below $-2.21, one in ten above $10.41.
Does the long run make sense?
63.6×The terminal value prices the business in year 10 at 63.6 times that year's EBITDA.
72%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 3 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
