Business Description
Accel Entertainment, Inc. is a distributed gaming operator that provides video gaming terminals and amusement devices to non-casino locations across the United States. The company partners with local businesses such as bars, restaurants, convenience stores, and truck stops to install, operate, and maintain gaming equipment on a revenue-sharing basis. Accel also owns and operates a racino venue, offering a turnkey gaming solution that includes compliance, cash logistics, and customer service.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,330,960 | 1,230,972 | 1,170,420 | 969,797 |
| Cost of Sales | 913,748 | 859,473 | 817,195 | 670,901 |
| Gross Profit | 417,212 | 371,499 | 353,225 | 298,896 |
| Selling, General & Administrative Expenses | 219,336 | 194,721 | 180,248 | 145,942 |
| Depreciation & Amortization Expenses | 78,150 | 66,555 | 59,117 | 46,779 |
| Other Operating Expenses | 11,875 | 19,339 | 6,453 | 9,320 |
| Operating Profit | 107,851 | 90,884 | 107,407 | 96,855 |
| Interest Expense | (34,198) | (35,892) | (33,144) | (21,637) |
| Non-Operating Income | (1,722) | (1,263) | (8,539) | 19,544 |
| Total Non-Operating Income | (35,920) | (37,155) | (41,683) | (2,093) |
| Income Before Provision for Income Taxes | 71,931 | 53,729 | 65,724 | 94,762 |
| Provision for Income Taxes | 20,659 | 18,438 | 20,121 | 20,660 |
| Consolidated Net Income | 51,272 | 35,291 | 45,603 | 74,102 |
| Net Income Attributable to Minority Interests and Other | 198 | (39) | — | — |
| Net Income Attributable to Common Shareholders | 51,470 | 35,252 | 45,603 | 74,102 |
| Basic EPS | 0.61 | 0.42 | 0.53 | 0.82 |
| Diluted EPS | 0.60 | 0.41 | 0.53 | 0.81 |
| Basic Weighted Average Shares Outstanding | 85,020 | 83,747 | 85,949 | 90,368 |
| Diluted Weighted Average Shares Outstanding | 86,367 | 84,977 | 86,803 | 91,484 |
| Shares Outstanding | 82,287 | 85,670 | 84,123 | 86,674 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 296,566 | 281,305 | 261,611 | 224,113 |
| Short-Term Investments | — | — | — | 32,065 |
| Total Cash and Cash Equivalents | 296,566 | 281,305 | 261,611 | 256,178 |
| Accounts Receivable | 14,198 | 10,550 | 13,467 | 11,166 |
| Other Receivables | 9,121 | 1,632 | — | — |
| Total Trade Receivables | 23,319 | 12,182 | 13,467 | 11,166 |
| Inventories | 8,231 | 8,122 | 7,681 | 6,941 |
| Other Current Assets | 14,918 | 24,543 | 29,835 | 24,927 |
| Total Current Assets | 343,034 | 326,152 | 312,594 | 299,212 |
| Net Property, Plant & Equipment | 350,304 | 307,997 | 260,813 | 211,844 |
| Net Intangible Assets | 278,587 | 279,816 | 218,851 | 230,664 |
| Goodwill | 114,426 | 116,252 | 101,554 | 100,707 |
| Other Long-Term Assets | 17,042 | 18,181 | 19,081 | 20,342 |
| Total Assets | 1,103,393 | 1,048,398 | 912,893 | 862,769 |
| Accounts Payable | 51,028 | 41,944 | 36,012 | 22,302 |
| Accrued Expenses | 36,527 | 36,653 | 40,362 | 35,003 |
| Current Portion of Long-Term Debt | 37,583 | 34,443 | 28,483 | 23,466 |
| Other Current Liabilities | 6,354 | 5,313 | 4,793 | 9,134 |
| Total Current Liabilities | 131,492 | 118,353 | 109,650 | 89,905 |
| Long-Term Debt | 569,837 | 560,936 | 514,091 | 518,566 |
| Other Long-Term Liabilities | 128,301 | 109,802 | 90,748 | 75,708 |
| Total Long-Term Liabilities | 698,138 | 670,738 | 604,839 | 594,274 |
| Total Liabilities | 829,630 | 789,091 | 714,489 | 684,179 |
| Common Stock | 8 | 8 | 8 | 9 |
| Treasury Stock | (145,747) | (105,485) | (112,070) | (81,697) |
| Additional Paid-in Capital | 229,028 | 221,625 | 203,046 | 194,157 |
| Accumulated Other Comprehensive Income | 188 | 4,145 | 7,936 | 12,240 |
| Retained Earnings | 186,206 | 134,736 | 99,484 | 53,881 |
| Total Common Shareholders' Equity | 269,683 | 255,029 | 198,404 | 178,590 |
| Minority Interests and Other | 4,080 | 4,278 | — | — |
| Total Shareholders' Equity | 273,763 | 259,307 | 198,404 | 178,590 |
| Total Liabilities and Shareholders' Equity | 1,103,393 | 1,048,398 | 912,893 | 862,769 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 51,272 | 35,291 | 45,603 | 74,102 |
| Depreciation & Amortization | 78,150 | 66,555 | 59,117 | 46,779 |
| Share-Based Compensation Expense | 12,205 | 12,204 | 9,416 | 6,840 |
| Other Adjustments | 22,621 | 8,598 | 14,781 | (8,486) |
| Changes in Trade Receivables | (3,648) | 5,011 | (2,301) | (1,651) |
| Changes in Inventories | (57) | (343) | (734) | (500) |
| Changes in Accounts Payable | 5,093 | (1,239) | 15,466 | 1,791 |
| Changes in Accrued Expenses | (2,171) | (531) | 2,041 | 95 |
| Changes in Income Taxes Payable | (7,489) | (1,357) | 264 | — |
| Changes in Other Operating Activities | (5,101) | (2,995) | (11,123) | (10,971) |
| Cash from Operating Activities | 150,875 | 121,194 | 132,530 | 107,999 |
| Capital Expenditure | (88,923) | (66,542) | (81,744) | (47,379) |
| Proceeds from Sale of Property, Plant & Equipment | 1,625 | 984 | 1,681 | 2,144 |
| Purchases of Intangible Assets | (9,450) | — | — | — |
| Purchases of Investments | — | (5,000) | — | — |
| Proceeds from Sale of Investments | 1,500 | — | 32,065 | — |
| Payments for Business Acquisitions | (5,306) | (53,592) | (11,795) | (144,028) |
| Cash from Investing Activities | (100,554) | (124,151) | (59,793) | (189,263) |
| Issuance of Long-Term Debt | 682,000 | 175,000 | 169,000 | 240,000 |
| Repayments of Long-Term Debt | (667,375) | (123,000) | (169,000) | (44,625) |
| Net Issuance / (Repayments) of Long-Term Debt | 14,625 | 52,000 | 0 | 195,375 |
| Issuance of Common Shares | — | 289 | 375 | 366 |
| Repurchases of Common Shares | (43,064) | (27,844) | (31,154) | (79,080) |
| Net Issuance / (Repurchases) of Common Shares | (43,064) | (27,555) | (30,779) | (78,714) |
| Other Financing Activities | (6,621) | (1,794) | (4,460) | (10,070) |
| Cash from Financing Activities | (35,060) | 22,651 | (35,239) | 106,591 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 15,261 | 19,694 | 37,498 | 25,327 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $939M |
| P/E | 19.02x |
| P/S | 0.71x |
| EV/EBITDA | 6.74x |
| Return on Equity | 19.2% |
| Return on Invested Capital | 9.9% |
| Current Ratio | 2.61x |
| Free Cash Flow Margin | 4.7% |
Margins
Gross margin
31.3%
Operating margin
8.1%
Net margin
3.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $368M | +9.6% | 8.7% | $32M |
| Q1 2026 | $352M | +8.5% | 7.7% | $27M |
| Q4 2025 | $341M | +7.5% | 8.7% | $30M |
| Q3 2025 | $330M | +9.1% | 7.7% | $25M |
| Q2 2025 | $336M | — | 8.0% | $27M |
| Q1 2025 | $324M | — | 8.0% | $26M |
| Q4 2024 | $318M | — | 6.5% | $21M |
| Q3 2024 | $302M | — | 7.2% | $22M |
More on Accel Entertainment, Inc.
Figures compiled from public company filings.
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