Rush Street Interactive, Inc.
RSIdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
Rush Street Interactive, Inc. earns about -20% on equity, below its ~9% cost of capital, but has diluted owners by 311% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $9.36 and $10.03 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $488.1M1 | $592.2M2 | $691.2M3 | $924.1M3 | $1.13B3 |
| Net income | −$19.5M4 | −$38.6M5 | −$18.3M6 | $2.39M6 | $33.3M6 |
| Operating cash flow | −$48.2M7 | −$60.3M8 | −$5.93M9 | $106.4M9 | $165M9 |
| Capital expenditure | $3.85M10 | $4.16M11 | $1.29M12 | $925,00012 | $767,00012 |
| Free cash flow (derived) | −$52M7 | −$64.5M8 | −$7.22M9 | $105.5M9 | $164.2M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $281M13 | $179.7M14 | $168.3M15 | $229.2M16 | $336.3M16 |
| Diluted shares | 57.4M | 63.5M | 68.5M | 88.4M | 236.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $6.24 of net worth that earned you $1.41 and generated $6.96 of cash last year.
It earned about -20% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 311% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $9.36 and $10.03 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$105.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$105.5M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $7.81 |
| Base | 5.0% | $9.36 |
| Bull | 10.0% | $11.2 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001793659-24-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001793659-25-000047 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001793659-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001793659-24-000013 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001793659-25-000047 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001793659-26-000009 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001793659-24-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001793659-25-000047 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001793659-26-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001793659-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001793659-25-000047 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001793659-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001793659-23-000010 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001793659-24-000013 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001793659-25-000047 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001793659-26-000009 (CashAndCashEquivalentsAtCarryingValue)