# Accel Entertainment, Inc. (ACEL)

> Source: Nexqual · https://nexqual.com/ACEL · data as of 2026-10-29 14:00 UTC · cite as "Nexqual, Accel Entertainment, Inc. (ACEL), nexqual.com/ACEL" · informational, not investment advice.

**Price:** USD 11.32 (+2.07% today) · US market open, as of October 29, 2026 at 14:00 UTC; quotes may be delayed. Prev close 11.09 · day 11.19–11.38 · 52w 9.55–14 · market cap $919M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.39B, net income $56.7M (4.1% margin), free cash flow $78.9M (SEC filings).
- Valuation: P/E 16.2x (avg 21.4x at the last 3 fiscal year-ends), EV/EBITDA 7.3x, net debt $318M.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $2.2M; 3 not under a Rule 10b5-1 plan ($1.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $578K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.14 on a 1–5 scale) (7 analysts), mean target USD 15.57 (range 13–18).
- Total return with dividends: 1Y +12.3% vs S&P 500 +13.0%; 5Y -7.1% vs S&P 500 +78.9%.
- Next earnings: 2026-11-03, EPS estimate USD 0.27, revenue estimate $359M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $735M | $970M | $1.17B | $1.23B | $1.33B | $1.39B |
| Operating income | $70.2M | $96.9M | $107M | $90.9M | $108M | $114M |
| Net income | $31.6M | $74.1M | $45.6M | $35.3M | $51.5M | $56.7M |
| EPS (diluted) | $0.33 | $0.81 | $0.53 | $0.41 | $0.60 | — |
| Free cash flow | $81.0M | $60.6M | $50.8M | $54.7M | $62.0M | $78.9M |
| Operating margin | 9.6% | 10.0% | 9.2% | 7.4% | 8.1% | 8.2% |
| Net margin | 4.3% | 7.6% | 3.9% | 2.9% | 3.9% | 4.1% |
| Revenue growth | +132.2% | +32.0% | +20.7% | +5.2% | +8.1% | — |
| Cash + short-term investments | $231M | $256M | $262M | — | — | — |
| Total debt | $342M | $542M | $543M | $595M | $607M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.2x · P/S 0.7x · EV/EBITDA 7.3x · EV/Sales 0.9x · P/FCF 11.6x · P/B 3.2x · FCF yield 8.59% · Earnings yield 6.17% · Buyback yield (TTM) 4.43% · Net debt $318M · EV $1.24B
P/E at fiscal year-ends: Dec 2025 19.1x, Dec 2024 25.7x, Dec 2023 19.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Kozlik Christen | Chief Accounting Officer | 550 | $6K | 2.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-11…2026-09-14 | Harmer Derek | Chief Compliance Officer | 39,486 | $459K | 20% | No | Routine (sold in Mar & Jun & Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-05 | Rubenstein Andrew H. | CEO and President | 15,000 | $190K | 0.4% | Yes (adopted December 26, 2024) | Routine (sold in Aug & Dec each year 2023–2025) |
| 2026-06-15 | Harmer Derek | Chief Compliance Officer | 20,000 | $260K | 9.6% | Yes (adopted December 13, 2024) | Routine (sold in Mar & Jun & Dec each year 2023–2025) |
| 2026-06-15 | Phelan Mark T. | COO, President, U.S. Gaming | 25,000 | $325K | 9.4% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-01 | Rubenstein Andrew H. | CEO and President | 25,000 | $302K | 0.6% | Yes (adopted December 26, 2024) | Routine (sold in Aug & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-07…2026-05-08 | Rubenstein Gordon | Director | 59,277 | $675K | 100% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $578K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-11 | Wardinski Bruce D | Director | 50,000 | $578K | 11.55 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.14 on a 1–5 scale), 7 analysts; mean target USD 15.57 (low 13, high 18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Truist Securities | Target lowered | Hold | $14 → $13 |
| 2026-10-07 | Macquarie | Target raised | Outperform | $16 → $17 |
| 2026-08-21 | Wells Fargo | Initiated | Equal-Weight | $14 |
| 2026-08-05 | Macquarie | Maintained | Outperform | $16 |
| 2026-08-05 | Citizens | Target raised | Market Outperform | $14 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +12.3% | -7.1% |
| S&P 500 (SPY) | +13.0% | +78.9% |
| Per year | +12.3% | -1.4% |
| Volatility (annualized) | 31.5% | 29.9% |
| Max drawdown | -21.0% (Jun 2026→Oct 2026) | -44.4% (Feb 2022→Dec 2022) |

## Peers (Gambling)
BRSL (Brightstar Lottery PLC Trading ) USD 9.56 +2.91% · CDRO (Codere Online Luxembourg, S.A.) USD 8.77 -3.09% · RSI (Rush Street Interactive, Inc.) USD 14.98 -0.99% · SGHC (Super Group (SGHC) Limited) USD 10.79 +2.62% · CHDN (Churchill Downs, Incorporated) USD 89.6 +9.33% · DKNG (DraftKings Inc.) USD 20.62 +1.55%

## More
Full page: https://nexqual.com/ACEL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ACEL's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1698991/000169899126000018/acel-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Light & Wonder, Inc. (LNWO) | "We purchase multi-game gaming terminals from leading manufacturers such as Light & Wonder, Inc., International Game Technology, Aristocrat and Novomatic." |
| Partner | Toucan Gaming | "Concurrent with the acquisition, we entered into a redemption agreement with the noncontrolling interest holder in the form of put and call options that would allow us to eventually own 100% of Toucan Gaming." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.27 | $0.22 | +20.5% | $359.0M | 2 |
| Next quarter (ends 2026-12-31) | $0.27 | $0.24 | +10.2% | $365.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.88 | $0.86 | +2.0% | $1.44B | 2 |
| Next fiscal year (ends 2027-12-31) | $1.14 | $0.97 | +16.4% | $1.51B | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.30 | $0.21 | Beat +42.9% | — |
| — | Quarter ended Mar 31, 2026 | $0.27 | $0.25 | Beat +8.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.29 | $0.20 | Beat +45.0% | — |
| — | Quarter ended Sep 30, 2025 | $0.25 | $0.21 | Beat +19.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).