# Rush Street Interactive, Inc. (RSI)

> Source: Nexqual · https://nexqual.com/RSI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Rush Street Interactive, Inc. (RSI), nexqual.com/RSI" · informational, not investment advice.

**Price:** USD 16.36 (-2.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.85 · day 16.09–17.24 · 52w 15.51–34.53 · market cap $4.00B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.37B, net income $31.9M (2.3% margin), free cash flow $182M (SEC filings).
- Valuation: P/E 125.2x (avg 322.9x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 30 Form 4 filings, $327M; 4 not under a Rule 10b5-1 plan ($287M); 7 by opportunistic insiders (0 outside 10b5-1 plans), 16 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $29K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (13 analysts), mean target USD 33.23 (range 22–40).
- Total return with dividends: 1Y -14.1% vs S&P 500 +14.9%; 5Y -21.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.14, revenue estimate $390M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $488M | $592M | $691M | $924M | $1.13B | $1.37B |
| Gross profit | $156M | $178M | $226M | $322M | $393M | — |
| Operating income | -$94.3M | -$125M | -$51.6M | $25.0M | $87.4M | $137M |
| Net income | -$19.5M | -$38.6M | -$18.3M | $2.4M | $33.3M | $31.9M |
| EPS (diluted) | -$0.51 | -$0.61 | -$0.27 | $0.03 | $0.31 | — |
| Free cash flow | -$52.0M | -$64.5M | -$7.2M | $106M | $164M | $182M |
| Gross margin | 32.0% | 30.0% | 32.7% | 34.9% | 34.6% | — |
| Operating margin | -19.3% | -21.1% | -7.5% | 2.7% | 7.7% | 10.0% |
| Net margin | -4.0% | -6.5% | -2.6% | 0.3% | 2.9% | 2.3% |
| Revenue growth | +75.3% | +21.3% | +16.7% | +33.7% | +22.8% | — |
| Cash + short-term investments | $281M | $180M | $171M | $233M | $342M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 125.2x · P/S 2.9x · P/FCF 22.0x · P/B 21.6x · FCF yield 4.55% · Earnings yield 0.80% · Buyback yield (TTM) 0.00%
P/E at fiscal year-ends: Dec 2025 137.7x, Dec 2024 508.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
26 of 30 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Sauers Kyle | Chief Financial Officer | 23,000 | $467K | 3.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-01 | Stetz Mattias | Chief Operating Officer | 20,000 | $397K | 7.6% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-10-01 | Schwartz Richard Todd | Chief Executive Officer | 158,332 | $3.1M | 29.7% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-09-03 | Sauers Kyle | Chief Financial Officer | 23,000 | $611K | 3.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Schwartz Richard Todd | Chief Executive Officer | 158,332 | $4.1M | 29.7% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-09-01 | Stetz Mattias | Chief Operating Officer | 20,000 | $514K | 7.1% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-08-03 | Schwartz Richard Todd | Chief Executive Officer | 158,334 | $4.4M | 29.7% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-08-03 | Sauers Kyle | Chief Financial Officer | 23,000 | $613K | 3.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Stetz Mattias | Chief Operating Officer | 20,000 | $561K | 6.6% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Sauers Kyle | Chief Financial Officer | 23,000 | $725K | 3.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Schwartz Richard Todd | Chief Executive Officer | 158,334 | $4.9M | 29.7% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Stetz Mattias | Chief Operating Officer | 20,000 | $624K | 6.2% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-06-25 | Wierbicki Paul | Chief Legal Officer | 10,000 | $301K | 9.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-03 | Sauers Kyle | Chief Financial Officer | 23,000 | $585K | 3.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Schwartz Richard Todd | Chief Executive Officer | 158,334 | $4.0M | 29.7% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Stetz Mattias | Chief Operating Officer | 20,000 | $513K | 5.8% | Yes | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-05-05…2026-05-06 | Schwartz Richard Todd | Chief Executive Officer | 816,500 | $20.4M | 68.6% | No | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-05-05…2026-05-06 | Stetz Mattias | Chief Operating Officer | 171,350 | $4.3M | 33.3% | No | Routine (sold in Mar & Apr each year 2023–2025; this trade is outside those months) |
| 2026-05-05…2026-05-06 | Bluhm Neil | Executive Chairman | 10,512,150 | $262M | 74.4% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-04 | Sauers Kyle | Chief Financial Officer | 23,000 | $653K | 3.4% | Yes | 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, $29K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-25 | Markell Jack A. | Director | 1,500 | $29K | 19.35 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 13 analysts; mean target USD 33.23 (low 22, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Neutral | $30 → $22 |
| 2026-10-19 | Morgan Stanley | Initiated | Equal-Weight | $22 |
| 2026-10-09 | Susquehanna | Target lowered | Positive | $37 → $27 |
| 2026-10-07 | Macquarie | Target lowered | Outperform | $35 → $33 |
| 2026-09-22 | Citizens | Reiterated | Market Outperform | $34 |
| 2026-09-22 | Stifel | Initiated | Buy | $34 |
| 2026-07-30 | Macquarie | Target raised | Outperform | $30 → $35 |
| 2026-07-30 | Citizens | Target raised | Market Outperform | $33 → $34 |
| 2026-07-30 | Wells Fargo | Target raised | Overweight | $35 → $36 |
| 2026-07-30 | Needham | Target raised | Buy | $33 → $36 |
| 2026-07-29 | Susquehanna | Target raised | Positive | $30 → $36 |
| 2026-07-24 | Oppenheimer | Target raised | Outperform | $30 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.1% | -21.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.1% | -4.7% |
| Volatility (annualized) | 47.6% | 61.5% |
| Max drawdown | -52.6% (Jul 2026→Oct 2026) | -86.0% (Nov 2021→Apr 2023) |

## Peers (Gambling)
SGHC (Super Group (SGHC) Limited) USD 11.35 +1.98% · CHDN (Churchill Downs, Incorporated) USD 84.45 +2.01% · BRSL (Brightstar Lottery PLC Trading ) USD 9.56 +3.58% · DKNG (DraftKings Inc.) USD 20.94 +2.00% · FLUT (Flutter Entertainment plc) USD 81.69 +4.38% · ACEL (Accel Entertainment, Inc.) USD 10.97 +1.76%

## More
Full page: https://nexqual.com/RSI · 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 RSI's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1793659/000179365926000009/rsi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Special | "Accordingly, we will be required to pay U.S. federal income taxes on the Special Limited Partner's allocable share of RSILP's net taxable income." |
| Partner | Rush Street Gaming | "If the services agreement with RSG terminates or expires, we may be unable, in certain instances, to replace these services or enter into appropriate third-party agreements on terms, including cost and quality, comparabl…" |
| Partner | Rivers IP Holdings | "We have a license agreement, as may be amended from time to time, with Rivers IP Holdings, LLC, an affiliated entity, pursuant to which it granted to us a fully paid-up, exclusive license for the use of the trademarks "R…" |
| Partner | Amazon (AMZN) | "We do not have full control over the operations of the infrastructure of these third parties that we use or anticipate using such as cloud-hosting providers (i.e., Amazon Web Services and Google Cloud) and on-premises ho…" |
| Partner | Alphabet (Google) (GOOGL) | "We do not have full control over the operations of the infrastructure of these third parties that we use or anticipate using such as cloud-hosting providers (i.e., Amazon Web Services and Google Cloud) and on-premises ho…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Online casino and online sports betting | $392.2M | 99.6% | +46.6% |
| Social gaming | $1.1M | 0.3% | -9.0% |
| Retail sports betting | $452,000 | 0.1% | -2.6% |
| Total revenue | $393.8M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States and Canada | $285.9M | 72.6% | +22.9% |
| Latin America, including Mexico | $107.9M | 27.4% | +194.8% |
| Total revenue | $393.8M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Guidance - CHICAGO – July 29, 2026 – Rush Street Interactive, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.14 | $0.14 | -3.0% | $389.9M | 10 |
| Next quarter (ends 2026-12-31) | $0.19 | $0.16 | +17.9% | $428.4M | 10 |
| Current fiscal year (ends 2026-12-31) | $0.62 | $0.59 | +5.0% | $1.58B | 10 |
| Next fiscal year (ends 2027-12-31) | $0.84 | $0.84 | -0.1% | $1.83B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±17.4%; last 8 reports averaged ±12.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 73.4% | ±17.4% |
| 2026-12-18 | 56 | 65.2% | ±21.2% |
| 2027-01-15 | 84 | 63.6% | ±25.1% |
| 2027-04-16 | 175 | 59.8% | ±33.2% |