Accel Entertainment, Inc. (ACEL)

Price$11.88Cached quoteAs of 2026-09-04 16:23 UTC

AI: Undervalued

Price checkAccel's valuation is modest relative to its recurring distributed-gaming cash flows, current growth rate and low net leverage, although regulatory concentration warrants a discount.

Using roughly 81.2 million shares outstanding, equity value is about $0.94 billion and enterprise value is approximately $1.26 billion after June net debt. Trailing twelve-month Adjusted EBITDA is roughly $220 million, implying an enterprise-value multiple near 5.7 times, while trailing net income implies an earnings multiple around 16.6 times. The EBITDA valuation appears inexpensive for a business growing revenue and Adjusted EBITDA at double-digit rates in the latest quarter, but free-cash-flow conversion is lower because Accel must fund gaming equipment, acquisitions and Fairmount development.

Big pictureThe core route-operator model is expanding its installed base while improving productivity at existing locations, particularly in Illinois.

Accel installs, owns, operates and services gaming terminals at bars, restaurants, truck stops, convenience stores and other licensed venues, sharing economics with location partners after gaming taxes and other mandated costs. At June, the network included 4,676 locations, up 5.6% year over year, and 29,281 terminals, up 6.9%. Illinois remains the largest market; despite slightly fewer Illinois locations and terminals, second-quarter location hold-per-day rose 9.0%, the metric Accel uses to measure same-store performance. Total second-quarter revenue rose 9.6% and Adjusted EBITDA increased 10.8%, showing that route quality and productivity are contributing alongside acquisitions.

Business strengthCash generation, manageable leverage and acquisition capacity support continued expansion, while dependence on regulated gaming economics remains the main structural constraint.

June cash was $255.5 million and net debt approximately $318 million, equal to about 1.4 times trailing Adjusted EBITDA by management's measure. The company had no revolver borrowings and an undrawn $300 million revolving facility, while its term loan maturity extends to 2030 and is protected by an interest-rate collar through 2029. Second-quarter free cash flow was $10 million, but excluding a $17 million tax-credit purchase it would have been $26 million. Accel also continued repurchasing shares. Illinois imposes a 35% tax on net terminal income, and statutory revenue splits in Illinois limit pricing flexibility; future tax, regulatory or municipal changes could materially affect economics.

What could change the storyChicago expansion, higher Illinois productivity, Nevada route growth and Fairmount maturation could lift earnings, while tax changes, weaker discretionary spending or acquisition execution could erode the valuation advantage.

The bull case combines continued hold-per-day gains with route expansion outside Illinois. A new Green Valley Grocery agreement adds approximately 600 terminals across Southern Nevada, while Louisiana bolt-ons and Fairmount's table-game launch broaden the earnings base. Chicago video gaming remains a potentially significant additional market if final regulatory approvals permit rollout, and Accel has been signing prospective locations. The bear case is that Illinois concentration exposes the company to gaming-tax increases or adverse statutory-split changes, consumers reduce discretionary gaming, location partners switch operators, Fairmount requires more capital than expected, or acquired routes fail to deliver targeted returns. Although leverage is currently moderate, continued acquisitions and permanent-casino development could increase capital demands.

AI: News

Second-quarter revenue and Adjusted EBITDA reached recordsRevenue growth, stronger Illinois route productivity and a larger installed base drove another quarter of double-digit Adjusted EBITDA growth.

Second-quarter revenue reached $368.1 million, up about 10% year over year, while Adjusted EBITDA increased 11% to $58.9 million and net income rose 72%. Accel ended the period with 4,676 locations and 29,281 gaming terminals. Illinois distributed-gaming revenue excluding Fairmount increased 6%, supported by higher hold-per-day and a stronger customer mix, and the entire Illinois installed base is now ticket-in, ticket-out enabled.

Green Valley Grocery agreement materially expanded the Nevada routeAccel added approximately 600 electronic gaming terminals across Southern Nevada through a large convenience-store route agreement.

Century Gaming Technologies Nevada entered a route agreement covering all active Green Valley Grocery locations owned by Anabi Oil. The agreement represents approximately 600 terminals and followed an earlier 2026 agreement covering Anabi's Rebel Convenience Stores. Nevada terminal count had already risen sharply year over year by June, making the new agreement an important source of geographic diversification and installed-base growth.

Rice Palace acquisition expanded Louisiana operationsAccel added a high-performing truck-stop casino as part of its strategy of building denser regional routes through disciplined bolt-on acquisitions.

Subsidiary Toucan Gaming acquired Rice Palace Truck Stop Casino in Crowley, Louisiana, adding 50 video gaming devices and the associated truck-stop operation. The transaction complements Accel's existing Louisiana presence and illustrates its acquisition model: buying established gaming locations or routes where additional scale can improve operating density and local economics.

Fairmount launched live table gamesThe Illinois racino broadened beyond slots and electronic games as Accel continues developing the property into a fuller casino destination.

Fairmount Park Casino & Racing introduced live blackjack, roulette and novelty table games in April alongside the start of its second racing season. By the second quarter, management said the property had generated its highest quarterly gross profit since acquisition. Continued improvement at Fairmount and eventual development of a permanent casino offer upside, but also require additional execution and capital.

Loading local price history

Revenue

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$1.33B	$1.23B	$1.17B	$969.8M	$734.7M	$316.4M	$428.7M	$335.1M	$248.4M
Gross profit	$1.33B	$1.22B	$1.16B	$965.0M	$734.7M	$105.3M	$146.7M	$117.6M	$91.4M
Gross margin	99.58%	99.42%	99.34%	99.51%	100.00%	33.27%	34.22%	35.10%	36.80%
Operating expenses	$1.22B	$1.14B	$1.06B	$872.9M	$664.5M	$341.0M	$415.4M	$310.2M	$230.3M
Operating income	$107.9M	$90.9M	$107.4M	$96.9M	$70.2M	−$24.7M	$13.3M	$24.9M	$18.2M
Operating margin	8.10%	7.38%	9.18%	9.99%	9.55%	−7.80%	3.11%	7.42%	7.31%
EBITDA	$160.6M	$134.9M	$145.3M	$126.2M	$94.8M	−$3.7M	$39.7M	$45.7M	$34.9M
EBITDA margin	12.06%	10.96%	12.42%	13.01%	12.91%	−1.17%	9.27%	13.62%	14.06%
Net income	$51.5M	$35.3M	$45.6M	$74.1M	$31.6M	−$410,000	−$36.8M	$10.8M	$8.3M
Net profit margin	3.87%	2.86%	3.90%	7.64%	4.30%	−0.13%	−8.58%	3.22%	3.35%
Basic EPSper basic share	$0.61	$0.42	$0.53	$0.82	$0.34	$0.00	-$0.59	$0.19	$0.15
Diluted EPSper diluted share	$0.60	$0.41	$0.53	$0.81	$0.33	-$0.02	-$0.59	$0.17	$0.14

Review official source filings ↗

Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$670.9K disclosed value

Sells (SEC code S)110$24.55M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Phelan Mark T.COO, President, U.S. Gaming	SellClass A-1 Common Stock	25.0K	$13.00	$325.0K	241.5K
Jun 15, 2026Form 4 · 10b5-1	Harmer DerekChief Compliance Officer	SellClass A-1 Common Stock	20.0K	$13.00	$260.0K	187.8K
Jun 1, 2026Form 4 · 10b5-1	Rubenstein Andrew H.CEO and President	SellClass A-1 Common Stock	25.0K	$12.09	$302.3K	3.88M
May 11, 2026Form 4	WARDINSKI BRUCE DDirector	BuyClass A-1 Common Stock	50.0K	$11.55	$577.5K	50.0K
May 8, 2026Form 4	Rubenstein GordonDirector	SellClass A-1 Common Stock · indirect	8.0K	$11.55	$92.2K	9.0K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about ACEL yet. Start the conversation.

Write the first post

Accel Entertainment, Inc. (ACEL)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.