Accel Entertainment, Inc.
- Open
- 12.76
- Day high
- 12.85
- Day low
- 12.71
- Prev close
- 12.61
- Volume
- 81K
- Mkt cap
- $1.0B
- P/E (TTM)
- 20.8
- EPS (TTM)
- $0.62
- P/B
- 3.8
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$985K over the last 3 months (1 open-market buy, 7 sales)
- 🏛Institutions mixed (13F)
Accel Entertainment, Inc. (ACEL) is a Consumer Cyclical company listed on NYSE. The stock is up 5% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 7 sales (SEC Form 4).
Accel Entertainment, Inc. (ACEL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ACEL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.16 | $0.17 | +6.3% | $352M | +2.5% |
| Mar 3, 2026 | $0.20 | $0.19 | -4.0% | $341M | +1.7% |
| Feb 27, 2025 | $0.20 | $0.19 | -5.0% | $318M | +3.7% |
| Oct 30, 2024 | $0.18 | $0.22 | +22.2% | $302M | -0.6% |
| Jul 30, 2024 | $0.21 | $0.25 | +19.0% | $309M | +4.2% |
| Feb 28, 2024 | $0.17 | $0.26 | +52.9% | $297M | +4.2% |
| Aug 3, 2023 | $0.16 | $0.23 | +43.8% | $293M | +6.0% |
| May 3, 2023 | $0.20 | $0.25 | +25.0% | $293M | +6.0% |
| Feb 28, 2023 | $0.22 | $0.23 | +4.5% | $278M | +0.9% |
| May 4, 2022 | $0.21 | $0.19 | -9.5% | $197M | -0.5% |
| Mar 9, 2022 | $0.19 | $0.18 | -5.3% | $192M | +0.4% |
| Nov 3, 2021 | $0.18 | $0.18 | +0.0% | $193M | +4.5% |
ACEL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Kozlik Christenofficer: Chief Accounting Officer | Tax | 550 | $13.13 |
| Jun 17, 2026 | Kozlik Christenofficer: Chief Accounting Officer | Option | 1,875 | — |
| Jun 15, 2026 | Phelan Mark T.officer: COO, President, U.S. Gaming | Sell | 25,000 | $13.00 |
| Jun 15, 2026 | Harmer Derekofficer: Chief Compliance Officer | Sell | 20,000 | $13.00 |
| Jun 9, 2026 | Rubenstein Andrew H.director, 10 percent owner, officer: CEO and President | Grant | 78,930 | — |
| Jun 9, 2026 | Harmer Derekofficer: Chief Compliance Officer | Grant | 42,085 | — |
| Jun 9, 2026 | Kozlik Christenofficer: Chief Accounting Officer | Grant | 16,851 | — |
| Jun 2, 2026 | Rubenstein Andrew H.director, 10 percent owner, officer: CEO and President | Sell | 25,000 | $12.09 |
| May 18, 2026 | Kozlik Christenofficer: Chief Accounting Officer | Option | 4,902 | — |
| May 18, 2026 | Kozlik Christenofficer: Chief Accounting Officer | Tax | 1,437 | $11.61 |
| May 11, 2026 | Rubenstein Gordondirector | Sell | 17,728 | $11.34 |
| May 11, 2026 | Rubenstein Gordondirector | Sell | 4,946 | $11.55 |
| May 11, 2026 | Rubenstein Gordondirector | Sell | 28,618 | $11.34 |
| May 11, 2026 | WARDINSKI BRUCE Ddirector | Buy | 50,000 | $11.55 |
| May 11, 2026 | Rubenstein Gordondirector | Sell | 7,985 | $11.55 |
Source: ACEL SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full ACEL insider & 13F page →Accel Entertainment, Inc. company profile
Overview
Accel Entertainment, Inc. (NASDAQ:ACEL) is a distributed gaming operator founded in 2012 and headquartered in Burr Ridge, Illinois. The company went public in August 2017 and has grown through both organic expansion and strategic acquisitions to become one of the largest operators of video gaming terminals outside of traditional casinos in the United States. Accel specializes in placing and operating gaming equipment in non-casino venues such as restaurants, bars, convenience stores, and truck stops across multiple states, with Illinois serving as its primary market.
Business
Accel Entertainment operates in the distributed gaming or route gaming industry, which involves placing electronic gaming machines in licensed establishments outside of traditional casinos. This industry differs from casino gaming in that it brings gambling directly to consumers in their local neighborhoods and frequented establishments. The company's core business revolves around video gaming terminals (VGTs), which are electronic slot-style machines that offer various games of chance. These terminals are installed in licensed locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. Players can wager money on these machines, similar to casino slot machines, but in a more convenient, local setting. Beyond gaming terminals, Accel also operates redemption devices that dispense winnings and include ATM functionality, allowing players to access cash for gaming or other purposes. The company additionally provides amusement equipment including jukeboxes, dartboards, pool tables, and pinball machines to enhance the entertainment value of partner locations. Accel's business spans multiple states with varying revenue contributions: • Illinois represents the company's largest market, generating approximately 70-75% of total revenue with over 13,000 terminals across 2,500+ locations • Montana, Nevada, Nebraska, Louisiana, and Georgia comprise the remaining markets, each contributing smaller but growing portions of revenue • The company recently entered Louisiana in late 2024 and acquired Fairmount Park, a racino facility near St. Louis, expanding into traditional casino operations
Revenue model
Accel Entertainment operates on a revenue-sharing model with its location partners. The company installs, maintains, and operates gaming terminals at partner establishments and splits the net gaming revenue (player losses) with the location owner, typically keeping 50-60% while the location receives 40-50%. This creates a mutually beneficial arrangement where locations receive additional revenue without upfront investment, while Accel gains access to high-traffic venues. The company's primary customers are the location partners who host the gaming equipment, including restaurant owners, bar operators, convenience store chains, and other retail establishments. These partners benefit from increased customer dwell time and additional revenue streams. The end consumers are individual players who use the gaming terminals for entertainment. Revenue streams include: 1. Gaming terminal revenue (primary source) - shared proceeds from player losses on video gaming terminals 2. ATM revenue - fees from ATM transactions at gaming and non-gaming locations 3. Amusement device revenue - income from jukeboxes, pool tables, and other entertainment equipment 4. Casino operations - direct gaming revenue from the newly acquired Fairmount Park facility Factors that increase margins include favorable weather conditions that drive foot traffic to partner locations, successful implementation of new technologies like Ticket-In-Ticket-Out (TITO) systems that can increase play frequency by 5-10%, and strategic location optimization by closing underperforming sites. Margin pressures come from increasing gaming taxes (Illinois recently raised rates from 34% to 35%), inflation affecting equipment and maintenance costs, competition from other gaming operators, and economic downturns that reduce discretionary spending. The company's margins are also influenced by the mix of high-performing versus low-performing locations, with management actively closing underperforming sites to improve overall profitability.
Competitive moat
Accel Entertainment's competitive moat is moderate but defensible, built primarily on regulatory barriers and operational scale advantages. The company benefits from limited licensing in key markets, particularly Illinois, where the number of gaming licenses and locations is capped by state regulations. This creates barriers to entry for new competitors and protects existing market share. The company's scale advantages manifest in several ways: bulk purchasing power for gaming equipment, operational efficiencies in route management and maintenance, and stronger negotiating positions with both equipment suppliers and location partners. Accel's established relationships with thousands of location partners create switching costs, as these partners rely on the company's reliable service, maintenance, and revenue sharing. Regulatory expertise serves as another defensive element, as navigating the complex patchwork of state and local gaming regulations requires specialized knowledge and compliance capabilities that smaller operators may lack. The company's track record of successful regulatory compliance and expansion into new markets demonstrates this competency. However, the moat faces several vulnerabilities. Regulatory risk remains significant, as gaming laws can change unfavorably, potentially restricting operations or increasing tax burdens. Technology disruption from online gaming, mobile apps, or other digital entertainment could reduce demand for physical gaming terminals. Large casino operators or technology companies with substantial resources could potentially enter the distributed gaming market and compete aggressively. Additionally, the business model depends heavily on maintaining relationships with location partners, who could potentially switch to competitors offering better terms or service. The moat is strongest in Illinois due to market maturity and regulatory stability, but weaker in newer markets where the competitive landscape is still developing. Overall, while Accel has built meaningful competitive advantages, the moat is not insurmountable and requires continuous investment in technology, relationships, and operational excellence to maintain.
Risks & safety
Accel Entertainment demonstrates a strong margin of safety with solid financial fundamentals and conservative capital structure. • Liquidity and Solvency: The company maintains excellent liquidity with $272 million in cash and short-term investments against $131 million in current liabilities, providing a current ratio of 2.42. Total debt-to-equity ratio of 0.13 indicates minimal leverage and low solvency risk. • Cash Generation: Strong operational cash flow of $45 million in Q1 2025 and free cash flow of $18 million demonstrate the business's ability to generate cash consistently. Full-year 2024 free cash flow of $55 million provides substantial financial flexibility. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 14.6, EV/EBITDA of 3.8, and price-to-book of 3.3. These metrics suggest the stock is not overvalued relative to earnings and cash generation capacity. • Other Considerations: The company has $422 million in total liquidity and maintains an active $200 million share repurchase program, indicating management confidence and commitment to returning capital to shareholders. CapEx requirements are relatively modest at $75-80 million annually, with expectations to normalize to $40-45 million, supporting sustainable free cash flow generation.
Recent development
Over the past few years, Accel Entertainment has executed several strategic initiatives to diversify its geographic footprint and enhance operational efficiency. The company completed a significant expansion through the Century Gaming acquisition in 2022, which substantially increased its terminal count and market presence outside Illinois. Geographic expansion has been a key focus, with successful entry into Nebraska, continued growth in Montana and Nevada, and the recent entry into Louisiana in late 2024. The company has also expanded into Georgia, showing strong growth rates of over 50% year-over-year in revenue per location. A major strategic pivot occurred with the Fairmount Park acquisition in December 2024 for $35 million, marking Accel's entry into traditional casino operations. This racino facility near St. Louis represents the first such facility in Illinois history and includes a master sports betting license partnered with FanDuel. The facility opened in April 2025 with Phase 1 operations featuring approximately 255 electronic gaming devices, with Phase 2 planned for 2027 to include 600+ slot machines and table games. Technology modernization initiatives include the planned implementation of Ticket-In-Ticket-Out (TITO) systems across Illinois locations in 2025, expected to increase gaming activity by 5-10%. The company has also been optimizing its location portfolio by strategically closing underperforming sites - closing 54 locations in 2024 alone to focus resources on higher-performing venues. Capital allocation strategy has evolved to emphasize shareholder returns, with the company repurchasing 2.4 million shares for $25 million in 2024 and maintaining an active $200 million share repurchase authorization. Management has also reduced projected normalized CapEx from previous levels to $40-45 million annually, improving free cash flow generation for shareholder returns and growth investments.
ACEL company profile · for informational purposes only — not investment advice.
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