Forensic Analysis · Amusement & Recreation · as of Nov 9, 2026

Rush Street Interactive, Inc. (RSI)

A forensic read on Rush Street Interactive, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

2.8

Distress distance

Clean

Earnings quality

Forensic signals

29.5%

ROE

22.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Rush Street Interactive, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.8, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+85.6%/yr

FY2023–FY2025

Share-count dilution. Diluted share count changed +245% over the last 2 years to FY2025 (+85.6%/yr). The count is growing — 68.5M shares in FY2023, 236.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~85.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~71%.

2% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 2% of revenue and 19% of free cash flow in FY2025 — about $0.11 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 85.6% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$1.13B

Revenue Growth YoY+22.8%

Revenue CAGR (2yr)+28.1%

Net Margin2.9%

Free Cash Flow$135.6M

Return on Equity29.5%

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Rush Street Interactive, Inc.'s actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.