Forensic Analysis · Hospitality & Leisure · as of Aug 11, 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

14.9

Distress distance

Clean

Earnings quality

Forensic signals

180.7

P / E (ttm)

22.6%

ROE

$5.7B

Market cap

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 (red flags, auditor quality, say on pay, board independence). 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 14.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.

What the filings flag

2% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 2% of revenue and 16% of free cash flow in FY2025 — about $0.11 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 15.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed +272% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +54.9%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$1.13B

Revenue Growth YoY+22.8%

Revenue CAGR (3yr)+24.2%

Net Margin2.9%

Free Cash Flow$164.2M

Return on Equity22.6%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.