Fanatics
fanatics.comA leading sports merchandising company
Most Valuable
LBX PPS
1Y return
$46.91
↑ 2.0% 1Y
Implied Valuation
$19.1B
-38.3% premium
Last Round
Dec 2022
$76.00
Private Equity · $31.0B
Activity
0.9
#134 most active
Price per share
12M · USD
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Funding history
$M raised · $B post-money
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Signals
1 latest
Fanatics projects ~$14B 2026 revenue, up 40%, and $2B free cash flow; plans up to $1B of betting ads in 2027
In a Bloomberg interview published Oct. 2, 2026, CEO Michael Rubin said Fanatics projects about $14 billion of revenue this year, up 40%, with gambling contributing roughly $2 billion. He also said the company expects $2 billion of free cash flow, leaving roughly $1 billion of net cash and no debt. Rubin said Fanatics holds about 10% of US sports betting and will lift betting advertising from $350 million this year to up to $1 billion in 2027 to challenge DraftKings and FanDuel. These are rare company-level financials for Fanatics, alongside a large planned rise in marketing spend.
Source: Bloomberg
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