DraftKings Inc. (DKNG) currently trades at a premium to Uniform assets, with a 5.1x Uniform P/B (V/A’).

At these levels, markets are pricing in expectations for Uniform ROA to inflect positively to 17% in 2026, accompanied by 12% Uniform asset growth.

Meanwhile, analysts expect Uniform ROA to improve to only -2% by 2023, accompanied by 55% Uniform asset growth.

These levels would imply significant potential equity downside. That said, it is not uncommon for start-up companies to see negative profitability in early years with the expectation for a positive inflection going forward

Moreover, the firm’s most recent earnings call suggests management is confident about product developments, profitability, and their media vertical.