Accel Entertainment

Track record blends organic route expansion, tuck‑in acquisitions (e.g., Century Gaming in 2022; Toucan Gaming in Louisiana in 2024), and steady buybacks.

In 2025 Accel repurchased ~3.8M shares; additional repurchases continued in Q4 2025 and Q1 2026. Management’s guidance and disclosures emphasize disciplined deployment and a bias to returns within existing routes over large, transformational deals. Capex is mainly growth‑oriented (terminals, systems) with clear paybacks under contract.

The 2030 facility locks in funding flexibility, and interest hedges reduce cash flow volatility. Dilution from SBC is modest relative to buybacks. Overall, capital is allocated sensibly.