Codere Online (CDRO) AI Stock Analysis

• Market Cap: $348.04M
• Dividend Yield: N/A
• Average Volume (3M): 53.42K
• Price to Earnings (P/E): 65.6
• Beta (1Y): 0.82
• Revenue Growth: 1.79%
• EPS Growth: N/A
• Country: US
• Employees: 297
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 0.04
• Shares Outstanding: 45,555,172
• 10 Day Avg. Volume: 46,950
• 30 Day Avg. Volume: 53,420
• PEG Ratio: -0.28
• Price to Book (P/B): 11.77
• Price to Sales (P/S): 1.41
• P/FCF Ratio: 76.84
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 1.63
• Enterprise Value/Gross Profit: 1.80
• Enterprise Value/Ebitda: 73.32
• 1Y Price Target: $10.67
• Price Target Upside: 38.71% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $8.00 ▲(4.03% Upside)

The score is primarily supported by improving financial performance—strong revenue growth, positive net profitability, and solid free cash flow with low leverage. This is tempered by thin operating margins and a challenging valuation profile (high P/E and no dividend yield), while technical indicators suggest only moderate trend strength with recent softness.

Positive Factors

Revenue Growth

Sustained 24.1% revenue growth indicates successful customer acquisition and product-market fit across core verticals. Durable top-line expansion provides scale to invest in product, technology and compliance, improving long-term competitive positioning and supporting future margin recovery.

Cash Generation

Near-parity of operating cash flow and net income and strong free cash flow demonstrate efficient cash conversion. Persistent cash generation gives the company flexibility to fund growth, service finance costs, pursue M&A or buybacks, and withstand cyclicality in gaming demand over months.

Low Leverage

A low debt-to-equity ratio and improved net debt position create financial resilience. This durable balance sheet strength reduces refinancing risk, supports investment in markets and product, and provides capacity to absorb regulatory or market shocks without threatening operations.

Negative Factors

Thin Operating Margins

Very low operating margins limit the company's ability to convert revenue gains into sustainable profits. In a competitive online gaming environment, thin margins reduce the buffer for higher marketing, compliance or payment costs and constrain free cash available for strategic investments.

Eroding Equity Base

Declining assets and equity shrink the capital cushion and increase sensitivity to losses or higher finance costs. Over several quarters, a contracting equity base can limit strategic options, raise funding costs, and constrain growth or M&A capacity in the medium term.

Regional Concentration & FX Risk

Heavy exposure to Spain and Latin America concentrates revenue and subjects earnings to local macro and currency swings. Persistent FX volatility and region-specific regulatory shifts can materially affect reported revenue and margins, raising structural earnings variability over months.

Codere Online Business Overview & Revenue Model

Company Description

Codere Online Luxembourg, S.A. operates as an online casino gaming and sports betting company. The company also offers online casino wagering products and services. It primarily operates in Spain, Italy, Mexico, Colombia, Panama, and Argentina. The company is based in Luxembourg, Luxembourg.

How the Company Makes Money

Codere Online generates revenue primarily through its online sports betting and casino gaming platforms. The company earns money by taking a percentage of the bets placed on its platform, known as the 'hold,' which can vary depending on the type of game or wager. Additionally, Codere Online benefits from player deposits and ongoing play, as they charge fees for transactions and offer premium features. The company also engages in strategic partnerships with payment providers and other technology firms to enhance its services, which can help attract more users and increase earnings. Furthermore, marketing initiatives aimed at acquiring new customers play a crucial role in driving revenue growth.

Codere Online Financial Statement Overview

Summary

Codere Online shows a positive trajectory with improved revenue and profitability metrics. The balance sheet is strengthened with low leverage and strong cash reserves, providing stability. However, profitability margins still have room for improvement.

Income Statement

Codere Online has shown a significant improvement in its income statement over the past year. The gross profit margin is strong at approximately 96.14%, and the net profit margin has turned positive to 1.95% from a previous negative position, highlighting improved operational efficiency. Revenue growth was robust, with a 24.1% increase from the previous year, indicating a successful expansion strategy. However, EBIT and EBITDA margins remain low at 2.16% and 2.35% respectively, suggesting room for improvement in operational leverage.

Balance Sheet

The balance sheet of Codere Online indicates a moderate financial position with a debt-to-equity ratio of 0.22, reflecting a relatively low level of leverage, which is positive. The equity ratio stands at 32.29%, showing a fair proportion of equity financing. Return on equity is healthy at 16.23%, but the overall equity base is small, which could limit growth opportunities. The company has improved its net debt position, with significant cash reserves, which enhances financial stability.

Cash Flow

Codere Online's cash flow statement reveals strong free cash flow growth from the previous year. The operating cash flow to net income ratio is 1.01, indicating that the company efficiently converts its net income into cash. Free cash flow to net income ratio is 0.94, showing strong cash generation relative to earnings. With positive free cash flow, the company is well-positioned to reinvest in its operations or reduce debt.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	200.70M	161.65M	115.75M	80.25M	70.50M
Gross Profit	192.97M	155.37M	110.90M	73.17M	65.34M
EBITDA	4.72M	-14.64M	-30.22M	-24.91M	-13.38M
Net Income	3.91M	-2.42M	-46.38M	-68.01M	-16.28M
Balance Sheet
Total Assets	74.54M	73.80M	69.31M	105.28M	18.55M
Cash, Cash Equivalents and Short-Term Investments	53.80M	51.68M	60.58M	98.81M	15.66M
Total Debt	5.37M	5.11M	4.95M	2.98M	39.23M
Total Liabilities	50.32M	52.51M	44.76M	37.12M	58.47M
Stockholders Equity	24.07M	21.14M	24.40M	68.01M	-40.02M
Cash Flow
Free Cash Flow	3.69M	-11.82M	-42.52M	-5.27M	3.80M
Operating Cash Flow	3.94M	-11.58M	-42.36M	-5.19M	3.86M
Investing Cash Flow	-256.00K	-245.00K	-164.00K	-83.00K	-72.00K
Financing Cash Flow	-2.04M	1.33M	0.00	89.33M	254.00K

Codere Online Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 7.69
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDRO, the sentiment is Neutral. The current price of 7.69 is below the 20-day moving average (MA) of 7.88, above the 50-day MA of 7.02, and above the 200-day MA of 7.45, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 52.53 is Neutral, neither overbought nor oversold. The STOCH value of 19.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CDRO.

Codere Online Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RSI	72 Outperform	$4.42B	75.41	29.67%	―	23.15%	―
INSE	69 Neutral	$255.81M	4.93	―	―	4.03%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
GAMB	60 Neutral	$184.42M	86.26	1.46%	―	24.21%	-92.49%
GDEN	57 Neutral	$719.62M	147.24	1.15%	3.71%	-12.25%	-84.89%
CDRO	56 Neutral	$348.04M	65.61	23.16%	―	1.79%	―
BALY	54 Neutral	$787.58M	-2.11	-114.88%	―	0.36%	47.55%

Codere Online Corporate Events

Codere Online Posts Higher H1 2025 Revenue but Swings to Deeper Net Loss

Codere Online Luxembourg, S.A. reported unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, filed with the U.S. Securities and Exchange Commission on December 22, 2025. The figures show revenue rising to €105.3 million from €102.1 million a year earlier and operating income improving to €3.0 million from €1.6 million, but higher finance costs drove a net loss of €3.1 million versus a small €0.3 million loss in the prior-year period, while total assets fell to €69.6 million from €74.5 million and equity decreased to €20.6 million from €24.2 million, signaling pressure on the balance sheet despite stronger top-line performance.

The most recent analyst rating on (CDRO) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Codere Online stock, see the CDRO Stock Forecast page.

Codere Online Appoints New Director and Extends Share Repurchase Authorization

On December 1, 2025, Codere Online Luxembourg, S.A. held an extraordinary shareholders’ meeting where two key resolutions were approved. The company appointed Mr. Oscar Iglesias to its Board of Directors and extended the authorization for its board to repurchase up to one million ordinary shares on the Nasdaq Stock Market until December 31, 2026. These decisions are expected to strengthen the company’s governance and provide flexibility in managing its share capital, potentially impacting its market positioning and shareholder value.

The most recent analyst rating on (CDRO) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Codere Online stock, see the CDRO Stock Forecast page.

Codere Online Announces EGM to Appoint New Board Member

On November 26, 2025, Codere Online Luxembourg, S.A. announced an Extraordinary General Meeting (EGM) scheduled for December 9, 2025, to appoint Gaëtan Dumont to the Board of Directors. Mr. Dumont brings extensive experience in corporate finance and governance, having held leadership roles in various industries. His appointment is expected to strengthen the company’s strategic direction and governance, potentially impacting its operations and market positioning.

The most recent analyst rating on (CDRO) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Codere Online stock, see the CDRO Stock Forecast page.

Codere Online Reports Steady Q3 2025 Financials Amid Strategic Changes

On November 17, 2025, Codere Online reported its preliminary unaudited financial results for the third quarter of 2025, revealing a net gaming revenue of €51.6 million, consistent with the previous year. Despite challenges such as the devaluation of the Mexican peso, the company saw a 39% increase in active customers in Mexico. Codere Online also announced the appointment of Marcus Arildsson as Chief Financial Officer, succeeding Oscar Iglesias, who is expected to join the Board. Additionally, the company has repurchased $1.7 million of its shares and plans to extend its share buyback program.

The most recent analyst rating on (CDRO) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Codere Online stock, see the CDRO Stock Forecast page.

Codere Online Appoints New CFO Amid Leadership Transition

On November 17, 2025, Codere Online announced the appointment of Marcus Arildsson as the new Chief Financial Officer, succeeding Oscar Iglesias. Mr. Arildsson brings over 25 years of experience in investment banking and corporate finance, having held significant roles at companies like Millenium Hospitality Real Estate and Ladorian. His appointment is expected to strengthen Codere Online’s financial leadership as the company continues to expand its operations in the competitive online gaming industry. An Extraordinary General Meeting is scheduled for December 1, 2025, to approve Mr. Iglesias’s transition to the Board of Directors, reflecting the company’s strategic leadership realignment.

The most recent analyst rating on (CDRO) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Codere Online stock, see the CDRO Stock Forecast page.

Codere Online to Announce Q3 2025 Financial Results on November 17

Codere Online announced on October 28, 2025, that it will release its financial results for the third quarter of 2025 on November 17, 2025. The company will hold a conference call on the same day to discuss the results and provide a business update. This announcement is significant as it provides stakeholders with insights into the company’s financial health and strategic direction, potentially impacting its market positioning and investor confidence.

The most recent analyst rating on (CDRO) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Codere Online stock, see the CDRO Stock Forecast page.