Gambling.com (GAMB) AI Stock Analysis

• Market Cap: $138.85M
• Dividend Yield: N/A
• Average Volume (3M): 596.81K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: 24.21%
• EPS Growth: -92.49%
• Country: US
• Employees: 555
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): -0.77
• Shares Outstanding: 35,603,153
• 10 Day Avg. Volume: 725,267
• 30 Day Avg. Volume: 596,811
• PEG Ratio: 0.03
• Price to Book (P/B): 1.79
• Price to Sales (P/S): 1.17
• P/FCF Ratio: 17.97
• Enterprise Value/Market Cap: 1.69
• Enterprise Value/Revenue: 1.42
• Enterprise Value/Gross Profit: 1.60
• Enterprise Value/Ebitda: 9.53
• 1Y Price Target: $7.08
• Price Target Upside: 81.54% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.41
• Revenue Forecast (FY): $173.60M

• Rating: 52 Neutral
• Price Target: $4.50 ▲(15.38% Upside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back primarily by weakened 2025 profitability, higher leverage, and deteriorating cash-flow momentum, alongside bearish technical trend signals. These are partially offset by strong multi-year revenue growth, continued positive free cash flow, and earnings-call positives around Sports Data Services expansion, though tempered by cautious 2026 EBITDA guidance and ongoing SEO/regulatory headwinds.

Positive Factors

Consistent multi‑year revenue growth

Sustained top‑line expansion over multiple years indicates strong demand for the company's content and referral model. Durable revenue growth provides scale to invest in product, sales and data services, improving long‑term competitiveness and the ability to absorb short‑term margin swings.

Rapid Sports Data Services expansion

The fast growth of a recurring B2B sports data business diversifies revenue away from pure affiliate marketing. A growing enterprise client base, higher revenue per client and a large pipeline support stickier, higher‑margin revenue that can stabilize cash flow and raise lifetime value.

Consistent positive free cash flow

Repeated free cash generation underpins liquidity and funds reinvestment, buybacks and deleveraging. Even as operating cash weakened in 2025, positive FCF supports strategic initiatives and reduces refinancing risk relative to loss‑making peers, a durable support for capital allocation.

Negative Factors

Meaningfully higher leverage in 2025

A material increase in leverage reduces financial flexibility and increases interest and refinancing risk. With elevated debt levels management must prioritize deleveraging, which can constrain growth investments and limit ability to fund product and international expansion if cash flows soften.

Earnings quality hit by large noncash charges

Substantial one‑off fair‑value and impairment charges turned operating profit into a GAAP net loss, undermining reported earnings reliability. Such volatility complicates forecasting and can impair investor confidence and headroom for M&A or compensation tied to GAAP metrics.

Core organic acquisition and regulatory headwinds

Declines in organic user acquisition and new depositors signal structural headwinds for the affiliate model. Coupled with regulatory changes in key markets, this raises long‑term customer acquisition costs, weakens volume exposure and forces investment into higher‑cost channels, pressuring margins.

Gambling.com Business Overview & Revenue Model

Company Description

Gambling.com Group Limited operates as a performance marketing company for the online gambling industry worldwide. The company provides digital marketing services for the iGaming and sports betting. It publishes various branded websites, including Gambling.com and Bookies.com. Gambling.com Group Limited was incorporated in 2006 and is based in St. Helier, Jersey.

How the Company Makes Money

Gambling.com primarily makes money through affiliate/performance marketing arrangements with online gambling operators (sportsbooks and online casinos). Under these agreements, the company publishes content and directs traffic from its websites to operator platforms; when a referred user takes a qualifying action (such as registering, making a first deposit, or meeting other contractual milestones), the operator pays Gambling.com. Compensation is commonly structured as (1) revenue share: an ongoing percentage of the net gaming revenue generated by referred players over time; (2) cost-per-acquisition (CPA) or fixed-fee: a one-time payment for each qualified new customer; and/or (3) hybrid deals that combine an upfront CPA with a smaller ongoing revenue share. As a result, revenue is driven by the volume and quality of user traffic, conversion rates from content to sign-ups/deposits, and the spending/activity levels of referred players at partner operators. The business is also influenced by factors such as search engine visibility (SEO), content effectiveness, the mix of regulated markets where it operates, and the breadth/terms of its commercial relationships with operators (specific partnership terms not publicly available: null).

Gambling.com Financial Statement Overview

Summary

Strong multi-year revenue growth and consistently high gross margins, with free cash flow remaining positive. However, 2025 showed a sharp deterioration in earnings quality (net loss despite operating profit), materially weaker operating/free cash flow, and a notable rise in leverage, reducing financial flexibility.

Income Statement

Revenue has grown consistently over 2020–2025, with 2025 showing mid-single-digit growth versus 2024. Profitability remains a key swing factor: 2023–2024 posted solid operating profits and healthy net margins, but 2025 flipped to a sizable net loss despite still-positive operating profit, indicating below-the-line pressure that materially weakened earnings quality. Gross margins remain very high across the period, but the sharp move to negative net margin in 2025 lowers confidence in near-term consistency.

Balance Sheet

Leverage increased substantially in 2025: total debt rose sharply and debt relative to equity moved from low/moderate levels in prior years to roughly 1x equity, reducing financial flexibility. Equity is still positive and assets have grown, but the 2025 net loss drove negative return on equity, suggesting current capital is not being rewarded. Overall, the balance sheet shifted from conservatively financed (2022–2024) to meaningfully more leveraged in 2025.

Cash Flow

The company remains free-cash-flow positive in every year shown, including 2025, which is a clear support to valuation and liquidity. However, cash generation weakened in 2025: operating cash flow fell materially and free cash flow declined sharply year over year. A positive point is that 2025 cash flow held up better than reported earnings (free cash flow close to net income in magnitude), but overall cash flow momentum and coverage versus profitability deteriorated meaningfully.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	165.45M	127.18M	108.65M	76.51M	42.32M
Gross Profit	135.77M	119.65M	99.54M	73.55M	42.32M
EBITDA	44.31M	42.75M	23.13M	10.83M	15.23M
Net Income	-32.93M	30.68M	18.26M	2.39M	12.45M
Balance Sheet
Total Assets	299.67M	178.58M	154.87M	138.88M	91.03M
Cash, Cash Equivalents and Short-Term Investments	15.81M	13.73M	25.43M	29.66M	51.17M
Total Debt	113.41M	27.96M	1.72M	2.07M	7.62M
Total Liabilities	191.72M	55.40M	35.95M	51.77M	11.12M
Stockholders Equity	107.95M	123.19M	118.92M	87.11M	79.91M
Cash Flow
Free Cash Flow	10.78M	3.81M	8.67M	9.47M	8.42M
Operating Cash Flow	11.64M	37.64M	17.91M	18.75M	14.00M
Investing Cash Flow	-99.03M	-43.84M	-19.47M	-32.70M	-5.57M
Financing Cash Flow	89.03M	-5.24M	-3.14M	-7.31M	34.99M

Gambling.com Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GAMB, the sentiment is Negative. The current price of 3.9 is below the 20-day moving average (MA) of 4.18, below the 50-day MA of 4.50, and below the 200-day MA of 7.43, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 37.00 is Neutral, neither overbought nor oversold. The STOCH value of 19.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GAMB.

Gambling.com Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RSI	73 Outperform	$4.81B	55.90	27.50%	―	23.15%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
GDEN	56 Neutral	$691.65M	-118.26	-1.37%	3.71%	-12.25%	-84.89%
CDRO	56 Neutral	$372.19M	―	23.16%	―	1.79%	―
INSE	53 Neutral	$165.33M	-16.00	184.28%	―	4.03%	―
GAMB	52 Neutral	$138.85M	-5.88	-24.91%	―	24.21%	-92.49%
BALY	43 Neutral	$591.91M	1.74	118.32%	―	0.36%	47.55%

Gambling.com Corporate Events

Gambling.com Group Posts Record 2025 Results as Sports Data Unit Surges

On March 12, 2026, Gambling.com Group reported record fourth-quarter and full-year 2025 results, with Q4 revenue up 31% year over year to $46.2 million and Adjusted EBITDA up 5% to $15.5 million, even as the quarter swung to a GAAP net loss of $26.9 million. The company highlighted rapid expansion of its sports data services, where revenue grew 29% sequentially to 26% of total revenue, and noted that for the first time non-SEO revenue surpassed SEO-driven sales, underscoring progress in diversifying channels.

For full-year 2025, revenue rose 30% and Adjusted EBITDA increased 19% versus 2024, generating $36.3 million in adjusted free cash flow and supporting both deleveraging and investment in new products and market expansion. Management expects 2026 top-line growth to be led by the OpticOdds sports data unit, as the group broadens sports and league coverage and builds new features for U.S. and international operators, while its marketing business and share repurchases signal confidence in long-term cash generation despite near-term margin and cash flow volatility.

The most recent analyst rating on (GAMB) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Gambling.com stock, see the GAMB Stock Forecast page.

Gambling.com Group Resets Odds Holdings Earnout Structure With December 2025 Merger Amendment

On December 19, 2025, Gambling.com Group Limited amended the merger agreement governing its acquisition of Odds Holdings, Inc., a deal that had closed on January 1, 2025, to restructure the earnout economics and related terms for the former Odds Holdings shareholders and employees. The revisions fix the 2025 earnout at $40 million, fully payable in discounted cash by December 31, 2025, and the 2026 earnout at $40 million payable by April 1, 2027, with the option for Gambling.com to pay early at a discounted cash rate and to settle up to 70% of the 2026 amount in its ordinary shares instead of the prior 50%. The amendment also adjusts the transaction bonus pool mechanics for former Odds Holdings optionholders and clarifies additional governance, compensation, tax and valuation arrangements, giving Gambling.com greater flexibility in managing post-deal incentives and its cash-versus-equity mix while preserving defined payout levels for the sellers.

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