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Bragg Gaming Group Inc. (BRAG) stock

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NASDAQ: BRAG Nasdaq Casinos & Gaming Next results ~November 12, 2026

D Fundamentals grade

Bragg Gaming Group Inc. is a US-listed company in the casinos & gaming industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Bragg Gaming Group Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($14.46) was left out of our combined valuation (it is 16.01x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Bragg Gaming Group Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds4 adding, 8 cuttingOf 2 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Bragg Gaming Group files

Where Bragg Gaming stands after its latest Filing

Revenue for the twelve months was $120m, up 8.7% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 16.6% from -0.0% a year earlier. Operating margin widened to -5.0% from -10.9%. The diluted share count is up 4.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 3 financial-health checks.

Our model value for Bragg Gaming Group is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Bragg Gaming Group Inc.'s trailing-twelve-month revenue grew 8.7% year on year, with a free-cash-flow margin of 16.6%. Where it stands out: free-cash-flow margin of 16.6% ranks 4 of 21 casinos & gaming companies we cover. Where it lags: change in share count of 4.1% ranks 16 of 16 casinos & gaming companies we cover.

Our discounted-cash-flow model values the business at ~$14 per share in the base case (~$11–$19 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 81.7% while net income fell 64.7%: a 146pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Bragg Gaming Group Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Loss-making. Operating margin is -5.0%: costs exceed revenue.
  • Share dilution. Diluted shares rose 4.1% in a year.
  • Below peers: days sales outstanding. Days sales outstanding of 75 days ranks 17 of 18 casinos & gaming companies we cover (median 13 days).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.3% ranks 16 of 20 casinos & gaming companies we cover (median 0.9%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results

Earnings per share
-$0.11 against an average estimate of -$0.11: beat by 0.0%
Next report
November 12, 2026

Bragg Gaming Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.5%
  • 1 week-16.0%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$120M
Operating margin
-5.0%
Net margin
-7.7%
EPS (TTM, diluted)
$-0.36

Growth

Revenue growth
+8.7%
Change in growth rate
−0.4 pts
Share count change
+4.1%

Cash

Free cash flow (TTM)
$19.9M
FCF margin
16.6%
Stock pay % of revenue
1.3%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for BRAG from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bragg Gaming Group Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($14.46) was left out of our combined valuation (it is 16.01x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Bragg Gaming Group Inc.'s free cash flow after stock-based pay ( $14.2M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Bragg Gaming Group Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$14 ~$11–$19 Left out: out of range vs price (15.94x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bragg Gaming Group Inc. with Casinos & Gaming in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Bragg Gaming Group Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.11 −$0.11 0.0%
Mar 2026 −$0.08 −$0.05 +37.5%
Dec 2025 −$0.02 −$0.05 −114.3%
Sept 2025 −$0.06 −$0.09 −58.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

4 analysts, Nov 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Nov 2026224
  2. Oct 2026224

Counts of recommendations published by analysts covering Bragg Gaming Group Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
16.93
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
3%
of shares
Held by insiders
27.9%
of shares
Employees
456
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Bragg Gaming Group Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bragg Gaming Group Inc.
$40M $60M $80M $100M $120M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $53M Revenue (TTM), FY21 Q4: $69M Revenue (TTM), FY22 Q4: $89.3M Revenue (TTM), FY23 Q4: $101.2M Revenue (TTM), FY24 Q4: $110.4M Revenue (TTM), FY25 Q4: $119.9M $119.9M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $53M
FY21 Q4 $69M
FY22 Q4 $89.3M
FY23 Q4 $101.2M
FY24 Q4 $110.4M
FY25 Q4 $119.9M
Revenue growth, TTM YoY Bragg Gaming Group Inc.
0% 10% 20% 30% 40% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 30.3% Revenue growth, TTM YoY, FY22 Q4: 29.4% Revenue growth, TTM YoY, FY23 Q4: 13.3% Revenue growth, TTM YoY, FY24 Q4: 9.1% Revenue growth, TTM YoY, FY25 Q4: 8.7% 8.7%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 30.3%
FY22 Q4 29.4%
FY23 Q4 13.3%
FY24 Q4 9.1%
FY25 Q4 8.7%
Operating margin (TTM) Bragg Gaming Group Inc.
-30% -20% -10% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: -25.6% Operating margin (TTM), FY21 Q4: -10.9% Operating margin (TTM), FY22 Q4: -1.0% Operating margin (TTM), FY23 Q4: -0.8% Operating margin (TTM), FY24 Q4: -3.5% Operating margin (TTM), FY25 Q4: -5.0% -5.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 -25.6%
FY21 Q4 -10.9%
FY22 Q4 -1.0%
FY23 Q4 -0.8%
FY24 Q4 -3.5%
FY25 Q4 -5.0%
FCF margin (TTM) Bragg Gaming Group Inc.
-5% 0% 5% 10% 15% 20% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: 14.0% FCF margin (TTM), FY21 Q4: -0.0% FCF margin (TTM), FY22 Q4: 6.1% FCF margin (TTM), FY23 Q4: 12.2% FCF margin (TTM), FY24 Q4: 9.9% FCF margin (TTM), FY25 Q4: 16.6% 16.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 14.0%
FY21 Q4 -0.0%
FY22 Q4 6.1%
FY23 Q4 12.2%
FY24 Q4 9.9%
FY25 Q4 16.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 53 69 89 101 110 120
Gross profit 23 34 47 54 58 66
EBITDA −10 −2 8 13 14 16
Operating income −14 −8 −1 −1 −4 −6
Net income −17 −9 −4 −4 −6 −9
Diluted EPS −$1.94 −$0.46 −$0.17 −$0.18 −$0.23 −$0.36
Growth (year on year)
Revenue — +30.3% +29.4% +13.3% +9.1% +8.7%
EBITDA — — — +65.5% +8.7% +10.4%
Margins
Gross margin 43.5% 48.6% 53.2% 53.4% 53.0% 55.0%
EBITDA margin −19.4% −2.7% 9.0% 13.1% 13.1% 13.3%
Operating margin −25.6% −10.9% −1.0% −0.8% −3.5% −5.0%
Net margin −31.4% −12.9% −4.1% −4.1% −5.0% −7.7%
Free-cash-flow margin 14.0% −0.0% 6.1% 12.2% 9.9% 16.6%
Cash flow
Cash from operations 8 0 6 13 12 20
Capital spending 0 0 1 0 1 0
Free cash flow 7 −0 5 12 11 20
Stock-based pay 3 6 4 2 1 2
Free cash flow after stock pay 4 −6 2 10 10 18
Balance sheet
Cash 32 18 12 10 11 8
Total debt 0 0 9 3 7 4
Net debt (negative = net cash) −32 −18 −4 −7 −4 −4
Diluted shares 9m 20m 21m 23m 24m 25m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · December 31, 2025
What it owns · $117m
Short-term assets $37mLonger-term assets $79m
What it owes, and who funded it · $117m
Short-term liabilities $38mLonger-term liabilities $5mShareholders' equity $74m
  • Short-term assets cover short-term liabilities $37m of assets due within a year against $38m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $37m short-term assets against $5m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$6m against $1m of interest.

From Bragg Gaming Group Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.1%
year over year
Days sales outstanding
75 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in casinos & gaming
Last 12 months unless stated BRAG CDRO CPHC FLL MCRI CNTY Median
Revenue, last 12 months $120m $238m $60m $306m $565m $581m $2.4bn
Revenue growth, last 12 months 8.7% 9.5% 0.6% 2.8% 4.8% 1.1% 5.5%
Revenue growth, 3-year average — — −2.4% 17.8% 4.6% 8.0% 6.5%
Revenue growth, latest quarter — — 3.2% 5.6% 2.4% 0.8% 2.4%
Gross margin 55.0% 84.1% — 93.2% 25.5% 100.0% 55.0%
Operating margin −5.0% 2.7% 4.5% 2.3% 17.6% 9.7% 10.1%
Operating margin, 3-year average — — 6.9% 2.1% — 4.8% 7.1%
Net margin −7.7% 0.6% 0.2% −12.1% 20.4% −9.6% 3.1%
Cash from operations / revenue 16.9% — 14.3% 4.7% 29.7% 1.3% 14.4%
Free-cash-flow margin 16.6% — 8.5% 1.3% 25.2% −1.4% 8.5%
Free-cash-flow margin, 3-year average — — 1.6% −13.0% 21.7% −6.1% 4.5%
Stock pay / revenue 1.3% — 1.2% 0.7% 1.6% 0.2% 0.9%
Change in share count 4.1% — 1.3% 1.7% −2.3% −5.3% −2.6%

Median of all 22 companies we cover in casinos & gaming. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 casinos & gaming companies
Measure Company Peer median Rank
Revenue growth Growth 8.7% 6.1% 9 of 21
Change in growth rate Growth -0.4pp -0.4pp 11 of 21
Gross margin Profitability 55.0% 55.0% 3 of 6
Operating margin Profitability -5.0% 10.1% 18 of 20
Net margin Profitability -7.7% 3.6% 17 of 22
Free-cash-flow margin Cash generation 16.6% 8.5% 4 of 21
Stock pay as % of revenue Cash generation 1.3% 0.9% 16 of 20
Change in share count Balance sheet 4.1% -3.0% 16 of 16
Days sales outstanding Balance sheet 75 days 13 days 17 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.4M
Institutions reporting
18
Shares held vs prior quarter
▼ 1.7%
Positions opened / closed
3 / 2

Top buyers and sellers, Q2 2026: 4 institutions bought and 8 sold ; the biggest buyer was Susquehanna International Group, LLP (+14K shares) and the biggest seller Jane Street Group, LLC (−17K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Rubicon Global Capital Ltd $767,120 446K 54.9% 0.0%
Goldman Sachs Group Inc $165,822 96K 11.9% ▼ 5.3%
Bank Of Montreal $96,255 56K 6.9% 0.0%
Royal Bank Of Canada $89,000 52K 6.4% ▼ 11.0%
Renaissance Technologies LLC $87,376 51K 6.3% ▼ 0.6%
Citadel Advisors LLC $70,523 41K 5.0% ▲ 46.5%
Dimensional Fund Advisors LP $66,496 39K 4.8% 0.0%
Susquehanna International Group, LLP $24,692 14K 1.8% New
Geode Capital Management, LLC $17,657 10K 1.3% ▼ 8.8%
Morgan Stanley $7,805 5K 0.6% ▼ 13.4%
Rockefeller Capital Management L.P. $1,720 1K 0.1% 0.0%
Purpose Unlimited Inc. $1,540 1K 0.1% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bragg Gaming Group Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Bragg Gaming Group Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bragg Gaming Group Inc. in brief

What does Bragg Gaming Group Inc. do?
Bragg Gaming Group Inc. is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
What is Bragg Gaming Group Inc.'s stock ticker?
Bragg Gaming Group Inc. trades under the ticker BRAG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bragg Gaming Group Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bragg Gaming Group Inc. reported revenue of $120M, 8.7% higher than a year earlier, according to its SEC filings.
What is Bragg Gaming Group Inc.'s free cash flow?
Bragg Gaming Group Inc.'s free-cash-flow margin is 16.6% of revenue over the trailing twelve months, ranking 4 of the 21 casinos & gaming companies we cover.
Who are Bragg Gaming Group Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Rubicon Global Capital Ltd, Goldman Sachs Group Inc and Bank Of Montreal. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Bragg Gaming Group Inc.'s competitors?
In our Casinos & Gaming peer group, the companies closest to Bragg Gaming Group Inc. are Codere Online Luxembourg, S.a., Canterbury Park Holding Corp, Full House Resorts Inc, Monarch Casino & Resort Inc and Century Casinos Inc. The side-by-side comparison below sets their revenue, margins and growth against Bragg Gaming Group Inc.'s.
When is Bragg Gaming Group Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bragg Gaming Group Inc. announces its own schedule.