Codere Online Luxembourg, S.a. is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
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Under review: every model's value for Codere Online Luxembourg, S.a. 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.
Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.
Codere Online Luxembourg, S.a. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $238m, up 9.5% on a year earlier, slower than the 24.2% growth a quarter earlier. Operating margin widened to 2.7% from -88.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks.
Our model value for Codere Online Luxembourg 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.
Where it stands out: days sales outstanding of 4 days ranks 3 of 18 casinos & gaming companies we cover. Where it lags: change in growth rate of -14.7pp ranks 20 of 21 casinos & gaming companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 9.5% (-14.7pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for CDRO from the sources we follow. See filings →
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.
We value Codere Online Luxembourg, S.a. 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.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.5 ~$0.4–$0.6 | Left out: out of range vs price (0.06x) |
| 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. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$1.4 ~$1.6–$8.0 | Left out: out of range vs price (0.16x) |
| 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 Codere Online Luxembourg, S.a. 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.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 16, 2026, before the open.
No analyst estimates are published for Codere Online Luxembourg, S.a.: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $68.9M |
| FY20 Q4 | $80.4M |
| FY21 Q4 | $94.9M |
| FY22 Q4 | $121.9M |
| FY23 Q4 | $174.8M |
| FY24 Q4 | $217.2M |
| FY25 Q4 | $237.9M |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | 16.7% |
| FY21 Q4 | 18.0% |
| FY22 Q4 | 28.4% |
| FY23 Q4 | 43.4% |
| FY24 Q4 | 24.2% |
| FY25 Q4 | 9.5% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | -25.8% |
| FY20 Q4 | -20.2% |
| FY21 Q4 | -88.5% |
| FY22 Q4 | -48.3% |
| FY23 Q4 | -9.1% |
| FY24 Q4 | 2.2% |
| FY25 Q4 | 2.7% |
Each dollar Codere Online Luxembourg took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $238M | |
|---|---|---|
| Other operating costs | $231M | 97.3% of revenue |
| Operating income | $6.5M | 2.7% of revenue |
| Income tax | $2.3M | 1.0% of revenue |
| Interest and other | $2.7M | 1.2% of revenue |
| Net income | $1.5M | 0.6% of revenue |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 69 | 80 | 95 | 122 | 175 | 217 | 238 |
| Gross profit | 0 | 0 | 68 | 146 | 143 | 183 | — |
| EBITDA | −16 | −15 | −83 | −58 | −16 | 5 | 7 |
| Operating income | −18 | −16 | −84 | −59 | −16 | 5 | 6 |
| Net income | −18 | −19 | −81 | −49 | −3 | 4 | 1 |
| Diluted EPS | −$4.06 | −$4.16 | −$12.04 | −$1.08 | −$0.05 | $0.09 | $0.03 |
| Growth (year on year) | |||||||
| Revenue | — | +16.7% | +18.0% | +28.4% | +43.4% | +24.2% | +9.5% |
| EBITDA | — | — | — | — | — | — | +41.3% |
| Operating income | — | — | — | — | — | — | +38.4% |
| Margins | |||||||
| Gross margin | 0.0% | 0.0% | 72.0% | — | 82.1% | 84.1% | — |
| EBITDA margin | −23.8% | −18.9% | −87.6% | −47.8% | −9.1% | 2.4% | 3.0% |
| Operating margin | −25.8% | −20.2% | −88.5% | −48.3% | −9.1% | 2.2% | 2.7% |
| Net margin | −26.1% | −23.1% | −84.8% | −40.1% | −1.5% | 1.9% | 0.6% |
| Cash flow | |||||||
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet | |||||||
| Cash | 9 | 13 | 107 | 58 | 46 | 42 | 59 |
| Total debt | 0 | 26 | — | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −9 | 13 | −107 | −58 | −46 | −42 | −59 |
| Last 12 months unless stated | CDRO | FLL | BRAG | MCRI | CNTY | MSC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $238m | $306m | $120m | $565m | $581m | $695m | $2.4bn |
| Revenue growth, last 12 months | 9.5% | 2.8% | 8.7% | 4.8% | 1.1% | 8.7% | 5.5% |
| Revenue growth, 3-year average | — | 17.8% | — | 4.6% | 8.0% | — | 6.5% |
| Revenue growth, latest quarter | — | 5.6% | — | 2.4% | 0.8% | — | 2.4% |
| Gross margin | 84.1% | 93.2% | 55.0% | 25.5% | 100.0% | — | 55.0% |
| Operating margin | 2.7% | 2.3% | −5.0% | 17.6% | 9.7% | 10.1% | 10.1% |
| Operating margin, 3-year average | — | 2.1% | — | — | 4.8% | −51.4% | 7.1% |
| Net margin | 0.6% | −12.1% | −7.7% | 20.4% | −9.6% | −8.5% | 3.1% |
| Cash from operations / revenue | — | 4.7% | 16.9% | 29.7% | 1.3% | 30.3% | 14.4% |
| Free-cash-flow margin | — | 1.3% | 16.6% | 25.2% | −1.4% | −0.2% | 8.5% |
| Free-cash-flow margin, 3-year average | — | −13.0% | — | 21.7% | −6.1% | −89.2% | 4.5% |
| Stock pay / revenue | — | 0.7% | 1.3% | 1.6% | 0.2% | 3.1% | 0.9% |
| Change in share count | — | 1.7% | 4.1% | −2.3% | −5.3% | 51.9% | −2.6% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 9.5% | 6.1% | 6 of 21 |
| Change in growth rate Growth | -14.7pp | -0.4pp | 20 of 21 |
| Gross margin Profitability | 84.1% | 55.0% | 2 of 6 |
| Operating margin Profitability | 2.7% | 10.1% | 15 of 20 |
| Net margin Profitability | 0.6% | 3.6% | 13 of 22 |
| Days sales outstanding Balance sheet | 4 days | 13 days | 3 of 18 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| BAMCO Inc | $33.5M | 3.5M | 63.3% | 0.0% |
| Fny Investment Advisers, LLC | $6.2M | 652K | 11.8% | ▼ 32.2% |
| Mmbg Investment Advisors Co. | $4.2M | 444K | 8.0% | ▲ 21.1% |
| UBS Group AG | $2.7M | 284K | 5.1% | ▼ 23.2% |
| Nomura Holdings Inc | $2M | 210K | 3.8% | New |
| Exchange Traded Concepts, LLC | $1.2M | 128K | 2.3% | ▲ 195.0% |
| Morgan Stanley | $987,681 | 103K | 1.9% | ▼ 32.6% |
| Wealthspire Advisors, LLC | $478,500 | 50K | 0.9% | 0.0% |
| Renaissance Technologies LLC | $373,230 | 39K | 0.7% | New |
| Citadel Advisors LLC | $367,057 | 38K | 0.7% | ▲ 256.6% |
| Blackrock, Inc. | $188,433 | 20K | 0.4% | 0.0% |
| Raymond James Financial Inc | $154,852 | 16K | 0.3% | ▲ 47.1% |
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 Codere Online Luxembourg, S.a.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Iglesias Sanchez Oscar Director | September 25, 2026 | Sell pre-set plan | 460 | $10.10 | $4,646 |
| Iglesias Sanchez Oscar Director | June 18, 2026 | Sell pre-set plan | 14,276 | $10.04 | $143,331 |
| Iglesias Sanchez Oscar Director | June 16, 2026 | Sell pre-set plan | 2,812 | $10.01 | $28,148 |
| Iglesias Sanchez Oscar Director | June 15, 2026 | Sell | 300 | $10.00 | $3,000 |
| Iglesias Sanchez Oscar Director | June 12, 2026 | Sell | 2,130 | $10.00 | $21,300 |
| Iglesias Sanchez Oscar Director | June 8, 2026 | Sell pre-set plan | 50 | $10.00 | $500 |
| Iglesias Sanchez Oscar Director | June 2, 2026 | Sell | 432 | $10.01 | $4,324 |
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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