Bragg Gaming (BRAG)
Market Price (12/18/2025): $2.2 | Market Cap: $55.9 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
Bragg Gaming (BRAG)
Market Price (12/18/2025): $2.2Market Cap: $55.9 MilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% | Weak multi-year price returns2Y Excs Rtn is -97%, 3Y Excs Rtn is -114% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.2% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.8% | |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Markets & Betting. Themes include Gaming Content & Platforms, and Prediction Markets. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% | |
| Key risksBRAG key risks include [1] persistent unprofitability and signs of financial distress, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Markets & Betting. Themes include Gaming Content & Platforms, and Prediction Markets. |
| Weak multi-year price returns2Y Excs Rtn is -97%, 3Y Excs Rtn is -114% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.2% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.8% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% |
| Key risksBRAG key risks include [1] persistent unprofitability and signs of financial distress, Show more. |
Valuation, Metrics & Events
BRAG Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Bragg Gaming (BRAG) experienced a -17.4% stock movement between August 31, 2025, and December 18, 2025, influenced by several key factors:
1. Downward Revision of Full-Year 2025 Guidance: Bragg Gaming revised its full-year 2025 revenue and adjusted EBITDA guidance downwards in the second quarter of 2025, projecting revenue between €106.0 million and €108.5 million and adjusted EBITDA between €16.5 million and €18.5 million. This was a notable reduction from earlier 2025 forecasts, which had anticipated higher double-digit growth.
2. Missed Q3 2025 Revenue Estimates: Despite reporting overall revenue growth for the third quarter of 2025, Bragg Gaming's total revenue of €26.8 million fell short of analyst consensus forecasts, which were around €31.18 million. While revenue increased 2% year-over-year including the Netherlands, or 20% excluding it, the miss against expectations likely contributed to negative investor sentiment.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRAG Return | -28% | 3612% | -23% | 31% | -27% | -38% | 1118% |
| Peers Return | � | 29% | -33% | 13% | 29% | � | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BRAG Win Rate | 8% | 8% | 42% | 42% | 33% | 33% | |
| Peers Win Rate | 60% | 50% | 37% | 57% | 52% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BRAG Max Drawdown | -40% | 0% | -42% | -22% | -39% | -44% | |
| Peers Max Drawdown | � | -17% | -53% | -21% | -24% | -28% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: LNW, INSE, RSI, GNL, NEOG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)
How Low Can It Go
| Event | BRAG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -76.4% | -25.4% |
| % Gain to Breakeven | 323.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -40.4% | -33.9% |
| % Gain to Breakeven | 67.9% | 51.3% |
| Time to Breakeven | 527 days | 148 days |
| 2018 Correction | ||
| % Loss | -86.8% | -19.8% |
| % Gain to Breakeven | 656.0% | 24.7% |
| Time to Breakeven | 666 days | 120 days |
Compare to CHDN, BYD, MCRI, FLL, LVS
In The Past
Bragg Gaming's stock fell -76.4% during the 2022 Inflation Shock from a high on 8/31/2021. A -76.4% loss requires a 323.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| Can Bragg Gaming Stock Recover If Markets Fall? | Return |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to BRAG. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 12.8% | 12.8% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.4% | 5.4% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.2% | 3.2% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.5% | 15.5% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.3% | 15.3% | -1.6% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 12.8% | 12.8% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.4% | 5.4% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.2% | 3.2% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.5% | 15.5% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.3% | 15.3% | -1.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Bragg Gaming
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.55 |
| Mkt Cap | 1.7 |
| Rev LTM | 819 |
| Op Inc LTM | 54 |
| FCF LTM | 53 |
| FCF 3Y Avg | 19 |
| CFO LTM | 104 |
| CFO 3Y Avg | 58 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.2% |
| Rev Chg 3Y Avg | 17.3% |
| Rev Chg Q | 2.7% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Mgn LTM | 9.4% |
| Op Mgn 3Y Avg | 7.0% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 15.1% |
| CFO/Rev 3Y Avg | 12.3% |
| FCF/Rev LTM | 7.0% |
| FCF/Rev 3Y Avg | 2.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.7 |
| P/S | 1.6 |
| P/EBIT | 8.2 |
| P/E | 1.8 |
| P/CFO | 8.9 |
| Total Yield | -1.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.7% |
| D/E | 0.7 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.4% |
| 3M Rtn | -1.2% |
| 6M Rtn | 22.6% |
| 12M Rtn | 1.7% |
| 3Y Rtn | -27.5% |
| 1M Excs Rtn | 9.7% |
| 3M Excs Rtn | -4.8% |
| 6M Excs Rtn | 10.2% |
| 12M Excs Rtn | -12.9% |
| 3Y Excs Rtn | -95.3% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11132025 | 6-K 9/30/2025 |
| 6302025 | 8142025 | 6-K 6/30/2025 |
| 3312025 | 5152025 | 6-K 3/31/2025 |
| 12312024 | 3312025 | 40-F 12/31/2024 |
| 9302024 | 11142024 | 6-K 9/30/2024 |
| 6302024 | 8082024 | 6-K 6/30/2024 |
| 3312024 | 5092024 | 6-K 3/31/2024 |
| 12312023 | 3262024 | 40-F 12/31/2023 |
| 9302023 | 11092023 | 6-K 9/30/2023 |
| 6302023 | 8102023 | 6-K 6/30/2023 |
| 3312023 | 5102023 | 6-K 3/31/2023 |
| 12312022 | 3212023 | 40-F 12/31/2022 |
| 9302022 | 11102022 | 6-K 9/30/2022 |
| 6302022 | 8092022 | 6-K 6/30/2022 |
| 3312022 | 5112022 | 6-K 3/31/2022 |
| 12312021 | 3102022 | 40-F 12/31/2021 |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |