Bragg Gaming (BRAG)
Market Price (12/15/2025): $2.22 | Market Cap: $56.4 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
Bragg Gaming (BRAG)
Market Price (12/15/2025): $2.22Market Cap: $56.4 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 -107%, 3Y Excs Rtn is -119% | 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 -14% |
| 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 -107%, 3Y Excs Rtn is -119% |
| 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 -14% |
Valuation, Metrics & Events
BRAG Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points explaining the approximate -16.5% stock movement for Bragg Gaming (BRAG) during the period from August 31, 2025, to December 15, 2025:
1. Missed Analyst Estimates for Q3 2025 Revenue and EPS. Bragg Gaming Group reported third-quarter 2025 revenue of €26.8 million and a net loss of €2.3 million (€0.09 per share), which fell short of analyst expectations of €31.18 million revenue and a €0.07 per share loss. This performance, despite a 2% year-over-year revenue increase, likely contributed to negative investor sentiment.
2. Decline in Netherlands Market Revenue. The company experienced a 22% year-over-year decrease in revenue from the Netherlands due to stricter regulations and increased taxes in that market. This decline partially offset strong growth in other regions, highlighting regulatory risks impacting the company's overall revenue.
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% | -41% | 1065% |
| Peers Return | � | 29% | -33% | 13% | 29% | � | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 111% |
Monthly Win Rates [3] | |||||||
| BRAG Win Rate | 8% | 8% | 42% | 42% | 33% | 25% | |
| 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 12/12/2025 (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 | ||
| How Low Can Bragg Gaming Stock Really Go? | 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 | 15.2% | 15.2% | 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 | 4.8% | 4.8% | -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 | 1.1% | 1.1% | -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 | 12.4% | 12.4% | 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 | 17.9% | 17.9% | -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 | 15.2% | 15.2% | 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 | 4.8% | 4.8% | -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 | 1.1% | 1.1% | -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 | 12.4% | 12.4% | 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 | 17.9% | 17.9% | -1.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Bragg Gaming
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.28 |
| 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 | 7.4% |
| 3M Rtn | -4.1% |
| 6M Rtn | 21.6% |
| 12M Rtn | -2.5% |
| 3Y Rtn | -26.8% |
| 1M Excs Rtn | 8.8% |
| 3M Excs Rtn | -6.8% |
| 6M Excs Rtn | 7.4% |
| 12M Excs Rtn | -16.0% |
| 3Y Excs Rtn | -101.4% |
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
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |