Latest Ratios: P/E Ratio 279.4x · EV/EBITDA 52.6x · ROE 4.9%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $436M | $368M | $297M | $133M | $116M | $272M | — | — |
| Enterprise Value | $384M | $322M | $262M | $97M | $68M | $180M | — | — |
| P/E Ratio → | 279.44 | 267.67 | 80.63 | — | — | — | — | — |
| P/S Ratio | 1.81 | 1.75 | 1.48 | 0.82 | 1.01 | 3.39 | — | — |
| P/B Ratio | 13.40 | 12.84 | 12.27 | 6.25 | 4.74 | 3.99 | — | — |
| P/FCF | 23.25 | 22.44 | 80.59 | — | — | — | — | — |
| P/OCF | 23.13 | 22.32 | 75.36 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.53 | 1.31 | 0.60 | 0.58 | 2.24 | — | — |
| EV / EBITDA | 52.62 | 50.51 | 55.56 | — | — | — | — | — |
| EV / EBIT | 58.53 | 56.19 | 60.54 | — | — | — | — | — |
| EV / FCF | — | 19.63 | 71.12 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.0% | 96.0% | 96.1% | 96.1% | 95.8% | 91.2% | 92.7% | 47.2% |
| Operating Margin | 2.7% | 2.7% | 2.2% | -9.1% | -48.3% | -88.5% | -20.2% | -25.8% |
| Net Profit Margin | 0.6% | 0.6% | 1.9% | -1.5% | -40.1% | -84.7% | -23.1% | -26.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 4.9% | 4.9% | 17.2% | -10.5% | -100.1% | -481.9% | — | — |
| ROA | 1.7% | 1.7% | 5.3% | -3.4% | -53.1% | -109.9% | -51.9% | -36.4% |
| ROIC | — | — | — | — | — | — | -2940.0% | -96.6% |
| ROCE | 18.8% | 18.8% | 16.9% | -61.2% | -111.5% | -257.4% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.22 | 0.24 | 0.20 | 0.04 | — | — |
| Debt / EBITDA | 0.62 | 0.62 | 1.14 | — | — | — | — | — |
| Net Debt / Equity | — | -1.60 | -1.44 | -1.70 | -1.99 | -1.35 | — | — |
| Net Debt / EBITDA | -7.22 | -7.22 | -7.40 | — | — | — | — | — |
| Debt / FCF | — | -2.80 | -9.48 | — | — | — | 7.45 | — |
| Interest Coverage | — | — | — | — | -2.43 | -45.68 | -27.40 | -59.02 |
Net cash position: cash ($50M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.37 | 1.37 | 1.40 | 1.25 | 1.60 | 3.31 | 0.47 | 0.78 |
| Quick Ratio | 1.37 | 1.37 | 1.40 | 1.25 | 1.60 | 3.31 | 0.47 | 0.86 |
| Cash Ratio | 1.21 | 1.21 | 1.20 | 0.99 | 1.42 | 3.13 | 0.42 | 0.23 |
| Asset Turnover | — | 2.60 | 2.69 | 2.19 | 1.67 | 0.76 | 3.80 | 1.39 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 10.99 | 12.59 | 29.78 | 13.47 | 23.30 | 4.32 | 174.85 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.4% | 1.2% | — | — | — | — | — |
| FCF Yield | 4.3% | 4.5% | 1.2% | — | — | — | — | — |
| Buyback Yield | 0.6% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.6% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $46M | $46M | $45M | $45M | $45M | $9M | $60000 |
Regulatory and geographic concentration
Based on reported figures, CDRO trades at a forward P/E of 26.41, which suggests that investors are pricing in significant future earnings expansion despite the company's current TTM P/E of 282.08, indicating a high reliance on future margin scaling rather than current profitability.
The valuation gap between the current TTM multiple and forward expectations implies that the market anticipates a rapid transition from marginal profitability to sustained net income. Investors should monitor whether this growth-oriented pricing is justified by the company's ability to maintain its current market share in Mexico without further diluting margins through excessive marketing spend.
As reported in financial statements, CDRO's net margin reached 4.2% in 2024Q4, a notable improvement from previous periods of deep losses, yet this remains highly sensitive to sporting outcomes and the company's ability to control high fixed-cost marketing overheads in competitive markets.
The discrepancy between the 90.5% gross margin and the thin 2.7% operating margin highlights the heavy reliance on customer acquisition costs to drive volume. This structure suggests that true earning power is currently obscured by the necessity of aggressive spending, making the net margin a volatile indicator of long-term viability.
According to recent SEC filings, CDRO's asset turnover ratio of 0.66 indicates a relatively low efficiency in generating revenue from its asset base, which is typical for a digital-first operator that relies heavily on marketing rather than physical capital to drive user engagement.
The company's cash conversion cycle appears to be influenced by the timing of player deposits and gaming tax settlements, which can cause significant quarterly fluctuations. Investors should interpret the current turnover levels as a reflection of the company's early-stage growth phase where market share acquisition is prioritized over asset-level efficiency.
Based on reported figures, CDRO maintains a low debt-to-equity ratio of 0.22, which suggests that the company is well-insulated from interest rate volatility and possesses a healthy balance sheet relative to its peers in the highly cyclical gambling industry.
This conservative leverage profile provides the company with significant financial flexibility to navigate potential regulatory headwinds or seasonal betting downturns. However, the lack of significant debt also suggests limited access to traditional credit markets, which may necessitate future equity-based financing if growth initiatives require substantial capital injections.
As indicated by historical data, the most commonly misapplied metric for CDRO is the gross margin, which often exceeds 90% but fails to account for the substantial gaming taxes and platform fees that are essential to the company's operational reality.
Analysts frequently overstate the company's profitability by focusing on this headline gross margin, which obscures the true cost of service delivery. A more accurate assessment would involve adjusting for these unavoidable regulatory costs to understand the underlying contribution margin of the betting platform.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CDRO stock.
Codere Online Luxembourg, S.A.'s current P/E ratio is 279.4x. The historical average is 80.6x. This places it at the 100th percentile of its historical range.
Codere Online Luxembourg, S.A.'s current EV/EBITDA is 52.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 53.0x.
Codere Online Luxembourg, S.A.'s return on equity (ROE) is 4.9%. The historical average is -114.1%.
Based on historical data, Codere Online Luxembourg, S.A. is trading at a P/E of 279.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Codere Online Luxembourg, S.A. has 96.0% gross margin and 2.7% operating margin.
Codere Online Luxembourg, S.A.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.