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GAN LTD (GAN) Stock Fundamental Analysis

NASDAQ:GAN - Nasdaq - BMG3728V1090 - Common Stock - Currency: USD

1.73  -0.01 (-0.57%)

Fundamental Rating

3

Taking everything into account, GAN scores 3 out of 10 in our fundamental rating. GAN was compared to 136 industry peers in the Hotels, Restaurants & Leisure industry. GAN may be in some trouble as it scores bad on both profitability and health. GAN is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

In the past year GAN has reported negative net income.
In the past year GAN had a positive cash flow from operations.
In the past 5 years GAN always reported negative net income.
GAN had negative operating cash flow in 4 of the past 5 years.
GAN Yearly Net Income VS EBIT VS OCF VS FCFGAN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -50M -100M -150M

1.2 Ratios

GAN's Return On Assets of -10.32% is on the low side compared to the rest of the industry. GAN is outperformed by 82.35% of its industry peers.
Industry RankSector Rank
ROA -10.32%
ROE N/A
ROIC N/A
ROA(3y)-80.41%
ROA(5y)-52.93%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
GAN Yearly ROA, ROE, ROICGAN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500 -500

1.3 Margins

GAN has a Gross Margin of 70.05%. This is amongst the best in the industry. GAN outperforms 83.82% of its industry peers.
GAN's Gross Margin has declined in the last couple of years.
The Profit Margin and Operating Margin are not available for GAN so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 70.05%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y1.66%
GM growth 5Y-1.7%
GAN Yearly Profit, Operating, Gross MarginsGAN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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3

2. Health

2.1 Basic Checks

GAN does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, GAN has more shares outstanding
GAN has more shares outstanding than it did 5 years ago.
GAN has a worse debt/assets ratio than last year.
GAN Yearly Shares OutstandingGAN Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
GAN Yearly Total Debt VS Total AssetsGAN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M

2.2 Solvency

Based on the Altman-Z score of -3.28, we must say that GAN is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of -3.28, GAN is doing worse than 95.59% of the companies in the same industry.
The Debt to FCF ratio of GAN is 17.47, which is on the high side as it means it would take GAN, 17.47 years of fcf income to pay off all of its debts.
GAN's Debt to FCF ratio of 17.47 is in line compared to the rest of the industry. GAN outperforms 47.06% of its industry peers.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 17.47
Altman-Z -3.28
ROIC/WACCN/A
WACC6.86%
GAN Yearly LT Debt VS Equity VS FCFGAN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M 200M

2.3 Liquidity

GAN has a Current Ratio of 1.69. This is a normal value and indicates that GAN is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 1.69, GAN belongs to the top of the industry, outperforming 80.15% of the companies in the same industry.
GAN has a Quick Ratio of 1.69. This is a normal value and indicates that GAN is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of GAN (1.69) is better than 82.35% of its industry peers.
Industry RankSector Rank
Current Ratio 1.69
Quick Ratio 1.69
GAN Yearly Current Assets VS Current LiabilitesGAN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

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5

3. Growth

3.1 Past

GAN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 79.49%, which is quite impressive.
Looking at the last year, GAN shows a small growth in Revenue. The Revenue has grown by 4.31% in the last year.
Measured over the past years, GAN shows a very strong growth in Revenue. The Revenue has been growing by 35.10% on average per year.
EPS 1Y (TTM)79.49%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%57.14%
Revenue 1Y (TTM)4.31%
Revenue growth 3Y2.82%
Revenue growth 5Y35.1%
Sales Q2Q%3.17%

3.2 Future

GAN is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 25.46% yearly.
GAN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.48% yearly.
EPS Next Y47.61%
EPS Next 2Y27.08%
EPS Next 3Y25.46%
EPS Next 5YN/A
Revenue Next Year4.22%
Revenue Next 2Y4.62%
Revenue Next 3Y5.48%
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
GAN Yearly Revenue VS EstimatesGAN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M 150M
GAN Yearly EPS VS EstimatesGAN Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 -1 -2 -3 -4

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2

4. Valuation

4.1 Price/Earnings Ratio

GAN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Also next year GAN is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
GAN Price Earnings VS Forward Price EarningsGAN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 40

4.2 Price Multiples

GAN's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. GAN is more expensive than 69.12% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, GAN is valued a bit cheaper than the industry average as 60.29% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 29.53
EV/EBITDA 21.91
GAN Per share dataGAN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2

4.3 Compensation for Growth

GAN's earnings are expected to grow with 25.46% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y27.08%
EPS Next 3Y25.46%

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0

5. Dividend

5.1 Amount

GAN does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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GAN LTD

NASDAQ:GAN (4/23/2025, 4:30:01 PM)

1.73

-0.01 (-0.57%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)03-14 2025-03-14/amc
Earnings (Next)05-07 2025-05-07/amc
Inst Owners31.54%
Inst Owner Change1.1%
Ins Owners7.71%
Ins Owner Change10.01%
Market Cap79.23M
Analysts46.67
Price Target2.01 (16.18%)
Short Float %0.29%
Short Ratio0.5
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1075.03%
Min EPS beat(2)-2327.72%
Max EPS beat(2)177.66%
EPS beat(4)2
Avg EPS beat(4)-535.31%
Min EPS beat(4)-2327.72%
Max EPS beat(4)177.66%
EPS beat(8)4
Avg EPS beat(8)-273.04%
EPS beat(12)6
Avg EPS beat(12)-455.63%
EPS beat(16)6
Avg EPS beat(16)-428.35%
Revenue beat(2)1
Avg Revenue beat(2)-8.88%
Min Revenue beat(2)-23.68%
Max Revenue beat(2)5.93%
Revenue beat(4)2
Avg Revenue beat(4)-10.12%
Min Revenue beat(4)-24.04%
Max Revenue beat(4)5.93%
Revenue beat(8)3
Avg Revenue beat(8)-8.48%
Revenue beat(12)4
Avg Revenue beat(12)-6.14%
Revenue beat(16)6
Avg Revenue beat(16)-5.09%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)-12.96%
EPS NQ rev (3m)28.24%
EPS NY rev (1m)-112.82%
EPS NY rev (3m)35.66%
Revenue NQ rev (1m)-0.52%
Revenue NQ rev (3m)5.53%
Revenue NY rev (1m)-5.83%
Revenue NY rev (3m)-0.43%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.59
P/FCF 29.53
P/OCF 13.63
P/B N/A
P/tB N/A
EV/EBITDA 21.91
EPS(TTM)-0.16
EYN/A
EPS(NY)-0.08
Fwd EYN/A
FCF(TTM)0.06
FCFY3.39%
OCF(TTM)0.13
OCFY7.34%
SpS2.95
BVpS-0.24
TBVpS-0.6
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -10.32%
ROE N/A
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 70.05%
FCFM 1.99%
ROA(3y)-80.41%
ROA(5y)-52.93%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y1.66%
GM growth 5Y-1.7%
F-Score5
Asset Turnover1.75
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 17.47
Debt/EBITDA 11.7
Cap/Depr 41%
Cap/Sales 2.32%
Interest Coverage N/A
Cash Conversion 145.04%
Profit Quality N/A
Current Ratio 1.69
Quick Ratio 1.69
Altman-Z -3.28
F-Score5
WACC6.86%
ROIC/WACCN/A
Cap/Depr(3y)45.66%
Cap/Depr(5y)80.76%
Cap/Sales(3y)5.61%
Cap/Sales(5y)8.98%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)79.49%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%57.14%
EPS Next Y47.61%
EPS Next 2Y27.08%
EPS Next 3Y25.46%
EPS Next 5YN/A
Revenue 1Y (TTM)4.31%
Revenue growth 3Y2.82%
Revenue growth 5Y35.1%
Sales Q2Q%3.17%
Revenue Next Year4.22%
Revenue Next 2Y4.62%
Revenue Next 3Y5.48%
Revenue Next 5YN/A
EBIT growth 1Y88.04%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year3056.05%
EBIT Next 3Y248.14%
EBIT Next 5YN/A
FCF growth 1Y125.85%
FCF growth 3YN/A
FCF growth 5Y0.48%
OCF growth 1Y263.06%
OCF growth 3YN/A
OCF growth 5Y0.79%