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Codere Online Luxembourg, S.A. (CDRO)

NASDAQ / Consumer Cyclical / Gambling, Resorts & Casinos

Share price

9.63 USD Market dataClose of Oct 15, 2026

Market capitalisation

437.9M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2024, filed Jun 2, 2025
Ratios computed
Oct 15, 2026
Filed years
6, FY2019 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

16.2% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

99.92x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 61.6M EURFY2019 Net income: -16.1M EURFY2020 Revenue: 70.5M EURFY2020 Net income: -16.3M EURFY2021 Revenue: 80.3M EURFY2021 Net income: -68.1M EURFY2022 Revenue: 115.7M EURFY2022 Net income: -46.4M EURFY2023 Revenue: 161.6M EURFY2023 Net income: -2.4M EURFY2024 Revenue: 200.7M EURFY2024 Net income: 3.9M EUR
Revenue Net income6 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 99.92x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Consumer Cyclical sector (302 companies), 99.92x sits at the 96th percentile; the middle half of that group runs from 12.87x to 31.26x.

Is it good

Return on equity was 16.2% in FY2024, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Consumer Cyclical sector (436 companies), 16.2% sits at the 73rd percentile; the middle half of that group runs from -19.6% to 16.9%.

Is it safe

Current ratio was 1.40 in FY2024, in the band labelled "Tight" (1.00 to 1.50), on lines anchored on Graham's defensive-investor criteria.

Today, against the Consumer Cyclical sector (487 companies), 1.40 sits at the 48th percentile; the middle half of that group runs from 1.02 to 2.26.

Year by year against peers
Whether Codere Online Luxembourg, S.A.'s return on equity stayed above the median of the Consumer Cyclical sector, year by year. (FY2021 to FY2024, 4 fiscal years of Codere Online Luxembourg, S.A. with a comparable figure)
The direction
Which way Codere Online Luxembourg, S.A.'s gross margin has moved, and how steadily. (FY2019 to FY2024, 5 filed years of Codere Online Luxembourg, S.A.)
What could explain it
What in Codere Online Luxembourg, S.A.'s filed statements could explain the movements. (3 readings drawn from the statement lines Codere Online Luxembourg, S.A. filed)
What to check next
What to check next on Codere Online Luxembourg, S.A., and where in its filings. (1 question for Codere Online Luxembourg, S.A.)
In one paragraph
One paragraph on Codere Online Luxembourg, S.A.'s returns, cash, balance sheet and price. (6 of sixteen figures read for Codere Online Luxembourg, S.A.)

These are CDRO’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CDROPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Jun 2, 2025, accession 0001829126-25-004113.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Codere Online Luxembourg, S.A: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Return on equity16.2% ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Return on capital employed, pre-tax14.6% ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Return on assets5.2% ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Gross margin84.1% ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Operating margin2.2% ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Net margin1.9% ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
CDRO 1.9%
ACEL 3.9%BALY -23.2%MLCO 3.6%BRSL 5.8%
-23.2%5.8%
Net margin: CDRO against the 4 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Codere Online Luxembourg, S.A: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Current ratio1.40 ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Quick ratio1.40 ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Net debt
Why n/a

The FY2024 balance sheet carries no net debt we could read.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Total assets 74.5MTotal liabilities 50.3MShareholders' equity 24.1MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Codere Online Luxembourg, S.A owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Jun 2, 2025, 0001829126-25-004113).

Codere Online Luxembourg, S.A: balance sheet position
Total assets74.5M FiledFY2024 20-F, filed Jun 2, 2025
Total liabilities50.3M FiledFY2024 20-F, filed Jun 2, 2025
Shareholders' equity24.1M FiledFY2024 20-F, filed Jun 2, 2025
Cash40.3M FiledFY2024 20-F, filed Jun 2, 2025
Total debtn/a FiledFY2024 20-F, filed Jun 2, 2025
Net debtn/a
Current ratio1.40
Debt to equityn/a
  • Debt to equity: FY2024: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2024: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Codere Online Luxembourg, S.A: what the market charges, each with its source
FigureValue, source and document
Price to earnings99.92x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book16.22x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Price to sales1.95x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113

We publish no fair value or price target of our own. Value CDRO on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Codere Online Luxembourg, S.A today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Codere Online Luxembourg, S.A: valuation
Share price9.63 USD
Market capitalisation437.9M USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Codere Online Luxembourg, S.A

  1. Accel Entertainment, Inc. (ACEL)Market cap 898.0M USD
  2. Bally's Corporation (BALY)Market cap 569.8M USD
  3. Melco Resorts & Entertainment Limited (MLCO)Market cap 1.64B USD
  4. Brightstar Lottery (BRSL)Market cap 1.78B USD

Same industry (Gambling, Resorts & Casinos) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Codere Online Luxembourg, S.A: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · Statement not held
Free cash flow
Why n/a

The FY2024 filing carries no free cash flow we could read.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Free cash flow margin
Why n/a

No annual statement of this kind is on file for this fiscal year.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · Statement not held
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
FY2019 Net income: -16.1M EURFY2020 Net income: -16.3M EURFY2021 Net income: -68.1M EURFY2022 Net income: -46.4M EURFY2023 Net income: -2.4M EURFY2024 Net income: 3.9M EUR
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Codere Online Luxembourg, S.A.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
99.92xFY2024Oct 15, 2026
16.22xFY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
n/an/aOct 15, 2026
n/a No cash flow statement for the latest filed year is on file.
n/aFY2024Jun 2, 2025
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/an/aOct 15, 2026
n/a No cash flow statement for the latest filed year is on file.
n/aFY2024Jun 2, 2025
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
1.40FY2024Jun 2, 2025
1.95xFY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2024Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
n/aFY2024Jun 2, 2025
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
n/aFY2024Jun 2, 2025
n/a The nine signals need complete filed accounts for two consecutive years and at least one input is not on file.

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 6 filed fiscal years on record, FY2019 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

6 filed fiscal years, FY2019 to FY2024, read from the annual reports Codere Online Luxembourg, S.A filed with the SEC. Each year names its filing. Amounts in EUR, as filed.

Codere Online Luxembourg, S.A: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2024200.7M4.3M3.9Mn/an/a2.2%16.2%20-F, Jun 2, 20250001829126-25-004113
FY2023161.6M-14.8M-2.4Mn/an/a-9.1%-11.4%20-F, May 1, 20250001829126-25-003270
FY2022115.7M-55.9M-46.4Mn/an/an/a-190.1%20-F, Apr 28, 20230001829126-23-003007
FY202180.3M-71.0M-68.1Mn/an/a-88.5%-100.1%20-F, Apr 29, 20220001829126-22-009210
FY202070.5M-14.2M-16.3Mn/an/a-20.2%n/m20-F, Apr 29, 20220001829126-22-009210
FY201961.6M-15.9M-16.1Mn/an/a-25.8%n/a20-F, Apr 29, 20220001829126-22-009210
  • Revenue, compound annual growth FY2019 to FY2024: 26.7%
  • Earnings: Earnings was not positive in both 2019 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Fewer than two filed years carry free cash flow.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Codere Online Luxembourg, S.A: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Piotroski F-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Jun 2, 2025, 0001829126-25-004113
Named tests met1 of 30 Computed
Beta0.70 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 14 not met, 15 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Near the 52-week low; Z-score and coverage (Edward Altman); High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(22)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Piotroski F-Score: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • Beneish M-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Owner Earnings Yield: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 22 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 15 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 6 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.