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GAN LTD (GAN) Stock Fundamental Analysis

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

1.97  +0.01 (+0.51%)

After market: 1.9601 -0.01 (-0.5%)

Fundamental Rating

2

Taking everything into account, GAN scores 2 out of 10 in our fundamental rating. GAN was compared to 132 industry peers in the Hotels, Restaurants & Leisure industry. GAN has a bad profitability rating. Also its financial health evaluation is rather negative. While showing a medium growth rate, GAN is valued expensive at the moment.


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

The Return On Assets of GAN (-14.14%) is worse than 87.31% of its industry peers.
Industry RankSector Rank
ROA -14.14%
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

Looking at the Gross Margin, with a value of 68.73%, GAN belongs to the top of the industry, outperforming 82.09% of the companies in the same industry.
In the last couple of years the Gross Margin of GAN has declined.
GAN does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 68.73%
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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2

2. Health

2.1 Basic Checks

GAN does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for GAN has been increased compared to 1 year ago.
GAN has more shares outstanding than it did 5 years ago.
The debt/assets ratio for GAN is higher compared to a year ago.
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

GAN has an Altman-Z score of -3.56. This is a bad value and indicates that GAN is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of GAN (-3.56) is worse than 94.03% of its industry peers.
GAN has a debt to FCF ratio of 11.79. This is a negative value and a sign of low solvency as GAN would need 11.79 years to pay back of all of its debts.
GAN has a Debt to FCF ratio of 11.79. This is comparable to the rest of the industry: GAN outperforms 54.48% of its industry peers.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 11.79
Altman-Z -3.56
ROIC/WACCN/A
WACC7.12%
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

A Current Ratio of 1.57 indicates that GAN should not have too much problems paying its short term obligations.
GAN's Current ratio of 1.57 is fine compared to the rest of the industry. GAN outperforms 75.37% of its industry peers.
GAN has a Quick Ratio of 1.57. 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 (1.57) is better than 76.87% of its industry peers.
Industry RankSector Rank
Current Ratio 1.57
Quick Ratio 1.57
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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4

3. Growth

3.1 Past

GAN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 71.43%, which is quite impressive.
The Revenue has been growing slightly by 7.02% in the past year.
The Revenue has been growing by 35.10% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)71.43%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-44.44%
Revenue 1Y (TTM)7.02%
Revenue growth 3Y2.82%
Revenue growth 5Y35.1%
Sales Q2Q%-4.19%

3.2 Future

The Earnings Per Share is expected to grow by 13.04% on average over the next years. This is quite good.
Based on estimates for the next years, GAN will show a small growth in Revenue. The Revenue will grow by 3.90% on average per year.
EPS Next Y47.61%
EPS Next 2Y6.55%
EPS Next 3Y13.04%
EPS Next 5YN/A
Revenue Next Year-4.82%
Revenue Next 2Y2.15%
Revenue Next 3Y3.9%
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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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1

4. Valuation

4.1 Price/Earnings Ratio

GAN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for GAN. No positive earnings are expected for the next year.
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 40 60 80

4.2 Price Multiples

74.63% of the companies in the same industry are cheaper than GAN, based on the Enterprise Value to EBITDA ratio.
69.40% of the companies in the same industry are more expensive than GAN, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 22.44
EV/EBITDA 31.02
GAN Per share dataGAN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2

4.3 Compensation for Growth

A more expensive valuation may be justified as GAN's earnings are expected to grow with 13.04% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y6.55%
EPS Next 3Y13.04%

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0

5. Dividend

5.1 Amount

No dividends for GAN!.
Industry RankSector Rank
Dividend Yield N/A

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GAN LTD

NASDAQ:GAN (5/23/2025, 8:18:27 PM)

After market: 1.9601 -0.01 (-0.5%)

1.97

+0.01 (+0.51%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)05-09 2025-05-09/amc
Earnings (Next)08-07 2025-08-07/amc
Inst Owners31.54%
Inst Owner Change0%
Ins Owners7.71%
Ins Owner Change-33.09%
Market Cap91.53M
Analysts46.67
Price Target2.01 (2.03%)
Short Float %N/A
Short RatioN/A
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)0
Avg EPS beat(2)-1219.36%
Min EPS beat(2)-2327.72%
Max EPS beat(2)-111%
EPS beat(4)2
Avg EPS beat(4)-556.24%
Min EPS beat(4)-2327.72%
Max EPS beat(4)177.66%
EPS beat(8)3
Avg EPS beat(8)-288.04%
EPS beat(12)5
Avg EPS beat(12)-466.6%
EPS beat(16)6
Avg EPS beat(16)-402.26%
Revenue beat(2)0
Avg Revenue beat(2)-21.32%
Min Revenue beat(2)-23.68%
Max Revenue beat(2)-18.97%
Revenue beat(4)2
Avg Revenue beat(4)-8.85%
Min Revenue beat(4)-23.68%
Max Revenue beat(4)5.93%
Revenue beat(8)3
Avg Revenue beat(8)-9.89%
Revenue beat(12)3
Avg Revenue beat(12)-8.37%
Revenue beat(16)5
Avg Revenue beat(16)-6.79%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)54%
EPS NY rev (1m)0%
EPS NY rev (3m)-112.82%
Revenue NQ rev (1m)-6.59%
Revenue NQ rev (3m)-7.27%
Revenue NY rev (1m)-8.67%
Revenue NY rev (3m)-13.99%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.68
P/FCF 22.44
P/OCF 12.53
P/B N/A
P/tB N/A
EV/EBITDA 31.02
EPS(TTM)-0.2
EYN/A
EPS(NY)-0.14
Fwd EYN/A
FCF(TTM)0.09
FCFY4.46%
OCF(TTM)0.16
OCFY7.98%
SpS2.88
BVpS-0.35
TBVpS-0.7
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -14.14%
ROE N/A
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 68.73%
FCFM 3.05%
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-Score4
Asset Turnover1.78
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 11.79
Debt/EBITDA 14.97
Cap/Depr 41.36%
Cap/Sales 2.41%
Interest Coverage N/A
Cash Conversion 227.42%
Profit Quality N/A
Current Ratio 1.57
Quick Ratio 1.57
Altman-Z -3.56
F-Score4
WACC7.12%
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)71.43%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-44.44%
EPS Next Y47.61%
EPS Next 2Y6.55%
EPS Next 3Y13.04%
EPS Next 5YN/A
Revenue 1Y (TTM)7.02%
Revenue growth 3Y2.82%
Revenue growth 5Y35.1%
Sales Q2Q%-4.19%
Revenue Next Year-4.82%
Revenue Next 2Y2.15%
Revenue Next 3Y3.9%
Revenue Next 5YN/A
EBIT growth 1Y83.38%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year1701.45%
EBIT Next 3Y226.63%
EBIT Next 5YN/A
FCF growth 1Y128.56%
FCF growth 3YN/A
FCF growth 5Y0.48%
OCF growth 1Y314.28%
OCF growth 3YN/A
OCF growth 5Y0.79%