GAN Fundamental Analysis - GAN LTD

Fundamental Rating

We assign a fundamental rating of 2 out of 10 to GAN. GAN was compared to 134 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.

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1. Profitability

1.1 Basic Checks

In the past year GAN has reported negative net income.

GAN had a positive operating cash flow in the past year.

GAN had negative earnings in each of the past 5 years.

GAN had negative operating cash flow in 4 of the past 5 years.

1.2 Ratios

With a Return On Assets value of -14.14%, GAN is not doing good in the industry: 87.31% of the companies in the same industry are doing better.

		Industry Rank	Sector 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

1.3 Margins

GAN's Gross Margin of 68.73% is amongst the best of the industry. GAN outperforms 82.09% of its industry peers.

GAN's Gross Margin has declined in the last couple of years.

GAN does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.

		Industry Rank	Sector 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%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

GAN does not have a ROIC to compare to the WACC, probably because it is not profitable.

GAN has more shares outstanding than it did 1 year ago.

The number of shares outstanding for GAN has been increased compared to 5 years ago.

The debt/assets ratio for GAN is higher compared to a year ago.

2.2 Solvency

Based on the Altman-Z score of -3.56, we must say that GAN is in the distress zone and has some risk of bankruptcy.

GAN has a worse Altman-Z score (-3.56) 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.

Looking at the Debt to FCF ratio, with a value of 11.79, GAN is in line with its industry, outperforming 54.48% of the companies in the same industry.

		Industry Rank	Sector Rank
Debt/Equity	N/A
Debt/FCF	11.79
Altman-Z	-3.56

ROIC/WACCN/A

WACC7.12%

2.3 Liquidity

GAN has a Current 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.

With a decent Current ratio value of 1.57, GAN is doing good in the industry, outperforming 75.37% of the companies in the same industry.

A Quick Ratio of 1.57 indicates that GAN should not have too much problems paying its short term obligations.

GAN's Quick ratio of 1.57 is fine compared to the rest of the industry. GAN outperforms 76.87% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.57
Quick Ratio	1.57

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

Show peers with great health

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 71.43% over the past year.

GAN shows a small growth in Revenue. In the last year, the Revenue has grown by 7.02%.

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

Based on estimates for the next years, GAN will show a quite strong growth in Earnings Per Share. The EPS will grow by 13.04% on average per year.

GAN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.90% yearly.

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.

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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 Rank	Sector Rank
PE	N/A
Fwd PE	N/A

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of GAN indicates a slightly more expensive valuation: GAN is more expensive than 74.63% of the companies listed in the same industry.

Compared to the rest of the industry, the Price/Free Cash Flow ratio of GAN indicates a somewhat cheap valuation: GAN is cheaper than 69.40% of the companies listed in the same industry.

		Industry Rank	Sector Rank
P/FCF	22.44
EV/EBITDA	31.02

4.3 Compensation for Growth

GAN's earnings are expected to grow with 13.04% in the coming years. This may justify a more expensive valuation.

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2Y6.55%

EPS Next 3Y13.04%

More info and screens

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5. Dividend

5.1 Amount

GAN does not give a dividend.

		Industry Rank	Sector 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 Change-89.84%

Ins Owners7.71%

Ins Owner Change-34.78%

Market Cap91.53M

Analysts46.67

Price Target2.01 (2.03%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector 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 Rank	Sector 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 Rank	Sector 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 Rank	Sector 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%

GAN LTD (GAN) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

More info and screens