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GAN LTD (GAN) Stock Fundamental Analysis

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

1.87  +0.05 (+2.75%)

Fundamental Rating

2

GAN gets a fundamental rating of 2 out of 10. The analysis compared the fundamentals against 135 industry peers in the Hotels, Restaurants & Leisure industry. GAN has a bad profitability rating. Also its financial health evaluation is rather negative. 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

GAN had negative earnings in the past year.
In the past year GAN had a positive cash flow from operations.
GAN had negative earnings in each of the past 5 years.
In the past 5 years GAN reported 4 times negative operating cash flow.
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 has a Return On Assets of -10.32%. This is amonst the worse of the industry: GAN underperforms 82.96% 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

Looking at the Gross Margin, with a value of 70.05%, GAN belongs to the top of the industry, outperforming 83.70% of the companies in the same industry.
In the last couple of years the Gross Margin of GAN has declined.
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.
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.
Compared to 1 year ago, GAN has a worse debt to assets ratio.
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 -3.26. This is a bad value and indicates that GAN is not financially healthy and even has some risk of bankruptcy.
GAN has a Altman-Z score of -3.26. This is amonst the worse of the industry: GAN underperforms 96.30% of its industry peers.
GAN has a debt to FCF ratio of 17.47. This is a negative value and a sign of low solvency as GAN would need 17.47 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 17.47, GAN is in line with its industry, outperforming 45.93% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 17.47
Altman-Z -3.26
ROIC/WACCN/A
WACC7.03%
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.
With a decent Current ratio value of 1.69, GAN is doing good in the industry, outperforming 80.00% of the companies in the same industry.
A Quick Ratio of 1.69 indicates that GAN should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.69, GAN belongs to the top of the industry, outperforming 80.74% of the companies in the same industry.
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.
The Revenue has been growing by 35.10% on average over the past years. This is a very strong growth!
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.
Based on estimates for the next years, GAN will show a small growth in Revenue. The Revenue will grow by 5.48% on average per year.
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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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 -20 40

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, GAN is valued a bit more expensive than 72.59% of the companies in the same industry.
The rest of the industry has a similar Price/Free Cash Flow ratio as GAN.
Industry RankSector Rank
P/FCF 31.92
EV/EBITDA 22.83
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 (5/12/2025, 12:38:34 PM)

1.87

+0.05 (+2.75%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)03-14 2025-03-14/amc
Earnings (Next)05-19 2025-05-19/amc
Inst Owners31.54%
Inst Owner Change2.7%
Ins Owners7.71%
Ins Owner Change11.53%
Market Cap85.65M
Analysts46.67
Price Target2.01 (7.49%)
Short Float %0.58%
Short Ratio1.29
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)0%
EPS NQ rev (3m)-12.96%
EPS NY rev (1m)-112.82%
EPS NY rev (3m)-112.82%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.52%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-5.83%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.63
P/FCF 31.92
P/OCF 14.73
P/B N/A
P/tB N/A
EV/EBITDA 22.83
EPS(TTM)-0.16
EYN/A
EPS(NY)-0.08
Fwd EYN/A
FCF(TTM)0.06
FCFY3.13%
OCF(TTM)0.13
OCFY6.79%
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 -3.26
F-Score5
WACC7.03%
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%