Bragg Gaming Group Inc.
BRAG Consumer Cyclical Gambling
Bragg Gaming Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $120.0 million, up 8.73% from fiscal 2024. In the quarter to June 2026, revenue fell 10.1%, EPS fell 62.5%, free cash flow grew 160.3% and total debt rose 69.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Bragg Gaming Group Inc. (BRAG) Altman Z-score
Bragg Gaming Group Inc.'s Altman Z-score for fiscal 2025 is 0.39, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.39 | (0.95) |
| FY2024 | 1.33 | (0.44) |
| FY2023 | 1.77 | 0.55 |
| FY2022 | 1.23 | (1.12) |
| FY2021 | 2.35 | 1.74 |
| FY2020 | 0.61 | 2.24 |
| FY2019 | −1.63 | (0.17) |
| FY2018 | −1.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.01 | |
| Retained earnings / total assets | (0.90) | — | −1.26 | |
| EBIT / total assets | (0.05) | — | −0.18 | |
| Market value of equity / total liabilities | 1.28 | — | 0.77 | |
| Sales / total assets | 1.07 | — | 1.07 | |
| Altman Z-score | Distress zone | 0.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.57 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CDRO Codere Online Luxembourg, S.A. compare | 4.3× |
| ACEL Accel Entertainment, Inc. compare | 2.7× |
| GRSD Grandstand Limited compare | 1.0× |
| BRAG Bragg Gaming Group Inc. | 0.4× |
| INSE Inspired Entertainment, Inc. compare | 0.1× |
| ROLR HIGH ROLLER TEC compare | −0.7× |
| MRDN Meridian Holdings, Inc. compare | −0.8× |
| SEGG Sports Entertainment Gaming Global Corporation compare | −8.6× |
| GMBL Esports Entertainment Group, Inc. compare | −16.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets