Codere Online Luxembourg, S.A.
CDRO Consumer Cyclical Gambling
Codere Online Luxembourg, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $238.1 million, up 9.61% from fiscal 2024. Revenue growth for five consecutive years, operating cash flow growth for three.
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Codere Online Luxembourg, S.A. (CDRO) Beneish M-score
Codere Online Luxembourg, S.A.'s Beneish M-score for fiscal 2025 is −3.43; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.43 | (0.93) |
| FY2024 | −2.49 | (8.12) |
| FY2020 | 5.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.75 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 1.27 | — | −0.22 | |
| Total accruals to total assets | (0.19) | — | −0.88 | |
| Leverage index | 0.93 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.43 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MRDN Meridian Holdings, Inc. compare | −7.4× |
| BRAG Bragg Gaming Group Inc. compare | −3.7× |
| INSE Inspired Entertainment, Inc. compare | −3.5× |
| CDRO Codere Online Luxembourg, S.A. | −3.4× |
| GRSD Grandstand Limited compare | −3.2× |
| RSI Rush Street Interactive, Inc. compare | −2.7× |
| ACEL Accel Entertainment, Inc. compare | −2.2× |
| BRSL Brightstar Lottery compare | −1.9× |
| ROLR HIGH ROLLER TEC compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI