Codere Online - Public Comps and Valuation Multiples

Codere Online Overview

About Codere Online

Codere Online Luxembourg SA is an international online casino gaming and online sports betting group focused on providing its customers with a safe and enjoyable online gaming experience. It currently operates in Spain, Mexico, Colombia, and Other countries. where it offers its users the ability to play online casino games and bet on sports events. Online casino offerings include the full portfolio of games typically available in land-based casinos, gaming halls and gambling establishments, such as slot machines, table games, and bingo. Online sports betting involves a user placing a wager on an event at some fixed odds determined by Codere Online. The company derives maximum revenue from Mexico.

Founded

2021

HQ

Employees

325

Website

codereonline.com

Sectors

Casinos & Gambling
Online Betting
ViceTech

Financials

LTM Revenue $293M

LTM EBITDA $12.9M

EV

$297M

Valuation Multiples

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Codere Online Financials

As of August 2025, Codere Online reported last 12-month revenue of $293M and EBITDA of $12.9M.

In the same period, Codere Online achieved $5.0M in LTM net income.

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Codere Online P&L

In the most recent fiscal year, Codere Online reported revenue of $201M and EBITDA of $4.7M.

Codere Online expects next 12-month revenue of XXX and NTM EBITDA of XXX

See Codere Online valuation multiples based on analyst estimates

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$293M	XXX	$201M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$193M	XXX	XXX	XXX
Gross Margin	n/a	XXX	96%	XXX	XXX	XXX
EBITDA	$12.9M	XXX	$4.7M	XXX	XXX	XXX
EBITDA Margin	4%	XXX	2%	XXX	XXX	XXX
EBIT	$10.2M	XXX	$4.3M	XXX	XXX	XXX
EBIT Margin	3%	XXX	2%	XXX	XXX	XXX
Net Profit	$5.0M	XXX	$3.9M	XXX	XXX	XXX
Net Margin	2%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Codere Online including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $293M. EBITDA for the last twelve months was $12.9M. In the most recent fiscal year, Codere Online achieved $201M in revenue and $4.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$293M	Analyst estimates available to subscribers	$201M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$193M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	96.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$12.9M	Analyst estimates available to subscribers	$4.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	4.4% EBITDA margin	Analyst estimates available to subscribers	2.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$10.2M	Analyst estimates available to subscribers	$4.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.5% EBIT margin	Analyst estimates available to subscribers	2.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$5.0M	Analyst estimates available to subscribers	$3.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	1.7% net profit margin	Analyst estimates available to subscribers	1.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Codere Online

This financial data table provides comprehensive performance metrics for Codere Online, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Codere Online generated $293M in revenue over the last twelve months.
The company achieved $12.9M in EBITDA over the last twelve months.
Net income over the last twelve months reached $5.0M.

Fiscal Year Performance

In the most recent fiscal year, Codere Online reported $201M in total revenue.
Fiscal year EBITDA was $4.7M.
The company maintained a gross profit margin of 96.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 2.4%.
Net profit margin reached 1.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Codere Online. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Codere Online Stock Performance

Codere Online has current market cap of $354M, and EV of $297M.

Market Cap Evolution

Codere Online Stock Data

As of September 15, 2025, Codere Online's stock price is $8.

See Codere Online trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$297M	$354M	XXX	XXX	XXX	XXX	$0.09

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Codere Online Valuation Multiples

Codere Online's trades at 1.5x EV/Revenue multiple, and 62.9x EV/EBITDA.

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Codere Online Financial Valuation Multiples

As of September 15, 2025, Codere Online has market cap of $354M and EV of $297M.

Equity research analysts estimate Codere Online's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Codere Online has a P/E ratio of 82.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$354M	XXX	$354M	XXX	XXX	XXX
EV (current)	$297M	XXX	$297M	XXX	XXX	XXX
EV/Revenue	1.2x	XXX	1.5x	XXX	XXX	XXX
EV/EBITDA	26.9x	XXX	62.9x	XXX	XXX	XXX
EV/EBIT	34.1x	XXX	68.6x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	82.8x	XXX	90.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	80.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Codere Online Margins & Growth Rates

Codere Online's last 12 month revenue growth is 11%

Codere Online's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.6M for the same period.

Codere Online's rule of 40 is 2% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Codere Online's rule of X is 32% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Codere Online Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	11%	XXX	19%	XXX	XXX	XXX
EBITDA Margin	4%	XXX	2%	XXX	XXX	XXX
EBITDA Growth	111%	XXX	n/a	XXX	XXX	XXX
Rule of 40	2%	XXX	13%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	32%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	43%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	94%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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