Codere Online Luxembourg, S.A.
CDRO, CDROW · Services-Miscellaneous Amusement & Recreation · EDGAR filings ↗
Grade
B72Profitable online gaming operator with high ROE/ROA and solid growth, tempered by thin margins and a control weakness.
Strengths
- Top-quartile ROE (16.1%, 71st pct) and ROA (5.2%, 75th pct)
- Healthy revenue growth (+17%, 68th pct) and high gross margin (76.9th pct)
Risks
- Very thin net margin (~2%) and declining net income (14.3th pct); margin/results volatility inherent to betting
- Identified material weakness in internal control over financial reporting
- Platform dependence on third-party app stores and regulatory exposure across markets
Notable findings
- Material weaknessRelated to Codere Online’s Financial Information and this Annual Report— Codere Online has identified a material weakness in its internal control over financial reporting
Key metrics
Gross margin
84.1%
Operating margin
2.2%
Net margin
1.9%
Return on equity
16.1%
Return on assets
5.2%
Revenue growth (QoQ)
16.9%
Current ratio
1.4×
Tangible book value
$25M
Cash & investments
$42M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-28 | 2025-12-31 | 0001829126-26-004041 ↗ |
| 20-F | 2025-06-02 | 2024-12-31 | 0001829126-25-004113 ↗ |
| 20-F | 2025-05-01 | 2023-12-31 | 0001829126-25-003270 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001829126-23-003007 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001829126-22-009210 ↗ |