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Galaxy Gaming

GLXZ
60
Gambling, Resorts & Casinos · Consumer Cyclical
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.

Galaxy Gaming makes card games and table game side bets that casinos put on their floors. Their products include games like "21+3" and "Lucky Ladies," which are extra betting options players can make during blackjack and other table games. They sell their games to land-based casinos and online gambling platforms around the world.

The company makes money by licensing its games to casinos, collecting a fee based on how much the tables earn rather than selling hardware outright. This recurring, usage-based model explains the very high gross margin of 95%. Galaxy Gaming operates across North America, Europe, and online markets, and its moat comes from owning the intellectual property rights to its game titles, which are difficult for casinos to replace once players get used to them. The main risk is customer concentration, since losing a few large casino partners could meaningfully hurt revenue.

Winston Score History

Score breakdown

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Quality

Gross Margin
87.8%
Premium pricing power — 87.8% gross margin
Operating Margin
30.4%
Excellent — 30.4% operating margin
ROCE
N/A
Data not available

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Growth

Sales YoY
-2.4%
Shrinking sales (-2.4% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
186%
Turns 186% of profit into real cash
FCF Margin
17.2%
Converts sales into free cash efficiently (17.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
N/A
—
Data not available
Interest Cover
2.63x
Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
9.2x
no trend
Attractive valuation — P/E 9.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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