Table Trac

TBTC

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$4.53

+0.03 (+0.56%)

Market Cap

$21.0M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+2.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.6M (2021) → 4.7M (2025)

Table Trac makes software and systems that help casinos run their daily operations. Its main product is a casino management system that tracks things like slot machines, table games, and player rewards programs. The company sells to small and mid-sized casinos, including tribal gaming operations, mostly across North America.

Table Trac earns money by selling its software systems upfront and then charging ongoing fees for support, maintenance, and system updates, which creates some recurring revenue. It is a very small company, with a market cap under $10 million, competing against much larger vendors like Aristocrat and IGT in a niche corner of the casino technology market. Its main growth opportunity is winning new casino clients as gaming expands into new states and regions, but its tiny size means it has limited resources to compete for large contracts or expand internationally.

Winston Score History

Score breakdown

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Quality

Gross Margin

68.0%

Premium pricing power — 68.0% gross margin

Operating Margin

29.6%

Excellent — 29.6% operating margin

ROCE

8.7%

Below par — 8.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-9.9%

Shrinking sales (-9.9% YoY)

EPS YoY

-23.3%

Earnings shrinking (-23.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

59%

Weak — only 59% of profit becomes cash

FCF Margin

9.1%

Modest free cash flow (9.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

11.5x

Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

4.04%

Healthy income — 4.04% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+128.6%

Dividend growing fast (128.6% YoY)

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