The company maintains a conservative financial profile with a debt-to-equity ratio of 0.22, providing a stable foundation despite the $146.9M retained earnings deficit.
| Total Current Assets | 62.92M | 67.48M | 62.92M | 65.28M | 68.33M | 104.67M | 17.3M | 42.12M |
| Cash & Short-Term Investments | 53.8M | 59.64M | 53.8M | 51.68M | 60.58M | 98.81M | 15.66M | 12.39M |
| Cash Only | 40.31M | 49.98M | 40.31M | 41.28M | 53.81M | 94.91M | 10.9M | 8.02M |
| Short-Term Investments | 13.49M | 9.66M | 13.49M | 10.4M | 6.78M | 3.9M | 4.76M | 4.37M |
| Accounts Receivable | 6.92M | 6.33M | 6.92M | 13.19M | 4.27M | 5.12M | 835K | 29.5M |
| Days Sales Outstanding | 4.98 | 10.99 | 12.59 | 29.78 | 13.47 | 23.3 | 4.32 | 174.85 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.37M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 2.79M | 0 | 557K | 4.37M |
| Total Non-Current Assets | 11.62M | 13.38M | 11.62M | 8.52M | 983K | 606K | 1.24M | 2.1M |
| Property, Plant & Equipment | 2.41M | 2.44M | 2.41M | 331K | 200K | 133K | 116K | 92K |
| Fixed Asset Turnover | 120.52x | 86.30x | 83.25x | 488.36x | 578.74x | 603.41x | 607.73x | 669.38x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 10K | 10K | 469K | 1.13M | 2.01M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 2K | 4K | 0 | 0 |
| Other Non-Current Assets | -1K | 0 | -1K | 0 | 0 | -602K | 0 | 0 |
| Total Assets | 74.54M | 80.86M | 74.54M | 73.8M | 69.31M | 105.28M | 18.55M | 44.23M |
| Asset Turnover | 2.74x | 2.60x | 2.69x | 2.19x | 1.67x | 0.76x | 3.80x | 1.39x |
| Asset Growth % | 21.55% | 8.48% | 1% | 6.48% | -34.16% | 467.58% | -58.06% | - |
| Total Current Liabilities | 44.96M | 49.28M | 44.96M | 52.1M | 42.75M | 31.61M | 37.03M | 54.12M |
| Accounts Payable | 24.55M | 22.41M | 24.55M | 31.81M | 23.79M | 19.69M | 13.02M | 18.52M |
| Days Payables Outstanding | 582.14 | 982.67 | 1.16K | 1.85K | 1.79K | 1.01K | 921.31 | 207.83 |
| Short-Term Debt | 3.37M | 1.81M | 3.37M | 5.11M | 4.24M | 2.98M | 17.78M | 30.24M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 2.43M | 1.85M | 457K |
| Other Current Liabilities | 8.71M | 14.11M | 8.71M | 7.59M | 7.09M | 2.54M | 2.54M | 4.58M |
| Current Ratio | 1.40x | 1.37x | 1.40x | 1.25x | 1.60x | 3.31x | 0.47x | 0.78x |
| Quick Ratio | 1.40x | 1.37x | 1.40x | 1.25x | 1.60x | 3.31x | 0.47x | 0.86x |
| Cash Conversion Cycle | -577.16 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 5.36M | 2.88M | 5.36M | 408K | 2.01M | 5.51M | 21.44M | 21.44M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 710K | 0 | 21.44M | 21.44M |
| Capital Lease Obligations | 3.28M | 1.61M | 1.64M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.72M | 0 | 3.72M | 408K | 1.3M | 5.51M | 0 | 0 |
| Total Liabilities | 50.32M | 52.16M | 50.32M | 52.51M | 44.76M | 37.12M | 58.47M | 75.56M |
| Total Debt | 5.37M | 3.93M | 5.37M | 5.11M | 4.95M | 2.98M | 39.23M | 51.68M |
| Net Debt | -34.94M | -46.06M | -34.94M | -36.17M | -48.85M | -91.92M | 28.33M | 43.66M |
| Debt / Equity | 0.22x | 0.14x | 0.22x | 0.24x | 0.20x | 0.04x | - | - |
| Debt / EBITDA | 1.20x | 0.62x | 1.14x | - | - | - | - | - |
| Net Debt / EBITDA | -7.82x | -7.22x | -7.40x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -2.43x | -45.68x | -27.40x | -59.02x |
| Total Equity | 24.22M | 28.7M | 24.22M | 21.29M | 24.55M | 68.15M | -39.92M | -31.33M |
| Equity Growth % | -12.03% | 18.49% | 13.78% | -13.28% | -63.98% | 270.71% | -27.42% | - |
| Book Value per Share | 0.52 | 0.63 | 0.53 | 0.47 | 0.54 | 1.51 | -4.50 | -522.22 |
| Total Shareholders' Equity | 24.07M | 28.55M | 24.07M | 21.14M | 24.4M | 68.01M | -40.02M | -31.43M |
| Common Stock | 45.49M | 45.64M | 45.49M | 45.3M | 45.12M | 45.12M | 60K | 60K |
| Retained Earnings | -146.93M | -145.64M | -146.93M | -150.84M | -148.42M | -102.04M | -41.03M | -17.7M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 18.59M | 21.62M | 18.59M | 19.76M | 20.78M | 18M | 949K | -13.79M |
| Minority Interest | 149K | 152K | 149K | 147K | 145K | 146K | 92K | 96K |
Regulatory and geographic concentration
As reported in financial statements, CDRO has maintained a stable total asset base of $74.5M through 2024, suggesting that the company is successfully transitioning from an aggressive, cash-burning expansion phase toward a more disciplined capital management strategy as it seeks to solidify its market position in Latin America.
The stabilization of total assets alongside a consistent equity position of $24.1M indicates that the company is no longer aggressively diluting shareholders to fund operations. This shift suggests that management is prioritizing operational efficiency over rapid, capital-intensive market share acquisition, which is a necessary evolution for long-term viability.
Based on reported figures, CDRO maintains a low debt-to-equity ratio of 0.22 as of 2024Q4, which provides a significant buffer against interest rate volatility and suggests that the company is not reliant on external credit markets to fund its ongoing operational requirements or customer acquisition initiatives.
The modest $5.4M debt load relative to a $40.3M cash position implies a net-cash status that is rare for a growth-stage iGaming operator. This conservative capital structure appears to be a strategic choice to mitigate the inherent risks of the volatile, event-driven sports betting industry.
According to recent SEC filings, CDRO holds $40.3M in cash, representing over 50% of its total assets, which provides a substantial liquidity buffer that should allow the company to navigate potential regulatory headwinds or seasonal fluctuations in betting volume without requiring immediate access to external financing.
A current ratio of 1.40 indicates that the company is well-positioned to meet its short-term obligations, including the settlement of gaming taxes and marketing payables. This liquidity profile suggests that the company is insulated from short-term liquidity shocks, provided that the current burn rate remains controlled.
As indicated by historical data, the company's retained earnings deficit of $146.9M highlights the significant historical cost of building the platform, suggesting that while the balance sheet is currently healthy, the company must generate sustained net profitability to reverse this long-term erosion of shareholder equity.
The persistent negative retained earnings reflect the heavy investment in customer acquisition and brand building required to compete in the iGaming sector. Investors should monitor whether the recent shift toward positive operating income can eventually translate into a meaningful reduction of this accumulated deficit over the coming fiscal years.
Quick answers to the most common questions about buying CDRO stock.
As of 2025, Codere Online Luxembourg, S.A. (CDRO) had total assets of $80.9M including $67.5M in current assets.
Codere Online Luxembourg, S.A. (CDRO) carries total debt of $3.9M, offset by $59.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Codere Online Luxembourg, S.A. (CDRO) has total shareholders' equity (book value) of $28.5M ($0.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Codere Online Luxembourg, S.A. (CDRO) reported a current ratio of 1.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.