Liquidity is under significant pressure as cash reserves dropped from $171.3 million in 2023Q4 to $60.0 million in 2026Q1, reflecting a structural inability to generate consistent free cash flow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 10.06M | 6.69M | -3.3M | 24.05M | 37.4M | 59.19M | 9.01M | 18.78M | 22.33M | 19.45M | 22.26M | 19.67M | 7.32M | 7.44M | 9.2M | 10.7M | 6.82M | 6.75M | 12.33M | 13.54M | 9.49M | 9.5M | 8.47M | 5.82M | 7.4M | 6.44M | 7.06M | 3.8M | 4.2M | 3M | 2.6M |
| Operating CF Margin % | - | 1.17% | -0.57% | 4.37% | 8.69% | 15.24% | 2.96% | 8.61% | 13.22% | 12.62% | 15.99% | 14.64% | 6.1% | 7.12% | 12.81% | 15.09% | 11.23% | 13.56% | 23.24% | 14.77% | 16.87% | 25.37% | 21.15% | 16.14% | 25.21% | 21.77% | 24.07% | 16.1% | 21.54% | 15.23% | 22.61% |
| Operating CF Growth % | 345.5% | 302.73% | -113.71% | -35.68% | -36.82% | 557.3% | -52.05% | -15.89% | 14.83% | -12.63% | 13.13% | 168.7% | -1.63% | -19.1% | -13.99% | 56.92% | 1.05% | -45.29% | -8.92% | 42.57% | -0.06% | 12.13% | 45.54% | -21.3% | 14.88% | -8.84% | 85.84% | -9.52% | 40% | 15.38% | 300% |
| Net Income | -57.31M | -53.9M | -121.08M | -18.49M | 13.67M | 21.78M | -48.14M | -16.14M | 4.01M | 7.89M | 13.81M | 13.51M | -1.09M | 6.08M | 4.09M | 3.02M | 1.02M | 11.82M | -13.47M | 4.93M | 7.63M | 4.48M | 4.74M | 3.25M | 3.08M | 2.46M | 3.25M | 2.2M | 1.9M | -400K | -1.3M |
| Depreciation & Amortization | 51.54M | 50.92M | 55.88M | 45.27M | 31.11M | 30.8M | 30.2M | 16.75M | 9.4M | 8.95M | 8.35M | 8M | 7.83M | 6.6M | 4.76M | 6.14M | 6.13M | 6.14M | 9.08M | 9.99M | 5.32M | 3.8M | 3.07M | 2.78M | 2.4M | 4.64M | 3.84M | 3.5M | 3.1M | 2.9M | 2M |
| Stock-Based Compensation | 838K | 1.13M | 66K | 3.61M | 3.33M | 2.65M | -214K | 1.3M | 868K | 669K | 759K | 1.64M | 1.03M | 33K | -4K | 199K | 482K | 1.1M | 1.44M | 879K | 373K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -144K | -761K | 25.17M | -23.52M | -15.13M | 345K | 3.45M | 110K | -22K | 183K | -196K | -1.3M | -411K | -348K | -48K | -81K | 186K | 980K | -186K | -1.58M | -2.3M | -147K | 554K | 199K | 78K | -207K | -446K | -100K | -500K | 0 | 0 |
| Other Non-Cash Items | 20.06M | 17.71M | 47.92M | 7.9M | 8.64M | 1.52M | 22.51M | 17.64M | 1.61M | 653K | 434K | -26K | 905K | -1.69M | -239K | -454K | -1.53M | -13.1M | 18.1M | -752K | 862K | -721K | -357K | 14K | -85K | -39K | -1.37M | -200K | -700K | 300K | 1M |
| Working Capital Changes | -10.71M | -8.42M | -11.25M | 9.28M | -4.23M | 2.1M | 1.21M | -880K | 6.47M | 1.1M | -902K | -2.14M | -946K | -3.23M | 643K | 1.87M | 527K | -536K | -2.07M | 576K | 4.5M | 2.09M | 469K | -419K | 780K | -416K | 1.78M | -600K | 400K | 200K | 900K |
| Change in Receivables | -983K | -641K | 6.86M | -5.97M | 139K | -1.22M | 2.5M | -1.46M | 836K | -1.45M | -1.42M | -1.8M | -177K | 182K | 420K | -29K | -33K | 63K | 156K | -380K | -380K | -151K | 110K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 172K | 244K | 909K | 323K | -142K | 192K | 349K | -80K | -202K | -127K | -1K | 14K | -211K | -72K | -35K | 23K | -6K | -27.64M | -14.2M | 184K | 0 | -31.01M | -2.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8.97M | -7.85M | -3.36M | -6.11M | -1.94M | -4.94M | 4.64M | -4.32M | 1.53M | -531K | -196K | -396K | -961K | -360K | -303K | 1.29M | 207K | -1.6M | -1.61M | 3.57M | 3.57M | 2.76M | 1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -17.59M | -22.26M | -60.89M | -207M | -103.14M | -9.99M | -5.29M | -120.69M | -57.73M | -13M | -26.83M | -18.18M | -16.51M | -10.92M | -4.15M | -2.81M | -18.42M | 46.84M | -2.46M | -18.2M | -67.2M | -23.64M | -7.05M | -3.47M | -4.46M | -3.26M | -13.94M | -900K | -6.3M | -2.9M | -5.3M |
| Capital Expenditures | -17.95M | -21.95M | -59.23M | -59.62M | -19.19M | -10.01M | -10.71M | -24.04M | -56.77M | -11.53M | -7.1M | -18.88M | -16.1M | -4.75M | -3.78M | -2.83M | -9.19M | -1.8M | -2.88M | -9.44M | -57.3M | -23.15M | -4.51M | -2.58M | -4.48M | -2.99M | -12.86M | -2.6M | -5.9M | -3.4M | -2.9M |
| CapEx % of Revenue | 3.1% | 3.83% | 10.29% | 10.84% | 4.46% | 2.58% | 3.52% | 11.02% | 33.61% | 7.48% | 5.1% | 14.04% | 13.41% | 4.54% | 5.27% | 4% | 15.14% | 3.61% | 5.44% | 10.3% | 101.79% | 61.83% | 11.25% | 7.17% | 15.28% | 10.12% | 43.85% | 11.02% | 30.26% | 17.26% | 25.22% |
| Acquisitions | 179K | 0 | 0 | -149.19M | -95M | -24K | 5.42M | -96.67M | -977K | -1.49M | -19.73M | 698K | -1M | -5.74M | 0 | 0 | -9.3M | 48.48M | 0 | -2.01M | -5.13M | 0 | 0 | 0 | 0 | 0 | -1.86M | 0 | 0 | 0 | 1.2M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 183K | -305K | -1.65M | 1.81M | 11.05M | 44K | 0 | 25K | 19K | 23K | 10K | 698K | 591K | -428K | -366K | 21K | 64K | 160K | 498K | 220K | -4.78M | -489K | -2.54M | -887K | 27K | -268K | 772K | 700K | 600K | 500K | -4.2M |
| Cash from Financing | -16.46M | -15.37M | -4.38M | 149.86M | 161.16M | -4.71M | 3.13M | 113.87M | 7.15M | 29.24M | 15.56M | 4.42M | 7.34M | 6.32M | -5.67M | -4.04M | -3.81M | -26.3M | -12.5M | -11.28M | 53.82M | 43.91M | 1.91M | -2.6M | -1.5M | -8.44M | 13.56M | -2.6M | -1.4M | -400K | 5.2M |
| Debt Issued (Net) | -3.43M | -2.83M | 4.66M | 170.63M | 183.45M | -4.15M | 4.16M | 124.67M | 7.85M | -3.01M | 17.62M | 4.84M | 7.83M | 6.32M | -5.92M | -4.22M | -3.72M | -24.56M | -12.98M | -13.32M | 53.5M | -3.21M | 1.87M | -2.21M | -1.02M | -7.83M | 14.65M | -2.4M | 1.4M | -500K | -600K |
| Equity Issued (Net) | -4.39M | -3.98M | -235K | -1.29M | -434K | 0 | 0 | 0 | 0 | 34.26M | 0 | 0 | 0 | 0 | 0 | 0 | -141K | -1.77M | 672K | 707K | 513K | 48.5M | 31K | -387K | -366K | -606K | -818K | -200K | -1.2M | 0 | 5.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.39M | -3.98M | -235K | -1.29M | -434K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -141K | -1.77M | 0 | 0 | 0 | 0 | 0 | -1.24M | -366K | -606K | -818K | -200K | -1.2M | 0 | 0 |
| Other Financing | -8.64M | -8.56M | -8.8M | -19.48M | -21.85M | -561K | -1.03M | -10.8M | -700K | -2.01M | -2.07M | -418K | -492K | 0 | 251K | 178K | 58K | 33K | -193K | 1.33M | -190K | -1.38M | 5K | 0 | -115K | 0 | -273K | 0 | -200K | 100K | -100K |
| Net Change in Cash | -24.61M | -29.85M | -72.58M | -30.54M | 94.09M | 44.36M | 8.04M | 9.36M | -30.16M | 37.42M | 9.47M | 4.63M | -2.61M | 2.6M | -445K | 3.73M | -15.53M | 29.16M | -3.91M | -17.12M | -2.2M | 28.76M | 3.68M | 147K | 1.71M | -5.71M | 6.57M | 300K | -3.5M | -300K | 2.5M |
| Free Cash Flow | -7.89M | -15.26M | -64.29M | -36.1M | 17.81M | 49.18M | -1.7M | -5.26M | -34.45M | 7.92M | 15.15M | 799K | -8.78M | 2.7M | 5.42M | 7.86M | -2.37M | 4.95M | 9.45M | 4.1M | -47.8M | -13.65M | 3.96M | 3.24M | 2.91M | 3.44M | -5.8M | 1.2M | -1.7M | -400K | -300K |
| FCF Margin % | -1.36% | -2.66% | -11.16% | -6.56% | 4.14% | 12.66% | -0.56% | -2.41% | -20.39% | 5.14% | 10.88% | 0.59% | -7.31% | 2.58% | 7.54% | 11.09% | -3.91% | 9.95% | 17.81% | 4.47% | -84.93% | -36.46% | 9.9% | 8.97% | 9.93% | 11.64% | -19.77% | 5.08% | -8.72% | -2.03% | -2.61% |
| FCF Growth % | 82.55% | 76.26% | -78.09% | -302.66% | -63.78% | 2992.82% | 67.67% | 84.74% | -534.86% | -47.73% | 1796.5% | 109.11% | -425.36% | -50.2% | -31.1% | 431.69% | -147.91% | -47.62% | 130.59% | 108.57% | -250.14% | -444.4% | 22.5% | 11.05% | -15.39% | 159.37% | -583.42% | 170.59% | -325% | -33.33% | 84.21% |
| FCF per Share | -0.28 | -0.51 | -2.10 | -1.19 | 0.57 | 1.57 | -0.06 | -0.18 | -1.15 | 0.31 | 0.61 | 0.03 | -0.36 | 0.11 | 0.22 | 0.33 | -0.10 | 0.21 | 0.40 | 0.17 | -2.01 | -0.76 | 0.25 | 0.22 | 0.19 | 0.22 | -0.39 | 0.08 | -0.12 | -0.02 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.14x | -0.11x | 0.03x | -0.85x | 4.69x | 2.87x | -0.19x | -0.98x | 6.58x | 3.11x | 2.42x | 1.65x | 5.94x | 1.20x | 2.25x | 3.54x | 6.67x | 0.62x | -0.92x | 2.54x | 1.22x | 2.12x | 1.79x | 1.79x | 2.40x | 2.62x | 2.17x | 1.73x | 2.21x | -5.00x | -2.00x |
| Interest Paid | 47.6M | 0 | 88.15M | 81.94M | 53.28M | 39.02M | 38.83M | 6.5M | 4.36M | 5.19M | 2.73M | 1.68M | 655K | 731K | 561K | 772K | 1.16M | 2.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.3M | 0 | 16.8M | 5.75M | 8.97M | 6.03M | 2.61M | 3.02M | 2.79M | 2.89M | 4.05M | 2.46M | 2.82M | 3.86M | 1.14M | 226K | 308K | 812K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative cash flow
According to the provided financial data, Century Casinos consistently reports net losses alongside operating cash flows that frequently fail to turn positive, with the OCF/NI ratio showing extreme volatility and a failure to convert accounting losses into meaningful cash generation across the last ten quarters.
The persistent gap between net income and operating cash flow suggests that the company's accounting losses are not merely non-cash accounting artifacts but reflect genuine operational cash burn. Investors should monitor whether the company can achieve positive cash conversion as the integration of recent acquisitions stabilizes.
As reported in financial statements, Century Casinos has struggled to generate positive free cash flow, with FCF margins remaining consistently negative and reaching as low as -22.8% in 2024Q1, indicating a structural inability to fund operations and capital requirements through internal cash generation alone.
The trajectory of free cash flow appears to be heavily influenced by the company's aggressive capital expenditure requirements and the high fixed costs of its OpCo model. This trend suggests that the company may remain reliant on external financing to sustain its current operational footprint.
Based on Century Casinos' reported figures, capital expenditures have remained elevated relative to revenue, peaking at 13.5% in 2024Q1, which reflects the heavy burden of maintaining and upgrading regional gaming properties to remain competitive in secondary and tertiary markets.
The high ratio of CapEx to revenue suggests that the company is forced to reinvest a significant portion of its intake just to maintain its existing asset base. This capital intensity appears to be a primary driver of the company's inability to reach sustainable free cash flow.
As indicated by the quarterly cash flow statements, working capital changes have frequently acted as a drag on cash flow, with a notable $8.4 million outflow in 2025Q3, suggesting that the company faces challenges in managing its cash conversion cycle across its diverse international operations.
The erratic nature of working capital movements may imply inefficiencies in inventory management or delays in collecting receivables across the company's fragmented geographic segments. This volatility warrants further investigation into whether these fluctuations are seasonal or indicative of deeper operational friction.
Based on the provided financial data, the cash flow statement fails to explicitly capture the full impact of lease obligations to REITs, which effectively function as fixed financing costs that mask the true extent of the company's operational cash burn and leverage risk.
Because these lease payments are categorized as operating expenses rather than debt service, the reported operating cash flow may appear more stable than the company's actual solvency profile suggests. Analysts should adjust for these rent obligations to understand the true cash-generating capacity of the underlying gaming assets.
Quick answers to the most common questions about buying CNTY stock.
Century Casinos, Inc. (CNTY) generated $6.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Century Casinos, Inc. (CNTY) reported negative free cash flow of $15.3M in 2025, indicating capital requirements exceeded cash from operations.
Century Casinos, Inc. (CNTY) spent $22.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Century Casinos, Inc. (CNTY) spent $4.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.