Bragg Gaming Group Inc.

BRAG
About the company

Bragg Gaming Group Inc. operates as an iGaming content and technology solutions. The company offers Bragg PAM, a player account management platform; Bragg HUB, an iGaming product delivery solution; and Fuze, a gamification and engagement toolset. It also offers casino content, and marketing and operational services.

Country: CanadaPrice: $0.64Market Cap: $19.9M

Investment snapshot

29%positive consensus
Scored 1d ago

Positive

5

BUY / PASS

Neutral / negative

2 / 9

NEUTRAL / FAIL

Median fair value

$11.45

+1689.1% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

All 10 investors pass BRAG's cash flow

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILPASSNEUTRALFAILFAILPASSPASSPASSFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A+89.2%N/AN/AN/AN/A+95.6%+92.2%N/AN/A+97.7%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Where It Passes

  • Cash Flow100% pass✓ 12▾

    All 10 investors pass BRAG's cash flow

    Free Cash Flow Proxy$12.9M
    ✓BuffettPositive and growing
    FCF Positive and Growing$20.6M
    ✓LynchPositive and growing
    Operating Cash Flow$21.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=18.05%, ROA=-8.17%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)0.8x
    ✓Dreman< 8x
    P/E or FCF YieldFCF Yield=103.8%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive5/6 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap126.2%
    ✓Ackman>= 4%
    Price / FCF per Share0.8x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency6/6 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$20.6M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+103.82%; #51/4519 (top 1.1%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Valuation models100% pass✓ 4▾

    BRAG undervalued: all 4 models price fair value above $0.64 (median $11.45)

    Buffett fair value$5.95
    ✓Buffett+89.2% margin vs $0.64
    Munger fair value$14.71
    ✓Munger+95.6% margin vs $0.64
    Pabrai fair value$8.19
    ✓Pabrai+92.2% margin vs $0.64
    Ackman fair value$28.06
    ✓Ackman+97.7% margin vs $0.64

Where It Falls Short

  • Growth0% pass✓ 3✗ 10▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth14.6%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 53.4% -> 55.0%, operating margin -0.8% -> -5.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR16.9%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio0.97
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-4.6%
    ✗Buffett> 10%
    ROIC - WACC-14.6%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.14 -> 0.97
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.96x -> 1.07x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities0.97
    ✗Dreman> 1.5
    Return on Invested Capital-6.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-0.8%; FY2024: ROIC=-3.5%; FY2025: ROIC=-6.3%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -6.3%)
    ✗SleepROIC > 12% in a majority of years
  • Profitability6% pass✓ 7✗ 28▾

    15 of 16 flag BRAG's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/7 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/7 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-8.4%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-5.0% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$12.9M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-12.9%
    ✗Lynch> 15%
    EBIT / Enterprise Value-38.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-38.6%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-8.17%
    ✗PiotroskiROA > 0
    ROA Change YoY-4.83% -> -8.17% (delta: -3.34%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=18.05%, ROA=-8.17%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY53.0% -> 55.0%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue-6.0%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-12.9%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.2x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-8.5% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-5.0%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-12.9%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-0.8% (2023) -> -5.0% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 53.4% -> 55.0%, operating margin -0.8% -> -5.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-47.95%; #5033/6340 (top 79.4%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+58.71%; #486/3702 (top 13.1%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-12.94%; #3504/5226 (top 67.0%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0234; #1618/5884 (top 27.5%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation23% pass✓ 13✗ 15▾

    10 of 13 flag BRAG's valuation — Graham, Lynch, Greenblatt +7 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.2x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-38.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-38.6%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)0.8x
    ✓Dreman< 8x
    Price / Book Value per Share0.2x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=78.6%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=103.8%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.2x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share0.8x
    ✓Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($0.64)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-47.95%; #5033/6340 (top 79.4%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+3.7050; #378/6449 (top 5.9%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share12.95x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+6.2678; #455/5247 (top 8.7%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+103.82%; #51/4519 (top 1.1%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-64.25%; #5503/6202 (top 88.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts36% pass✓ 5✗ 9▾

    Split decision: 9 FAIL · 5 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (2/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (3/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1172/2370 (Top 49.5%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Debt & Leverage50% pass✓ 9✗ 6▾

    6 of 12 pass — Graham, Buffett, Lynch +3 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.06, IC: -5.3x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.06
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities0.97
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.06
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.06
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-5.3x, D/EBITDA=0.2x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.06
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0560; #1045/4210 (top 24.8%)
    ✓AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Micro Cap($19.9M)
Revenue: $124.6M+17.4% YoY
Net Income: $9.5M-78.0% YoY

Financial Snapshot

Operating Margin-5.0%
Return on Equity-12.9%
Debt / Equity0.06
Current Ratio0.97
EPS (Diluted)$-0.38
Shares Retired−2.0% / −11.1% 2y

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Shareholder Return

Fiscal 2025

Issued 2.0% of shares last year, 11.1% issued over two.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 40-F · 2026-03-31
FY 2024
Sources
  • 40-F · 2025-03-31
FY 2023
Sources
  • 40-F · 2024-03-26
FY 2022
Sources
  • 40-F · 2023-03-21
FY 2021
Sources
  • 40-F · 2022-03-10
Market Cap$19.9Mcurrent$123.5Mest.$126.5Mest.$77.9Mest.$98.7Mest.
Revenue$124.6M↑17%$106.1M↑3%$103.5M↑15%$90.3M↑37%$66.0M
Operating Income-$6.2M↓69%-$3.7M↓329%-$860.0K↑3%-$882.7K↑88%-$7.2M
Net Income-$9.5M↓78%-$5.4M↓26%-$4.2M↓14%-$3.7M↑56%-$8.5M
EPS (Diluted)$-0.38↓72%$-0.22↓16%$-0.19↓10%$-0.17↑61%$-0.44
Gross Margin55.0%↑4%53.0%↓1%53.4%53.2%↑10%48.6%
Operating Margin-5.0%↓44%-3.5%↓318%-0.8%↑15%-1.0%↑91%-10.9%
ROE-12.9%↓85%-7.0%↓28%-5.5%↓9%-5.0%↑56%-11.3%
Total Debt$4.1M↓40%$6.8M↑112%$3.2M↓62%$8.5M↑1150%$679.5K
Shareholders' Equity$73.7M↓4%$76.5M↓2%$77.8M↑5%$74.1M↓1%$75.0M
Current Ratio0.97↓15%1.14↑9%1.04↓15%1.22↓30%1.76
Debt / Equity0.06↓37%0.09↑116%0.04↓64%0.11↑1164%0.01
Operating Cash Flow$21.1M↑81%$11.6M↓11%$13.0M↑112%$6.1M↑4609%$130.2K
Free Cash Flow$20.6M↑96%$10.5M↓17%$12.6M↑127%$5.6M↑61393%-$9.1K

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

BRAG vs Peers — Financial Grading

Revenue$124.6MBottom 25%
Net Income$9.5MMedian
ROE-12.9%Bottom 25%
D/E0.06Top 25%
Op. Margin-5.0%Bottom 25%
Curr. Ratio0.97Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11