F

Gambling.com Group Limited — Earnings Quality Grade F

GAMB · Consumer Cyclical

Major red flags

Revenue
$165M
2025
Net Income
-$33M
2025
Gross Margin
90.8%
Free Cash Flow
$14M
01

Screening Summary

9
Passed
2
Watch
5
Failed
-3.34
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 47 days, change -5 days YoY

A2AR vs Revenue Growth

AR growth 17.7% vs revenue growth 30.1%

A3Revenue vs CFFO

Revenue grew 30.1% but CFFO declined -49.2%

Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -80.4% vs revenue 30.1%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 66.3%. Normal

B4Gross Margin

Gross margin 90.8%, change -3.3pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -0.58. Below 1.0

C2Free Cash Flow

FCF < 50% of Net Income for 2 years

C3Accruals Ratio

Accruals ratio = -17.4%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 13% of debt $0.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.2B = 228% of equity. Over 50%

D2Leverage

Debt/EBITDA = -11.9x. Healthy

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

!
E2Goodwill Surge

Goodwill+Intangibles surged 88% YoY

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.34 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-3.34
-4.0 Clean-2.22 Grey-1.78 Danger0
0.905
DSRI
AR growing faster than revenue?
1.036
GMI
Gross margin declining?
1.09
AQI
Asset quality deteriorating?
1.301
SGI
Revenue growth rate
0.684
DEPI
Depreciation slowing?
1.047
SGAI
SG&A ratio changing?
-0.1736
TATA
Accruals level
1.736
LVGI
Leverage increasing?
05

Altman Z-Score

0.66
Distress Zone
0 Distress1.102.605.0+ Safe
0.0242
Liquidity
0.1415
Cumulative profit
-0.0828
Operating efficiency
0.5631
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25