Kambi Group

KAMBI.ST

Gambling, Resorts & Casinos · Consumer Cyclical

Price

kr 176.80

+0.20 (+0.11%)

Market Cap

kr 4.66B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

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Share count falling — buybacks

−9.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 31.5M (2021) → 28.6M (2025)

Winston Score History

The full picture

Kambi Group is a Swedish company that provides sports betting technology to gambling operators around the world. It builds and runs the software "engine" behind sportsbooks — handling odds, risk management, and the betting interface — so that casinos and gaming companies can offer sports wagering without building the technology themselves. Major customers include Penn Entertainment, DraftKings (historically), and various regulated gambling operators across Europe and the Americas.

Kambi earns revenue by taking a percentage of its clients' gross gaming revenue, meaning it gets paid based on how much money flows through its platform rather than charging flat fees. It operates primarily in regulated markets across Europe, North America, and Latin America, and its deep integration into clients' systems creates meaningful switching costs. The key risk is customer concentration — losing a large partner, as it did when DraftKings built its own in-house platform, can significantly reduce revenue overnight.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

85.1%

Premium pricing power — 85.1% gross margin

Profit after running costs

Operating Margin

13.6%

Healthy — 13.6% operating margin

Return on the money invested

ROCE

11.6%

Below par — 11.6% 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 growth

Sales YoY

+0.1%

Nearly flat sales (+0.1% YoY)

Profit growth

EPS YoY

+44.6%

Earnings growing fast (+44.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

351%

Turns 351% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

25.37x

Comfortably covers interest (25.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

38.1x

Pricey — P/E 38.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+23.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.1 → 15.1)

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Dividends

Not applicable for this business.

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