Detailed financial statements for Century Casinos, Inc. (CNTY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Century Casinos, Inc. operates as a casino entertainment company in the United States, Canada, and Poland. The company develops and operates gaming establishments, as well as related lodging, restaurant, and horse racing including off-track betting; and entertainment facilities. Century Casinos, Inc. was founded in 1992 and is based in Colorado Springs, Colorado.
Analysis Summary
Century Casinos, Inc. reported revenue of $573.0M in the most recent fiscal year, growing at a 5-year CAGR of 13.5%.
Trailing-twelve-month margins: gross margin 34.8%, operating margin 9.7%, net margin -9.6%.
At the current price of $1.14, CNTY has negative trailing earnings (P/E not meaningful) and an ROE of 53.66%. Market capitalisation stands at $32M.
Balance sheet quality for CNTY: current ratio of 1.3, net debt of $1.01B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $139.2M | $154.1M | $168.9M | $218.2M | $304.3M | $388.5M | $430.5M | $550.2M | $575.9M | $573.0M |
| Cost of Revenue | $123.1M | $139.5M | $159.5M | $126.5M | $169.0M | $201.0M | $232.6M | $307.4M | $330.4M | $377.4M |
| Gross Profit | $16.2M | $14.6M | $9.4M | $91.8M | $135.3M | $187.5M | $197.9M | $242.8M | $245.5M | $195.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $44.3M | $50.5M | $60.2M | $69.7M | $80.2M | $92.2M | $104.3M | $136.1M | $147.9M | $144.2M |
| Operating Expenses | $123.1M | $139.5M | $159.5M | $97.0M | $135.4M | $119.0M | $130.3M | $178.8M | $241.2M | $144.2M |
| Operating Income | $16.2M | $14.6M | $9.5M | -$5.2M | -$127000 | $68.5M | $67.6M | $64.0M | $4.3M | $51.3M |
| EBITDA | $24.7M | $23.6M | $18.8M | $13.0M | $30.0M | $101.8M | $103.0M | $115.4M | $65.8M | $55.9M |
| Interest Expense | $3.2M | $3.7M | $4.2M | $8.2M | $43.1M | $42.8M | $65.8M | $93.9M | $103.4M | $104.8M |
| Pre-tax Income | $15.6M | $12.5M | $5.9M | -$12.0M | -$43.3M | $28.1M | $6.0M | -$23.8M | -$93.4M | -$51.1M |
| Income Tax | $1.8M | $4.6M | $1.9M | $4.2M | $4.8M | $6.4M | -$7.7M | -$5.3M | $27.7M | $2.7M |
| Net Income | $9.2M | $6.3M | $3.4M | -$19.2M | -$48.0M | $20.6M | $8.0M | -$28.2M | -$128.2M | -$61.4M |
| EPS | $0.38 | $0.25 | $0.12 | $-0.55 | $-1.63 | $0.70 | $0.46 | $-0.93 | $-4.19 | $-2.04 |
| EPS (Diluted) | $0.37 | $0.24 | $0.11 | $-0.55 | $-1.63 | $0.66 | $0.43 | $-0.93 | $-4.19 | $-2.04 |
| Shares Outstanding (Diluted) | $24.7M | $25.6M | $30.0M | $29.5M | $29.6M | $31.4M | $31.5M | $30.3M | $30.6M | $30.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $153.7M | $138.0M | $137.2M | $152.0M |
| Gross Profit | $54.2M | $33.5M | $47.8M | $67.0M |
| Operating Income | $17.1M | $10.4M | $11.8M | $17.2M |
| EBITDA | $54.3M | -$14.6M | $25.1M | $30.3M |
| Net Income | -$10.5M | -$17.9M | -$16.5M | -$10.9M |
| EPS | $-0.35 | $-0.61 | $-0.58 | $-0.39 |
| EPS (Diluted) | $-0.35 | $-0.61 | $-0.58 | $-0.39 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $38.8M | $74.7M | $45.6M | $54.8M | $63.4M | $107.8M | $101.8M | $171.3M | $98.8M | $68.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $4.7M | $6.3M | $6.0M | $11.4M | $8.2M | $9.4M | $9.1M | $18.3M | $11.1M | $12.0M |
| Inventory | $568000 | $740000 | $898000 | $2.0M | $1.7M | $1.4M | $1.5M | $4.7M | $3.7M | $3.5M |
| Total Current Assets | $45.9M | $84.3M | $55.0M | $79.4M | $94.6M | $140.7M | $228.0M | $207.0M | $135.5M | $104.1M |
| Property, Plant & Equipment | $140.8M | $152.8M | $187.0M | $541.0M | $519.3M | $500.7M | $491.8M | $939.5M | $952.2M | $935.5M |
| Goodwill | $13.4M | $15.2M | $14.0M | $32.9M | $10.9M | $10.3M | $9.6M | $80.6M | $36.3M | $10.8M |
| Intangible Assets | $13.7M | $16.9M | $16.4M | $67.1M | $52.8M | $48.9M | $44.8M | $93.2M | $84.9M | $77.6M |
| Total Assets | $217.8M | $274.9M | $278.8M | $726.9M | $680.8M | $703.4M | $885.0M | $1.36B | $1.23B | $1.15B |
| Accounts Payable | $1.9M | $4.8M | $3.3M | $5.2M | $12.9M | $12.7M | $15.3M | $15.3M | $21.0M | $16.0M |
| Short-term Debt | $5.6M | $5.7M | $17.5M | $3.2M | $15.2M | $7.9M | $5.3M | $8.5M | $6.2M | $7.6M |
| Total Current Liabilities | $28.6M | $34.4M | $50.0M | $56.6M | $60.2M | $60.4M | $65.4M | $93.6M | $86.0M | $79.8M |
| Long-term Debt | $50.0M | $51.0M | $42.0M | $451.4M | $173.8M | $177.5M | $629.2M | $982.2M | $1.02B | $321.4M |
| Total Liabilities | $79.3M | $87.6M | $95.4M | $554.8M | $553.8M | $553.0M | $730.8M | $1.15B | $1.14B | $1.15B |
| Retained Earnings | $66.4M | $72.7M | $76.1M | $56.7M | $8.7M | $29.3M | $37.3M | $9.1M | -$119.1M | -$205.9M |
| Total Equity | $132.2M | $179.9M | $176.3M | $163.3M | $118.2M | $141.6M | $144.0M | $121.4M | -$9.3M | -$97.7M |
| Total Debt | $55.6M | $56.7M | $59.5M | $502.1M | $500.3M | $494.6M | $665.0M | $1.02B | $1.06B | $1.08B |
| Net Debt | $16.8M | -$18.0M | $13.9M | $447.4M | $436.9M | $386.8M | $563.2M | $849.2M | $964.3M | $1.01B |
| Working Capital | $17.3M | $49.9M | $5.0M | $22.8M | $34.5M | $80.2M | $162.6M | $113.4M | $49.5M | $24.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $77.7M | $68.9M | $60.0M | $60.2M |
| Total Assets | $1.16B | $1.15B | $1.12B | $1.11B |
| Total Liabilities | $1.15B | $1.15B | $1.15B | $1.14B |
| Total Equity | -$78.6M | -$97.7M | -$114.7M | -$125.7M |
| Total Debt | $1.08B | $1.08B | $1.08B | $1.07B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $13.8M | $7.9M | $4.0M | -$16.1M | -$48.1M | $21.8M | $13.7M | -$18.5M | -$121.1M | -$53.9M |
| Depreciation & Amortization | $8.3M | $8.9M | $9.4M | $16.7M | $30.2M | $30.8M | $31.1M | $45.3M | $55.9M | $50.9M |
| Stock-based Compensation | $759000 | $669000 | $868000 | $1.3M | -$214000 | $2.7M | $3.3M | $3.6M | $66000 | $1.1M |
| Change in Working Capital | -$902000 | $1.1M | $6.5M | -$880000 | $1.2M | $2.1M | -$4.2M | $9.3M | -$11.2M | -$8.4M |
| Operating Cash Flow | $22.3M | $19.4M | $22.3M | $18.8M | $9.0M | $59.2M | $37.4M | $24.1M | -$3.3M | $6.7M |
| Capital Expenditure | -$7.1M | -$11.5M | -$56.8M | -$24.0M | -$10.7M | -$10.0M | -$19.6M | -$60.2M | -$61.0M | -$22.0M |
| Acquisitions | -$19.7M | -$1.5M | -$977000 | -$96.7M | $5.4M | -$24000 | -$95.0M | -$149.2M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$434000 | -$1.3M | -$235000 | -$4.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $15.2M | $7.9M | -$34.4M | -$5.3M | -$1.7M | $49.2M | $17.8M | -$36.1M | -$64.3M | -$15.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $144000 | -$114000 | -$1.3M | $8.6M |
| Capital Expenditure | -$4.9M | -$4.6M | -$2.7M | -$3.1M |
| Free Cash Flow | -$4.7M | -$4.7M | -$3.9M | $5.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $316000 | $326000 | $161000 | $211000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +10.7% | +9.7% | +29.2% | +39.4% | +27.7% | +10.8% | +27.8% | +4.7% | -0.5% |
| Net Income Growth (YoY) | | -32.1% | -45.8% | -664.4% | -150.6% | +143.0% | -61.3% | -453.5% | -354.5% | +52.1% |
| EPS Growth (YoY) | | -34.2% | -52.0% | -558.3% | -196.4% | +142.9% | -34.3% | -302.2% | -350.5% | +51.3% |
| Shares Change (YoY) | | +3.6% | +17.2% | -1.7% | +0.4% | +6.2% | +0.3% | -3.8% | +1.1% | -1.6% |
| FCF Growth (YoY) | | -47.7% | -534.9% | +84.7% | +67.7% | +2992.8% | -63.8% | -302.7% | -78.1% | +76.3% |
| Gross Margin | 11.6% | 9.5% | 5.6% | 42.1% | 44.5% | 48.3% | 46.0% | 44.1% | 42.6% | 34.1% |
| Operating Margin | 11.6% | 9.5% | 5.6% | -2.4% | -0.0% | 17.6% | 15.7% | 11.6% | 0.7% | 8.9% |
| EBITDA Margin | 17.7% | 15.3% | 11.1% | 6.0% | 9.9% | 26.2% | 23.9% | 21.0% | 11.4% | 9.8% |
| Net Margin | 6.6% | 4.1% | 2.0% | -8.8% | -15.8% | 5.3% | 1.9% | -5.1% | -22.3% | -10.7% |
| FCF Margin | 10.9% | 5.1% | -20.4% | -2.4% | -0.6% | 12.7% | 4.1% | -6.6% | -11.2% | -2.7% |
| Effective Tax Rate | 11.5% | 36.6% | 32.4% | -34.9% | -11.2% | 22.6% | -127.5% | 22.4% | -29.6% | -5.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.61 | $0.31 | $-1.15 | $-0.18 | $-0.06 | $1.57 | $0.57 | $-1.19 | $-2.10 | $-0.51 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $24.4M | $25.1M | $29.4M | $29.5M | $29.6M | $29.6M | $29.8M | $30.3M | $30.6M | $30.1M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 53.66% |
| Return on Invested Capital | 5.43% |
| Return on Assets | -5.06% |
| Gross Margin | 34.85% |
| Operating Margin | 9.73% |
| Net Margin | -9.62% |
Financial Health
| Debt / Equity | -8.52 |
| Current Ratio | 1.19 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 21.66 | 36.52 | 61.58 | -14.40 | -3.92 | 17.40 | 15.28 | -5.25 | -0.77 | -0.65 |
| P/B | 1.52 | 1.27 | 1.23 | 1.43 | 1.60 | 2.55 | 1.45 | 1.22 | -10.67 | -0.41 |
| P/S | 1.44 | 1.49 | 1.29 | 1.07 | 0.62 | 0.93 | 0.49 | 0.27 | 0.17 | 0.07 |
| Gross Margin | 11.6% | 9.5% | 5.6% | 42.1% | 44.5% | 48.3% | 46.0% | 44.1% | 42.6% | 34.1% |
| Operating Margin | 11.6% | 9.5% | 5.6% | -2.4% | -0.0% | 17.6% | 15.7% | 11.6% | 0.7% | 8.9% |
| Net Margin | 6.6% | 4.1% | 2.0% | -8.8% | -15.8% | 5.3% | 1.9% | -5.1% | -22.3% | -10.7% |