MeritValue

CENTURY CASINOS INC /CO/

CNTYdata completeness 100%16 fiscal years on file
The thesis, from the filings

CENTURY CASINOS INC /CO/ earns about 1% on invested capital, and has bought back 4% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$388.5M1$430.5M2$550.2M2$575.9M3$573M3
Net income$20.6M4$7.98M5−$28.2M5−$153.6M6−$61.4M6
Operating cash flow$59.2M7$37.4M8$24.1M8−$3.3M9$6.69M9
Capital expenditure$10M10$19.2M11$59.6M11$59.2M12$22M12
Free cash flow (derived)$49.2M7$18.2M8−$35.6M8−$62.5M9−$15.3M9
Total debt$363M13$699.2M14$665.4M15$656.3M16$657.9M16
Cash & equivalents$107.8M17$101.8M18$171.3M19$98.8M20$68.9M20
Diluted shares31.4M31.5M30.3M30.6M30.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$32.44
your share of equity
Profit it earned you last year
−$20.39
Free cash flow it threw off
−$5.07
Debt you’d be carrying
$218.42

10 shares is a claim on −$32.44 of net worth that earned you −$20.39 and generated −$5.07 of cash last year, against $218.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 14%FY22 10%FY23 9%FY24 -18%FY25 -8%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 81% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000911147-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0000911147-25-000056 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0000911147-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000911147-24-000010 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0000911147-25-000056 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0000911147-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000911147-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0000911147-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0000911147-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000911147-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2022-12-31 · accession 0000911147-25-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0000911147-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000911147-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000911147-24-000010 (LongTermDebtNoncurrent)
  15. 10-K/A · period ending 2023-12-31 · accession 0000911147-25-000056 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000911147-26-000009 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000911147-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000911147-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0000911147-25-000056 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000911147-26-000009 (CashAndCashEquivalentsAtCarryingValue)