MeritValue

Sportradar Group AG

SRADdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'

The thesis, from the filings

Sportradar Group AG earns about 7% on invested capital. 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€561.2M1€730.2M2€877.6M3€1.11B3€1.29B3
Net income€12.6M4€10.9M5€34.7M6€34.2M6€100.3M6
Operating cash flow€132.2M7€168.1M8€258.6M9€353M9€403M9
Capital expenditure€5.86M10€8.29M11€14.8M12€5.37M12€4.9M12
Free cash flow (derived)€126.4M7€159.8M8€243.9M9€347.6M9€398.1M9
Total debt€435.4M13€22.8M14€50.1M15€46.7M16€62.9M16
Cash & equivalents€742.8M17€243.8M18€277.2M18€348.4M18€365.3M18
Diluted shares0————

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

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 6%FY22 4%FY23 6%FY24 4%FY25 16%

It earned an average 7% 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
— shares · 5y

Total debt has fallen 86% — deleveraging.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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. 20-F · period ending 2021-12-31 · accession 0001104659-24-036445 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000399 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-035485 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-036445 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000399 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-035485 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-036445 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000399 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-035485 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-036445 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000399 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-035485 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001104659-23-032506 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001104659-24-036445 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001410578-25-000399 (Borrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001104659-26-035485 (Borrowings)
  17. 20-F · period ending 2021-12-31 · accession 0001410578-25-000399 (CashAndCashEquivalents)
  18. 20-F · period ending 2022-12-31 · accession 0001104659-26-035485 (CashAndCashEquivalents)