Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Azerion Group N.V. is a leading European digital advertising and entertainment media platform founded in 2014 and headquartered in Amsterdam. The company operates a proprietary technology platform that connects advertisers with global audiences, delivering scalable, omnichannel solutions in a safe, engaging environment. It manages a strategic portfolio of owned content, including online gaming services, and partners with over 300,000 publishers to serve more than 400,000 advertisers, generating over 12 billion ad impressions monthly. Azerion's full-funnel approach combines premium inventory, creative expertise, and audience insights to facilitate meaningful digital connections across industries like gaming and digital publishing. With commercial teams in over 16 countries and approximately 1,000 team members, it emphasizes brand safety, local expertise, and user-friendly technology. In 2024, the company reported €551 million in revenue, underscoring its significant role in the high-growth ad tech sector.
The business is unprofitable at the operating level (-1.15% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 1.9% YoY. The question is whether this is cyclical or a structural shift.
Net debt of €225M represents 68.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
€530M
▼ -1.9% YoY
Net Income (TTM)
-€33M
▲ +34.6% YoY
Op. Margin
-0.51%
▼ -1.0pp YoY
ROIC
-1.50%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€32M
▲ +125.4% YoY
Op. Cash Flow (TTM)
€61M
▲ +32.3% YoY
Net Debt
€225M
Cash & Equiv.
€58M
3Y CAGR: +6.1%
3Y CAGR: -47.8%
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