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.
ZEAL Network SE is a leading German e-commerce group specializing in online lottery products and digital gaming solutions. Headquartered in Hamburg, it operates prominent brands such as Lotto24 and Tipp24, brokering participation in state-organized lotteries, international draws, syndicates, and innovative services like jackpot boosting through intuitive digital platforms. The company facilitates secure ticket purchases and winnings payouts via partnerships with lottery operators, primarily in Germany, with expansions into markets like Spain through ZEAL Iberia and instant games in the USA and South America. ZEAL Network SE also ventures into charity lotteries with freiheit+ and Traumhausverlosung, directing proceeds to organizations like DKMS. Holding a brokerage license valid until 2029 and memberships in the World Lottery Association and German Online Casino Association, it employs around 236 people across offices in Hamburg, London, and Madrid. With a 2024 transaction volume of €1.08 billion and over 2.1 million customers, ZEAL Network SE significantly influences the online gaming and gambling sectors by driving digital transformation and regulatory compliance in lottery services.
27.55% operating margin is above average. ROIC at 13.70%.
Revenue grew 16.1%, still solid. Free cash flow declined 19% despite revenue growth, conversion is weakening.
Free cash flow declined 19% versus the prior year, cash generation momentum has weakened. ROIC dropped from 16.95% to 13.70%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
€222M
▲ +16.1% YoY
Net Income (TTM)
€40M
▼ -29.8% YoY
Op. Margin
26.04%
▼ -0.8pp YoY
ROIC
13.70%
▼ -3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€60M
▼ -18.7% YoY
Op. Cash Flow (TTM)
€65M
▼ -17.6% YoY
Net Debt
-€37M
Net Cash Position
Cash & Equiv.
€125M
3Y CAGR: +27.6%
3Y CAGR: +30.8%
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