# Sportradar Group AG (SRAD.US)

Canonical: https://gigainvestors.com/s/SRAD

Analysis as of: 2026-10-16T07:32:04.594Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $12.14 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.14×

- FY2020: 0.15×

- FY2021: 0.09×

- FY2022: 0.03×

- FY2023: 0.09×

- FY2024: 0.12×

- FY2025: 0.09×

### moat: fail

- Recent gross margin fell 40.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 22.6%

- ROIC, second-lowest year: 16.7%

- Typical minus recent gross margin: 40.4 pp

- Typical gross margin (annual median): 61.5%

- Recent gross margin (lower of latest and 3-year median): 21.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.8%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 22.6%

- FY2020: 24.6%

- FY2021: 18.8%

- FY2022: 7.2%

- FY2023: 16.7%

- FY2024: 44.1%

- FY2025: 31.1%

### economics: pass

- Owner earnings / net income, 5-yr: 2.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 383M

- Net income, five-year total: EUR 189M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 3.04×

- FY2023: 1.18×

- FY2024: 2.67×

- FY2025: 2.13×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 22.6% vs 31.1%

- Per-share earnings: 0.04 to 0.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 1.5%

- Per-share value growth: 26.8%

- Per-share value change: EUR 0.07

- Per-share value, starting three-year median: EUR 0.04

- Per-share value, ending three-year median: EUR 0.11

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.6%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 22.6%

- ROIC, last three-year median: 31.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR 0.04

- FY2020: EUR 0.05

- FY2021: EUR 0.04

- FY2022: EUR 0.03

- FY2023: EUR 0.11

- FY2024: EUR 0.11

- FY2025: EUR 0.30

### accounting: pass

- Sloan accruals: -10.7%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.46×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -16.8%

- FY2020: -11.6%

- FY2021: -6.8%

- FY2022: -11.3%

- FY2023: -10.0%

- FY2024: -13.9%

- FY2025: -10.7%

## Holders

## Price story

Down 61% since Aug 2025 · "Sportradar (SRAD) Hits 52-Week Low on Dismal Q1, 14.3% PT Downgrade" (finance.yahoo.com, Apr 2026) · sales +12%

Story as of 2026-10-16T09:59:37.432Z; price observation 2026-10-15.

- 2025-08-05: Sportradar Reports Second Quarter Financial Results and Raises Full Year 2025 Outlook ([globenewswire.com](https://www.globenewswire.com/news-release/2025/08/05/3127205/0/en/Sportradar-Reports-Second-Quarter-Financial-Results-and-Raises-Full-Year-2025-Outlook.html))

- 2026-04-29: Sportradar (SRAD) Hits 52-Week Low on Dismal Q1, 14.3% PT Downgrade ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sportradar-srad-hits-52-week-013112835.html))

### Sales · FY2024–2025

sales +12%; source https://www.sec.gov/Archives/edgar/data/1836470/000110465926035485/srad-20251231x20f.htm; observed 2026-03-27.

- FY2019: EUR 380M 

- FY2020: EUR 405M 

- FY2021: EUR 561M 

- FY2022: EUR 730M 

- FY2023: EUR 878M 

- FY2024: EUR 1.1B 

- FY2025: EUR 1.2B 

### Gross margin · FY2025

gross margin 21.1%; source https://www.sec.gov/Archives/edgar/data/1836470/000110465926035485/srad-20251231x20f.htm; observed 2026-03-27.

- FY2019: 85.9% 

- FY2020: 79.4% 

- FY2021: 80.8% 

- FY2022: 59.1% 

- FY2023: 61.5% 

- FY2024: 56.8% 

- FY2025: 21.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are EUR 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1836470/000110465926035485/srad-20251231x20f.htm (filed 2026-03-27); FY2025: revenue 1239053556; grossProfit 261545367; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SRAD.US: Sportradar Group AG, together with its subsidiaries, provides sports data services for the sports betting and media industries in Switzerland, the United States, North America, Africa, Malta, the Asia Pacific, the Middle East, Europe, Latin America, and the Caribbean. The company offers betting technology and solutions, including betting and gaming content; real-time sports data points; pre-match and live odds services; streaming and betting engagement services; iGaming, which includes virtual soccer, horse and dog racing, basketball, tennis, baseball, and cricket; managed betting and trading services; and sports betting and gaming platform. It also provides sports content, technology, and services that include marketing services; sports media services comprising data, content and solutions for broadcasters, publishers, rights-holders, and technology companies; integrity services, including monitoring, intelligence, education, consultancy, rights protection, and regulatory solutions; and sports performance solutions for competition management, official data generation, automated content distribution and performance analysis, which include video and analytics, and coaching and scouting products. The company was founded in 2001 and is headquartered in Sankt Gallen, Switzerland.

### Why customers stay

Margins ranged from 21.1% to 61.5% during 2023–25; it earns 22.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2023: grossProfit / revenue = 61.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2024: grossProfit / revenue = 56.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1836470/000110465926035485/srad-20251231x20f.htm (filed 2026-03-27); FY2025: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); 7-year return on capital observations [[2019,0.22621205064507768],[2020,0.24590221512661928],[2021,0.18823425085130532],[2022,0.07235284775924512],[2023,0.16671701097044875],[2024,0.441020884408144],[2025,0.3109708464226866]]; median 0.22621205064507768. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 7 years; bought back EUR 105.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2019: growth capex 0; upkeep 98267000; owner earnings 25943312. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2020: growth capex 0; upkeep 93952000; owner earnings 53706000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2021: growth capex 1376000; upkeep 129375000; owner earnings 12569000. Growth capex / owner earnings = 0.10947569416819158.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2022: growth capex 0; upkeep 162554000; cash acquisitions 84118000; owner earnings 33150000. Growth capex plus acquisitions / owner earnings = 2.537496229260935.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2023: growth capex 0; upkeep 200279000; cash acquisitions 0; owner earnings 40738000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2024: growth capex 0; upkeep 227655000; cash acquisitions 27060000; owner earnings 91222000. Growth capex plus acquisitions / owner earnings = 0.2966389686698384.

- Source: https://www.sec.gov/Archives/edgar/data/1836470/000110465926035485/srad-20251231x20f.htm (filed 2026-03-27); FY2025: growth capex 0; upkeep 228279000; cash acquisitions 0; owner earnings 205196560. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Dividend observations: [[2019,0],[2020,1323006],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1836470/000110465926035485/srad-20251231x20f.htm (filed 2026-03-27); FY2025: cash repurchases 105216000 EUR.

### Are managers owners

Insiders own 2.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SRAD.US SharesStats.PercentInsiders = 2.097 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Closing price 12.14 USD; reporting-to-trading FX 1.12128; FY2025 annual sales per share 3.879746083316686; price multiple 2.790623888252243. FY2025 cash earnings/share 0.6425150439341116. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-09: $22.63 per share

- 2021-10: $20.90 per share

- 2021-11: $16.11 per share

- 2021-12: $17.57 per share

- 2022-01: $13.40 per share

- 2022-02: $14.65 per share

- 2022-03: $16.64 per share

- 2022-04: $12.54 per share

- 2022-05: $9.39 per share

- 2022-06: $7.90 per share

- 2022-07: $9.61 per share

- 2022-08: $11.00 per share

- 2022-09: $8.80 per share

- 2022-10: $9.90 per share

- 2022-11: $11.47 per share

- 2022-12: $9.96 per share

- 2023-01: $12.55 per share

- 2023-02: $12.22 per share

- 2023-03: $11.63 per share

- 2023-04: $11.57 per share

- 2023-05: $12.06 per share

- 2023-06: $12.90 per share

- 2023-07: $14.73 per share

- 2023-08: $11.52 per share

- 2023-09: $10.01 per share

- 2023-10: $8.83 per share

- 2023-11: $10.06 per share

- 2023-12: $11.05 per share

- 2024-01: $10.32 per share

- 2024-02: $9.72 per share

- 2024-03: $11.64 per share

- 2024-04: $9.32 per share

- 2024-05: $10.19 per share

- 2024-06: $11.18 per share

- 2024-07: $10.86 per share

- 2024-08: $11.63 per share

- 2024-09: $12.11 per share

- 2024-10: $12.41 per share

- 2024-11: $17.34 per share

- 2024-12: $17.34 per share

- 2025-01: $20.98 per share

- 2025-02: $21.61 per share

- 2025-03: $21.62 per share

- 2025-04: $23.11 per share

- 2025-05: $23.91 per share

- 2025-06: $28.08 per share

- 2025-07: $29.57 per share

- 2025-08: $30.94 per share

- 2025-09: $26.90 per share

- 2025-10: $25.61 per share

- 2025-11: $22.00 per share

- 2025-12: $23.77 per share

- 2026-01: $18.11 per share

- 2026-02: $18.26 per share

- 2026-03: $16.74 per share

- 2026-04: $13.05 per share

- 2026-05: $13.21 per share

- 2026-06: $14.97 per share

- 2026-07: $14.54 per share

- 2026-08: $12.43 per share

- 2026-09: $11.56 per share

- 2026-10: $12.14 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1836470/000110465926035485/srad-20251231x20f.htm); period 2025-12-31, filed 2026-03-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.