1. Germany Stocks

  2. •

    Consumer Cyclical

  3. •

    Gambling, Resorts & Casinos
ZEAL Network SE

ZEAL Network SE

TIMA.DE
ZEAL Network SEDE flagDeutsche Börse
43.80
EUR
+0.20
- -
924.18MMarket Cap
ZEAL Network SE
TIMA.DE
(Deutsche Börse)

Recent

price

43.80

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
13.85
17.45
17.87
15.71
16.78
10.61
13.47
16.02
18.5
6.64
3.95
3.73
4.72
5.36
8.71
10.35
10.48
Revenue per Share
2.53
4.55
5.12
1.23
0.63
0.16
3.09
2.05
3.19
0.09
0.37
0.48
0.72
0.59
2.7
1.98
1.9
Basic EPS, GAAP
0.25
4.65
2.56
1.76
2.46
3.14
3.94
1.37
4.47
0.3
0.21
1.14
1.21
1.16
3.45
2.87
2.85
Free Cash Flow per Basic Share
- -
- -
- -
- -
7.5
2.8
2.8
1
1
- -
0.8
0.9
2.16
3.67
1.1
2.4
- -
Dividend per Share
6.38
15.22
17.84
18.51
11.48
8.84
9.14
10.19
12.32
6.77
4.72
3.99
2.61
3.64
3.67
3.3
3.69
Book Value per Share
8.95
13.34
16.57
19.67
13.08
11.12
11.54
12.65
14.69
5.42
4.11
4.06
2.11
-0.67
-1.54
-1.61
-1.1
Tangible Book Value per Share
8
8
8
8
8
8
8
8
8
17
22
22
22
22
22
21
21
Basic Weighted Avg Shares
107
139
143
130
141
89
113
134
155
113
88
83
105
116
188
218
222
Sales/Revenue/Turnover
30.59
25.94
23.11
12.59
10.38
-10.42
34.05
15.3
27.79
12.44
- -
18.42
21.58
19.88
28.47
27.55
26.04
Operating Margin (%)
3
7
7
7
8
7
2
1
1
9
12
9
9
9
8
9
9
Depreciation Expense
20
36
41
10
5
1
26
17
27
1
8
11
16
13
58
42
40
Net Income, GAAP
33.75
27.39
29.77
43.06
57.39
93.13
28.92
31.92
29.81
79.37
- -
31.53
27.35
38.53
- -
25.33
25.65
Effective Tax Rate (%)
18.3
26.08
28.65
7.84
3.78
1.51
22.98
12.79
17.23
1.29
9.24
12.94
15.17
11.07
31.03
19.09
18.13
Profit Margin (%)
64
94
103
132
84
88
95
102
120
124
68
128
95
35
74
57
63
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
9
6
13
27
18
88
77
74
LT Debt
93
129
150
176
117
95
98
107
123
403
393
385
334
265
239
231
239
Total Equity
26.41
22.05
15.54
5.5
4.08
-0.55
25.64
13.11
25.17
1.05
- -
2.59
4.22
4.23
- -
13.04
12.47
Return on Invested Capital (%)
50.18
42.79
31.17
7.02
4.34
1.67
34.65
21.48
28.44
1.07
- -
9.61
15.21
12.36
- -
26.73
23.46
Return on Capital (%)
49.93
42.57
30.98
6.9
4.27
1.58
34.42
21.2
28.29
1.33
7.38
11.08
21.66
18.76
73.82
55.95
48.26
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
11
11
11
LT Borrowings
79
76
73
LT Finance Leases
1
1
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
21
21
21
Market Capitalization
1,039
1,106
1,032

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
147
168
160
Cash, Cash Equivalents & STI
135
125
145
Accounts Receivable, Net
3
25
3
Inventories
4
7
7
Total Current Liabilities
96
110
97
Payables & Accruals
- -
- -
- -
ST Debt
11
11
11
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
20.29%
-9.87%
-3.35%
Free Cash Flow
70.9%
123.51%
-18.69%
Net Income, GAAP
260.04%
77.3%
-28.57%
Sales/Revenue/Turnover
12.14%
21.83%
16.08%
Total Cash Common Dividend
- -
51.84%
112.49%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
36
41
44
67
188
2025
51
50
61
56
218
2026
54
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.96
0.71
0.32
- -
2.7
2025
0.47
0.46
0.68
- -
1.98
2026
0.39
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.1
2025
- -
- -
- -
- -
2.4
2026
- -
- -
- -
- -
- -
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Business
ZEAL Network SE operates as a leading German e-commerce group specializing in the online brokerage of state-licensed lottery products and related gaming services. Founded in 1999 as Tipp24 SE and rebranded in 2014, the company is headquartered in Hamburg, Germany, with additional offices in London and Madrid; it primarily serves customers in Germany through brands including Lotto24 and Tipp24, which broker participation in lotteries such as LOTTO 6aus49, EuroJackpot, Spiel 77, and Keno via secure internet platforms, while earning commissions from lottery operators without assuming jackpot risk. Its portfolio encompasses ZEAL Iberia as a partner to Spain's ONCE organization for lotteries; ZEAL Instant Games focusing on instant win products with partners in the USA and South America; ZEAL Ventures investing in gaming startups; and charity lotteries freiheit+ and Traumhausverlosung, the latter launched in 2024 with multiple high-participation draws supporting organizations like DKMS. Recent developments underscore ZEAL's growth trajectory, including a 2019 acquisition of Lotto24 AG that solidified its dominance in Germany's licensed lottery brokerage market, regulatory approval in 2023 for virtual slot machine games, and membership in the World Lottery Association since 2023 and the German Online Casino Association since April 2025. In 2025, the company announced partnerships with game developers Greentube, GGames, and GAMOMAT to expand its B2C games portfolio to nearly 600 titles, driving a 51% revenue increase in that segment during the first nine months; it also reported record revenue of EUR162.6 million and EBITDA of EUR54.1 million for January-September 2025, prompting an upward revision of full-year guidance to EUR205-215 million in revenue and EUR63-68 million in EBITDA. These expansions, alongside 17% growth in monthly active users to over 1.5 million and strong cross-selling between lottery and games, position ZEAL as a diversified, technology-driven player in the regulated online gaming sector targeting retail consumers across Europe and beyond.