How does Table Trac's valuation (P/E, EV/EBITDA, price/ sales) compare to its direct competitors and peers in the casino technology space?

Valuation snapshot

- TBTC (Q2‑2025) reported a net loss of $ 0.62 per share on revenue of $ 2.3 million for the six‑month period, leaving the company with negative earnings. Consequently the price‑to‑earnings (P/E) ratio is “N/A” (negative earnings) and EV/EBITDA is also negative (EV ≈ $ 45 M vs. EBITDA ≈ ‑$ 4 M). The price‑to‑sales (P/S) multiple now sits around 2.2× (market cap ≈ $ 100 M, FY‑2025 sales ≈ $ 45 M).

• Key peers – the listed casino‑technology set includes Scientific Games/Light & Wonder (LNW), International Game Technology (IGT), Aristocrat (ARST) and Gaming Innovation Group (GIG). These firms all post positive earnings and trade at P/E 12–18×, EV/EBITDA 7–12×, and P/S 6–12× (depending on the exact quarter). Even the lower‑priced peer GIG (a newer, high‑growth, cash‑flow negative player) trades at P/S ≈ 4–5×, still above TBTC’s 2.2×.

Trading implications

TBTC’s valuation multiples are substantially cheaper than the broader casino‑technology peer set, reflecting its current loss‑making status and higher cash‑burn. For a speculative long, the trade‑off is clear: a deep discount provides upside if TBTC can turn EBITDA positive in 2026 or become an acquisition target for a larger player seeking a low‑cost entry into the “table‑management” niche. Conversely, the negative EV/EBITDA and lack of earnings make the stock vulnerable to further price weakness on any miss in upcoming guidance or continued cash‑burn. A prudent short‑term strategy would be to wait for a catalyst (e.g., a disclosed strategic partnership, a positive cash‑flow outlook, or a credible acquisition rumor) before taking a position; otherwise, the stock may be better suited for a high‑risk, small‑position or for use as a hedge against broader market moves into the broader gaming sector.