Sportradar Group AG (SRAD)

Price$12.90Cached quoteAs of 2026-09-05 15:24 UTC

AI: Undervalued

Price checkThe market price looks modestly undervalued if management’s reduced growth and cash targets hold.

At the observed quote, Sportradar’s equity value is about $3.8 billion. With €251 million of cash and no debt at June 30, enterprise value is roughly eight to nine times management’s €360–368 million 2026 adjusted EBITDA, an operating-earnings measure before interest, tax, depreciation, and amortization. Guidance also implies more than €200 million of 2026 free cash flow, meaning cash left after operating and key investment outlays. That is roughly a high-teens cash-flow multiple after currency conversion, supporting an undervalued verdict if reduced guidance is achieved.

Big pictureRevenue and cash generation have compounded strongly, but recent profit volatility shows quality is not perfect.

Revenue rose from €405 million in 2020 to €1.290 billion in 2025, while net income increased from €14.8 million to €100.3 million and operating cash flow from €151 million to €403 million. Company-defined free cash flow reached €167 million in 2025 after substantial sports-rights and other investment payments, then rose 23% to €103 million in the first half of 2026. Reported earnings are less smooth: first-half 2026 showed a €9.8 million loss, largely because unrealized currency losses offset stronger operating results.

Business strengthNet cash, repeat customers, and premium sports rights support resilience through betting cycles.

Sportradar ended June with €251 million in cash, no debt, and €501 million of total liquidity, giving it room to fund sports rights and buybacks. Customer net retention was 108% in the first quarter excluding IMG, meaning existing customers still expanded spending overall. Capital returns are meaningful: 26 million shares had been repurchased for $422 million through July, including $311 million during 2026. Dilution still matters because share-based compensation was €54.9 million in 2025 and €32.7 million in the first half of 2026, so buybacks should be judged against that cost.

What could change the storyNew prediction-market deals could lift value, while slower U.S. betting growth would challenge it.

The strongest upside is faster monetization of acquired sports rights and new prediction-market distribution. IMG ARENA helped betting and gaming content grow 27% in the second quarter, while Kalshi and Polymarket broaden Sportradar’s routes to customers. The bear case is specific: management cut 2026 revenue growth guidance from 23–25% to 19–21% and adjusted operating-earnings growth from 34–37% to 24–27%, citing slower U.S. growth and currency pressure. Managed betting also varies with sporting outcomes. The undervalued case weakens if cash conversion falls materially below 2025’s 56%.

AI: News

Q2 outlook resetSecond-quarter growth stayed strong, but lower full-year targets forced investors to reset expectations.

On August 3, revenue rose 19% to €378 million and adjusted operating earnings rose 19% to €76 million, but management reduced 2026 revenue growth guidance to 19–21% from 23–25% and cut adjusted operating-earnings growth to 24–27% from 34–37%. Market reports described a roughly 14–20% premarket drop, and the shares closed 15.1% lower that day. The timing supports a strong association with the outlook reset, though it does not prove every part of the move came from earnings.

Polymarket expansionThe expanded Polymarket agreement widened Sportradar’s prediction-market reach across major global sports.

On August 27, Sportradar and Polymarket expanded their relationship to more than 20 leagues and competitions representing about 300,000 matches a year. The agreement adds data, streaming, and integrity services, including Bundesliga and Euroleague Basketball streaming and official data for major tennis events. Reports said the shares initially rose about 6% after the announcement, although they later closed lower that day. That mixed session makes the lasting stock impact uncertain, but the deal broadens a potentially important new revenue channel.

Kalshi partnershipThe Kalshi partnership turned prediction markets from a perceived threat into a potential customer channel.

On June 8, Sportradar became an official data and solutions provider to Kalshi under a multi-year global agreement covering sports including Major League Baseball, hockey, soccer, and mixed martial arts. The package includes official data, live odds, marketing, fan-engagement, and integrity tools, plus access to Kalshi’s brokers and market makers. Independent reports recorded a near-10% same-day share gain. The event matters because it showed prediction markets can buy Sportradar’s services rather than only compete with sportsbook customers.

Loading local price history

Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	€1.29B	€1.11B	€877.6M	€730.2M	€561.2M	€404.9M	€380.4M
Gross profit	€1.10B	€931.0M	€725.9M	€601.0M	€441.8M	€315.6M	€319.0M
Gross margin	85.20%	84.13%	82.71%	82.31%	78.72%	77.94%	83.86%
Research & development	—	—	—	€50.9M	€36.7M	€28.5M	€27.7M
Operating expenses	€615.2M	€494.0M	€461.8M	€406.5M	€119.4M	€89.3M	€61.4M
Operating income	€126.3M	€134.6M	€78.2M	€25.2M	—	—	—
Operating margin	9.79%	12.16%	8.91%	3.46%	—	—	—
EBITDA	€542.2M	€384.7M	€285.0M	€242.6M	—	—	—
EBITDA margin	42.03%	34.77%	32.48%	33.23%	—	—	—
Net income	€100.3M	€33.6M	€33.9M	€10.5M	€12.8M	€14.8M	€11.7M
Net profit margin	7.78%	3.04%	3.86%	1.44%	2.28%	3.66%	3.07%
Basic EPSper basic share	€0.34	€0.11	€0.11	€0.04	—	—	—
Diluted EPSper diluted share	€0.31	€0.10	€0.10	€0.03	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SRAD
Holder	Shares held
CANADA PENSION PLAN INVESTMENT BOARD	68.17M
Technology Crossover Management IX, Ltd.	29.2M
Doran John Andrew	29.2M
Radcliff Management LLC	13.14M
T. Rowe Price Investment Management, Inc.	10.14M
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	9.16M
Greenhouse Funds LLLP	8.29M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	6.57M
GOLDMAN SACHS GROUP INC	4.78M
Assenagon Asset Management S.A.	4.38M
Stephens Investment Management Group LLC	4.02M
Koerl Carsten	2.78M
JPMORGAN CHASE & CO	2.42M
UBS Group AG	2.3M
Alyeska Investment Group, L.P.	2.11M
CYPRESS POINT INVESTMENT MANAGEMENT LP	1.99M
Portolan Capital Management, LLC	1.82M
BANK OF AMERICA CORP /DE/	1.69M
RICE HALL JAMES & ASSOCIATES, LLC	1.6M
NORGES BANK	1.53M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys13$11.35M disclosed value

Sells (SEC code S)1$24.8K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 10, 2026Form 4	MILLER MICHAEL CONNOLLYChief Legal Officer	SellClass A Ordinary Shares	1.5K	$16.50	$24.8K	72.4K
May 6, 2026Form 4	Koerl CarstenChief Executive Officer	BuyClass A Ordinary Shares	157.8K	$13.49	$2.13M	2.78M
May 5, 2026Form 4	Koerl CarstenChief Executive Officer	BuyClass A Ordinary Shares	158.0K	$13.40	$2.12M	2.62M
May 4, 2026Form 4	Koerl CarstenChief Executive Officer	BuyClass A Ordinary Shares	182.0K	$13.38	$2.44M	2.46M
May 1, 2026Form 4	Koerl CarstenChief Executive Officer	BuyClass A Ordinary Shares	143.0K	$13.23	$1.89M	2.28M