GameSquare Holdings, Inc. (GAME) stock analysis
Close on Nov 11, 2026Market cap $246.03MP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak7 of 30 checks passed
GameSquare passes 7 of the 30 checks behind our score; 19 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 3/6
- Past performance
- 0/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
No debt
GameSquare has no borrowings on its latest balance sheet.
Revenue growing 10%+ a year
Revenue grew 10.5% a year over the last three fiscal years.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.
What to watch
Return on equity below the industry
GameSquare's return on equity of -2776% is below the Amusement and Recreation Services median of -40.9%.
Net margin below the industry
GameSquare's net margin of -96.1% is below the Amusement and Recreation Services median of -1.4%.
Short-term assets don't cover short-term debts
Current assets are 0.90 times current liabilities.
No dividend
GameSquare has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 10.5% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 95.2% over the last twelve months; the Amusement and Recreation Services median is 5.5%.
Guidance issued
The latest outlook (2026 Revenue, May 14, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 45.7% over the last twelve months, against 36.2% a year earlier.
Past performance0/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
GameSquare's return on equity of -2776% is below the Amusement and Recreation Services median of -40.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin below the industry
GameSquare's net margin of -96.1% is below the Amusement and Recreation Services median of -1.4%.
Financial health4/6
No debt
GameSquare has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets don't cover short-term debts
Current assets are 0.90 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
GameSquare has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for GameSquare. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $263.18K
- Value traded per 1% price move
- $94.62K
Downside
High risk
- Typical loss in a bad month
- 37.3%
- Volatility (annualized)
- 96%
- Sharpe ratio, 1 year
- -0.52
- Beta to the S&P 500 (5Y)
- 0.69
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +63.4% | +2.4% | +33.7% | – | |
| Gross profit | +106.4% | – | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2019 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | – | – | 0.54 | |
| Debt to equity | – | – | – | |
| Interest coverage | – | – | -103.8× | |
| Capex to revenue | – | – | 0.2% | |
| Diluted shares | – | – | 66M |
Where the cash went
Fiscal 2020 to 2025, five years combined
GameSquare generated $112.73M from operations and spent $2.24M on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -89.1% | 0.57× | 3.32× | -168.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$40.10M
- Cash generatingOperating cash flow above zero-$18.40M
- Return on assets improvedROA up on the prior year– → -50.9%
- Earnings backed by cashOperating cash flow above net income-$18.40M vs -$40.10M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.67 → 0.54
- No dilutionShare count did not rise28M → 66M
- Gross margin improvedGross margin up on the prior year34.32% → 43.37%
- More efficientAsset turnover rose– → 0.57
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