AGEM Index falls 10.7% in February as supplier stocks slide
The Association of Gaming Equipment Manufacturers (AGEM) Index dropped 10.7 percent month-on-month in February, closing at 1,621.50 points as eight of the nine companies tracked by the index recorded stock declines during the period.
The fall represented a loss of 194.49 index points compared with January, compounding a year-on-year decline of 8.9 percent, equivalent to 159.12 points below the February 2025 reading.
Three companies drive the decline
Aristocrat Leisure, Konami Corp and Light & Wonder together accounted for the majority of the index’s monthly drop, with each recording significant share price falls during February.
Aristocrat Leisure, whose market capitalisation makes it one of the heaviest-weighted components, fell 10.2 percent, dragging the index down by 71.94 points. Konami Corp declined 7.3 percent, contributing a further 53.04 points to the overall fall. Light & Wonder recorded the steepest share price movement of the three, sliding 19.7 percent and reducing the index by 51.35 points.
Together, those three movements account for roughly 90 percent of February’s total index decline, underscoring how concentrated the sector’s listed equity exposure remains among a small number of large-cap suppliers.
Broader weakness across supplier index
The remaining companies in the index largely followed the same direction. Agilysys fell 16.8 percent, contributing 12.42 points to the decline, while Crane NXT shed 4.4 percent for a 4.46-point reduction. Inspired Entertainment dropped 8.6 percent, TransAct Technologies 6 percent, and Galaxy Gaming recorded the sharpest individual percentage decline of any component at 44.8 percent, though its smaller market weighting limited its index impact to 0.63 points.
The sole exception was Ainsworth Game Technology, which posted a gain of 1.4 percent. Its positive contribution of 0.12 points provided minimal offset against the broader decline.
What the AGEM Index measures
The AGEM Index has tracked publicly traded gaming equipment manufacturers since January 2005, when it was established at a base value of 100. It currently includes nine companies across the global casino supplier sector, weighted by approximate market capitalisation. Month-end closing prices are used for all calculations, with non-US company values converted to USD equivalents.
The index is designed to reflect the collective equity performance of the supplier segment specifically, distinguishing it from broader gaming indices that incorporate operators, resorts and other categories.
Supplier performance divergence
February’s gaming supplier declines arrived against a mixed backdrop in broader US equity markets. The NASDAQ Composite fell 3.4 percent during the month, and the S&P 500 declined 0.9 percent. The Dow Jones Industrial Average moved in the opposite direction, rising 0.2 percent.
The AGEM Index’s 10.7 percent monthly fall was therefore substantially steeper than any of the major US benchmarks, suggesting the sector experienced pressures during February that went beyond general market conditions. The index does not attribute or explain the movements of individual constituents.
Significance for the equipment sector
For B2B readers, the AGEM Index serves as a practical barometer of investor sentiment towards the companies that design and manufacture the physical and digital products sitting on casino floors worldwide. When suppliers’ equity values decline at the scale recorded in February, it reflects a shift in how capital markets are valuing that segment of the industry.
The nine companies tracked by the index offer slot machines, electronic table games, and casino management systems and technology to operators worldwide. The performance of the companies’ stocks does not have any direct effect on the flow of business, although the prolonged weakness in the index may have some effect on the cost of capital, acquisition, and strategic sentiment of the supplier community.
This reading in February represents the greatest single-month percentage decline in the index over the past few months, and the year-over-year trend remains firmly negative heading into the first quarter of 2026.
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