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Monday 9 November 2026
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GDEV Inc.
GDEVCommunication Services Electronic Gaming & Multimedia
GDEV Inc.’s revenue for fiscal 2025 (year ended December 2025) was $404.3 million, down 3.94% from fiscal 2024.
- Revenue
- −18.5%
- EPS
- +1,000.0%
- Free cash flow
- +4,744.5%
Quarter to June 2026, against a year earlier
9.24
0.42
+4.76%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 94 | 261 | 434 | 480 | 465 | 421 | 404 | 441 | +27.6% | 435 | 465 | — | +7.2% | |
| Gross margin, % | — | — | — | 83.24 | 93.33 | 95.64 | 90.82 | 88.03 | 87.94 | 85.97 | 87.89 | +2.7 pt | ||||||
| EBT | — | — | — | (36) | 0 | (116) | 11 | 50 | 30 | 75 | 81 | n/m | ||||||
| EBT margin, % | — | — | — | (37.86) | 0.04 | (26.80) | 2.33 | 10.76 | 7.14 | 18.47 | 18.34 | +56.3 pt | ||||||
| Net income | — | 0 | — | (36) | (1) | (117) | 7 | 46 | 26 | 69 | 68 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 5.31 | 14.77 | 23.65 | 24.23 | 23.53 | 23.12 | 22.30 | 24.28 | +27.0% | |||||
| Earnings | — | — | — | (2.01) | (0.04) | (6.40) | 0.40 | 2.30 | 1.40 | 3.82 | 4.03 | n/m | ||||||
| Cash flow | — | — | — | 0.85 | 6.83 | 5.75 | 5.86 | 0.91 | 1.57 | 1.62 | 1.70 | +11.5% | ||||||
| Capex | — | — | — | (0.01) | (0.01) | (0.08) | (0.05) | (0.04) | (0.02) | (0.02) | (0.03) | +19.5% | ||||||
| Free cash flow | — | — | — | 0.84 | 6.82 | 5.67 | 5.81 | 0.87 | 1.54 | 1.61 | 1.66 | +11.4% | ||||||
| Book value | — | — | — | 0.00 | (5.77) | (8.78) | (7.51) | (5.06) | (5.58) | (4.99) | (2.85) | n/m | ||||||
| Shares, m | — | — | — | 18 | 18 | 18 | 20 | 20 | 18 | 18 | 19 | +0.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 159.50 | 0.00 | 9.34 | 4.95 | 2.29 | 24.8 | |||||
| P/S | — | — | — | 0.00 | 0.00 | 3.65 | 2.63 | 0.96 | 0.76 | 0.59 | 0.38 | 1.2 | ||||||
| P/B | — | — | — | 342.57 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 48.9 | ||||||
| EV/Sales | — | — | — | 0.00 | 0.00 | 3.33 | 2.35 | 0.62 | 0.47 | 0.35 | 0.10 | 1.0 | ||||||
| EV/FCF | — | — | — | 0.00 | 0.00 | 13.87 | 9.79 | 22.67 | 28.95 | 10.76 | 1.53 | 12.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 15 | 121 | 106 | 116 | 18 | 29 | 29 | 31 | +12.0% | |||||
| Capex | — | — | — | 0 | 0 | (1) | (1) | (1) | 0 | 0 | (1) | +20.2% | ||||||
| Free cash flow | — | — | — | 15 | 120 | 104 | 115 | 17 | 28 | 29 | 30 | +11.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | (113) | (132) | (144) | (89) | (84) | (77) | (56) | (7.4%) | |||||
| Net debt | — | — | — | — | (85) | (143) | (137) | (156) | (135) | (108) | (121) | +5.1% | ||||||
| Shareholders’ equity | — | — | — | — | (102) | (161) | (149) | (100) | (102) | (91) | (52) | (2.3%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (0.71) | (44.78) | 2.30 | 14.35 | 8.62 | 27.44 | 28.66 | +27.4 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | 0.00 | 0.00 | 89.33 | (4.71) | (37.10) | (25.36) | (72.18) | (87.99) | (72.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 1 | 1 | 809 | 1,044 | 726 | 589 | 475 | — | +179.3% | |||||
| Revenue/emp, $m | — | — | — | 93.81 | 260.89 | 0.54 | 0.46 | 0.64 | 0.71 | 0.85 | — | (54.3%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
GDEV Inc. vs peers in Electronic Gaming & Multimedia (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DDI DoubleDown Interactive Co., Ltd. Sponsored ADR | $672.9M | 6.2× | 5.3× | +11.17% (above 0%: growing) | +50.00% (above 0%: growing) | +24.80% (above 0%: growing) | 75.54% | 38.72% | Compare |
| GRVY GRAVITY Co., Ltd. | $467.0M | 8.3× | — | −17.14% (below 0%: shrinking) | +60.28% (above 0%: growing) | +3,467.78% (above 0%: growing) | 32.33% | 17.04% | Compare |
| SOHU Sohu.com Inc. | $360.6M | 1.5× | — (loss-making) | +7.34% (above 0%: growing) | n/m | +65.84% (above 0%: growing) | 78.64% | (13.50%) | Compare |
| FIRY Firy Inc. | $190.8M | — (loss-making) | — (loss-making) | +22.92% (above 0%: growing) | n/m | +15.94% (above 0%: growing) | 87.38% | (69.59%) | Compare |
| GDEV GDEV Inc. | $159.1M | 2.3× | 1.9× | −18.54% (below 0%: shrinking) | +1,000.00% (above 0%: growing) | +4,744.48% (above 0%: growing) | 84.44% | 21.72% | |
| GCL GCL Global Holdings Ltd. | $142.1M | — (loss-making) | — | — | −66.67% (below 0%: shrinking) | −1,222.35% (below 0%: shrinking) | — | — | Compare |
| CTW CTW Cayman | $99.4M | — | — | — | — | −216.27% (below 0%: shrinking) | — | — | Compare |
| MYPS PLAYSTUDIOS, Inc. | $56.2M | — (loss-making) | — (loss-making) | −15.14% (below 0%: shrinking) | n/m | +281.63% (above 0%: growing) | 81.23% | (21.60%) | Compare |
| GAME GameSquare Holdings, Inc. | $47.7M | — (loss-making) | — (loss-making) | +137.21% (above 0%: growing) | n/m | −263.32% (below 0%: shrinking) | 48.98% | (9.26%) | Compare |
| Median of peers | $166.5M | 6.2× | — | +9.26% | +50.00% | +20.37% | 77.09% | (11.38%) |