GDEV Inc.
GDEV Communication 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. In the quarter to June 2026, revenue fell 18.5%, EPS grew 1,000.0% and free cash flow grew 4,744.5%, each against the same quarter a year earlier.
Follow GDEV
GDEV Inc. (GDEV) Beneish M-score
GDEV Inc.'s Beneish M-score for fiscal 2025 is −1.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.60 | 1.11 |
| FY2024 | −2.71 | (0.68) |
| FY2023 | −2.04 | 1.91 |
| FY2022 | −3.94 | 1.46 |
| FY2021 | −5.40 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.84 | — | −0.14 | |
| Total accruals to total assets | 0.17 | — | 0.80 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Flagged by the model | −1.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PLTK Playtika Holding Corp. compare | −3.7× |
| MYPS PLAYSTUDIOS, Inc. compare | −3.6× |
| DDI DoubleDown Interactive Co., Ltd. Sponsored ADR compare | −2.7× |
| GRVY GRAVITY Co., Ltd. compare | −2.5× |
| GCL GCL Global Holdings Ltd. compare | −2.3× |
| CTW CTW Cayman compare | −2.0× |
| SOHU Sohu.com Inc. compare | −1.6× |
| GDEV GDEV Inc. | −1.6× |
| FIRY Firy Inc. compare | −0.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI