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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.

10.89 0.42 +4.01%
Market cap
$190.2M
P/E
2.7×
Fwd P/E
2.8×
Dividend yield
0.00%
F-score
6/9
Altman Z
1.41
Beneish M
−1.60
Dividend safety
25/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.34
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — 1 — — 1 —
Insider Ownership 88.60%

Capital & Financial Ratios $m

Market Cap 190.24
Revenue 440.60
Net Income 68.24
Free Cash Flow 30.21
Net Debt (121.49)
Current Ratio 0.75 (below 1: weak)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 2.70
Fwd P/E 2.82
P/S ratio 0.45
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth 25.48% (at or above 15%: strong)
Next Y EPS Growth 13.76%
Next Y revenue growth 7.58%
Next 5Y EPS Growth (9.96%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.2×, against a ten-year median of 0.7×; over the ten years it ranged from 0.1× in 2025 to 31.3× in 2023.
P/S against its own 10 years 2.18%
10-year low 10-year high
EV/Sales against its own 10 years 2.33%
10-year low 10-year high
EV/FCF against its own 10 years 0.79%
10-year low 10-year high

Dividends

Payout Ratio 0.00
Annual Dividend Rate 0.00
Annual Dividend Yield 0.00%

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 156 135 108 121
Receivables 52 42 45 43
Inventory — — — —
Other 2 2 2 1
214 180 155 166
2023 2024 2025 Q'26
Payables 30 20 25 28
ST’ Debt — — — —
Other 30 16 16 16
303 263 232 221

Compound Annual Growth %

10y 5y 3y
Sales — 9.16% (5.54%)
Cash Flow — (24.57%) (36.70%)
Earnings — 0.00% 111.74%
Book Value — 0.00% 0.00%

Revenue $m

Mar Jun Sep Dec Year
’26 — 94 — — —
’25 — 120 — — 404
’24 — 106 — — 421
’23 119 115 121 — 465
’22 126 126 128 100 480
’21 87 110 115 123 434
’20 — 63 65 — 261
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — 15 — — —
’25 — (4) — — 29
’24 — 12 — — 29
’23 (12) 0 8 — 18
’22 18 21 60 17 116
’21 18 (7) 51 44 106
’20 — 47 32 — 121
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 15 — — —
’25 — (4) — — 29
’24 — 12 — — 28
’23 (12) 0 8 — 17
’22 18 21 59 17 115
’21 18 (8) 51 43 104
’20 — 47 32 — 120
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 — 1.08 — — —
’25 — 0.90 — — 3.77
’24 — 0.81 — — 1.38
’23 (0.04) 0.10 1.20 — 2.30
’22 1.20 1.50 1.60 (3.90) 0.40
’21 (0.67) (10.00k) (5.60) 1.24 (6.40)
’20 — 5.20k (0.63) — (0.04)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — 92.50 64.00 62.00 19.00 18.19 8.60

Analyst estimates 2026–2028

Powerpack
High — — — — 106.50 132.50 90.00 85.00 42.76 42.20
People
People Employees — — — 1 1 809 1,044 726 589 475
Revenue/emp, $m — — — 93.81 260.89 0.54 0.46 0.64 0.71 0.85
Income, $m
Income, $m Revenue — — — 94 261 434 480 465 421 404
Gross margin, % — — — 83.24 93.33 95.64 90.82 88.03 87.94 85.97
EBT — — — (36) 0 (116) 11 50 30 75
EBT margin, % — — — (37.86) 0.04 (26.80) 2.33 10.76 7.14 18.47
Net income — 0 — (36) (1) (117) 7 46 26 69
Depreciation — — — 0 1 3 7 6 6 7
Per share, $
Per share, $ Revenue — — — 5.31 14.77 23.65 24.23 23.53 23.12 22.30
Earnings — — — (2.01) (0.04) (6.40) 0.40 2.30 1.40 3.82
Cash flow — — — 0.85 6.83 5.75 5.86 0.91 1.57 1.62
Capex — — — (0.01) (0.01) (0.08) (0.05) (0.04) (0.02) (0.02)
Free cash flow — — — 0.84 6.82 5.67 5.81 0.87 1.54 1.61
Book value — — — 0.00 (5.77) (8.78) (7.51) (5.06) (5.58) (4.99)
Shares, m — — — 18 18 18 20 20 18 18
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 159.50 0.00 9.34 4.95
P/S — — — 0.00 0.00 3.41 2.63 0.96 0.76 0.59
P/B — — — 342.57 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales — — — 0.00 0.00 3.08 2.35 0.62 0.47 0.35
EV/FCF — — — 0.00 0.00 12.84 9.79 22.67 28.95 10.76
Cash, $m
Cash, $m Operating cash flow — — — 15 121 106 116 18 29 29
Capex — — — 0 0 (1) (1) (1) 0 0
Free cash flow — — — 15 120 104 115 17 28 29
Balance, $m
Balance, $m Working capital — — — — (113) (132) (144) (89) (84) (77)
Total debt — — — — 0 1 1 — — —
Net debt — — — — (85) (143) (137) (156) (135) (108)
Shareholders’ equity — — — — (102) (161) (149) (100) (102) (91)
Returns, %
Returns, % ROA — — — 0.00 (0.71) (44.78) 2.30 14.35 8.62 27.44
ROIC — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ROE — — — 0.00 0.00 89.33 (4.71) (37.10) (25.36) (72.18)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
PLTK Playtika Holding Corp. $831.5M — (loss-making) 6.4× +5.04% (above 0%: growing) +44.44% (above 0%: growing) −90.17% (below 0%: shrinking) 73.62% 18.41% Compare
DDI DoubleDown Interactive Co., Ltd. Sponsored ADR $680.1M 5.5× 4.7× +11.17% (above 0%: growing) +50.00% (above 0%: growing) +24.80% (above 0%: growing) 75.54% 38.72% Compare
GRVY GRAVITY Co., Ltd. $463.6M 8.2× — −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. $328.7M 1.5× — (loss-making) +7.34% (above 0%: growing) n/m +65.84% (above 0%: growing) 78.64% (13.50%) Compare
FIRY Firy Inc. $192.3M — (loss-making) — (loss-making) +22.92% (above 0%: growing) n/m +15.94% (above 0%: growing) 87.38% (69.59%) Compare
GDEV GDEV Inc. $190.2M 2.7× 2.8× −18.54% (below 0%: shrinking) +1,000.00% (above 0%: growing) +4,744.48% (above 0%: growing) 84.44% 21.72%
CTW CTW Cayman $114.2M — — — — −216.27% (below 0%: shrinking) — — Compare
GCL GCL Global Holdings Ltd. $106.6M — (loss-making) — — −66.67% (below 0%: shrinking) −1,222.35% (below 0%: shrinking) — — Compare
MYPS PLAYSTUDIOS, Inc. $50.2M — (loss-making) — (loss-making) −7.32% (below 0%: shrinking) n/m −80.34% (below 0%: shrinking) 80.32% (17.36%) Compare
Median of peers $260.5M 5.5× — +6.19% +47.22% −32.20% 77.09% 1.77%

All 23 Electronic Gaming & Multimedia stocks →

GDEV Inc. (GDEV) key facts

  • Concern: GDEV Inc.’s revenue for fiscal 2025 (year ended December 2025) was $404.3 million, down 3.94% from fiscal 2024.
  • GDEV Inc. (GDEV) is an Electronic Gaming & Multimedia company in the Communication Services sector, listed on Nasdaq.
  • As of October 16, 2026, GDEV traded at $10.89, a market capitalization of $190.2 million.
  • Return on equity was −72.2% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.41 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

GDEV Inc. (GDEV) Latest News

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stockrow.com/GDEV · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com