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GDEV Inc. (GDEV) 10-Year Financial Performance & Capital Metrics

GDEV • • Industrial / General
TechnologyGaming & MultimediaGame Development & PublishingMobile Game Developers
AboutGDEV Inc. operates as a gaming and entertainment company in the United States, Europe, Asia, and internationally. It develops desktop, mobile, web, and social games. The company was formerly known as Nexters Inc. and changed its name to GDEV Inc. in June 2023. GDEV Inc. was founded in 2010 and is headquartered in Limassol, Cyprus.Show more
  • Revenue $421M -9.4%
  • EBITDA $47M +4.6%
  • Net Income $26M -44.6%
  • EPS (Diluted) 1.38 -40.0%
  • Gross Margin 66.26% +1.3%
  • EBITDA Margin 11.09% +15.4%
  • Operating Margin 9.62% +16.5%
  • Net Margin 6.07% -38.9%
  • ROE -
  • ROIC -
  • Debt/Equity -
  • Interest Coverage 94.40 +0.4%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Strong 5Y sales CAGR of 35.0%
  • ✓Share count reduced 8.0% through buybacks
  • ✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

  • ✗Weak momentum: RS Rating 17 (bottom 17%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y35.02%
3Y-1.02%
TTM-4.76%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM34.4%

EPS CAGR

10Y-
5Y-
3Y-
TTM35.58%

ROCE

10Y Avg668.57%
5Y Avg668.57%
3Y Avg668.57%
Latest305.2%

Peer Comparison

Mobile Game Developers
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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TTM Growth
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Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SNALSnail, Inc. Class A Common Stock7.02M0.7815.6638.69%-56.76%52.57%1.73
GMHSGamehaus Holdings Inc.38.73M1.0213.26-18.72%5.15%21.38%0.02
GDEVGDEV Inc.300.63M16.5812.02-9.39%12.72%9.34%
GCLWWGCL Global Holdings Ltd Warrants742.5K0.05-0.2545.66%3.93%-9.62%0.36
GCLGCL Global Holdings Ltd Ordinary Shares127.48M1.04-5.783.93%-9.62%0.36

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+93.81M260.89M434.09M479.69M464.55M420.93M
Revenue Growth %-1.78%0.66%0.11%-0.03%-0.09%
Cost of Goods Sold+44.49M92.55M136.17M173.66M160.69M142.02M
COGS % of Revenue0.47%0.35%0.31%0.36%0.35%0.34%
Gross Profit+49.32M168.34M297.92M302.71M303.86M278.92M
Gross Margin %0.53%0.65%0.69%0.63%0.65%0.66%
Gross Profit Growth %-2.41%0.77%0.02%0%-0.08%
Operating Expenses+85.08M170.01M421.18M283.86M265.5M238.42M
OpEx % of Revenue0.91%0.65%0.97%0.59%0.57%0.57%
Selling, General & Admin84.79M169.44M293.2M183.28M250.15M233.56M
SG&A % of Revenue0.9%0.65%0.68%0.38%0.54%0.55%
Research & Development000000
R&D % of Revenue------
Other Operating Expenses286K561K127.98M100.58M15.35M4.85M
Operating Income+-35.76M-1.67M-123.26M18.85M38.36M40.5M
Operating Margin %-0.38%-0.01%-0.28%0.04%0.08%0.1%
Operating Income Growth %-0.95%-72.94%1.15%1.04%0.06%
EBITDA+-35.47M-1.11M-120.72M25.75M44.64M46.68M
EBITDA Margin %-0.38%-0%-0.28%0.05%0.1%0.11%
EBITDA Growth %-0.97%-108.15%1.21%0.73%0.05%
D&A (Non-Cash Add-back)286K561K2.54M6.9M6.28M6.18M
EBIT-35.76M111K-116.23M12.24M50.18M30.47M
Net Interest Income+-84K1.78M-91K572K3.61M1.92M
Interest Income84K1.78M01.64M4.02M2.34M
Interest Expense168K091K1.07M408K429K
Other Income/Expense240K1.78M6.94M-7.68M11.63M-10.45M
Pretax Income+-35.52M111K-116.32M11.17M49.99M30.04M
Pretax Margin %-0.38%0%-0.27%0.02%0.11%0.07%
Income Tax+7K862K1.13M3.76M3.88M4.51M
Effective Tax Rate %1%-6.77%1.01%0.65%0.92%0.85%
Net Income+-35.53M-751K-117.44M7.3M46.12M25.53M
Net Margin %-0.38%-0%-0.27%0.02%0.1%0.06%
Net Income Growth %-0.98%-155.38%1.06%5.31%-0.45%
Net Income (Continuing)-35.53M-751K-117.44M7.41M46.12M25.53M
Discontinued Operations000000
Minority Interest0044K000
EPS (Diluted)+-1.81-0.04-6.400.372.301.38
EPS Growth %-0.98%-149.59%1.06%5.22%-0.4%
EPS (Basic)-1.81-0.04-6.400.372.341.40
Diluted Shares Outstanding19.65M17.66M18.35M19.8M20.03M18.44M
Basic Shares Outstanding19.65M17.66M18.35M19.8M20.05M18.2M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+42.88M120.68M191.15M188.87M213.88M179.6M
Cash & Short-Term Investments18.48M84.56M142.8M137.14M156.03M134.81M
Cash Only17.57M84.56M142.8M86.77M71.8M111.05M
Short-Term Investments910K0050.37M84.24M23.76M
Accounts Receivable23.77M30.94M42.75M42.9M48.8M38.08M
Days Sales Outstanding92.4743.2835.9532.6438.3433.02
Inventory0006.31M3.25M0
Days Inventory Outstanding---13.277.38-
Other Current Assets633K2.04M2.46M-814K2.44M2.23M
Total Non-Current Assets+37.59M90.88M121.83M133.18M106.68M92.6M
Property, Plant & Equipment133K1.22M3.4M2.25M4.07M2.91M
Fixed Asset Turnover705.35x214.73x127.60x213.38x114.25x144.60x
Goodwill001.5M1.84M1.84M1.84M
Intangible Assets336K76K266K12.98M8.48M4.42M
Long-Term Investments00017.9M18.07M16.11M
Other Non-Current Assets37.12M89.59M116.64M98.11M74.1M67.22M
Total Assets+80.47M211.55M312.98M322.04M320.55M272.2M
Asset Turnover1.17x1.23x1.39x1.49x1.45x1.55x
Asset Growth %-1.63%0.48%0.03%-0%-0.15%
Total Current Liabilities+106.02M233.42M322.82M332.4M302.76M263.45M
Accounts Payable13.01M9.79M16.19M22.3M21.71M12.95M
Days Payables Outstanding106.738.6243.446.8649.3133.27
Short-Term Debt3.98M49K831K000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K
Other Current Liabilities86.68M7.15M8.44M10.84M41.82M18.49M
Current Ratio0.40x0.52x0.59x0.57x0.71x0.68x
Quick Ratio0.40x0.52x0.59x0.55x0.70x0.68x
Cash Conversion Cycle----0.95-3.59-
Total Non-Current Liabilities+23.02M80.04M151.21M138.42M117.61M110.27M
Long-Term Debt45K00-40.51M00
Capital Lease Obligations21K818K1.1M444K983K18K
Deferred Tax Liabilities0-79.22M040.51M00
Other Non-Current Liabilities22.95M79.22M22.03M41.09M1.28M365K
Total Liabilities129.03M313.46M474.03M470.82M420.37M373.73M
Total Debt+4.1M1.16M1.93M1.19M2.44M1.3M
Net Debt-13.47M-83.4M-140.87M-85.59M-69.36M-109.75M
Debt / Equity------
Debt / EBITDA---0.05x0.05x0.03x
Net Debt / EBITDA----3.32x-1.55x-2.35x
Interest Coverage-212.85x--1354.46x17.66x94.02x94.40x
Total Equity+-48.57M-101.91M-161.05M-148.78M-99.81M-101.53M
Equity Growth %--1.1%-0.58%0.08%0.33%-0.02%
Book Value per Share-2.47-5.77-8.78-7.52-4.98-5.51
Total Shareholders' Equity-48.57M-101.91M-161.09M-148.78M-99.81M-101.53M
Common Stock27K27K0000
Retained Earnings-56.7M-114.02M-327.5M-320.19M-274.08M-248.54M
Treasury Stock00000-33.1M
Accumulated OCI8.11M12.08M140.53M3.49M148.74M5.89M
Minority Interest0044K000

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+14.95M120.62M105.52M116.08M17.95M28.52M
Operating CF Margin %0.16%0.46%0.24%0.24%0.04%0.07%
Operating CF Growth %-7.07%-0.13%0.1%-0.85%0.59%
Net Income-35.53M-751K-117.44M7.41M46.12M25.53M
Depreciation & Amortization286K561K2.54M6.9M6.28M6.18M
Stock-Based Compensation6.46M2.28M3.76M3.75M2.03M1.28M
Deferred Taxes7K862K1.13M3.76M3.88M4.51M
Other Non-Cash Items-527K-5.91M117.66M104.87M-7.61M5.46M
Working Capital Changes44.25M123.59M97.87M-10.61M-32.74M-14.43M
Change in Receivables-20.44M-7.49M-12.68M-4.5M-9.88M6.01M
Change in Inventory08.55M3.08M2.22M00
Change in Payables0-1.06M9.6M2.28M-632K-10.39M
Cash from Investing+-345K361K-2.72M-171.78M-32.46M55.9M
Capital Expenditures-102K-147K-1.44M-1.06M-755K-343K
CapEx % of Revenue0%0%0%0%0%0%
Acquisitions------
Investments------
Other Investing-243K250.51M-123K-30.85M482K1.48M
Cash from Financing+-156K-56.05M-42.98M-1.9M-1.95M-44.94M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid-4.12M-51.68M-160.37M000
Share Repurchases------
Other Financing-85K-43K119.57M109K-56K-10.23M
Net Change in Cash------
Free Cash Flow+14.85M120.48M104.08M115.02M17.2M28.09M
FCF Margin %0.16%0.46%0.24%0.24%0.04%0.07%
FCF Growth %-7.11%-0.14%0.11%-0.85%0.63%
FCF per Share0.766.825.675.810.861.52
FCF Conversion (FCF/Net Income)-0.42x-160.62x-0.90x15.90x0.39x1.12x
Interest Paid85K43K90K115K56K0
Taxes Paid000000

Key Ratios

Metric201920202021202220232024
Gross Margin52.57%64.52%68.63%63.1%65.41%66.26%
Net Margin-37.87%-0.29%-27.05%1.52%9.93%6.07%
Interest Coverage-212.85x--1354.46x17.66x94.02x94.40x
FCF Conversion-0.42x-160.62x-0.90x15.90x0.39x1.12x
Revenue Growth-178.1%66.39%10.5%-3.16%-9.39%

Revenue by Segment

2021202220232024
In-game purchases406.59M459.66M434.33M393.85M
In-game purchases Growth-13.05%-5.51%-9.32%
Advertising27.5M20.03M30.22M27.02M
Advertising Growth--27.17%50.90%-10.61%
Licensing---62K
Licensing Growth----

Revenue by Geography

2021202220232024
US136.57M160.31M163.82M143.03M
US Growth-17.39%2.19%-12.69%
Europe93.62M101.32M117.18M126.21M
Europe Growth-8.22%15.66%7.70%
Asia106.4M124.32M111.12M91.87M
Asia Growth-16.84%-10.62%-17.32%
Other39.71M93.73M72.42M59.82M
Other Growth-136.07%-22.73%-17.40%

Frequently Asked Questions

Valuation & Price

GDEV Inc. (GDEV) has a price-to-earnings (P/E) ratio of 12.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

GDEV Inc. (GDEV) reported $412.0M in revenue for fiscal year 2024. This represents a 339% increase from $93.8M in 2019.

GDEV Inc. (GDEV) saw revenue decline by 9.4% over the past year.

Yes, GDEV Inc. (GDEV) is profitable, generating $52.4M in net income for fiscal year 2024 (6.1% net margin).

Dividend & Returns

GDEV Inc. (GDEV) generated $15.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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