GDEV Inc.(GDEV)Earnings, Financials & Key Ratios
GDEV•NASDAQ
3.4× P/E·Price updated Jun 19, 2026
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$404M-3.9%
- EBITDA$78M+67.1%
- Net Income$69M+171.5%
- EPS (Diluted)3.77+173.2%
- Gross Margin65.03%-1.9%
- EBITDA Margin19.29%+73.9%
- Operating Margin17.59%+82.9%
- Net Margin17.15%+182.7%
GDEV Key Insights
GDEV Inc. (GDEV) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Efficient asset utilization: 1.7x turnover
✗Weaknesses
- ✗Weak momentum: RS Rating 15 (bottom 15%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Thin 5Y average net margin of 1.5%
- ✗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.
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GDEV Price & Volume
GDEV Inc. (GDEV) stock price & volume — 10-year historical chart
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GDEV Growth Metrics
GDEV Inc. (GDEV) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years9.16%
3 Years-5.54%
TTM-3.92%
Profit CAGR
10 Years-
5 Years-
3 Years111.74%
TTM170.27%
EPS CAGR
10 Years-
5 Years-
3 Years116.79%
TTM164.9%
Return on Capital
10 Years921.55%
5 Years921.55%
3 Years921.55%
Last Year1427.51%
GDEV Recent Earnings
GDEV Inc. (GDEV) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (56%)●Beat Revenue 6/12 qtrs (67%)
Q2 2026Latest
May 19, 2026Metric
Actual
Est
EPS
$0.67+0.0%
$0.67
Rev
$92M+0.0%
$92M
Q2 2026
Mar 5, 2026Metric
Actual
Est
EPS
$0.65-18.8%
$0.80
Rev
$90M-6.1%
$96M
Q4 2025
Nov 24, 2025Metric
Actual
Est
EPS
$1.32+214.3%
$0.42
Rev
$98M+1.1%
$97M
Q4 2025
Sep 2, 2025Metric
Actual
Est
EPS
$0.90+246.2%
$0.26
Rev
$120M+19.6%
$100M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 19, 2026 | $0.67vs $0.67+0.0% | $92Mvs $92M+0.0% |
| Q2 2026 | Mar 5, 2026 | $0.65vs $0.80-18.8% | $90Mvs $96M-6.1% |
| Q4 2025 | Nov 24, 2025 | $1.32vs $0.42+214.3% | $98Mvs $97M+1.1% |
| Q4 2025 | Sep 2, 2025 | $0.90vs $0.26+246.2% | $120Mvs $100M+19.6% |
Based on last 12 quarters of dataView full earnings history →
GDEV Peer Comparison
GDEV Inc. (GDEV) competitors in Game Publishers (Console, PC, Mobile) — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 PLBY | 135.38M | 1.45 | -11.15 | 4.13% | -6.21% | -79.7% | 10.81 | |
 GRVY | 455.29M | 65.52 | 10.19 | 11.92% | 17.92% | 7.95% | ||
 PLTK | 1.33B | 3.49 | -6.35 | 8.08% | -10.54% | |||
 GLBE | 5.56B | 32.84 | 84.21 | 27.82% | 11.37% | 12.64% | 0.03 | |
 HUYA | 517.17M | 2.26 | -31.84 | 6.96% | -2.51% | -2.41% | 0.00 | |
 TTWO | 44.43B | 239.28 | -147.70 | 18.16% | -4.48% | -8.57% | 0.84 | |
 EA | 50.59B | 202.15 | 57.59 | 0.91% | 11.78% | 14.19% | 0.22 | |
 RBLX | 36.88B | 51.53 | -33.46 | 35.77% | -20.69% | -289.59% | 4.36 |
Compare GDEV vs Peers
GDEV Inc. (GDEV) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
GDEV Income Statement
GDEV Inc. (GDEV) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
Sales/Revenue | 93.81M | 260.89M | 434.09M | 479.69M | 464.55M | 420.93M | 404.35M |
Revenue Growth % | - | 178.1% | 66.39% | 10.5% | -3.16% | -9.39% | -3.94% |
Cost of Goods Sold | 44.49M | 92.55M | 136.17M | 173.66M | 160.69M | 142.02M | 141.41M |
COGS % of Revenue | 47.43% | 35.48% | 31.37% | 36.2% | 34.59% | 33.74% | 34.97% |
Gross Profit | 49.32M▲ 0% | 168.34M▲ 241.3% | 297.92M▲ 77.0% | 302.71M▲ 1.6% | 303.86M▲ 0.4% | 278.92M▼ 8.2% | 262.93M▼ 5.7% |
Gross Margin % | 52.57% | 64.52% | 68.63% | 63.1% | 65.41% | 66.26% | 65.03% |
Gross Profit Growth % | - | 241.33% | 76.98% | 1.61% | 0.38% | -8.21% | -5.73% |
Operating Expenses | 85.08M | 170.01M | 421.18M | 283.86M | 265.5M | 238.42M | 191.79M |
OpEx % of Revenue | 90.69% | 65.16% | 97.02% | 59.18% | 57.15% | 56.64% | 47.43% |
Selling, General & Admin | 84.79M | 169.44M | 293.2M | 183.28M | 250.15M | 233.56M | 187.24M |
SG&A % of Revenue | 90.38% | 64.95% | 67.54% | 38.21% | 53.85% | 55.49% | 46.31% |
Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
R&D % of Revenue | - | - | - | - | - | - | - |
Other Operating Expenses | 286K | 561K | 127.98M | 100.58M | 15.35M | 4.85M | 4.56M |
Operating Income | -35.76M▲ 0% | -1.67M▲ 95.3% | -123.26M▼ 7293.9% | 18.85M▲ 115.3% | 38.36M▲ 103.5% | 40.5M▲ 5.6% | 71.14M▲ 75.7% |
Operating Margin % | -38.12% | -0.64% | -28.39% | 3.93% | 8.26% | 9.62% | 17.59% |
Operating Income Growth % | - | 95.34% | -7293.88% | 115.29% | 103.54% | 5.57% | 75.67% |
EBITDA | -35.47M | -1.11M | -120.72M | 25.75M | 44.64M | 46.68M | 77.99M |
EBITDA Margin % | -37.81% | -0.42% | -27.81% | 5.37% | 9.61% | 11.09% | 19.29% |
EBITDA Growth % | - | 96.88% | -10814.65% | 121.33% | 73.36% | 4.57% | 67.09% |
D&A (Non-Cash Add-back) | 286K | 561K | 2.54M | 6.9M | 6.28M | 6.18M | 6.85M |
EBIT | -35.76M | 111K | -116.23M | 12.24M | 50.18M | 30.47M | 74.78M |
Net Interest Income | -84K | 1.78M | -91K | 572K | 3.61M | 1.92M | 1.67M |
Interest Income | 84K | 1.78M | 0 | 1.64M | 4.02M | 2.34M | 1.75M |
Interest Expense | 168K | 0 | 91K | 1.07M | 408K | 429K | 84K |
Other Income/Expense | 240K | 1.78M | 6.94M | -7.68M | 11.63M | -10.45M | 3.56M |
Pretax Income | -35.52M▲ 0% | 111K▲ 100.3% | -116.32M▼ 104890.1% | 11.17M▲ 109.6% | 49.99M▲ 347.6% | 30.04M▼ 39.9% | 74.7M▲ 148.6% |
Pretax Margin % | -37.86% | 0.04% | -26.8% | 2.33% | 10.76% | 7.14% | 18.47% |
Income Tax | 7K | 862K | 1.13M | 3.76M | 3.88M | 4.51M | 5.37M |
Effective Tax Rate % | -0.02% | 776.58% | -0.97% | 33.66% | 7.76% | 15.01% | 7.18% |
Net Income | -35.53M▲ 0% | -751K▲ 97.9% | -117.44M▼ 15538.3% | 7.3M▲ 106.2% | 46.12M▲ 531.5% | 25.53M▼ 44.6% | 69.33M▲ 171.5% |
Net Margin % | -37.87% | -0.29% | -27.05% | 1.52% | 9.93% | 6.07% | 17.15% |
Net Income Growth % | - | 97.89% | -15538.35% | 106.22% | 531.45% | -44.63% | 171.52% |
Net Income (Continuing) | -35.53M | -751K | -117.44M | 7.41M | 46.12M | 25.53M | 69.33M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 44K | 0 | 0 | 0 | 0 |
EPS (Diluted) | -1.81▲ 0% | -0.04▲ 97.7% | -6.40▼ 14958.8% | 0.37▲ 105.8% | 2.30▲ 521.6% | 1.38▼ 40.0% | 3.77▲ 173.2% |
EPS Growth % | - | 97.65% | -14958.82% | 105.78% | 521.62% | -40% | 173.19% |
EPS (Basic) | -1.81 | -0.04 | -6.40 | 0.37 | 2.34 | 1.40 | 3.81 |
Diluted Shares Outstanding | 19.65M | 17.66M | 18.35M | 19.8M | 20.03M | 18.44M | 18.13M |
Basic Shares Outstanding | 19.65M | 17.66M | 18.35M | 19.8M | 20.05M | 18.2M | 18.13M |
Dividend Payout Ratio | - | - | - | - | - | - | 80.76% |
GDEV Balance Sheet
GDEV Inc. (GDEV) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
Total Current Assets | 42.88M | 120.68M | 191.15M | 188.87M | 213.88M | 179.6M | 155.05M |
Cash & Short-Term Investments | 18.48M | 84.56M | 142.8M | 137.14M | 156.03M | 134.81M | 104.32M |
Cash Only | 17.57M | 84.56M | 142.8M | 86.77M | 71.8M | 111.05M | 58.91M |
Short-Term Investments | 910K | 0 | 0 | 50.37M | 84.24M | 23.76M | 45.41M |
Accounts Receivable | 23.77M | 30.94M | 42.75M | 42.9M | 48.8M | 38.08M | 40.05M |
Days Sales Outstanding | 92.47 | 43.28 | 35.95 | 32.64 | 38.34 | 33.02 | 36.15 |
Inventory | 0 | 0 | 0 | 6.31M | 3.25M | 0 | 0 |
Days Inventory Outstanding | - | - | - | 13.27 | 7.38 | - | - |
Other Current Assets | 633K | 2.04M | 2.46M | -814K | 2.44M | 2.23M | 5.81M |
Total Non-Current Assets | 37.59M | 90.88M | 121.83M | 133.18M | 106.68M | 92.6M | 78.06M |
Property, Plant & Equipment | 133K | 1.22M | 3.4M | 2.25M | 4.07M | 2.91M | 1.94M |
Fixed Asset Turnover | 705.35x | 214.73x | 127.60x | 213.38x | 114.25x | 144.60x | 208.86x |
Goodwill | 0 | 0 | 1.5M | 1.84M | 1.84M | 1.84M | 1.84M |
Intangible Assets | 336K | 76K | 266K | 12.98M | 8.48M | 4.42M | 650K |
Long-Term Investments | 0 | 0 | 0 | 17.9M | 18.07M | 16.11M | 18.66M |
Other Non-Current Assets | 37.12M | 89.59M | 116.64M | 98.11M | 74.1M | 67.22M | 54.87M |
Total Assets | 80.47M▲ 0% | 211.55M▲ 162.9% | 312.98M▲ 47.9% | 322.04M▲ 2.9% | 320.55M▼ 0.5% | 272.2M▼ 15.1% | 233.11M▼ 14.4% |
Asset Turnover | 1.17x | 1.23x | 1.39x | 1.49x | 1.45x | 1.55x | 1.73x |
Asset Growth % | - | 162.91% | 47.94% | 2.9% | -0.46% | -15.09% | -14.36% |
Total Current Liabilities | 106.02M | 233.42M | 322.82M | 332.4M | 302.76M | 263.45M | 231.89M |
Accounts Payable | 13.01M | 9.79M | 16.19M | 22.3M | 21.71M | 12.95M | 12.16M |
Days Payables Outstanding | 106.7 | 38.62 | 43.4 | 46.86 | 49.31 | 33.27 | 31.38 |
Short-Term Debt | 3.98M | 49K | 831K | 0 | 0 | 0 | 0 |
Deferred Revenue (Current) | 1.17M | 215.56M | 294.61M | 295.55M | 234.18M | 222.69M | 188.13M |
Other Current Liabilities | 86.68M | 7.15M | 8.44M | 10.84M | 41.82M | 18.49M | 18.34M |
Current Ratio | 0.40x | 0.52x | 0.59x | 0.57x | 0.71x | 0.68x | 0.67x |
Quick Ratio | 0.40x | 0.52x | 0.59x | 0.55x | 0.70x | 0.68x | 0.67x |
Cash Conversion Cycle | - | - | - | -0.95 | -3.59 | - | - |
Total Non-Current Liabilities | 23.02M | 80.04M | 151.21M | 138.42M | 117.61M | 110.27M | 91.79M |
Long-Term Debt | 45K | 0 | 0 | -40.51M | 0 | 0 | 0 |
Capital Lease Obligations | 21K | 818K | 1.1M | 444K | 983K | 18K | 310K |
Deferred Tax Liabilities | 0 | -79.22M | 0 | 40.51M | 0 | 0 | 0 |
Other Non-Current Liabilities | 22.95M | 79.22M | 22.03M | 41.09M | 1.28M | 365K | 362K |
Total Liabilities | 129.03M | 313.46M | 474.03M | 470.82M | 420.37M | 373.73M | 323.68M |
Total Debt | 4.1M | 1.16M | 1.93M | 1.19M | 2.44M | 1.3M | 1.09M |
Net Debt | -13.47M | -83.4M | -140.87M | -85.59M | -69.36M | -109.75M | -57.82M |
Debt / Equity | - | - | - | - | - | - | - |
Debt / EBITDA | - | - | - | 0.05x | 0.05x | 0.03x | 0.01x |
Net Debt / EBITDA | - | - | - | -3.32x | -1.55x | -2.35x | -0.74x |
Interest Coverage | -212.85x | - | -1277.21x | 11.47x | 123.00x | 71.03x | 890.24x |
Total Equity | -48.57M▲ 0% | -101.91M▼ 109.8% | -161.05M▼ 58.0% | -148.78M▲ 7.6% | -99.81M▲ 32.9% | -101.53M▼ 1.7% | -90.56M▲ 10.8% |
Equity Growth % | - | -109.82% | -58.03% | 7.62% | 32.91% | -1.72% | 10.8% |
Book Value per Share | -2.47 | -5.77 | -8.78 | -7.52 | -4.98 | -5.51 | -5.00 |
Total Shareholders' Equity | -48.57M | -101.91M | -161.09M | -148.78M | -99.81M | -101.53M | -90.56M |
Common Stock | 27K | 27K | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | -56.7M | -114.02M | -327.5M | -320.19M | -274.08M | -248.54M | -239.22M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | -33.1M | -33.1M |
Accumulated OCI | 8.11M | 12.08M | 140.53M | 3.49M | 148.74M | 5.89M | 7.05M |
Minority Interest | 0 | 0 | 44K | 0 | 0 | 0 | 0 |
GDEV Cash Flow Statement
GDEV Inc. (GDEV) cash flow — operating, investing & free cash flow history
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
Cash from Operations | 14.95M | 120.62M | 105.52M | 116.08M | 17.95M | 28.52M | 29.45M |
Operating CF Margin % | 15.94% | 46.24% | 24.31% | 24.2% | 3.86% | 6.78% | 7.28% |
Operating CF Growth % | - | 706.63% | -12.52% | 10.01% | -84.53% | 58.88% | 3.23% |
Net Income | -35.53M | -751K | -117.44M | 7.41M | 46.12M | 25.53M | 69.33M |
Depreciation & Amortization | 286K | 561K | 2.54M | 6.9M | 6.28M | 6.18M | 6.85M |
Stock-Based Compensation | 6.46M | 2.28M | 3.76M | 3.75M | 2.03M | 1.28M | 609K |
Deferred Taxes | 7K | 862K | 1.13M | 3.76M | 3.88M | 4.51M | 5.37M |
Other Non-Cash Items | -527K | -5.91M | 117.66M | 104.87M | -7.61M | 5.46M | -8.64M |
Working Capital Changes | 44.25M | 123.59M | 97.87M | -10.61M | -32.74M | -14.43M | -44.07M |
Change in Receivables | -20.44M | -7.49M | -12.68M | -4.5M | -9.88M | 6.01M | -375K |
Change in Inventory | 0 | 8.55M | 3.08M | 2.22M | 0 | 0 | 0 |
Change in Payables | 0 | -1.06M | 9.6M | 2.28M | -632K | -10.39M | 0 |
Cash from Investing | -345K | 361K | -2.72M | -171.78M | -32.46M | 55.9M | -22.4M |
Capital Expenditures | -102K | -147K | -1.44M | -1.06M | -755K | -343K | -311K |
CapEx % of Revenue | 0.11% | 0.06% | 0.33% | 0.22% | 0.16% | 0.08% | 0.08% |
Acquisitions | 0 | 0 | -1.16M | -72.08M | -515K | -7.52M | -2.31M |
Investments | - | - | - | - | - | - | - |
Other Investing | -243K | 250.51M | -123K | -30.85M | 482K | 1.48M | 509K |
Cash from Financing | -156K | -56.05M | -42.98M | -1.9M | -1.95M | -44.94M | -57.4M |
Debt Issued (Net) | 4.05M | -4.32M | -2.18M | -2.01M | -1.89M | -1.59M | -1.33M |
Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | -33.11M | 0 |
Dividends Paid | -4.12M | -51.68M | -160.37M | 0 | 0 | 0 | -55.99M |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | -33.11M | 0 |
Other Financing | -85K | -43K | 119.57M | 109K | -56K | -10.23M | -84K |
Net Change in Cash | 14.49M▲ 0% | 66.99M▲ 362.3% | 58.24M▼ 13.1% | -56.03M▼ 196.2% | -14.98M▲ 73.3% | 39.25M▲ 362.1% | -48.14M▼ 222.6% |
Free Cash Flow | 14.85M▲ 0% | 120.48M▲ 711.2% | 104.08M▼ 13.6% | 115.02M▲ 10.5% | 17.2M▼ 85.0% | 28.09M▲ 63.3% | 29.13M▲ 3.7% |
FCF Margin % | 15.83% | 46.18% | 23.98% | 23.98% | 3.7% | 6.67% | 7.2% |
FCF Growth % | - | 711.18% | -13.61% | 10.52% | -85.05% | 63.31% | 3.72% |
FCF per Share | 0.76 | 6.82 | 5.67 | 5.81 | 0.86 | 1.52 | 1.61 |
FCF Conversion (FCF/Net Income) | -0.42x | -160.62x | -0.90x | 15.90x | 0.39x | 1.12x | 0.42x |
Interest Paid | 85K | 43K | 90K | 115K | 56K | 0 | 0 |
Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
GDEV Key Ratios
GDEV Inc. (GDEV) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
Gross Margin | 52.57% | 64.52% | 68.63% | 63.1% | 65.41% | 66.26% | 65.03% |
Net Margin | -37.87% | -0.29% | -27.05% | 1.52% | 9.93% | 6.07% | 17.15% |
Interest Coverage | -212.85x | - | -1277.21x | 11.47x | 123.00x | 71.03x | 890.24x |
FCF Conversion | -0.42x | -160.62x | -0.90x | 15.90x | 0.39x | 1.12x | 0.42x |
Revenue Growth | - | 178.1% | 66.39% | 10.5% | -3.16% | -9.39% | -3.94% |
Related:GDEV Dividend History·GDEV Revenue History·GDEV Price History·GDEV P/E History·GDEV Financial Ratios·GDEV Institutional Holders
GDEV Frequently Asked Questions
GDEV Inc. (GDEV) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
GDEV Inc. (GDEV) reported $404.5M in revenue for fiscal year 2025. This represents a 331% increase from $93.8M in 2019.
GDEV Inc. (GDEV) saw revenue decline by 3.9% over the past year.
Yes, GDEV Inc. (GDEV) is profitable, generating $69.0M in net income for fiscal year 2025 (17.1% net margin).
Dividend & Returns
Yes, GDEV Inc. (GDEV) pays a dividend with a yield of 24.34%. This makes it attractive for income-focused investors.
GDEV Inc. (GDEV) generated $31.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.