GDEV Inc.(GDEV)Earnings, Financials & Key Ratios
GDEV•NASDAQ
$16.29
$295M mkt cap·11.8× P/E·Price updated May 6, 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$421M-9.4%
- EBITDA$47M+4.6%
- Net Income$26M-44.6%
- EPS (Diluted)1.38-40.0%
- Gross Margin66.26%+1.3%
- EBITDA Margin11.09%+15.4%
- Operating Margin9.62%+16.5%
- Net Margin6.07%-38.9%
- Interest Coverage94.40+0.4%
GDEV Key Insights
GDEV Inc. (GDEV) fundamental analysis — strengths, weaknesses & financial health based on 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
- ✗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.
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 Years35.02%
3 Years-1.02%
TTM-4.76%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM34.4%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM35.58%
Return on Capital
10 Years668.57%
5 Years668.57%
3 Years668.57%
Last Year305.2%
GDEV Recent Earnings
GDEV Inc. (GDEV) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (63%)●Beat Revenue 6/12 qtrs (75%)
Q2 2026Latest
Mar 5, 2026EPS
$0.65
Est $0.80
-18.8%
Revenue
$90M
Est $96M
-6.1%
Q4 2025
Nov 24, 2025EPS
$1.32
Est $0.42
+214.3%
Revenue
$98M
Est $97M
+1.1%
Q4 2025
Sep 2, 2025EPS
$0.90
Est $0.26
+246.2%
Revenue
$120M
Est $100M
+19.6%
Q2 2025
May 16, 2025EPS
$0.77
Est $0.18
+327.8%
Revenue
$97M
Est $90M
+7.4%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | 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% |
| Q2 2025 | May 16, 2025 | $0.77vs $0.18+327.8% | $97Mvs $90M+7.4% |
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 | 189.54M | 1.68 | -12.92 | 4.13% | -10.48% | -247.79% | 1.30 | |
 GRVY | 430.83M | 62.00 | 9.17 | 13.44% | 14.37% | 14.11% | ||
 PLTK | 1.35B | 3.57 | -6.61 | 8.08% | -7.49% | |||
 GLBE | 5.28B | 31.22 | 80.05 | 27.82% | 7.1% | 7.32% | 0.04 | |
 HUYA | 493.27M | 3.28 | -106.48 | -13.09% | -2.51% | -2.41% | 0.01 | |
 TTWO | 46.35B | 222.00 | -8.68 | 5.31% | -60.45% | -113.43% | 1.92 | |
 EA | 50.25B | 200.79 | 57.21 | 0.91% | 11.78% | 14.19% | 0.22 | |
 RBLX | 31.33B | 43.77 | -28.42 | 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
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 93.81M | 260.89M | 434.09M | 479.69M | 464.55M | 420.93M | 412M |
| Revenue Growth % | - | 178.1% | 66.39% | 10.5% | -3.16% | -9.39% | -4.76% |
| Cost of Goods Sold | 44.49M | 92.55M | 136.17M | 173.66M | 160.69M | 142.02M | 142.27M |
| COGS % of Revenue | 47.43% | 35.48% | 31.37% | 36.2% | 34.59% | 33.74% | - |
| 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% | 269.73M▲ 0% |
| Gross Margin % | 52.57% | 64.52% | 68.63% | 63.1% | 65.41% | 66.26% | 65.47% |
| Gross Profit Growth % | - | 241.33% | 76.98% | 1.61% | 0.38% | -8.21% | - |
| Operating Expenses | 85.08M | 170.01M | 421.18M | 283.86M | 265.5M | 238.42M | 200.47M |
| OpEx % of Revenue | 90.69% | 65.16% | 97.02% | 59.18% | 57.15% | 56.64% | - |
| Selling, General & Admin | 84.79M | 169.44M | 293.2M | 183.28M | 250.15M | 233.56M | 197.28M |
| SG&A % of Revenue | 90.38% | 64.95% | 67.54% | 38.21% | 53.85% | 55.49% | - |
| 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 | 1.41M |
| 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% | 69.26M▲ 0% |
| Operating Margin % | -38.12% | -0.64% | -28.39% | 3.93% | 8.26% | 9.62% | 16.81% |
| Operating Income Growth % | - | 95.34% | -7293.88% | 115.29% | 103.54% | 5.57% | - |
| EBITDA | -35.47M | -1.11M | -120.72M | 25.75M | 44.64M | 46.68M | 74.43M |
| EBITDA Margin % | -37.81% | -0.42% | -27.81% | 5.37% | 9.61% | 11.09% | 18.07% |
| EBITDA Growth % | - | 96.88% | -10814.65% | 121.33% | 73.36% | 4.57% | 69.47% |
| D&A (Non-Cash Add-back) | 286K | 561K | 2.54M | 6.9M | 6.28M | 6.18M | 5.17M |
| EBIT | -35.76M | 111K | -116.23M | 12.24M | 50.18M | 30.47M | 68.87M |
| Net Interest Income | -84K | 1.78M | -91K | 572K | 3.61M | 1.92M | 2.44M |
| Interest Income | 84K | 1.78M | 0 | 1.64M | 4.02M | 2.34M | 2.37M |
| Interest Expense | 168K | 0 | 91K | 1.07M | 408K | 429K | 118K |
| Other Income/Expense | 240K | 1.78M | 6.94M | -7.68M | 11.63M | -10.45M | -12.86M |
| Pretax Income | -35.52M▲ 0% | 111K▲ 100.3% | -116.32M▼ 104890.1% | 11.17M▲ 109.6% | 49.99M▲ 347.6% | 30.04M▼ 39.9% | 59.67M▲ 0% |
| Pretax Margin % | -37.86% | 0.04% | -26.8% | 2.33% | 10.76% | 7.14% | 14.48% |
| Income Tax | 7K | 862K | 1.13M | 3.76M | 3.88M | 4.51M | 5.84M |
| Effective Tax Rate % | -0.02% | 776.58% | -0.97% | 33.66% | 7.76% | 15.01% | 9.79% |
| Net Income | -35.53M▲ 0% | -751K▲ 97.9% | -117.44M▼ 15538.3% | 7.3M▲ 106.2% | 46.12M▲ 531.5% | 25.53M▼ 44.6% | 52.39M▲ 0% |
| Net Margin % | -37.87% | -0.29% | -27.05% | 1.52% | 9.93% | 6.07% | 12.72% |
| Net Income Growth % | - | 97.89% | -15538.35% | 106.22% | 531.45% | -44.63% | 34.4% |
| Net Income (Continuing) | -35.53M | -751K | -117.44M | 7.41M | 46.12M | 25.53M | 53.83M |
| 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% | 2.87▲ 0% |
| EPS Growth % | - | 97.65% | -14958.82% | 105.78% | 521.62% | -40% | 35.58% |
| EPS (Basic) | -1.81 | -0.04 | -6.40 | 0.37 | 2.34 | 1.40 | - |
| Diluted Shares Outstanding | 19.65M | 17.66M | 18.35M | 19.8M | 20.03M | 18.44M | 18.27M |
| Basic Shares Outstanding | 19.65M | 17.66M | 18.35M | 19.8M | 20.05M | 18.2M | 18.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
GDEV Balance Sheet
GDEV Inc. (GDEV) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 42.88M | 120.68M | 191.15M | 188.87M | 213.88M | 179.6M | 141.75M |
| Cash & Short-Term Investments | 18.48M | 84.56M | 142.8M | 137.14M | 156.03M | 134.81M | 90.24M |
| Cash Only | 17.57M | 84.56M | 142.8M | 86.77M | 71.8M | 111.05M | 55.02M |
| Short-Term Investments | 910K | 0 | 0 | 50.37M | 84.24M | 23.76M | 35.21M |
| Accounts Receivable | 23.77M | 30.94M | 42.75M | 42.9M | 48.8M | 38.08M | 49.34M |
| Days Sales Outstanding | 92.47 | 43.28 | 35.95 | 32.64 | 38.34 | 33.02 | 29.73 |
| 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 | 1.95M |
| Total Non-Current Assets | 37.59M | 90.88M | 121.83M | 133.18M | 106.68M | 92.6M | 78.92M |
| Property, Plant & Equipment | 133K | 1.22M | 3.4M | 2.25M | 4.07M | 2.91M | 2.13M |
| Fixed Asset Turnover | 705.35x | 214.73x | 127.60x | 213.38x | 114.25x | 144.60x | 201.64x |
| Goodwill | 0 | 0 | 1.5M | 1.84M | 1.84M | 1.84M | 1.84M |
| Intangible Assets | 336K | 76K | 266K | 12.98M | 8.48M | 4.42M | 1.86M |
| Long-Term Investments | 0 | 0 | 0 | 17.9M | 18.07M | 16.11M | 50.32M |
| Other Non-Current Assets | 37.12M | 89.59M | 116.64M | 98.11M | 74.1M | 67.22M | 180.27M |
| 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% | 220.67M▲ 0% |
| Asset Turnover | 1.17x | 1.23x | 1.39x | 1.49x | 1.45x | 1.55x | 2.34x |
| Asset Growth % | - | 162.91% | 47.94% | 2.9% | -0.46% | -15.09% | -162.91% |
| Total Current Liabilities | 106.02M | 233.42M | 322.82M | 332.4M | 302.76M | 263.45M | 236.16M |
| Accounts Payable | 13.01M | 9.79M | 16.19M | 22.3M | 21.71M | 12.95M | 23.66M |
| Days Payables Outstanding | 106.7 | 38.62 | 43.4 | 46.86 | 49.31 | 33.27 | 31.76 |
| 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 | 422.72M |
| Other Current Liabilities | 86.68M | 7.15M | 8.44M | 10.84M | 41.82M | 18.49M | 211.63M |
| Current Ratio | 0.40x | 0.52x | 0.59x | 0.57x | 0.71x | 0.68x | 0.68x |
| Quick Ratio | 0.40x | 0.52x | 0.59x | 0.55x | 0.70x | 0.68x | 0.68x |
| Cash Conversion Cycle | - | - | - | -0.95 | -3.59 | - | -2.03 |
| Total Non-Current Liabilities | 23.02M | 80.04M | 151.21M | 138.42M | 117.61M | 110.27M | 89.53M |
| Long-Term Debt | 45K | 0 | 0 | -40.51M | 0 | 0 | 0 |
| Capital Lease Obligations | 21K | 818K | 1.1M | 444K | 983K | 18K | 995K |
| 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 | 191.27M |
| Total Liabilities | 129.03M | 313.46M | 474.03M | 470.82M | 420.37M | 373.73M | 325.69M |
| Total Debt | 4.1M | 1.16M | 1.93M | 1.19M | 2.44M | 1.3M | 1.3M |
| Net Debt | -13.47M | -83.4M | -140.87M | -85.59M | -69.36M | -109.75M | -53.73M |
| Debt / Equity | - | - | - | - | - | - | -0.01x |
| Debt / EBITDA | - | - | - | 0.05x | 0.05x | 0.03x | 0.02x |
| Net Debt / EBITDA | - | - | - | -3.32x | -1.55x | -2.35x | -2.35x |
| Interest Coverage | -212.85x | - | -1354.46x | 17.66x | 94.02x | 94.40x | 583.64x |
| 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% | -105.02M▲ 0% |
| Equity Growth % | - | -109.82% | -58.03% | 7.62% | 32.91% | -1.72% | 22.62% |
| Book Value per Share | -2.47 | -5.77 | -8.78 | -7.52 | -4.98 | -5.51 | -5.75 |
| Total Shareholders' Equity | -48.57M | -101.91M | -161.09M | -148.78M | -99.81M | -101.53M | -105.02M |
| Common Stock | 27K | 27K | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -56.7M | -114.02M | -327.5M | -320.19M | -274.08M | -248.54M | -253.54M |
| 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 | 151.63M |
| Minority Interest | 0 | 0 | 44K | 0 | 0 | 0 | 0 |
GDEV Cash Flow Statement
GDEV Inc. (GDEV) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | 14.95M | 120.62M | 105.52M | 116.08M | 17.95M | 28.52M | 28.52M |
| Operating CF Margin % | 15.94% | 46.24% | 24.31% | 24.2% | 3.86% | 6.78% | - |
| Operating CF Growth % | - | 706.63% | -12.52% | 10.01% | -84.53% | 58.88% | -688.72% |
| Net Income | -35.53M | -751K | -117.44M | 7.41M | 46.12M | 25.53M | 52.39M |
| Depreciation & Amortization | 286K | 561K | 2.54M | 6.9M | 6.28M | 6.18M | 6.66M |
| Stock-Based Compensation | 6.46M | 2.28M | 3.76M | 3.75M | 2.03M | 1.28M | 890.5K |
| Deferred Taxes | 7K | 862K | 1.13M | 3.76M | 3.88M | 4.51M | 0 |
| Other Non-Cash Items | -527K | -5.91M | 117.66M | 104.87M | -7.61M | 5.46M | -53.31M |
| Working Capital Changes | 44.25M | 123.59M | 97.87M | -10.61M | -32.74M | -14.43M | 7.98M |
| Change in Receivables | -20.44M | -7.49M | -12.68M | -4.5M | -9.88M | 6.01M | -5.4M |
| 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 | 22.51M |
| Capital Expenditures | -102K | -147K | -1.44M | -1.06M | -755K | -343K | -341K |
| CapEx % of Revenue | 0.11% | 0.06% | 0.33% | 0.22% | 0.16% | 0.08% | - |
| Acquisitions | 0 | 0 | -1.16M | -72.08M | -515K | -7.52M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -243K | 250.51M | -123K | -30.85M | 482K | 1.48M | 22.85M |
| Cash from Financing | -156K | -56.05M | -42.98M | -1.9M | -1.95M | -44.94M | 4.22M |
| Debt Issued (Net) | 4.05M | -4.32M | -2.18M | -2.01M | -1.89M | -1.59M | -479K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | -1000K | 0 |
| Dividends Paid | -4.12M | -51.68M | -160.37M | 0 | 0 | 0 | 4.35M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -33.11M | 0 |
| Other Financing | -85K | -43K | 119.57M | 109K | -56K | -10.23M | 350K |
| 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% | -128.12M▲ 0% |
| 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% | 15.56M▲ 0% |
| FCF Margin % | 15.83% | 46.18% | 23.98% | 23.98% | 3.7% | 6.67% | 3.78% |
| FCF Growth % | - | 711.18% | -13.61% | 10.52% | -85.05% | 63.31% | -52.83% |
| FCF per Share | 0.76 | 6.82 | 5.67 | 5.81 | 0.86 | 1.52 | 1.52 |
| FCF Conversion (FCF/Net Income) | -0.42x | -160.62x | -0.90x | 15.90x | 0.39x | 1.12x | 0.30x |
| Interest Paid | 85K | 43K | 90K | 115K | 56K | 0 | 82K |
| 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 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | - | - | - | - | -47.9% |
| Return on Invested Capital (ROIC) | - | - | - | - | - | -32.97% |
| Gross Margin | 64.52% | 68.63% | 63.1% | 65.41% | 66.26% | 65.47% |
| Net Margin | -0.29% | -27.05% | 1.52% | 9.93% | 6.07% | 12.72% |
| Debt / Equity | - | - | - | - | - | -0.01x |
| Interest Coverage | - | -1354.46x | 17.66x | 94.02x | 94.40x | 583.64x |
| FCF Conversion | -160.62x | -0.90x | 15.90x | 0.39x | 1.12x | 0.30x |
| Revenue Growth | 178.1% | 66.39% | 10.5% | -3.16% | -9.39% | -4.76% |
GDEV Frequently Asked Questions
GDEV Inc. (GDEV) stock FAQ — growth, dividends, profitability & financials explained
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.
Explore More GDEV
GDEV Inc. (GDEV) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates