Cash flow conversion remains inconsistent, evidenced by an operating cash flow to net income ratio that has swung between -2.08 and 1.47, complicating the sustainability of recent shareholder distributions.
| Cash from Operations | 29.45M | 28.52M | 17.95M | 116.08M | 105.52M | 120.62M | 14.95M |
| Operating CF Margin % | 7.28% | 6.78% | 3.86% | 24.2% | 24.31% | 46.24% | 15.94% |
| Operating CF Growth % | 3.23% | 58.88% | -84.53% | 10.01% | -12.52% | 706.63% | - |
| Net Income | 69.33M | 25.53M | 46.12M | 7.41M | -117.44M | -751K | -35.53M |
| Depreciation & Amortization | 6.85M | 6.18M | 6.28M | 6.9M | 2.54M | 561K | 286K |
| Stock-Based Compensation | 609K | 1.28M | 2.03M | 3.75M | 3.76M | 2.28M | 6.46M |
| Deferred Taxes | 5.37M | 4.51M | 3.88M | 3.76M | 1.13M | 862K | 7K |
| Other Non-Cash Items | -8.64M | 5.46M | -7.61M | 104.87M | 117.66M | -5.91M | -527K |
| Working Capital Changes | -44.07M | -14.43M | -32.74M | -10.61M | 97.87M | 123.59M | 44.25M |
| Change in Receivables | -375K | 6.01M | -9.88M | -4.5M | -12.68M | -7.49M | -20.44M |
| Change in Inventory | 0 | 0 | 0 | 2.22M | 3.08M | 8.55M | 0 |
| Change in Payables | -1.76M | -10.39M | -632K | 2.28M | 9.6M | -1.06M | 0 |
| Cash from Investing | -22.4M | 55.9M | -32.46M | -171.78M | -2.72M | 361K | -345K |
| Capital Expenditures | -311K | -343K | -755K | -1.06M | -1.44M | -147K | -102K |
| CapEx % of Revenue | 0.08% | 0.08% | 0.16% | 0.22% | 0.33% | 0.06% | 0.11% |
| Acquisitions | -2.31M | -7.52M | -515K | -72.08M | -1.16M | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 509K | 1.48M | 482K | -30.85M | -123K | 250.51M | -243K |
| Cash from Financing | -57.4M | -44.94M | -1.95M | -1.9M | -42.98M | -56.05M | -156K |
| Debt Issued (Net) | -1.33M | -1.59M | -1.89M | -2.01M | -2.18M | -4.32M | 4.05M |
| Equity Issued (Net) | 0 | -33.11M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -55.99M | 0 | 0 | 0 | -160.37M | -51.68M | -4.12M |
| Share Repurchases | 0 | -33.11M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -84K | -10.23M | -56K | 109K | 119.57M | -43K | -85K |
| Net Change in Cash | -48.14M | 39.25M | -14.98M | -56.03M | 58.24M | 66.99M | 14.49M |
| Free Cash Flow | 29.13M | 28.09M | 17.2M | 115.02M | 104.08M | 120.48M | 14.85M |
| FCF Margin % | 7.2% | 6.67% | 3.7% | 23.98% | 23.98% | 46.18% | 15.83% |
| FCF Growth % | 3.72% | 63.31% | -85.05% | 10.52% | -13.61% | 711.18% | - |
| FCF per Share | 1.61 | 1.52 | 0.86 | 5.81 | 5.67 | 6.82 | 0.76 |
| FCF Conversion (FCF/Net Income) | 0.42x | 1.12x | 0.39x | 15.90x | -0.90x | -160.62x | -0.42x |
| Interest Paid | 0 | 76K | 56K | 115K | 90K | 43K | 85K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Flagship title revenue concentration
As reported in financial statements, GDEV's operating cash flow to net income ratio has exhibited extreme volatility, ranging from -2.08 to 1.47, suggesting that reported accounting profits frequently decouple from the actual cash generated by the company's core gaming operations during specific quarterly reporting periods.
The significant variance between net income and operating cash flow indicates that non-cash items and working capital fluctuations play an outsized role in the company's reported profitability. Investors should monitor whether this divergence stems from aggressive revenue recognition policies or the timing of marketing-related cash outflows.
Based on recent SEC filings, GDEV's free cash flow margins have fluctuated wildly between -8.3% and 22.5%, reflecting a business model that remains highly sensitive to the timing of user acquisition spend and the inherent maturity of its primary revenue-generating title, Hero Wars.
The inconsistent FCF trajectory suggests that the company lacks a stable cash-generative baseline, making it difficult to forecast long-term capital availability. This volatility appears to be a direct consequence of the company's reliance on variable marketing outlays to sustain its player base.
According to the provided cash flow data, GDEV experienced a substantial working capital outflow of $33.8M in 2025Q2, which significantly impacted the company's ability to convert net income into cash during that period, warranting further investigation into the underlying causes of these periodic liquidity swings.
The erratic nature of working capital changes suggests potential inefficiencies in the collection of platform-based revenues or the management of payables related to advertising partners. Such fluctuations may indicate that the company's cash position is more vulnerable to operational timing than its income statement implies.
As evidenced by the $58.7M dividend payment in 2025Q4, GDEV has prioritized returning capital to shareholders despite the -3.94% revenue growth trend, a strategy that may limit the company's ability to reinvest in new IP development or diversify away from its flagship title.
The decision to distribute significant cash while revenue is contracting suggests a management focus on immediate shareholder yield rather than long-term growth investment. This approach may leave the company with insufficient internal resources to pivot if the performance of its core gaming assets continues to decline.
Quick answers to the most common questions about buying GDEV stock.
GDEV Inc. (GDEV) generated $29.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GDEV Inc. (GDEV) generated $29.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
GDEV Inc. (GDEV) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GDEV Inc. (GDEV) returned $56.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.