Latest Ratios: P/E Ratio 2.2x · EV/EBITDA 1.3x · ROE N/A. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $164M | $272M | $357M | $443M | $1.3B | $1.5B | $1.8B | — |
| Enterprise Value | $106M | $214M | $247M | $373M | $1.2B | $1.3B | $1.7B | — |
| P/E Ratio → | 2.22 | 3.98 | 14.01 | 9.61 | 172.43 | — | — | — |
| P/S Ratio | 0.43 | 0.67 | 0.85 | 0.95 | 2.63 | 3.41 | 6.84 | — |
| P/B Ratio | — | — | — | — | — | — | — | — |
| P/FCF | 3.27 | 9.34 | 12.70 | 25.74 | 10.98 | 14.21 | 14.80 | — |
| P/OCF | 5.56 | 9.24 | 12.50 | 24.66 | 10.88 | 14.02 | 14.79 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.53 | 0.59 | 0.80 | 2.45 | 3.08 | 6.52 | — |
| EV / EBITDA | 1.31 | 2.75 | 5.29 | 8.36 | 9.49 | — | — | — |
| EV / EBIT | 1.49 | 2.86 | 8.16 | 7.44 | 101.05 | — | 15316.26 | — |
| EV / FCF | — | 7.35 | 8.79 | 21.71 | 10.24 | 12.86 | 14.11 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.0% | 65.0% | 66.3% | 65.4% | 63.1% | 68.6% | 64.5% | 52.6% |
| Operating Margin | 17.6% | 17.6% | 9.6% | 8.3% | 24.4% | -28.4% | -0.6% | -38.1% |
| Net Profit Margin | 17.1% | 17.1% | 6.1% | 9.9% | 1.5% | -27.1% | -0.3% | -37.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — |
| ROA | 27.4% | 27.4% | 8.6% | 14.4% | 2.3% | -44.8% | -0.5% | -44.2% |
| ROIC | — | — | — | — | — | — | — | — |
| ROCE | 1427.5% | 1427.5% | 305.4% | 1031.9% | — | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 0.01 | 0.01 | 0.03 | 0.05 | 0.01 | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | -0.74 | -0.74 | -2.35 | -1.55 | -0.69 | — | — | — |
| Debt / FCF | — | -1.98 | -3.91 | -4.03 | -0.74 | -1.35 | -0.69 | -0.91 |
| Interest Coverage | 890.24 | 890.24 | 147.55 | 123.00 | 24.17 | -1277.21 | — | -212.85 |
Net cash position: cash ($59M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.67 | 0.67 | 0.68 | 0.71 | 0.57 | 0.59 | 0.52 | 0.40 |
| Quick Ratio | 0.67 | 0.67 | 0.68 | 0.70 | 0.57 | 0.59 | 0.52 | 0.40 |
| Cash Ratio | 0.45 | 0.45 | 0.51 | 0.52 | 0.41 | 0.44 | 0.36 | 0.17 |
| Asset Turnover | — | 1.73 | 1.55 | 1.45 | 1.49 | 1.39 | 1.23 | 1.17 |
| Inventory Turnover | — | — | — | 49.44 | — | — | — | — |
| Days Sales Outstanding | — | 36.15 | 33.02 | 38.34 | 32.64 | 35.95 | 43.28 | 92.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 34.2% | 20.6% | — | — | — | 10.8% | 2.9% | — |
| Payout Ratio | 80.8% | 80.8% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 45.1% | 25.1% | 7.1% | 10.4% | 0.6% | — | — | — |
| FCF Yield | 30.6% | 10.7% | 7.9% | 3.9% | 9.1% | 7.0% | 6.8% | — |
| Buyback Yield | 0.0% | 0.0% | 9.3% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 34.2% | 20.6% | 9.3% | 0.0% | 0.0% | 10.8% | 2.9% | — |
| Shares Outstanding | — | $18M | $18M | $20M | $20M | $18M | $18M | $20M |
Includes 30+ ratios · 7 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GDEV stock.
GDEV Inc.'s current P/E ratio is 2.2x. The historical average is 50.0x.
GDEV Inc.'s current EV/EBITDA is 1.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.5x.
Based on historical data, GDEV Inc. is trading at a P/E of 2.2x. Compare with industry peers and growth rates for a complete picture.
GDEV Inc.'s current dividend yield is 34.24% with a payout ratio of 80.8%.
GDEV Inc. has 65.0% gross margin and 17.6% operating margin. Operating margin between 10-20% is typical for established companies.
GDEV Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Negative equity and erratic cash conversion
Deep Discount Pricing Signals Skepticism
Based on GDEV's reported figures, the stock trades at a 2.39 trailing P/E, a 1.36 EV/EBITDA, and a 0.40 price-to-sales ratio, all far below typical gaming peer levels and suggesting the market heavily discounts earnings durability.
The multiples compare favorably against peers such as GRVY at 9.27x P/E and 4.75x EV/EBITDA, yet the gap likely reflects the company's negative book value, volatile quarterly margins, and a dividend yield of 34.2% that may not be covered by recent operating cash flow. Investors should monitor whether the low multiples represent mispricing or an accurate read on the sustainability of reported earnings. The forward P/E of 1.97 implies the market expects little near-term earnings growth, which warrants further investigation into the revenue decline reported in recent quarters.
Margins Stable Despite Erratic Operating Leverage
As reported in financial statements, GDEV's gross margin held within a 63.3% to 67.1% band across ten quarters, while operating margin swung from near zero in 2024Q1 to 25.5% in 2025Q3, indicating large sensitivity to overhead.
The stability of gross margin suggests that the core content and service economics remain intact, but the wide operating margin range points to fixed SG&A absorbing much of the revenue volatility. Net margin diverged from operating margin in several quarters, including a negative reading in 2024Q4 despite positive operating income, which may indicate non-operating drag that is not fully visible in the headline ratios. Earning power is therefore better judged on a multi-quarter average of operating margin than on any single period.
Asset Returns Volatile With Negative Equity Base
Based on GDEV's reported figures, ROA ranged from negative 0.8% in 2024Q4 to 11.2% in 2025Q3, while ROE and ROIC are undefined given the negative equity base, limiting the usefulness of conventional return metrics.
ROA oscillation tracks closely with the timing of revenue and cash flow swings rather than a clear compounding trend, suggesting returns are episodic instead of structurally improving. Because stockholders' equity remains in deficit at roughly negative $51.7M in 2026Q2, ROE cannot meaningfully indicate capital efficiency, and asset-based measures become the more reliable lens. Investors should treat the recent ROA improvement as provisional until several consecutive quarters confirm a sustained level.
Current Ratio Improves but Stays Below One
According to recent SEC filings, GDEV's current ratio climbed from 0.50 in 2025Q1 to 0.75 in 2026Q2, with cash of $78.2M still short of current obligations, implying reliance on ongoing operating inflows.
A current ratio below one, even as it improves, suggests the company depends on continuous collection of receivables and deferred revenue to meet near-term obligations. Deferred revenue of $242.4M represents a large share of liabilities, so a slowdown in customer prepayments could compress liquidity faster than the headline ratio implies. Under a severe stress scenario, the thin cash cushion relative to current liabilities would likely constrain flexibility, a risk that warrants further investigation.
P/E Misapplied to Volatile Earnings Base
The trailing P/E of 2.39 is most commonly misapplied to GDEV because quarterly net income swings from loss to profit and diverges from operating cash flow, making the earnings denominator unreliable.
Trailing P/E treats reported net income as a stable base, yet GDEV's cumulative net income of roughly $82.8M across ten quarters contrasts with lumpy operating cash flow and a net loss in 2024Q4 despite positive operating income. Free cash flow yield or price to normalized operating cash flow would better capture the cash economics the market is actually paying for. Using P/E alone may therefore make the stock look cheaper than the underlying cash generation supports.