Latest Ratios: P/E Ratio 3.1x · EV/EBITDA 2.0x · 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 | $212M | $272M | $357M | $443M | $1.3B | $1.5B | $1.8B | — |
| Enterprise Value | $154M | $214M | $247M | $373M | $1.2B | $1.3B | $1.7B | — |
| P/E Ratio → | 3.09 | 3.98 | 14.01 | 9.61 | 172.43 | — | — | — |
| P/S Ratio | 0.52 | 0.67 | 0.85 | 0.95 | 2.63 | 3.41 | 6.84 | — |
| P/B Ratio | — | — | — | — | — | — | — | — |
| P/FCF | 7.26 | 9.34 | 12.70 | 25.74 | 10.98 | 14.21 | 14.80 | — |
| P/OCF | 7.19 | 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 | 1.97 | 2.75 | 5.29 | 8.36 | 45.73 | — | — | — |
| EV / EBIT | 2.16 | 2.86 | 8.10 | 7.44 | 96.22 | — | 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% | 3.9% | -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% | 305.2% | 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 | 0.05 | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | -0.74 | -0.74 | -2.35 | -1.55 | -3.32 | — | — | — |
| Debt / FCF | — | -1.98 | -3.91 | -4.03 | -0.74 | -1.35 | -0.69 | -0.91 |
| Interest Coverage | 890.24 | 890.24 | 71.03 | 123.00 | 11.47 | -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 | 0.55 | 0.59 | 0.52 | 0.40 |
| Cash Ratio | 0.45 | 0.45 | 0.51 | 0.52 | 0.41 | 0.45 | 0.36 | 0.17 |
| Asset Turnover | — | 1.73 | 1.55 | 1.45 | 1.49 | 1.39 | 1.23 | 1.17 |
| Inventory Turnover | — | — | — | 49.44 | 27.51 | — | — | — |
| 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 | 26.5% | 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 | 32.3% | 25.1% | 7.1% | 10.4% | 0.6% | — | — | — |
| FCF Yield | 13.8% | 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 | 26.5% | 20.6% | 9.3% | 0.0% | 0.0% | 10.8% | 2.9% | — |
| Shares Outstanding | — | $18M | $18M | $20M | $20M | $18M | $18M | $20M |
Flagship title revenue concentration
Based on reported figures, GDEV trades at a trailing P/E of 3.18 and an EV/EBITDA of 2.05, suggesting that the market is pricing in significant terminal value risk rather than rewarding the company's current 17% net margin profile compared to broader gaming sector peers.
The extremely low valuation multiples appear to reflect investor skepticism regarding the sustainability of the flagship title's cash flows. While the 25.7% dividend yield might attract income-focused investors, it warrants further investigation as to whether such payouts are sustainable given the company's negative equity position and contracting revenue base.
According to recent SEC filings, GDEV's operating margins have fluctuated between -0.0% and 25.5% over the last ten quarters, indicating that the company's earning power is highly sensitive to the intensity of user acquisition spending required to maintain its mid-core player base.
The gross margin stability near 65% suggests a consistent underlying business model, yet the wide variance in operating margins implies that management frequently adjusts marketing outlays to defend profitability. Investors should monitor whether these fluctuations represent strategic flexibility or a reactive struggle to maintain market share in a post-IDFA environment.
As reported in financial statements, GDEV's current ratio has consistently remained below 1.0, reaching 0.67 in 2025Q4, which suggests that the company relies heavily on deferred revenue and ongoing cash inflows to meet its short-term obligations rather than maintaining a robust liquid asset buffer.
This liquidity profile appears vulnerable, particularly given the company's reliance on a single flagship title for the majority of its cash generation. The lack of a significant quick ratio cushion may limit the company's ability to pivot quickly or absorb unexpected shocks in digital advertising costs.
Based on GDEV's unique business model, the P/E ratio is a commonly misapplied metric that obscures the company's true economic health by failing to account for the significant deferred revenue liabilities and the non-cash nature of its accumulated deficit.
Investors should instead focus on free cash flow yield and cohort-based ROAS metrics, which provide a clearer picture of the company's ability to generate cash from its player base. Relying on P/E in this context may lead to a false sense of value, as it ignores the structural risks inherent in the company's negative equity position.
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Quick answers to the most common questions about buying GDEV stock.
GDEV Inc.'s current P/E ratio is 3.1x. The historical average is 50.0x.
GDEV Inc.'s current EV/EBITDA is 2.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
Based on historical data, GDEV Inc. is trading at a P/E of 3.1x. Compare with industry peers and growth rates for a complete picture.
GDEV Inc.'s current dividend yield is 26.49% 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.