GDEV Inc.
GDEV · Price history
Price at last available close
$9.98
−$0.88 (-8.10%) 1M
2026-10-29
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Company & revenue
About GDEV Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
GDEV Inc. operates as a global interactive entertainment firm, specializing in the development and provision of a diverse portfolio of digital games. Its offerings span various platforms, including desktop computers, mobile devices, web browsers, and social networks, reaching audiences across the United States, Europe, Asia, and other international markets. The company, which traces its origins back to its establishment in 2010, was formerly known as Nexters Inc. before officially rebranding to GDEV Inc. in June 2023.
How they make money
GDEV Inc. operates as a gaming and entertainment holding company that generates revenue primarily through the development and publishing of mobile and social games. The company utilizes a free-to-play model where players can download and play games for free, while revenue is earned through in-game purchases of virtual goods and currency, as well as through in-game advertising.
Products & services
The company develops and publishes mobile and social games, including titles such as Hero Wars, Island Hoppers, and Pixel Gun 3D, which are distributed across various digital platforms.
Brands & revenue mix
A core franchise of the company.
Separate brand revenue is not available in this research.Source
A key franchise of the company.
Separate brand revenue is not available in this research.Source
A key franchise of the company.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Customer types
- Mobile and social game playersSource
Customer concentration
The company's business is highly dependent on a limited number of platform providers, such as Apple App Store and Google Play, which facilitate the distribution of its games and the collection of payments from end users.
Suppliers, materials & equipment
- Platform providers — The company relies on major mobile application stores and social network platforms to distribute its games and process payments; these providers are unnamed in the report.Source
Strengths
- Diverse portfolio of established gaming franchisesSource
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
63
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
51
Fair
Financial Strength
64
Business Quality / Moat
41
Management
60
Growth Quality
7
Risk / Durability
83
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
70
Fair
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
64/100
Building Historical Record
Model Score 64/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as relatively attractive.
The model outlook is currently moderate.
- •Balance-sheet / debt profile scores strongly
- •Valuation scores attractively
- •Revenue fundamentals are weak
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for GDEV
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving GDEV's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •Is GDEV's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •How is GDEV likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •Is GDEV's valuation discount tied to a temporary concern or to a longer-term business risk?
Essential Investment Snapshot
Wall Street Score
63
Opportunity Score
70
Market Cap
$180.5M
P/E Ratio
2.7
EPS
$4.14
52-Week High
$42.20
52-Week Low
$10.00
Beta
1.27
Intrinsic Value
$35.19
Shares Outstanding
18.1M
Total Revenue
$380.1M
Total Debt
$1.7M
Dividend
No current dividend
Liquidation Value / Share
$-2.85
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for GDEV
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Community Sentiment
0 active · 0 total callsNo personal call yet on GDEV.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Diverse portfolio of established gaming franchises.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Electronic Gaming & Multimedia industry.
- −Dependence on third-party platform providers.
- −Intense competition in the gaming industry.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
5 historical score records availablePrevious Score
63
Sep 24, 2026
Change
-0.5
points
Current Score
63
Oct 1, 2026
Category Changes
GDEV decreased 0.5 points because some fundamentals weakened.
Projected Score
Projected Score
66
Projected Change
+2.8 points
Preliminary comparable-period financial changes suggest improvement of approximately 2.8 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Review model assumptionsThis model estimate is more than three times the share price.
This is a formula-based estimate, not a verified fair value or price target. Check the earnings and growth assumptions.
Stored EPS: $4.14 · Growth assumption: 0.0% · Earnings multiplier: 8.5×.
Current Price
$9.96
Model Intrinsic Value
$35.19
Difference
−$25.23
-71.7% vs IV
Margin of Safety
71.7%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $380.1M | $404.3M | $420.9M | $464.5M | ···· | ···· | ···· | ···· |
| Cost of Revenue | $134.4M | $141.4M | $142.0M | $160.7M | ···· | ···· | ···· | ···· |
| Gross Profit | $245.8M | $262.9M | $278.9M | $303.9M | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· |
| SG&A Expenses | $170.7M | $187.2M | $233.6M | $250.1M | ···· | ···· | ···· | ···· |
| Operating Expenses | $169.5M | $191.8M | $238.4M | $265.5M | ···· | ···· | ···· | ···· |
| EBITDA | $82.3M | $81.6M | $36.4M | $56.7M | ···· | ···· | ···· | ···· |
| Operating Income | $76.2M | $71.1M | $40.5M | $38.4M | ···· | ···· | ···· | ···· |
| Interest Expense | $17K | $84K | $205K | $408K | ···· | ···· | ···· | ···· |
| Income Before Tax | $78.3M | $74.7M | $30.0M | $50.0M | ···· | ···· | ···· | ···· |
| Income Tax Expense | $3.3M | $5.4M | $4.5M | $3.9M | ···· | ···· | ···· | ···· |
| Net Income | $75.1M | $69.3M | $25.5M | $46.1M | ···· | ···· | ···· | ···· |
| Basic EPS | $4.14 | $3.81 | $1.40 | $2.30 | ···· | ···· | ···· | ···· |
| Basic Shares | 18.15M | 18.13M | 18.20M | 20.03M | ···· | ···· | ···· | ···· |
| Diluted Shares | 18.47M | 18.13M | 18.44M | 20.03M | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$93.6M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$1.08
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-23.7%
Cash Change
+148.0%
Margin Change
+7.4 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Cash position grew
- Debt reduced
Potential Score Impact
Positive indicators included EPS growth, cash levels, debt levels, net income margin. Pressure indicators included revenue growth. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 22.0%. EPS increased 20.0%. Cash increased 148.0%. Total debt declined 23.7%. Net income margin improved by 7.4 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
5 historical recordsHistorical Score Chart
3 of 5 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Electronic Gaming & MultimediaNews
GDEV announces final results of previously announced self tender offer to purchase for cash up to $20,000,000 in value of its ordinary shares (or up to 1,813,236 Ordinary Shares) at a purchase price of $11.03 per ordinary share
GDEV announces preliminary results of previously announced self tender offer to purchase for cash up to $20,000,000 in value of its ordinary shares (or up to 1,813,236 Ordinary Shares) at a purchase price of $11.03 per ordinary share
GDEV announces commencement of self tender offer to purchase for cash up to $20,000,000 in value of its ordinary shares (or up to 1,813,236 Ordinary Shares) at a purchase price of $11.03 per ordinary share
GDEV Inc. (GDEV) Shareholder/Analyst Call Prepared Remarks Transcript
Rumor Mill · GDEV
Corporate developments & opportunities
No reviewed developments match this filter.
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