GDEV

Electronic Gaming & Multimedia · Technology

Price

$11.76

+0.06 (+0.51%)

Market Cap

$213.4M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−1.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 18.4M (2021) → 18.1M (2025)

GDEV 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.

Winston Score History

Score breakdown

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Quality

Gross Margin

63.3%

Premium pricing power — 63.3% gross margin

Operating Margin

14.4%

Healthy — 14.4% operating margin

ROCE

N/A

—

Data not available

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Growth

Sales YoY

-3.9%

Shrinking sales (-3.9% YoY)

EPS YoY

+167.7%

Earnings growing fast (167.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

46%

Weak — only 46% of profit becomes cash

FCF Margin

7.7%

Modest free cash flow (7.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

589.19x

Comfortably covers interest (589.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

3.1x

Attractive valuation — P/E 3.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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