GDEVNasdaqServices-Computer Programming ServicesFiscal year ends December 31
GDEV Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 20-F on Mar 31, 2026
$10.76−0.13 (-1.19%)
Close on Oct 19, 2026
- Market cap
- $198.76M
- P/E (TTM)
- 2.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
17.6%+18.2 pts over 5 years
Net margin
17.1%+17.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -3.9% | -5.5% | +9.2% | – | |
| Operating income | +75.6% | +55.7% | – | – | |
| Net income | +171.5% | +111.7% | – | – | |
| EPS, diluted | +173.2% | +116.8% | – | – | |
| Free cash flow | +3.4% | -36.7% | -24.7% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -72.2% | |
| Return on assets | – | – | 27.4% | |
| Current ratio | – | 0.52 | 0.67 | |
| Interest coverage | – | -7.6× | 160.6× | |
| Capex to revenue | – | 0.1% | 0.1% | |
| Diluted shares | – | 18M | 18M |
Where the cash went
Fiscal 2021 to 2025, five years combined
GDEV generated $297.53M from operations and spent $252.95M on capital expenditure, dividends and share buybacks. 1% of that went back into the business.
Generated
$297.53M
Used
$252.95M
Capital expenditure$3.49M1%Dividends$216.36M86%Share buybacks$33.11M13%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin17.1%
×Asset turnover1.60×
×Equity multiplier-2.63×
=Return on equity, FY2025-72.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 17.1% | 1.60× | -2.63× | -72.2% |
| FY2024 | 6.1% | 1.42× | -2.94× | -25.4% |
| FY2023 | 9.9% | 1.45× | -2.58× | -37.1% |
| FY2022 | 1.5% | 1.51× | -2.05× | -4.7% |
| FY2021 | -27.1% | 1.66× | -1.99× | 89.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$69.33M
- Cash generatingOperating cash flow above zero$29.45M
- Return on assets improvedROA up on the prior year8.0% → 25.5%
- Earnings backed by cashOperating cash flow above net income$29.45M vs $69.33M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.68 → 0.67
- No dilutionShare count did not rise18M → 18M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.31 → 1.49