GDEV Inc.
GDEV Inc. is a gaming and entertainment company that develops and publishes online games for mobile, browser, social, and PC platforms. Headquartered in Limassol, Cyprus, GDEV focuses on live-service titles and franchise-based game development across multiple genres, including role-playing, action, shooter, adventure, and casual games. Its portfolio is built around studios such as Nexters, Cubic Games, Royal Ark, and Game Gears, which support the creation, operation, and growth of games for players in the United States, Europe, Asia, and other international markets. The company’s current offering centers on established franchises and ongoing game operations, making it a participant in the global digital entertainment market with a business model built on content development, publishing, and long-term player engagement.
$10.89
+$0.42 (+4.05%)
EOD Oct 16, 2026
17.59% operating margin is respectable but not wide. ROIC at 5532.50%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 3.9% YoY. The question is whether this is cyclical or a structural shift.
Even for strong businesses, today's 3x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
2.5x earnings, 6.9x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$389M
▼ -3.9% YoY
Net Income (TTM)
$78M
▲ +171.5% YoY
Op. Margin
21.34%
▲ +8.0pp YoY
ROIC
5532.50%
▲ +3691.4pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$29M
▲ +3.7% YoY
Op. Cash Flow (FY)
$29M
▲ +3.2% YoY
Net Debt
-$103M
Net Cash Position
Cash & Equiv.
$104M
3Y CAGR: -5.5%
3Y CAGR: -36.7%
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Is GDEV (GDEV) overvalued?
At a P/E of 2.5 and a price-to-free-cash-flow of 6.9, GDEV (GDEV) trades below a two-stage DCF intrinsic value of about $32.92 per share, so at $10.89 the stock looks undervalued (202.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, GDEV scores 55/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is GDEV's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $32.92 per share for GDEV, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $24.69. At today's $10.89, that puts the stock about 202.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is GDEV a high-quality business?+
GDEV scores 55 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 21.3% operating margin and a 5,532.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is GDEV a good stock to buy right now?+
That depends on valuation and quality together, not either alone. GDEV currently trades below its estimated intrinsic value and scores 55/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
Related stocks: Electronic Gaming & Multimedia
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.