11 bit studios S.A.

11B.WA

Electronic Gaming & Multimedia · Technology

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Weak

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Winston Score History

The full picture

11 bit studios is a Polish video game developer and publisher that makes its own games and also helps other small studios release their games to the public. Its best-known titles are *Frostpunk* and *This War of Mine*, story-driven strategy games that deal with survival and difficult moral choices. The company sells its games on PC and consoles, targeting players worldwide who enjoy thoughtful, narrative-heavy experiences.

The company earns money primarily through one-time game sales on platforms like Steam, PlayStation, and Xbox, with additional revenue from publishing deals with independent developers. It is based in Warsaw, Poland, and operates globally, though most revenue comes from Western markets. Its moat comes from a recognizable creative identity — its games are known for emotional depth, which builds a loyal audience — but the company faces real risk from the hit-driven nature of gaming, where a single underperforming title can significantly hurt annual results.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+56.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

16.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

97M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

11 bit studios S.A. is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

99.1%

Premium pricing power — 99.1% gross margin

Profit after running costs

Operating Margin

-27.7%

Losing money on operations — -27.7%

Return on the money invested

ROCE

7.8%

Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+0.4%

Nearly flat sales (+0.4% YoY)

Profit growth

EPS YoY

+402.3%

Earnings growing fast (+402.3% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

689%

Turns 689% of profit into real cash

Spare cash per sale

FCF Margin

23.2%

Converts sales into free cash efficiently (23.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

4.76x

Adequate interest coverage (4.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

30.4x

no trend

Pricey — P/E 30.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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