All in! Games S.A.

ALG.WA

Electronic Gaming & Multimedia · Technology

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

All in! Games S.A. is a Polish video game publisher and developer that helps smaller, independent game studios bring their games to market. The company works with indie developers to fund, produce, and distribute games across platforms like PC (Steam) and gaming consoles. It operates in the competitive indie game publishing space, where it acts as a middleman between small creative studios and players around the world.

The company makes money by publishing games and taking a share of sales revenue, which explains its 100% gross margin — it earns royalties and licensing income rather than selling physical goods. All in! Games is based in Kraków, Poland, and focuses primarily on European and global digital markets. Its main competitive edge is its network of indie developer relationships and its ability to co-fund projects in exchange for publishing rights. The biggest risk the company faces is that indie game publishing is hit-driven, meaning a few failed releases can quickly erase profits, as reflected in its deeply negative operating margin.

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

-58.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-119.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

10.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

298,376 PLN cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

All in! Games S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

91.3%

Premium pricing power — 91.3% gross margin

Profit after running costs

Operating Margin

-514.3%

Losing money on operations — -514.3%

Return on the money invested

ROCE

N/A

—

Data not available

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Growth

Sales growth

Sales YoY

-69.9%

Shrinking sales (-69.9% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-647.9%

Burning cash (-647.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

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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