Artifex Mundi S.A.

ART.WA

Electronic Gaming & Multimedia · Technology

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Good

Track this stock — start free trial

Winston Score History

The full picture

Artifex Mundi is a Polish video game developer and publisher that makes casual puzzle games, mostly in a genre called "hidden object" games. Players search scenes for hidden items and solve puzzles to progress through story-driven adventures. The company sells its games to everyday consumers, primarily women over 30, across PC, mobile, and gaming consoles.

The company earns money mainly through direct game sales on platforms like Steam, the App Store, and Google Play, with some additional revenue from in-app purchases on mobile. Artifex Mundi is based in Katowice, Poland, and operates globally, though its audience is concentrated in Western Europe and North America. Its library of over 30 titles gives it a back-catalog advantage, since older games continue generating sales long after release. The main risk is that the hidden object genre has a relatively niche and aging audience, which could limit long-term growth unless the company successfully expands into new game types or broader casual gaming markets.

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

88.5%

Premium pricing power — 88.5% gross margin

Profit after running costs

Operating Margin

25.5%

Excellent — 25.5% operating margin

Return on the money invested

ROCE

16.6%

Strong — 16.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-8.4%

Shrinking sales (-8.4% YoY)

Profit growth

EPS YoY

-22.2%

Earnings shrinking (-22.2% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

-9%

Weak — only -9% of profit becomes cash

Spare cash per sale

FCF Margin

-2.3%

Burning cash (-2.3%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

62.26x

Comfortably covers interest (62.3x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

11.1x

no trend

Attractive valuation — P/E 11.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial