CD Projekt S.A.

CDR.WA

Electronic Gaming & Multimedia · Technology

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

CD Projekt is a Polish video game company best known for making two major game series: The Witcher and Cyberpunk 2077. It sells these games to individual players on PC, PlayStation, and Xbox worldwide. The company also owns GOG.com, a digital storefront where players can buy games from many different publishers.

CD Projekt earns money primarily by selling copies of its games outright, rather than through subscriptions or ads. It operates globally but is headquartered in Warsaw, Poland, and its extremely high gross margins reflect how little it costs to distribute digital games once development is complete. The company's biggest risk is that it relies on a small number of major titles — a delayed or poorly received release can significantly hurt revenue — while its key growth driver is the continued expansion of both The Witcher and Cyberpunk franchises, including sequels currently in development.

Score breakdown

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Quality

Profit per sale

Gross Margin

92.8%

Premium pricing power — 92.8% gross margin

Profit after running costs

Operating Margin

50.5%

Excellent — 50.5% operating margin

Return on the money invested

ROCE

13.6%

Good — 13.6% 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

-15.5%

Shrinking sales (-15.5% YoY)

Profit growth

EPS YoY

+20.2%

Earnings growing fast (+20.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

114%

Turns 114% of profit into real cash

Spare cash per sale

FCF Margin

28.7%

Converts sales into free cash efficiently (28.7%)

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

N/A

Data not available

Covers its interest

Interest Cover

615.22x

Comfortably covers interest (615.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

47.6x

no trend

Expensive — P/E 47.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+34.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.6 → 13.0)

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Dividends

Dividend

Dividend Yield

0.44%

no trend

Small dividend — 0.44% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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