CD Projekt S.A.

OTGLY

Electronic Gaming & Multimedia · Technology

Price

$17.38

-0.02 (-0.11%)

Market Cap

$6.95B

Exchange

Other OTC

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 24, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Good

Stability

Good

Valuation

Weak

Dividends

Weak

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Winston Score History

The full picture

CD Projekt is a Polish video game company best known for creating The Witcher series and Cyberpunk 2077. It also owns GOG.com, a digital storefront where people buy and download PC games. The company is one of the largest game studios in Europe and one of the few independent developers with a globally recognized franchise.

CD Projekt makes money primarily by selling its own games across PC and console platforms, with additional revenue from GOG.com's marketplace. It is headquartered in Warsaw, Poland, and has a market cap of around $7 billion. Its extremely high gross margins reflect the nature of digital game sales, where costs are mostly upfront during development. The company's main growth driver is its pipeline of new titles, including a next Witcher game, but the business carries significant execution risk since revenue depends heavily on the success of individual large releases.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 403.1M (2021) → 403.3M (2025)

Score breakdown

Every number that matters to educated investors.

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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

11.3%

Below par — 11.3% 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

-19.4%

Shrinking sales (-19.4% YoY)

Profit growth

EPS YoY

+18.3%

Earnings growing fast (+18.3% 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

84%

Modest — 84% of profit becomes cash

Spare cash per sale

FCF Margin

8.7%

Modest free cash flow (8.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

516.05x

Comfortably covers interest (516.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

46.9x

Expensive — P/E 46.9

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

Cheaper or dearer next year

P/E vs Forward

-22.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

0.39%

Small dividend — 0.39% yield

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

Dividend record

Dividend Growth

N/A

Data not available

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