CI Games S.A.

CIG.WA

Electronic Gaming & Multimedia · Technology

Price

2.57 PLN

+0.02 (+0.78%)

Market Cap

562.4M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

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

Weak

Cash Flow

Good

Stability

Strong

Valuation

Data not available

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Share count rising — dilution

+4.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 182.9M (2021) → 190.8M (2025)

Winston Score History

The full picture

CI Games is a Polish video game developer and publisher that makes action games for consoles and PC. Its best-known franchise is Sniper Ghost Warrior, a series of tactical shooting games sold to mainstream gamers worldwide. The company also owns United Label, a smaller label that publishes indie games made by outside studios.

CI Games earns money primarily through game sales on platforms like PlayStation, Xbox, and Steam, with additional revenue from licensing and publishing deals. It operates mainly in Europe and North America and competes in a crowded mid-budget gaming market where it sits below the large AAA studios but above small indie developers. The company is currently developing Lords of the Fallen, a dark fantasy action game targeting a broader audience than its previous titles, and its ability to grow depends heavily on whether that franchise can attract a larger player base and generate sequel or expansion revenue over time.

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

-16.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-257.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

46.8%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

15M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

CI 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

51.5%

Healthy — 51.5% gross margin

Profit after running costs

Operating Margin

10.4%

Modest — 10.4% operating margin

Return on the money invested

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-5.4%

Shrinking sales (-5.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

5958%

Turns 5958% of profit into real cash

Spare cash per sale

FCF Margin

-51.1%

Burning cash (-51.1%)

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

0.25

Conservative — low debt load (0.25)

Covers its interest

Interest Cover

3.98x

Tight — interest eats into profit (4.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

N/A

Data not available

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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