Gaming Factory S.A.

GIF.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

Strong

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Gaming Factory S.A. is a Polish video game developer and publisher listed on the Warsaw Stock Exchange. The company creates and releases games for PC and gaming consoles, targeting casual and mid-core gamers primarily in Europe. It operates in the independent ("indie") segment of the video game industry, developing its own titles while also helping other small studios publish their games.

The company earns money by selling games digitally through platforms like Steam, as well as through publishing deals where it takes a share of revenue from partner studios. Gaming Factory operates mainly in Poland and broader European markets, and its relatively small size keeps it nimble but also limits its resources compared to larger publishers. Its gross and operating margins above 20% suggest decent cost control for its scale, but the key risk is its dependence on a small number of game releases — one underperforming title can meaningfully hurt annual results.

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

+366.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+300.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

27.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

4M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Gaming Factory S.A. grew revenue 367% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale

Gross Margin

28.5%

Modest — 28.5% gross margin

Profit after running costs

Operating Margin

27.3%

Excellent — 27.3% operating margin

Return on the money invested

ROCE

25.2%

Exceptional — 25.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+479.9%

Fast-growing sales (+479.9% 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

166%

Turns 166% of profit into real cash

Spare cash per sale

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

11.65x

Comfortably covers interest (11.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

7.0x

no trend

Attractive valuation — P/E 7.0

P/E under 10. The price tag is small relative to last year's profit.

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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