GDEV

Electronic Gaming & Multimedia · Technology

Price

$10.63

-0.57 (-5.13%)

Market Cap

$192.8M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Mixed

Stability

Good

Valuation

Good

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Share count falling — buybacks

−1.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 18.4M (2021) → 18.1M (2025)

Winston Score History

The full picture

GDEV Inc. operates as a gaming and entertainment company in the United States, Europe, Asia, and internationally. It develops desktop, mobile, web, and social games. The company was formerly known as Nexters Inc. and changed its name to GDEV Inc. in June 2023. GDEV Inc. was founded in 2010 and is headquartered in Limassol, Cyprus.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

65.2%

Premium pricing power — 65.2% gross margin

Profit after running costs

Operating Margin

21.2%

Excellent — 21.2% operating margin

Return on the money invested

ROCE

N/A

—

Data not available

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Growth

Sales growth

Sales YoY

-10.6%

Shrinking sales (-10.6% YoY)

Profit growth

EPS YoY

+75.4%

Earnings growing fast (+75.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

43%

Weak — only 43% of profit becomes cash

Spare cash per sale

FCF Margin

8.3%

Modest free cash flow (8.3%)

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

714.10x

Comfortably covers interest (714.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

2.6x

Attractive valuation — P/E 2.6

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

Cheaper or dearer next year

P/E vs Forward

-0.2

SLOWING

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

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Dividends

Not applicable for this business.

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