PlaySide Studios Limited

PLY.AX

Electronic Gaming & Multimedia · Technology

Price

A$0.13

+0.01 (+4.17%)

Market Cap

A$56.7M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Share count rising — dilution

+14.0% over 4y

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

Diluted shares outstanding: 393.5M (2022) → 448.6M (2026)

Winston Score History

The full picture

PlaySide Studios is an Australian video game developer that makes games for mobile phones, consoles, and PC. The company builds its own original games and also works as a contractor, helping larger game studios create content for their projects. It operates in the global gaming industry and is one of Australia's largest publicly listed independent game developers.

PlaySide earns money in two main ways: selling its own games directly to players, and charging fees to other game companies for development work. Most of its revenue comes from clients in the United States and other major gaming markets, while the studio itself is based in Melbourne, Australia. The company is still small, with a market cap around $100 million, and it is currently losing money at the operating level. The key challenge ahead is scaling its original game titles to generate enough revenue to cover costs, since relying on contract work alone limits long-term profit potential.

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

+70.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+66.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

52.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$15M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

PlaySide Studios Limited grew revenue 71% 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

83.0%

Premium pricing power — 83.0% gross margin

Profit after running costs

Operating Margin

-0.5%

Losing money on operations — -0.5%

Return on the money invested

ROCE

-0.6%

Weak — -0.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+12.7%

Fast-growing sales (+12.7% 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

200%

Turns 200% of profit into real cash

Spare cash per sale

FCF Margin

19.3%

Converts sales into free cash efficiently (19.3%)

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

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

10.2x

Attractive valuation — P/E 10.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-47.0

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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