Ultimate Games S.A.

ULG.WA

Electronic Gaming & Multimedia · Technology

Price

13.80 PLN

+0.00 (+0.00%)

Market Cap

72.2M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Mixed

Stability

Good

Valuation

Good

Dividends

Good

Track this stock — start free trial

Winston Score History

The full picture

Ultimate Games S.A. is a Polish video game developer and publisher that makes games for consoles, PC, and mobile devices. The company focuses on mid-budget titles across genres like hunting, farming, and simulation games, selling directly to everyday gamers. It operates on the Warsaw Stock Exchange and is one of the more active smaller game studios in Central Europe.

Ultimate Games earns money primarily by selling games through digital storefronts like Steam, PlayStation Store, and Nintendo eShop, with no subscription model — revenue comes in when players buy a title. The company operates mainly in Europe but distributes games globally through these digital platforms, keeping costs relatively low compared to large studios. Its main competitive advantage is a lean cost structure that allows it to generate solid margins on modest budgets, but its biggest risk is that it depends on individual game releases performing well, and a string of poor-selling titles could quickly hurt revenue.

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

+78.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+132.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

55.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

12M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Ultimate Games S.A. grew revenue 79% 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.

Share count broadly stable

0.0% over 4y

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

Diluted shares outstanding: 5.2M (2021) → 5.2M (2025)

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

31.7%

Modest — 31.7% gross margin

Profit after running costs

Operating Margin

31.6%

Excellent — 31.6% operating margin

Return on the money invested

ROCE

41.7%

Exceptional — 41.7% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+89.9%

Fast-growing sales (+89.9% YoY)

Profit growth

EPS YoY

+287.9%

Earnings growing fast (+287.9% YoY)

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

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

45%

Weak — only 45% of profit becomes cash

Spare cash per sale

FCF Margin

10.5%

Modest free cash flow (10.5%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

104.00x

Comfortably covers interest (104.0x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

6.2x

Attractive valuation — P/E 6.2

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

7.14%

Healthy income — 7.14% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-41.2%

Dividend cut (-41.2% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial