Stocks GDEV Financial statements
Financial statementsGDEV Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data GDEV Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 93.8 | 261 | 434 | 480 | 465 | 421 | 404 |
| Operating income | -35.8 | -1.67 | -123 | 18.8 | 38.4 | 40.5 | 71.1 |
| Interest expense | 0.18 | 0.22 | 3.22 | 2.19 | 4.05 | 7.56 | 0.44 |
| Interest income | 0.42 | 2 | 0.08 | 1.87 | 5.25 | 3.72 | 3.42 |
| Pre-tax income | -35.5 | 0.11 | -116 | 11.2 | 50 | 30 | 74.7 |
| Income tax | 0.01 | 0.86 | 1.13 | 3.76 | 3.88 | 4.51 | 5.37 |
| Income from continuing operations | -35.5 | -0.75 | -117 | 1.7 | |||
| Net income to minority interests | 0.01 | 0.11 | |||||
| Net income | -35.5 | -0.75 | -117 | 7.3 | 46.1 | 25.5 | 69.3 |
| EBITDA | -35.5 | -1.11 | -121 | 25.7 | 44.6 | 46.7 | 78 |
| EPS, basic | -1.85 | 0.00 | -5.92 | 0.37 | 2.34 | 1.40 | 3.82 |
| EPS, diluted | -1.85 | 0.00 | -5.92 | 0.37 | 2.30 | 1.38 | 3.77 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 17.6 | 84.6 | 143 | 86.8 | 71.8 | 111 | 62.9 |
| Short-term investments | 50.4 | 84.2 | 23.8 | 45.4 | |||
| Receivables | 33 | 45.1 | 45.4 | 51.9 | 42.1 | 43.5 | |
| Total current assets | 121 | 191 | 189 | 214 | 180 | 155 | |
| Property, plant and equipment | 0.17 | 1.35 | 0.79 | 1.15 | 1.07 | 0.89 | |
| Lease right-of-use assets | 0.07 | 1.04 | 2.05 | 1.46 | 2.92 | 1.85 | 1.05 |
| Goodwill | 1.5 | 1.84 | 1.84 | 1.84 | 1.84 | ||
| Intangible assets | 0.08 | 0.27 | 13 | 8.48 | 4.42 | 0.65 | |
| Total assets | 212 | 313 | 322 | 321 | 272 | 233 | |
| Accounts payable | 17.2 | 26.6 | 30.5 | 30.3 | 20.2 | 25.1 | |
| Short-term debt | 3.98 | 0.05 | |||||
| Total current liabilities | 233 | 323 | 332 | 303 | 263 | 232 | |
| Lease liabilities | 0.82 | 1.1 | 0.44 | 0.98 | 0.02 | 0.31 | |
| Total liabilities | 313 | 474 | 471 | 420 | 374 | 324 | |
| Total debt | 4.03 | 0.05 | |||||
| Retained earnings | -114 | -327 | -320 | -274 | -249 | -239 | |
| Shareholders' equity | -102 | -161 | -149 | -99.8 | -102 | -90.6 | |
| Minority interests | 0.04 | ||||||
| Total equity | -48.6 | -102 | -161 | -149 | -99.8 | -102 | -90.6 |
| Total liabilities and equity | 212 | 313 | 322 | 321 | 272 | 233 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -35.5 | -0.75 | -117 | 7.41 | 46.1 | 25.5 | 69.3 |
| Depreciation and amortization | 0.29 | 0.56 | 2.54 | 6.9 | 6.28 | 6.18 | 6.85 |
| Cash from operations | 15 | 121 | 106 | 116 | 18 | 28.5 | 29.4 |
| Capital expenditures | -0.02 | -0.15 | -1.1 | -0.99 | -0.74 | -0.34 | -0.31 |
| Cash from investing | -0.35 | 0.36 | -2.72 | -172 | -32.5 | 55.9 | -22.4 |
| Debt issued | 6.5 | ||||||
| Debt repaid | -2.42 | -3.98 | -0.05 | ||||
| Share buybacks | -33.1 | ||||||
| Dividends paid | -4.12 | -51.7 | -160 | -56 | |||
| Cash from financing | -0.16 | -56 | -43 | -1.9 | -1.95 | -44.9 | -57.4 |
| Exchange rate effect | 0.04 | 2.05 | -1.58 | 1.58 | 1.48 | -0.24 | 2.22 |
| Net change in cash | 14.5 | 64.9 | 59.8 | -57.6 | |||
| Free cash flow | 14.9 | 120 | 104 | 115 | 17.2 | 28.2 | 29.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 17.6% | Operating income / revenue. |
| EBITDA margin | 19.3% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 18.5% | Pre-tax income / revenue. |
| Net margin | 17.1% | Net income / revenue. |
| FCF margin | 7.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 7.3% | Cash from operations / revenue. |
| Effective tax rate | 7.2% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 27.4% | Net income / average total assets. |
| Capex / revenue | 0.1% | Capital expenditures / revenue. |
| D&A / revenue | 1.7% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -3.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -5.5% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 9.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 75.6% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 55.7% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 67.1% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 44.7% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 171.5% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 111.7% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | 173.2% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 116.8% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 3.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -36.7% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -24.6% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 3.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -36.7% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -24.7% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -14.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -10.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 2.0% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 0.67x | Current assets / current liabilities. |
| Quick ratio | 0.65x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.47x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 138.9% | Total liabilities / total assets. |
| Interest coverage | 161x | Operating income / interest expense. |
| Working capital | -$76.8M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 1.1% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$93.1M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.60x | Revenue / average total assets. |
| Fixed asset turnover | 414x | Revenue / average property, plant and equipment. |
| Receivables turnover | 9.44x | Revenue / average receivables. |
| Days sales outstanding | 39 days | 365 x average receivables / revenue. |
| FCF conversion | 42.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 1.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $3.77 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $3.82 | Net income per basic share, as reported (split-adjusted). |
| Payout ratio | 80.8% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 192.2% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $203.6M | Share price x shares outstanding. |
| Enterprise value | $95.3M | Market cap + total debt - cash - short-term investments. |
| P/E | 2.94x | Market cap / net income. Only when net income is positive. |
| P/S | 0.50x | Market cap / revenue. |
| P/FCF | 6.99x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 6.92x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.24x | Enterprise value / revenue. |
| EV/EBIT | 1.34x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 1.22x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 3.27x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 14.3% | Free cash flow / market cap. |
| Earnings yield | 34.0% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 27.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 27.5% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.03x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was GDEV Inc.'s revenue in fiscal 2025?
GDEV Inc. reported revenue of $404.3M for fiscal 2025, 3.9% lower than the year before.
Was GDEV Inc. profitable in fiscal 2025?
Yes. Net income was $69.3M, a net margin of 17.1%.
How much free cash flow did GDEV Inc. generate in fiscal 2025?
Cash from operations of $29.4M minus capital expenditures of $311.0K left free cash flow of $29.1M.