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Devolver Digital, Inc.
(LSE:DEVO)
Select Model
Select Model
Rating:53Neutral
Price Target:
8.00 p
▲(12.36% Upside)
Action:Reiterated
Date:08/11/26
The score is primarily supported by improving financial performance—strong recent revenue growth, a sharp rebound in operating cash flow, and a very conservatively levered balance sheet. However, the overall score is pulled down materially by very weak technicals (price far below all key moving averages with bearish momentum) and an earnings profile that still shows net losses (negative P/E), limiting valuation support.
Positive Factors
Accelerating Revenue Growth
The renewed top-line momentum indicates stronger demand and improved release performance across the publishing portfolio. Sustained growth can increase operating leverage and provide a broader revenue base for future titles.
Negative Factors
Persistent Net Losses
Repeated annual losses show that revenue growth has not yet translated into dependable bottom-line profitability. This limits internal capital accumulation and indicates that execution, title economics, or cost discipline still require improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
The renewed top-line momentum indicates stronger demand and improved release performance across the publishing portfolio. Sustained growth can increase operating leverage and provide a broader revenue base for future titles.
Read all positive factors
Devolver Digital, Inc. (DEVO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£40.89M
Dividend YieldN/A
Average Volume (3M)142.45K
Price to Earnings (P/E)―
Beta (1Y)-0.19
Revenue Growth-0.58%
EPS Growth-140.19%
CountryUK
Employees235
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.03
Shares Outstanding495,648,930
10 Day Avg. Volume210,216
30 Day Avg. Volume142,446
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)1.00
Price to Sales (P/S)1.39
P/FCF Ratio5.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£27.50Price Target Upside286.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.02
Revenue Forecast (FY)£115.87M
Devolver Digital, Inc. Business Overview & Revenue Model
Company Description
Devolver Digital, Inc. develops and publishes digital video games for PC, console, and mobile platforms. It also offers project and lifecycle management; development and production assistance; publishing; and technical and creative support service...
How the Company Makes Money
Devolver Digital primarily makes money by publishing and selling video games. Its revenue model is centered on (1) game sales and related digital revenue: earning a share of receipts from the sale of games it publishes on major digital platforms (...
Devolver Digital, Inc. Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
79
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 110.16M | 104.78M | 92.36M | 134.56M | 98.15M |
| Gross Profit | 32.89M | 30.07M | 24.52M | 22.50M | 39.23M |
| EBITDA | 27.03M | 18.84M | -3.90M | 13.80M | -56.73M |
| Net Income | -16.31M | -6.14M | -12.74M | -91.50M | 30.55M |
Balance Sheet | |||||
| Total Assets | 193.18M | 201.22M | 196.81M | 194.82M | 279.14M |
| Cash, Cash Equivalents and Short-Term Investments | 36.63M | 42.11M | 42.22M | 79.49M | 86.24M |
| Total Debt | 880.32K | 1.10M | 1.03M | 0.00 | 0.00 |
| Total Liabilities | 39.74M | 35.99M | 38.77M | 22.55M | 33.67M |
| Stockholders Equity | 153.75M | 165.54M | 158.12M | 170.73M | 245.54M |
Cash Flow | |||||
| Free Cash Flow | 30.58M | -8.44M | 11.68M | -2.42M | -50.25M |
| Operating Cash Flow | 30.80M | 22.26M | 11.73M | 30.29M | -15.90M |
| Investing Cash Flow | -37.26M | -30.70M | -45.97M | -32.71M | 60.46M |
| Financing Cash Flow | -391.04K | 10.21M | -5.50M | -1.72M | -1.85M |
Devolver Digital, Inc. Technical Analysis
Negative
7.12
Price Trends
14.93
Negative
18.24
Negative
21.37
Negative
Market Momentum
-2.40
Negative
26.26
Positive
64.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:DEVO, the sentiment is Negative. The current price of 7.12 is below the 20-day moving average (MA) of 10.54, below the 50-day MA of 14.93, and below the 200-day MA of 21.37, indicating a bearish trend. The MACD of -2.40 indicates Negative momentum. The RSI at 26.26 is Positive, neither overbought nor oversold. The STOCH value of 64.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:DEVO.
Devolver Digital, Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £82.18M | 14.88 | 15.38% | ― | 10.22% | -32.00% | |
72 Outperform | £154.56M | 8.15 | 21.13% | ― | 15.81% | 26.32% | |
62 Neutral | £43.26M | -22.39 | -8.26% | ― | -0.92% | 85.78% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
53 Neutral | £40.89M | -2.98 | -10.73% | ― | -0.58% | -140.19% | |
53 Neutral | £170.78M | -81.01 | -6.04% | ― | -12.14% | -117.78% | |
47 Neutral | £2.43M | -2.55 | -200.26% | ― | -39.71% | 33.33% |
* Communication Services Sector Average
GB:DEVO
Devolver Digital, Inc.
7.63
-15.88
-67.55%
GB:FDEV
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GB:GFIN
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GB:SAA
M&C Saatchi plc
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GB:TBLD
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76.00%
Devolver Digital, Inc. Corporate Events
Business Operations and StrategyStock BuybackDelistings and Listing ChangesShareholder Meetings
Devolver Digital to Delist from AIM and Launch $10 Million Share Tender Programme
Neutral
Aug 6, 2026
Devolver Digital has announced plans to cancel the admission of its shares to trading on AIM, subject to shareholder approval at a general meeting scheduled for early September in London. The move would end the company’s public quotation on ...
Business Operations and StrategyM&A Transactions
Devolver Digital Advances System Era Acquisition With Deferred Payment
Positive
Jul 23, 2026
Devolver Digital has completed $7.9 million of the $10 million deferred consideration linked to its 2023 acquisition of System Era Softworks, triggered by the Early Access launch of STARSEEKER: Astroneer Expeditions. The payment comprised 10,177,8...
Business Operations and StrategyShareholder Meetings
Devolver Digital Secures Shareholder Backing as All AGM Resolutions Pass
Positive
Jun 26, 2026
Devolver Digital, Inc., an award-winning indie video games publisher and developer registered in Wilmington, Delaware, focuses on premium titles and manages a portfolio combining third-party and first-party IP, with more than 150 published games a...
Business Operations and StrategyFinancial DisclosuresShareholder Meetings
Devolver Digital Lifts First-Half Outlook on Strong Sales, Eyes Profitable Cushion From 2026 Pipeline
Positive
Jun 26, 2026
Devolver Digital reported that first-half 2026 trading has exceeded expectations, with revenue projected to be at least 60% higher than the same period in 2025 and underlying adjusted EBITDA in the mid single-digit millions of U.S. dollars. The ou...
Business Operations and StrategyShareholder Meetings
Devolver Digital Publishes Notice of 2026 Annual Meeting in London
Neutral
Jun 4, 2026
Devolver Digital, Inc., an award-winning indie video games publisher and developer with a strong catalog of premium titles and an active pipeline of new releases, continues to build on its portfolio of third-party and proprietary IP. The company o...
Regulatory Filings and Compliance
Devolver Digital Keeps Block-Listed Shares Unused, Confirms Updated Share Count
Neutral
Jun 3, 2026
Devolver Digital reported that, under its existing block listing covering options granted under the 2017 Equity Incentive Plan and certain warrants, no additional securities were issued or allotted during the period from November 18, 2025, to May ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.