Devolver Digital, Inc. (GB:DEVO)
LSE:DEVO
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Devolver Digital, Inc.
(LSE:DEVO)
Select Model
Select Model
Rating:53Neutral
Price Target:
22.50 p
▼(-6.25% Downside)
Action:ReiteratedDate:04/15/26
The score is driven by improving financial momentum and a very conservative balance sheet (strong cash flow recovery in 2025 and minimal debt), but it is held back by continued net losses, compressed margins, and bearish technical signals (below key moving averages with negative MACD).
Positive Factors
Conservative balance sheet
Very low leverage and substantial equity provide durable financial flexibility. This allows consistent funding of marketing, supporting external studios, and weathering hit-driven revenue cycles without immediate financing needs, preserving strategic optionality over months.
Negative Factors
Persistent net losses
Repeated multi-year net losses mean capital has not produced consistent profits, constraining shareholder returns and increasing sensitivity to release timing. Over 2–6 months this limits ability to accelerate strategic spend without clear path to sustained profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and substantial equity provide durable financial flexibility. This allows consistent funding of marketing, supporting external studios, and weathering hit-driven revenue cycles without immediate financing needs, preserving strategic optionality over months.
Read all positive factors
Devolver Digital, Inc. (DEVO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£102.23M
Dividend YieldN/A
Average Volume (3M)142.45K
Price to Earnings (P/E)―
Beta (1Y)0.02
Revenue Growth-0.58%
EPS Growth-140.19%
CountryUK
Employees235
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding475,471,130
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.02
Revenue Forecast (FY)£115.49M
Devolver Digital, Inc. Business Overview & Revenue Model
Company Description
Devolver Digital Inc. develops video games for release on PC and mobile in the United States and internationally. It publishes video games. The company was founded in 2008 and is based in Wilmington, Delaware....
How the Company Makes Money
Devolver Digital primarily makes money by publishing third-party video games and earning a share of the revenue generated from sales of those games. Under typical publishing arrangements, the company funds and/or supports development, marketing, a...
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 | 42.65M | 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 | -13.98M | -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
24.00
Price Trends
23.96
Negative
24.08
Negative
24.34
Negative
Market Momentum
-0.62
Positive
25.18
Positive
27.78
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 24 is above the 20-day moving average (MA) of 22.64, above the 50-day MA of 23.96, and below the 200-day MA of 24.34, indicating a bearish trend. The MACD of -0.62 indicates Positive momentum. The RSI at 25.18 is Positive, neither overbought nor oversold. The STOCH value of 27.78 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | £94.43M | 19.60 | 15.38% | ― | 10.22% | -33.00% | |
63 Neutral | £110.45M | 6.19 | 21.13% | ― | 15.81% | 26.32% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | £30.48M | -11.49 | -8.26% | ― | -0.92% | 85.78% | |
55 Neutral | £157.81M | -71.31 | -6.04% | 1.09% | -12.14% | -117.39% | |
53 Neutral | £102.23M | -9.40 | -6.37% | ― | -0.58% | -140.19% | |
49 Neutral | £3.05M | -1.64 | -169.50% | ― | -39.71% | 33.33% |
* Communication Services Sector Average
GB:DEVO
Devolver Digital, Inc.
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Devolver Digital, Inc. Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Devolver Digital Publishes 2025 Annual Report and Accounts
Neutral
Apr 15, 2026
Devolver Digital has released its Annual Report and Accounts for the year ended 31 December 2025, providing shareholders and investors with updated financial and operational information. The report is now available for download on the company̵...
Business Operations and StrategyFinancial Disclosures
Devolver Digital Lifts Profitability and Cash Flow on Strong Indie Pipeline
Positive
Apr 9, 2026
Devolver Digital reported modest 3% revenue growth to $107.9 million in 2025 and a 39% rise in adjusted EBITDA to $7.1 million, driven by 15 new releases, strong front catalogue performance and tight cost control, even as it remained loss-making o...
Business Operations and Strategy
Devolver Digital Schedules Live Investor Presentation for April 13
Positive
Mar 30, 2026
Devolver Digital, Inc., the AIM-quoted indie video game publisher and developer, will host a live investor presentation on 13 April 2026 via the Investor Meet Company platform, led by its CEO, COO and CFO. The event is open to existing and potenti...
Executive/Board Changes
Devolver Digital Plans Audit Chair Transition as Long-Serving Director Resigns
Neutral
Mar 30, 2026
Devolver Digital, Inc., the indie-focused video games publisher and developer listed on AIM, operates a portfolio of more than 145 released titles and over 30 games in development, combining third-party and first-party IP. The company targets the ...
Business Operations and StrategyFinancial Disclosures
Devolver Digital Sets Date for Release of 2025 Preliminary Results
Neutral
Mar 30, 2026
Devolver Digital, Inc., the AIM-listed indie video game publisher and developer, will release its unaudited preliminary full-year 2025 results on April 9, 2026. Management will host an invitation-only analyst presentation in conjunction with the a...
Business Operations and StrategyFinancial Disclosures
Devolver Digital Lifts 2025 Revenue Above $100 Million as New Releases Drive Momentum
Positive
Feb 9, 2026
Devolver Digital, Inc., an indie-focused video game publisher and developer, reported improved full-year 2025 performance, with revenues exceeding $100 million and underlying adjusted EBITDA in the double-digit millions, supported by strong second...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Devolver Digital Seeks AIM Block Listing to Cover Employee Share Incentive Plans
Neutral
Feb 2, 2026
Devolver Digital has applied for a block listing of 10 million ordinary shares on AIM, to be issued from treasury stock to satisfy employee options and awards under its share incentive and long-term incentive plans. The new shares, which will rank...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Devolver Digital Files AIM Block Listing to Support Employee Share Plans
Positive
Feb 2, 2026
Devolver Digital has applied for a block listing of 10 million ordinary shares on AIM, drawn from its treasury stock, to streamline the admission of shares arising from its employee Share Incentive Programmes and Long-Term Incentive Plan. The shar...
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.