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Devolver Digital, Inc.
(LSE:DEVO)
Select Model
Select Model
Rating:53Neutral
Price Target:
16.00 p
▲(0.00% Upside)
Action:Reiterated
Date: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 for a publisher business that faces hit-driven revenue volatility. Minimal debt lowers financing risk, supports funding of publishing advances or acquisitions, and preserves optionality across cycles.
Negative Factors
Persistent net losses
Sustained net losses over multiple years mean shareholders have not yet seen consistent returns and underlying cost structure or revenue mix may not yet support stable profits. This constrains reserves for dividends, buybacks, or large strategic investments absent cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and substantial equity provide durable financial flexibility for a publisher business that faces hit-driven revenue volatility. Minimal debt lowers financing risk, supports funding of publishing advances or acquisitions, and preserves optionality across cycles.
Read all positive factors
Devolver Digital, Inc. (DEVO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£79.30M
Dividend YieldN/A
Average Volume (3M)142.45K
Price to Earnings (P/E)―
Beta (1Y)-0.03
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 Upside71.88% 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
Founded in 2008, Devolver Digital, Inc. operates from its headquarters in Wilmington, Delaware, focusing on the creation and distribution of video games. The company's titles are made available for personal computers and mobile platforms, reaching...
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
16.00
Price Trends
18.82
Negative
20.58
Negative
22.69
Negative
Market Momentum
-0.56
Negative
27.93
Positive
19.70
Positive
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 16 is below the 20-day moving average (MA) of 17.17, below the 50-day MA of 18.82, and below the 200-day MA of 22.69, indicating a bearish trend. The MACD of -0.56 indicates Negative momentum. The RSI at 27.93 is Positive, neither overbought nor oversold. The STOCH value of 19.70 is Positive, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | £151.61M | 8.39 | 21.13% | ― | 15.81% | 26.32% | |
71 Outperform | £83.58M | 15.32 | 15.38% | ― | 10.22% | -32.00% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | £37.36M | -19.12 | -8.26% | ― | -0.92% | 85.78% | |
55 Neutral | £165.60M | -77.65 | -6.04% | ― | -12.14% | -117.78% | |
53 Neutral | £79.30M | -6.18 | -10.73% | ― | -0.58% | -140.19% | |
47 Neutral | £2.14M | 3.60 | -200.26% | ― | -39.71% | 33.33% |
* Communication Services Sector Average
GB:DEVO
Devolver Digital, Inc.
16.00
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GB:TBLD
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Devolver Digital, Inc. Corporate Events
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.