Nexters (GDEV) AI Stock Analysis

• Market Cap: $344.29M
• Dividend Yield: 18.48%
• Average Volume (3M): 18.48K
• Price to Earnings (P/E): 8.3
• Beta (1Y): 0.84
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 589
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 1.33
• Shares Outstanding: 18,130,090
• 10 Day Avg. Volume: 16,804
• 30 Day Avg. Volume: 18,485
• PEG Ratio: -0.34
• Price to Book (P/B): -3.47
• Price to Sales (P/S): 0.84
• P/FCF Ratio: 12.53
• Enterprise Value/Market Cap: 0.78
• Enterprise Value/Revenue: 0.65
• Enterprise Value/Gross Profit: 1.00
• Enterprise Value/Ebitda: 3.63
• 1Y Price Target: $70.00
• Price Target Upside: 293.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: $21.00 ▲(18.11% Upside)

The score is primarily held back by financial quality concerns—most notably the large negative equity position and declining revenue/bookings trends—despite solid margins and positive free cash flow. Technicals add meaningful support with strong trend and positive momentum, and valuation is favorable with a low P/E and very high dividend yield.

Positive Factors

Strong profit margins

Sustained high gross and operating margins indicate durable unit economics for free‑to‑play titles. Strong margins provide an ongoing cushion to fund live‑ops content, R&D and efficient user acquisition, helping maintain profitability even if top‑line growth is modest.

Robust free cash flow

High FCF and near‑one‑to‑one conversion of earnings into cash support sustainable reinvestment in game updates, platform operations and shareholder returns. Reliable cash generation enhances strategic flexibility and reduces reliance on external financing over the medium term.

Very low financial leverage

Minimal debt lowers fixed financial obligations and interest exposure, increasing resilience to demand shocks. Low leverage preserves capacity to finance content development or M&A organically and reduces insolvency risk during cyclical downturns in player spend.

Negative Factors

Deep negative shareholders' equity

A materially negative equity base weakens the balance‑sheet buffer, limiting capacity to absorb losses or fund growth without dilutive financing. It can constrain access to debt markets, elevate refinancing risk, and force equity issuance that dilutes long‑term holders if capital is needed.

Declining revenue and user KPIs

Falling top‑line and weakening paying‑user metrics signal structural challenges in acquiring or retaining high‑value players. Without new hit titles or improved monetization, sustained revenue declines can erode scale, reduce lifetime value and pressure margins over the coming quarters.

Shrinking asset base and cash volatility

A contracting balance sheet and less consistent operating cash flow suggest reduced scale or asset write‑downs, which can limit the firm’s ability to fund long‑term live‑ops investments. Volatile cash generation increases execution risk for content pipelines and slows growth initiatives.

Nexters Business Overview & Revenue Model

Company Description

GDEV Inc. operates as a gaming and entertainment company in the United States, Europe, Asia, and internationally. It develops desktop, mobile, web, and social games. The company was formerly known as Nexters Inc. and changed its name to GDEV Inc. in June 2023. GDEV Inc. was founded in 2010 and is headquartered in Limassol, Cyprus.

How the Company Makes Money

Nexters generates revenue primarily through the sale of in-game purchases and premium content within its games, leveraging a freemium model that allows players to download games for free while offering optional purchases to enhance their gaming experience. Additionally, the company earns revenue from advertising within its games, including banner ads and video ads, which are integrated into the gameplay. Key partnerships with advertising networks and other gaming platforms help boost its visibility and user acquisition. Nexters also explores collaborations with other developers and publishers to co-develop games or share resources, which can further enhance its revenue potential.

Nexters Financial Statement Overview

Summary

Profitability and cash generation are positives (TTM gross margin ~65%, operating margin ~17%, positive free cash flow ~$15.6M with strong FCF-to-net-income conversion). However, revenue is slightly down in TTM (~-3%) and key KPIs point to weakening demand (declining bookings and monthly paying users). The largest risk is balance-sheet quality: despite minimal debt, stockholders’ equity is deeply negative (TTM about -$105M), which weakens financial resilience.

Income Statement

TTM (Trailing-Twelve-Months) profitability is solid with strong gross margin (~65%) and improved operating performance (operating margin ~17%) versus 2024 (operating margin ~7%). Net margin also improved to ~13% in TTM from ~6% in 2024, showing better cost control and monetization. The key weakness is growth: revenue is down slightly in TTM (~-3%) and has been declining for several years after earlier peaks, which raises questions about top-line momentum despite better margins.

Balance Sheet

Debt is very low (about $1–2M across periods), which limits financial risk from leverage. However, stockholders’ equity is consistently negative (TTM about -$105M), a meaningful balance-sheet weakness that can constrain flexibility and elevates risk perception. Total assets have also trended down from 2022–2024, suggesting a shrinking balance-sheet base alongside the negative equity position.

Cash Flow

Free cash flow is positive in TTM (~$15.6M) and grew strongly versus the prior period (free cash flow growth ~23%), and free cash flow is close to net income (about ~97%), indicating earnings are largely backed by cash. The main concern is volatility: operating cash flow in TTM (~$16.0M) is notably lower than 2024 (~$28.5M) and far below 2022 levels, pointing to less consistent cash generation even though the company remains cash-flow positive.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	412.00M	420.93M	464.55M	479.69M	434.09M	260.89M
Gross Profit	269.73M	278.92M	303.86M	302.71M	297.92M	168.34M
EBITDA	74.04M	36.65M	56.68M	19.14M	-113.69M	672.00K
Net Income	52.39M	25.53M	46.12M	7.30M	-117.44M	-751.00K
Balance Sheet
Total Assets	220.67M	272.20M	320.55M	322.04M	312.98M	211.55M
Cash, Cash Equivalents and Short-Term Investments	90.24M	134.81M	156.03M	137.14M	142.80M	84.56M
Total Debt	1.30M	1.30M	2.44M	1.19M	1.93M	1.16M
Total Liabilities	325.69M	373.73M	420.37M	470.82M	474.03M	313.46M
Stockholders Equity	-105.02M	-101.53M	-99.81M	-148.78M	-161.09M	-101.91M
Cash Flow
Free Cash Flow	15.56M	28.09M	17.20M	115.02M	104.08M	120.48M
Operating Cash Flow	16.05M	28.52M	17.95M	116.08M	105.52M	120.62M
Investing Cash Flow	22.51M	55.90M	-32.46M	-171.78M	-2.72M	361.00K
Financing Cash Flow	4.22M	-44.94M	-1.95M	-1.90M	-42.98M	-56.05M

Nexters Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17.78
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GDEV, the sentiment is Negative. The current price of 17.78 is above the 20-day moving average (MA) of 17.12, above the 50-day MA of 17.76, and below the 200-day MA of 17.92, indicating a neutral trend. The MACD of 0.78 indicates Negative momentum. The RSI at 49.42 is Neutral, neither overbought nor oversold. The STOCH value of 53.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GDEV.

Nexters Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DDI	79 Outperform	$439.04M	3.82	12.55%	―	1.21%	0.72%
GDEV	69 Neutral	$344.29M	8.29	―	18.48%	―	―
PLTK	66 Neutral	$1.37B	15.70	―	9.98%	7.49%	-60.32%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
GMGI	57 Neutral	$99.02M	-17.07	-4.94%	―	53.06%	-196.63%
MYPS	46 Neutral	$72.98M	-2.02	-14.82%	―	-17.17%	-51.88%

Nexters Corporate Events

GDEV Reports Q3 2025 Financial Results with Increased Profit Despite Revenue Decline

On November 24, 2025, GDEV Inc. announced its financial results for the third quarter and first nine months of 2025. The company reported a 12% year-over-year decrease in revenue for the third quarter, amounting to $98 million, attributed to a decline in consumer spending and a strategic shift towards more disciplined marketing. Despite the revenue drop, GDEV achieved a net profit of $24 million, up from $15 million in the same quarter of the previous year, and an adjusted EBITDA of $26 million, reflecting improved operational efficiency and a focus on high-value user acquisition. The company’s strategic adjustments resulted in reduced selling and marketing expenses by 43%, highlighting a shift towards attracting higher-quality users.

The most recent analyst rating on (GDEV) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on Nexters stock, see the GDEV Stock Forecast page.