Nexters (GDEV)
NASDAQ:GDEV
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Nexters
(NASDAQ:GDEV)
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Rating:59Neutral
Price Target:
$15.50
▲(3.33% Upside)
Action:ReiteratedDate:02/04/26
The score is supported by strong margins and positive free cash flow plus attractive valuation (low P/E and high dividend yield). Offsetting this are balance-sheet weakness from persistent negative equity, soft/declining top-line and bookings-related KPIs, and a technically weak price trend below major moving averages.
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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Nexters (GDEV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$271.95M
Dividend Yield18.48%
Average Volume (3M)18.48K
Price to Earnings (P/E)3.9
Beta (1Y)0.87
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees589
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.64
Shares Outstanding18,130,090
10 Day Avg. Volume16,804
30 Day Avg. Volume18,485
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)-3.47
Price to Sales (P/S)0.84
P/FCF Ratio12.53
Enterprise Value/Market Cap0.80
Enterprise Value/Revenue0.53
Enterprise Value/Gross Profit0.81
Enterprise Value/Ebitda2.95
Forecast
1Y Price Target
$70.00Price Target Upside366.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.83
Revenue Forecast (FY)$430.35M
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. ...
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 ex...
Nexters Key Performance Indicators (KPIs)
Any
Bookings
Represents total revenue from user purchases, serving as a key indicator of overall financial health and growth trajectory.
Represents total revenue from user purchases, serving as a key indicator of overall financial health and growth trajectory.
Data provided by:
The Fly
The FlyNexters Earnings Call Summary
Earnings Call Date:Nov 14, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook. While there were significant achievements in terms of revenue growth, cash flow, leadership, and successful product launches, these were offset by year-over-year declines in revenue, bookings, net profit, and adjusted EBITDA. The company is focusing on long-term product improvements and geographical expansion, but current financial indicators show areas of concern.Positive Updates
Revenue Growth Exceeds Expectations
Revenue for Q3 2024 amounted to $111 million, reflecting a 5% growth quarter-over-quarter, and surpassed analysts' consensus on revenue and adjusted EBITDA.
Negative Updates
Year-over-Year Revenue Decline
Revenue for Q3 2024 declined by 9% year-over-year, primarily due to the decline in bookings.
Read all updates
Q3-2024 Updates
Positive
Negative
Revenue Growth Exceeds Expectations
Revenue for Q3 2024 amounted to $111 million, reflecting a 5% growth quarter-over-quarter, and surpassed analysts' consensus on revenue and adjusted EBITDA.
Read all positive updates
Company Guidance
During the GDEV Third Quarter 2024 Earnings Conference Call, the company reported a 5% quarter-over-quarter revenue growth, reaching $111 million, despite a 9% decline year-over-year. Bookings declined by 8% year-over-year to $93 million, attributed to strategic product improvements aimed at enhancing player experience and retention. Platform commissions decreased by 13% year-over-year, while marketing investments rose by $9 million to $52 million, aligning with efforts to increase marketing efficiency. The net profit for Q3 2024 was $15 million, down from $24 million the previous year, primarily due to increased marketing spend. Adjusted EBITDA stood at $16 million, reflecting a $13 million decrease year-over-year, although operating cash flows improved to $12 million from $8 million in Q3 2023. The company highlighted strategic geographic expansion, particularly in Europe, where bookings increased the region's share from 26% to 30%. Additionally, GDEV executed a one-for-ten reverse stock split and an at-the-market offering to enhance stock liquidity and market appeal. Overall, GDEV remains focused on sustainable growth through product evolution and marketing investments.Nexters Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
34
Negative
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2025 | Dec 2023 | Mar 2023 | 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 | 16.01M | 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
Neutral
15.00
Price Trends
15.81
Negative
17.08
Negative
17.99
Negative
Market Momentum
-0.28
Negative
50.90
Neutral
61.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GDEV, the sentiment is Neutral. The current price of 15 is above the 20-day moving average (MA) of 14.54, below the 50-day MA of 15.81, and below the 200-day MA of 17.99, indicating a neutral trend. The MACD of -0.28 indicates Negative momentum. The RSI at 50.90 is Neutral, neither overbought nor oversold. The STOCH value of 61.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GDEV.
Nexters Risk Analysis
Nexters disclosed 69 risk factors in its most recent earnings report. Nexters reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Use of generative artificial intelligence tools in our business may result in significant reputational harm and liability. Q4, 2023
Nexters Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $419.72M | 4.17 | 11.28% | ― | 1.21% | 0.72% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $271.95M | 3.94 | -62.85% | 18.48% | ― | ― | |
52 Neutral | $1.04B | -7.20 | 119.44% | 9.98% | 7.49% | -60.32% | |
49 Neutral | $57.61M | -2.86 | -15.36% | ― | -17.17% | -51.88% |
* Communication Services Sector Average
GDEV
Nexters
15.00
3.40
29.31%
NCTY
The9
5.30
-9.71
-64.69%
DDI
Doubledown Interactive Co
8.47
-1.43
-14.44%
MYPS
PLAYSTUDIOS
0.45
-0.82
-64.65%
PLTK
Playtika Holding
2.73
-2.06
-43.01%
Nexters Corporate Events
GDEV Reports Q3 2025 Financial Results with Increased Profit Despite Revenue Decline
Nov 24, 2025
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 dec...
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.