Nexters (GDEV) AI Stock Analysis

• Market Cap: $301.68M
• Dividend Yield: 19.89%
• Average Volume (3M): 18.48K
• Price to Earnings (P/E): 7.5
• Beta (1Y): 0.93
• 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: 0.68
• Enterprise Value/Revenue: 0.50
• Enterprise Value/Gross Profit: 0.76
• Enterprise Value/Ebitda: 2.78
• 1Y Price Target: $70.00
• Price Target Upside: 320.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: $26.00 ▲(56.25% Upside)

Nexters' overall stock score is primarily driven by its strong valuation metrics, including a low P/E ratio and high dividend yield, which suggest potential undervaluation. However, financial performance concerns, particularly negative equity and declining revenues, weigh on the score. Technical indicators are mixed, with some short-term bullish signals but overall caution due to negative MACD.

Positive Factors

Cash Flow Management

Strong cash flow management indicates efficient operations and financial resilience, providing a stable foundation for future investments and growth.

Operational Efficiency

Improved operational efficiency and focus on high-value user acquisition enhance profitability, indicating effective cost management and strategic execution.

Gross Profit Margin

A strong gross profit margin reflects the company's ability to maintain pricing power and cost control, supporting long-term profitability.

Negative Factors

Declining Revenue

Declining revenue poses a challenge to growth and market position, potentially impacting the company's ability to invest in new opportunities.

Negative Equity

Negative equity suggests financial instability, limiting the company's ability to leverage for expansion and posing a risk to long-term viability.

Decline in User Acquisition

A decline in user acquisition affects revenue potential and market share, challenging the company's growth trajectory in a competitive industry.

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

Nexters shows strong cash flow management with positive trends, but faces challenges with declining revenues and negative equity, raising concerns about long-term financial sustainability.

Income Statement

Nexters has experienced fluctuating revenue with a recent decline from $464.5M in 2023 to $420.9M in 2024. The gross profit margin remains strong at approximately 66.3% for 2024. However, the net profit margin decreased from 9.9% in 2023 to 6.1% in 2024. Notably, EBIT and EBITDA margins were impacted by declining revenues, reflecting operational challenges.

Balance Sheet

The balance sheet reveals significant weaknesses, particularly with negative stockholders' equity of -$101.5M in 2024, indicating potential financial instability. The debt-to-equity ratio is not applicable due to negative equity. While the company has managed to maintain low levels of debt, high liabilities pose a risk to financial health.

Cash Flow

Nexters shows positive cash flow trends with free cash flow growth from $17.2M in 2023 to $28.1M in 2024. The operating cash flow to net income ratio improved, indicating efficient cash generation relative to net income. However, the company faces challenges with volatile investing and financing cash flows.

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: 16.64
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 16.64 is below the 20-day moving average (MA) of 19.24, below the 50-day MA of 22.87, and below the 200-day MA of 17.36, indicating a bearish trend. The MACD of -1.52 indicates Positive momentum. The RSI at 41.27 is Neutral, neither overbought nor oversold. The STOCH value of 2.90 is Positive, 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	80 Outperform	$448.46M	3.83	12.55%	―	1.21%	0.72%
PLTK	66 Neutral	$1.59B	18.30	―	9.73%	7.49%	-60.32%
GDEV	63 Neutral	$301.68M	7.48	―	19.89%	―	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
GMGI	56 Neutral	$120.05M	-19.73	-4.94%	―	53.06%	-196.63%
MYPS	46 Neutral	$89.08M	-2.23	-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.