CD Projekt (OTGLY)
OTHER OTC:OTGLY
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CD Projekt
(OTC:OTGLY)
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Rating:67Neutral
Price Target:
$18.00
▲(8.17% Upside)
Action:ReiteratedDate:03/22/26
The score is primarily driven by strong financial strength and profitability, led by a very conservative balance sheet. This is tempered by weakening recent revenue and uneven free-cash-flow conversion, while technical signals are bearish (below key moving averages with negative MACD) and valuation is constrained by a relatively high P/E with only a modest dividend yield.
Positive Factors
Conservative Balance Sheet
Extremely low leverage and a large equity base give CD Projekt durable financial flexibility: it can fund long game development cycles, absorb earnings volatility from hit-driven releases, and avoid costly external financing during multi-year production phases.
Negative Factors
Declining Revenue Trend
A multi-quarter decline in revenue erodes the base for profitable recurring sales and increases dependence on future blockbuster releases. Over 2–6 months this weakens visibility into sustainable top-line growth and makes planning for R&D and publishing spend harder.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low leverage and a large equity base give CD Projekt durable financial flexibility: it can fund long game development cycles, absorb earnings volatility from hit-driven releases, and avoid costly external financing during multi-year production phases.
Read all positive factors
CD Projekt (OTGLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.66B
Dividend Yield0.41%
Average Volume (3M)1.24K
Price to Earnings (P/E)47.7
Beta (1Y)0.96
Revenue Growth5.50%
EPS Growth35.59%
CountryUS
Employees634
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.12
Shares Outstanding399,642,030
10 Day Avg. Volume0
30 Day Avg. Volume1,236
Financial Highlights & Ratios
PEG Ratio7.26
Price to Book (P/B)7.31
Price to Sales (P/S)28.97
P/FCF Ratio46.65
Enterprise Value/Market Cap3.63
Enterprise Value/Revenue29.23
Enterprise Value/Gross Profit32.60
Enterprise Value/Ebitda47.85
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CD Projekt Business Overview & Revenue Model
Company Description
CD Projekt is a Polish video game developer and publisher, best known for its critically acclaimed role-playing game series, The Witcher, and the open-world game Cyberpunk 2077. Founded in 1994, the company operates primarily in the entertainment ...
How the Company Makes Money
CD Projekt primarily makes money by selling video games and related content it develops and publishes. Key revenue streams include: (1) Full game sales (digital and physical): Revenue from initial releases of its flagship titles (e.g., The Witcher...
CD Projekt Earnings Call Summary
Earnings Call Date:May 28, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Jun 01, 2026
Earnings Call Sentiment Positive
The earnings call highlighted several positive developments, including successful product launches and strong sales figures for existing titles. Financial performance was robust, with notable profit and strategic decisions regarding dividends and share buybacks. However, increased operating costs and high income tax adjustments posed challenges. The positive aspects significantly outweighed the negatives.Positive Updates
Cyberpunk 2077 Ultimate Edition Launch
Cyberpunk 2077 Ultimate Edition is set to be a launch title for the Nintendo Switch 2 on June 5, 2025, marking a significant milestone as the first time one of CD PROJEKT's games will debut on a new platform.
Negative Updates
High Income Tax Adjustments
A relatively high income tax of nearly PLN22 million was recorded for Q1 2025, mainly due to adjustments relating to prior years, impacting net results.
Read all updates
Q1-2025 Updates
Positive
Negative
Cyberpunk 2077 Ultimate Edition Launch
Cyberpunk 2077 Ultimate Edition is set to be a launch title for the Nintendo Switch 2 on June 5, 2025, marking a significant milestone as the first time one of CD PROJEKT's games will debut on a new platform.
Read all positive updates
Company Guidance
During the Q1 2025 Earnings Conference Call held on May 28, CD PROJEKT provided several key metrics and guidance. They announced that the Cyberpunk 2077 Ultimate Edition would be a launch title for the Nintendo Switch 2 on June 5, 2025, marking the company's first game to be a launch title on a new platform. The Phantom Liberty expansion for Cyberpunk 2077 surpassed 10 million copies sold worldwide within just over 20 months since its release. The Witcher 3: Wild Hunt celebrated its tenth anniversary, with global sales exceeding 60 million copies and generating PLN2.4 billion in revenue. The company's development team has grown to over 730 developers, with 420 focused on The Witcher 4, which is in production, while Cyberpunk 2 has moved into preproduction. Financially, CD PROJEKT reported Q1 2025 sales revenue of PLN226 million, consistent with the previous year, and a net profit of PLN86 million, with a group net profitability of 38%. They also proposed a dividend of nearly PLN100 million from 2024 profits and a share buyback program valued at around PLN20 million.CD Projekt Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 828.73M | 985.03M | 1.23B | 952.58M | 888.17M |
| Gross Profit | 743.01M | 737.88M | 849.63M | 708.60M | 637.94M |
| EBITDA | 506.14M | 448.49M | 553.33M | 514.32M | 329.12M |
| Net Income | 503.58M | 469.87M | 481.11M | 347.09M | 208.91M |
Balance Sheet | |||||
| Total Assets | 3.50B | 3.04B | 2.61B | 2.27B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 634.00M | 1.19B | 878.98M | 894.67M | 984.35M |
| Total Debt | 26.00M | 20.15M | 20.04M | 28.46M | 46.88M |
| Total Liabilities | 213.15M | 241.76M | 209.95M | 240.72M | 264.38M |
| Stockholders Equity | 3.29B | 2.80B | 2.40B | 2.03B | 1.89B |
Cash Flow | |||||
| Free Cash Flow | 514.65M | 173.84M | 280.07M | 149.93M | 784.46M |
| Operating Cash Flow | 609.77M | 521.30M | 610.88M | 406.03M | 967.83M |
| Investing Cash Flow | -499.21M | -470.55M | -607.35M | -335.61M | -613.79M |
| Financing Cash Flow | -120.86M | -103.92M | -103.31M | -204.18M | -505.78M |
CD Projekt Technical Analysis
Negative
16.64
Price Trends
17.04
Negative
16.99
Negative
17.38
Negative
Market Momentum
-0.21
Negative
50.69
Neutral
90.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OTGLY, the sentiment is Negative. The current price of 16.64 is above the 20-day moving average (MA) of 16.32, below the 50-day MA of 17.04, and below the 200-day MA of 17.38, indicating a neutral trend. The MACD of -0.21 indicates Negative momentum. The RSI at 50.69 is Neutral, neither overbought nor oversold. The STOCH value of 90.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OTGLY.
CD Projekt Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $443.50M | 4.17 | 11.28% | ― | 1.21% | 0.72% | |
70 Outperform | $51.04B | 145.12 | 11.05% | 0.37% | -1.45% | -11.99% | |
67 Neutral | $6.66B | 47.68 | 17.39% | 0.41% | 5.50% | 35.59% | |
65 Neutral | $9.50B | 62.04 | 8.04% | ― | 16.84% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $36.73B | -126.36 | -126.41% | ― | 13.98% | -6.71% | |
50 Neutral | $1.19B | -7.20 | 119.44% | 9.98% | 7.49% | -60.32% |
* Communication Services Sector Average
OTGLY
CD Projekt
16.46
2.79
20.46%
EA
Electronic Arts
203.95
71.99
54.55%
TTWO
Take-Two
198.33
2.08
1.06%
BILI
Bilibili
22.98
8.10
54.44%
DDI
Doubledown Interactive Co
8.95
-0.12
-1.32%
PLTK
Playtika Holding
3.14
-1.07
-25.34%
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.