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Nexters
(NASDAQ:GDEV)
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Rating:62Neutral
Price Target:
$10.00
▼(-7.58% Downside)
Action:Reiterated
Date:09/12/26
The score is anchored by solid fundamentals—strong margins, robust free cash flow, and minimal debt—but is held back by sustained revenue contraction, weakening bookings/paying-user KPIs, and a structurally weak balance sheet due to negative equity. Very low P/E supports the score, while the technical setup remains bearish with the price below key moving averages.
Positive Factors
Strong Profitability
High and improving margins demonstrate a scalable operating model and provide resilience even while revenue contracts. Strong gross and operating profitability can support reinvestment, preserve earnings power, and give management flexibility to fund the live-service portfolio.
Negative Factors
Sustained Revenue and KPI Contraction
Multi-period revenue declines alongside weaker bookings and paying-user trends indicate pressure on both engagement and monetization, not merely a temporary margin fluctuation. Persistent deterioration could reduce the scale of the franchise ecosystem and make future growth increasingly dependent on efficient retention.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
High and improving margins demonstrate a scalable operating model and provide resilience even while revenue contracts. Strong gross and operating profitability can support reinvestment, preserve earnings power, and give management flexibility to fund the live-service portfolio.
Read all positive factors
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.
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The Fly
The FlyNexters (GDEV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$182.67M
Dividend Yield21.33%
Average Volume (3M)1.47K
Price to Earnings (P/E)2.4
Beta (1Y)1.15
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees488
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)4.14
Shares Outstanding18,176,603
10 Day Avg. Volume1,161
30 Day Avg. Volume1,472
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)-3.00
Price to Sales (P/S)0.67
P/FCF Ratio9.34
Enterprise Value/Market Cap0.62
Enterprise Value/Revenue0.30
Enterprise Value/Gross Profit0.46
Enterprise Value/Ebitda1.37
Forecast
1Y Price Target
$70.00Price Target Upside546.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.4
Revenue Forecast (FY)$428.00M
Nexters Business Overview & Revenue Model
Company Description
GDEV Inc. operates as a global interactive entertainment firm, specializing in the development and provision of a diverse portfolio of digital games. Its offerings span various platforms, including desktop computers, mobile devices, web browsers, ...
Nexters Earnings Call Summary
Earnings Call Date:Nov 14, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Nov 12, 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
71
Positive
Balance Sheet
38
Negative
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 380.14M | 404.35M | 420.93M | 464.55M | 479.69M | 434.09M |
| Gross Profit | 245.76M | 262.93M | 278.92M | 303.86M | 302.71M | 297.92M |
| EBITDA | 82.34M | 81.63M | 36.43M | 56.68M | 18.55M | -113.69M |
| Net Income | 75.06M | 69.33M | 25.53M | 46.12M | 7.30M | -117.44M |
Balance Sheet | ||||||
| Total Assets | 240.34M | 233.11M | 272.20M | 320.55M | 322.04M | 312.98M |
| Cash, Cash Equivalents and Short-Term Investments | 121.49M | 104.32M | 134.81M | 156.03M | 137.14M | 142.80M |
| Total Debt | 1.74M | 1.09M | 1.30M | 2.44M | 1.19M | 1.93M |
| Total Liabilities | 292.03M | 323.68M | 373.73M | 420.37M | 470.82M | 474.03M |
| Stockholders Equity | -51.69M | -90.56M | -101.53M | -99.81M | -148.78M | -161.09M |
Cash Flow | ||||||
| Free Cash Flow | 50.13M | 29.13M | 28.09M | 17.20M | 115.02M | 104.08M |
| Operating Cash Flow | 50.31M | 29.45M | 28.52M | 17.95M | 116.08M | 105.52M |
| Investing Cash Flow | -10.44M | -22.40M | 55.90M | -32.46M | -171.78M | -2.72M |
| Financing Cash Flow | -102.65K | -57.40M | -44.94M | -1.95M | -1.90M | -42.98M |
Nexters Technical Analysis
Negative
10.82
Price Trends
11.09
Negative
11.73
Negative
13.72
Negative
Market Momentum
-0.37
Positive
40.70
Neutral
12.55
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 10.82 is below the 20-day moving average (MA) of 10.85, below the 50-day MA of 11.09, and below the 200-day MA of 13.72, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 40.70 is Neutral, neither overbought nor oversold. The STOCH value of 12.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $673.93M | 5.39 | 12.93% | 2.48% | 13.89% | 18.17% | |
79 Outperform | $72.47B | 14.97 | 20.04% | 2.57% | 9.83% | -2.22% | |
67 Neutral | $5.52B | 24.10 | 9.84% | ― | 10.34% | 620.66% | |
62 Neutral | $182.67M | 2.43 | -88.88% | 21.33% | ― | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
49 Neutral | $785.72M | -2.82 | 82.92% | 19.42% | 5.84% | -421.33% | |
46 Neutral | $56.22M | -1.29 | -20.93% | ― | -13.26% | -46.94% |
* Communication Services Sector Average
GDEV
Nexters
10.05
-14.24
-58.62%
NTES
NetEase
114.09
-27.66
-19.51%
BILI
Bilibili
13.11
-18.48
-58.50%
DDI
Doubledown Interactive Co
13.60
4.48
49.12%
MYPS
PLAYSTUDIOS
4.68
-4.82
-50.74%
PLTK
Playtika Holding
2.06
-1.65
-44.41%
Nexters Corporate Events
GDEV Inc. Shareholders Back Board and New BVI Governance Structure at August 28 AGM
Aug 28, 2026
On August 28, 2026, GDEV Inc. held its annual general meeting at its Limassol offices, where shareholders approved all proposals on the agenda. Independent directors Marie Holive, Andrew Sheppard, and Tal Shoham were each re-elected with overwhelm...
GDEV Cuts Marketing to Lift Profit Despite Revenue Drop in First Half 2026
Aug 21, 2026
On August 21, 2026, GDEV Inc. reported unaudited results for the second quarter and first half of 2026, showing a sharp revenue decline but higher profitability as it tightened spending. Second-quarter revenue fell 22% year-on-year to $94 million ...
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.