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CD Projekt
(OTC:OTGLY)
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Rating:70Outperform
Price Target:
$17.00
▲(5.59% Upside)
Action:Reiterated
Date:09/07/26
The score is primarily supported by excellent financial fundamentals (very high margins, low leverage, healthy returns) and a strongly positive earnings call highlighting growth, liquidity, and a visible multi-year pipeline. Offsetting this, technical indicators show clear bearish momentum, while valuation is less attractive with a high P/E and no dividend yield data.
Positive Factors
Durable franchise strength
The Witcher’s exceptionally large installed base provides durable brand equity, recurring catalog sales, and an established audience for future releases and expansions. This lowers the market-education burden for new content and supports monetization across games, platforms, and related IP.
Negative Factors
Volatile revenue cycle
The decline after a strong 2023 highlights the hit-driven nature of AAA game publishing, where results depend heavily on release timing and title performance. This volatility can make revenue, earnings, and capital efficiency uneven even when franchise demand and long-term margins remain strong.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable franchise strength
The Witcher’s exceptionally large installed base provides durable brand equity, recurring catalog sales, and an established audience for future releases and expansions. This lowers the market-education burden for new content and supports monetization across games, platforms, and related IP.
Read all positive factors
CD Projekt (OTGLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.26B
Dividend Yield0.36%
Average Volume (3M)4.25K
Price to Earnings (P/E)37.3
Beta (1Y)0.93
Revenue Growth-7.51%
EPS Growth48.36%
CountryUS
Employees808
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)1.50
Shares Outstanding399,642,030
10 Day Avg. Volume5,174
30 Day Avg. Volume4,251
Financial Highlights & Ratios
PEG Ratio7.28
Price to Book (P/B)7.31
Price to Sales (P/S)28.97
P/FCF Ratio46.65
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
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 S.A., together with its associated companies, specializes in the global development, publication, and digital delivery of video games for personal computers and console systems. The enterprise is structured around two key divisions: CD ...
How the Company Makes Money
CD Projekt makes money mainly through (1) developing and publishing its own video games and (2) operating its digital distribution platform, GOG.com.
1) Game development & publishing (CD PROJEKT RED):
- Sales of owned IP games: The company earns ...
CD Projekt Earnings Call Summary
Earnings Call Date:Sep 02, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall, supported by 23% revenue growth, 28% gross-profit growth, 37% net-profit growth, 57% net profitability, strong sales and engagement across both franchises, positive Gamescom reception, a substantial release pipeline and nearly PLN 1.3 billion of liquidity. The main negatives were the 6% increase in operating costs, continued high development cash outflows, a PLN 39 million decline in reserves and management's expectation that the second incentive-program target will not be met.Positive Updates
Cyberpunk 2077 Continues Strong Long-Term Sales
Nearly six years after launch, Cyberpunk 2077 has sold over 14 million copies and continues to sell well. In the first week of July, peak concurrent players on Steam exceeded 100,000, the highest level observed since October 2023.
Negative Updates
Operating Costs Increased
Operating costs rose 6% year-on-year to over PLN 160 million, driven mainly by administrative expenses, while selling expenses remained relatively stable.
Read all updates
Q2-2026 Updates
Positive
Negative
Cyberpunk 2077 Continues Strong Long-Term Sales
Nearly six years after launch, Cyberpunk 2077 has sold over 14 million copies and continues to sell well. In the first week of July, peak concurrent players on Steam exceeded 100,000, the highest level observed since October 2023.
Read all positive updates
Company Guidance
Management said Songs of the Past is launching in 2027, The Witcher 4 has a target release window in 2028, and The Witcher 3: Wild Hunt Remastered launches on September 29, 2026, but it is not guiding specifically on the revenue attached to Remastered, future results, licensing revenues for the second half of '26, development-expenditure increases, or specific expansion attachment rates; Hadar is expected to grow from over 30 people to up to 50 developers by the end of this year. The first tranche of incentive program B requires PLN 2 billion in cumulative net profit from continuing operations over 4 years, is 86% complete, and leaves 14% or approximately PLN 273 million over the remaining two quarters; the company will most likely not meet the second-stage 2024, 2027 target of PLN 3 billion, so 70% of the entitlements will most likely not vest, while management remains optimistic about achieving the third and fourth targets of respectively PLN 4 billion and PLN 5 billion in subsequent 4-year periods.CD Projekt Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 821.04M | 828.73M | 985.03M | 1.23B | 952.58M | 888.17M |
| Gross Profit | 805.19M | 743.01M | 737.88M | 849.63M | 708.60M | 637.94M |
| EBITDA | 574.49M | 506.14M | 448.49M | 553.33M | 514.32M | 329.12M |
| Net Income | 597.75M | 503.58M | 469.87M | 481.11M | 347.09M | 208.91M |
Balance Sheet | ||||||
| Total Assets | 3.78B | 3.50B | 3.04B | 2.61B | 2.27B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 441.05M | 634.00M | 1.19B | 878.98M | 894.67M | 984.35M |
| Total Debt | 46.06M | 26.00M | 20.15M | 20.04M | 28.46M | 46.88M |
| Total Liabilities | 226.72M | 213.15M | 241.76M | 209.95M | 240.72M | 264.38M |
| Stockholders Equity | 3.56B | 3.29B | 2.80B | 2.40B | 2.03B | 1.89B |
Cash Flow | ||||||
| Free Cash Flow | 213.69M | 514.65M | 173.84M | 280.07M | 149.93M | 784.46M |
| Operating Cash Flow | 436.78M | 609.77M | 521.30M | 610.88M | 406.03M | 967.83M |
| Investing Cash Flow | -508.75M | -499.21M | -470.55M | -607.35M | -335.61M | -613.79M |
| Financing Cash Flow | -37.22M | -120.86M | -103.92M | -103.31M | -204.18M | -505.78M |
CD Projekt Technical Analysis
Negative
16.10
Price Trends
16.10
Negative
16.65
Negative
16.84
Negative
Market Momentum
-0.25
Positive
37.96
Neutral
7.46
Positive
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 16.1 is below the 20-day moving average (MA) of 16.71, above the 50-day MA of 16.10, and below the 200-day MA of 16.84, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 37.96 is Neutral, neither overbought nor oversold. The STOCH value of 7.46 is Positive, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $76.82B | 15.97 | 20.04% | 2.46% | 9.83% | -2.22% | |
70 Outperform | $6.26B | 37.30 | 18.64% | 0.36% | -7.51% | 48.36% | |
67 Neutral | $6.48B | 28.48 | 9.84% | ― | 10.34% | 620.66% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $40.14B | -124.10 | -9.12% | ― | 15.30% | 92.77% | |
51 Neutral | $30.94B | -30.29 | -288.77% | ― | 41.33% | 0.75% |
* Communication Services Sector Average
OTGLY
CD Projekt
15.61
-1.80
-10.36%
NTES
NetEase
119.29
-21.22
-15.10%
TTWO
Take-Two
214.69
-33.17
-13.38%
BILI
Bilibili
15.23
-8.89
-36.86%
RBLX
Roblox
43.31
-88.48
-67.14%
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.