11 Bit Studios SA (11B) AI Stock Analysis

11 Bit Studios SA

(Warsaw:11B)

Select Model

Rating:51Neutral

Price Target:PLN 184.00▲(61.97% Upside)

Action:initiatedcoverage

Date:09/16/25

The overall score is driven primarily by resilient financial performance, including recent revenue and profit margin improvements and a strong balance sheet. However, significant recent deterioration in cash flow, lack of technical momentum, and a moderately high valuation constrain the score, resulting in a moderate rating. Absence of dividend or technical data further limits the outlook.

Positive Factors

Revenue GrowthConsistent revenue growth indicates successful product offerings and market expansion, supporting long-term business sustainability.

Negative Factors

Cash Flow ChallengesPersistent cash flow issues can hinder the company's ability to fund operations and growth initiatives, impacting long-term financial health.

11 Bit Studios SA (11B) vs. SPDR S&P 500 ETF (SPY)

Market Cap: PLN 282.81M
Dividend Yield: ―
Average Volume (3M): 6,174
Price to Earnings (P/E): -109.2
Beta (1Y): 0.80
Revenue Growth: -22.85%
EPS Growth: -115.99%
Country: PL
Employees: 265
Sector: Communication Services
Sector Strength: 60
Industry: Electronic Gaming & Multimedia

11 Bit Studios SA Business Overview & Revenue Model

Company Description

Headquartered in Warsaw, Poland, 11 bit studios S.A., established in 2009, is a global creator and distributor of multi-platform video games, which it markets through dedicated online marketplaces.

How the Company Makes Money

11 Bit Studios generates revenue through the sale of its video games across multiple platforms, including PC, consoles, and mobile devices. The company employs a direct sales model through digital distribution platforms like Steam, PlayStation Networ...

11 Bit Studios SA Financial Statement Overview

Summary

11 Bit Studios demonstrates strong revenue growth (17% TTM) and recovering net profit margins, but operating and EBITDA margins remain below historic highs. The balance sheet is robust with very low leverage and good equity stability, but recent cash flow deterioration and negative free cash flow limit the strength of the financial story. These mixed trends yield a slightly above-average score, dominated by the company's resilience and recent profit improvements.

Income Statement

68Positive

Balance Sheet

82Very Positive

Cash Flow

44Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	128.83M	141.00M	140.55M	52.27M	74.21M	70.12M
Gross Profit	34.02M	26.80M	69.96M	42.40M	73.56M	69.59M
EBITDA	64.59M	71.91M	20.32M	4.50M	33.60M	40.88M
Net Income	-2.51M	6.94M	6.90M	525.61K	22.89M	28.69M
Balance Sheet
Total Assets	259.18M	269.61M	263.57M	258.33M	244.20M	219.51M
Cash, Cash Equivalents and Short-Term Investments	54.10M	71.71M	70.52M	53.84M	85.98M	107.22M
Total Debt	3.91M	4.54M	5.80M	7.17M	8.43M	9.59M
Total Liabilities	23.43M	33.19M	33.65M	31.26M	19.65M	22.18M
Stockholders Equity	235.75M	236.42M	229.92M	227.07M	224.54M	197.34M
Cash Flow
Free Cash Flow	44.89M	25.14M	1.49M	-36.91M	-12.75M	12.06M
Operating Cash Flow	84.75M	63.13M	10.12M	21.90M	32.93M	40.94M
Investing Cash Flow	-96.13M	-82.95M	21.40M	-16.21M	-28.84M	-37.40M
Financing Cash Flow	-1.37M	-1.26M	-1.79M	2.33M	-252.63K	-927.52K

11 Bit Studios SA Technical Analysis

Technical Analysis SentimentNegative

Last Price113.60

Price Trends

50DMA123.14Negative

100DMA128.54Negative

200DMA136.35Negative

Market Momentum

MACD-1.66Positive

RSI25.04Positive

STOCH12.23Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PL:11B, the sentiment is Negative. The current price of 113.60 is below the 20-day moving average (MA) of 119.45, below the 50-day MA of 123.14, and below the 200-day MA of 136.35, indicating a bearish trend. The MACD of -1.66 indicates Positive momentum. The RSI at 25.04 is Positive, neither overbought nor oversold. The STOCH value of 12.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PL:11B.

11 Bit Studios SA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (60)

Financial Indicators

PL:11B against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PL:CRJ	67Neutral	PLN 254.21M	5.53	34.87%	12.07%	125.72%	141.73%
PL:CDR	63Neutral	PLN 25.73B	41.53	18.64%	0.39%	-14.35%	36.44%
Sector *	60Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
PL:BLO	53Neutral	PLN 431.47M	11.60	21.05%	―	81.45%	124.77%
PL:11B	51Neutral	PLN 282.81M	-109.23	-1.05%	―	-22.85%	-115.99%
PL:PCF	44Neutral	PLN 149.32M	-1.02	-94.10%	―	-23.45%	31.57%
PL:CIG	41Neutral	PLN 508.77M	295.39	0.91%	―	11.14%	985.71%

* Communication Services Sector Average

Performance Comparison

PL:11B and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
PL:11B	11 Bit Studios SA	113.60	-58.60	-34.03%
PL:CDR	CD Projekt SA	258.30	5.80	2.30%
PL:BLO	Bloober Team spolka akcyjna	21.70	-3.90	-15.23%
PL:CRJ	Creepy Jar SA	346.00	-48.89	-12.38%
PL:PCF	PCF Group SA	3.14	-0.86	-21.50%
PL:CIG	CI Games S.A.	2.25	-0.63	-21.78%

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.

Date of analysis: Sep 16, 2025

11 Bit Studios SA AI Stock Analysis