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CD Projekt SA
(CDR)
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Rating:63Neutral
Price Target:
zł274.00
▲(17.09% Upside)
Action:N/A
Date:09/16/25
The strongest contributor to the score is the company’s outstanding financial quality, especially in margins, low leverage, and efficient cash conversion. However, recent declines in revenue and cash flow, combined with an elevated valuation and lack of technical momentum data, weigh on the overall rating. Investors should note that high profitability provides a solid base but near-term growth uncertainty and a premium price-to-earnings ratio present risks. In the absence of technical and earnings call data, further clarity on market sentiment and future guidance is unavailable.
Positive Factors
Strong Profit Margins
High profit margins indicate effective cost management and strong pricing power, supporting long-term financial stability and profitability.
Negative Factors
Revenue Decline
Declining revenue may indicate challenges in market demand or competition, potentially impacting future growth and profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profit Margins
High profit margins indicate effective cost management and strong pricing power, supporting long-term financial stability and profitability.
Read all positive factors
CD Projekt SA (CDR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
zł24.57B
Dividend Yield0.41%
Average Volume (3M)429.19K
Price to Earnings (P/E)39.3
Beta (1Y)0.65
Revenue Growth-14.35%
EPS Growth36.44%
CountryPL
Employees808
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)6.22
Shares Outstanding99,910,510
10 Day Avg. Volume355,352
30 Day Avg. Volume429,189
Financial Highlights & Ratios
PEG Ratio3.70
Price to Book (P/B)7.31
Price to Sales (P/S)27.75
P/FCF Ratio44.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
zł182.25Price Target Upside-22.12% Downside
Rating ConsensusStrong Sell
Number of Analyst Covering4
EPS Forecast (FY)4.66
Revenue Forecast (FY)zł877.73M
CD Projekt SA Business Overview & Revenue Model
Company Description
CD Projekt S.A., alongside its affiliated companies, operates as a global entity specializing in the creation, publication, and digital distribution of video games for both personal computers and consoles. The company organizes its operations into...
How the Company Makes Money
CD Projekt generates revenue primarily through the sale of its video games, both physical and digital. The company benefits from a robust pricing strategy, including standard editions, special editions, and downloadable content (DLC) expansions th...
CD Projekt SA 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, with record franchise sales, strong player engagement, favorable Gamescom reception, 23% revenue growth, 28% gross profit growth, 37% net profit growth, substantial liquidity and a growing release pipeline. The main negatives were the 6% increase in operating costs, development-related cash outflows, the 14% of the first incentive target still outstanding, and management's expectation that the second incentive program target will most likely not be met. Highlights significantly outweighed lowlights.Positive Updates
Cyberpunk 2077 Reaches Over 14 Million Sales
Nearly six years after launch, Cyberpunk 2077 has sold over 14 million copies and continues to sell well, supported by life cycle management, platform expansion, broader player reach and continuous game support.
Negative Updates
Operating Costs Increase 6%
Operating costs increased 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 Reaches Over 14 Million Sales
Nearly six years after launch, Cyberpunk 2077 has sold over 14 million copies and continues to sell well, supported by life cycle management, platform expansion, broader player reach and continuous game support.
Read all positive updates
Company Guidance
The company said it is launching The Witcher 3: Wild Hunt Remastered on September 29, 2026, launching Songs of the Past in 2027 with a scope comparable to Blood and Wine, and has a target release window in 2028 for The Witcher 4; it described these as three subsequent years, three major releases. The first tranche of incentive program B requires PLN 2 billion in cumulative net profit from continuing operations over 4 years, with 86% completed and 14% or approximately PLN 273 million remaining over the remaining two quarters, while the company remains optimistic about achieving the third and fourth targets of PLN 4 billion and PLN 5 billion in subsequent 4-year periods. Hadar is expected to grow from over 30 people to up to 50 developers by the end of this year, while the company said it is not guiding on development expenditures, Remastered revenue, pricing, specific attachment-rate expectations, or second-half licensing revenues.CD Projekt SA Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 859.26M | 866.99M | 985.03M | 1.23B | 952.58M | 888.17M |
| Gross Profit | 839.45M | 777.32M | 737.88M | 849.63M | 708.60M | 637.94M |
| EBITDA | 597.83M | 529.51M | 553.95M | 553.33M | 514.32M | 329.12M |
| Net Income | 621.00M | 526.83M | 469.87M | 481.11M | 347.09M | 208.91M |
Balance Sheet | ||||||
| Total Assets | 3.79B | 3.50B | 3.04B | 2.61B | 2.27B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 441.54M | 634.93M | 1.19B | 878.98M | 894.67M | 984.35M |
| Total Debt | 46.11M | 26.04M | 20.15M | 20.04M | 28.46M | 46.88M |
| Total Liabilities | 226.97M | 213.46M | 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 | 383.04M | 538.40M | 423.37M | 280.07M | 149.93M | 784.46M |
| Operating Cash Flow | 619.73M | 637.92M | 521.30M | 610.88M | 406.03M | 967.83M |
| Investing Cash Flow | -607.28M | -522.25M | -470.55M | -607.35M | -335.61M | -613.79M |
| Financing Cash Flow | -127.47M | -126.44M | -103.92M | -103.31M | -204.18M | -505.78M |
CD Projekt SA Technical Analysis
Positive
234.00
Price Trends
243.94
Positive
239.69
Positive
246.22
Negative
Market Momentum
0.58
Negative
54.97
Neutral
83.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PL:CDR, the sentiment is Positive. The current price of 234 is below the 20-day moving average (MA) of 237.69, below the 50-day MA of 243.94, and below the 200-day MA of 246.22, indicating a neutral trend. The MACD of 0.58 indicates Negative momentum. The RSI at 54.97 is Neutral, neither overbought nor oversold. The STOCH value of 83.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PL:CDR.
CD Projekt SA Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | zł627.24M | 10.90 | 26.84% | 10.12% | 1.01% | -22.69% | |
63 Neutral | zł24.57B | 39.32 | 18.64% | 0.41% | -14.35% | 36.44% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
53 Neutral | zł438.23M | 9.05 | 28.89% | ― | 96.10% | 364.32% | |
51 Neutral | zł285.23M | -114.33 | -1.05% | ― | -22.85% | -115.99% | |
41 Neutral | zł524.09M | 545.45 | 0.48% | ― | -5.40% | ― |
* Communication Services Sector Average
PL:CDR
CD Projekt SA
244.60
-11.70
-4.56%
PL:11B
11 Bit Studios SA
118.90
-62.10
-34.31%
PL:BLO
Bloober Team spolka akcyjna
22.00
-2.75
-11.11%
PL:CIG
CI Games S.A.
2.40
-0.59
-19.73%
PL:TEN
Ten Square Games SA
98.85
22.64
29.71%
PL:PLW
PlayWay SA
233.50
-29.19
-11.11%
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.