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Annual figures as reported in 10-K / 20-F / 40-F filings.
GDEV · CIK 0001848739

GDEV Inc.

Annual figures as reported, FY2018–FY2025. Ratios and growth rates derived on-page.

GDEV logo
Services-Computer Programming Services
Company profile
Nasdaq · GDEVHQ Road Town, TortolaIncorporated in D8Fiscal year ends Dec 31Accelerated filer Emerging growth company
Revenue
$404.3M
▼ −3.9% vs FY2024
Net income
$69.3M
▲ +171.5% vs FY2024
Free cash flow
$29.1M
▲ +3.4% vs FY2024
Diluted EPS
$3.77
▲ +173.2% vs FY2024

Revenue

Annual, as reported

0200M400M’19’21’23’25$404.3M

Net income

Losses shown in terracotta

−100M−50M050M’19’21’23’25$69.3M

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

-20%0%’19’21’23’25
Operating marginNet margin

Returns on capital

Net income vs year-end equity and assets

-20%0%20%’20’21’22’23’24’25

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

050M100M’19’21’23’25$29.1M

Operating cash flow

Net cash from operations

050M100M’19’21’23’25$29.4M

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

050M100M150M’19’20’21’24’25
Dividends paidBuybacks

Diluted shares outstanding

Falling count means buybacks outpace dilution

010M20M’20’21’22’23’24’2518M

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

−150M−100M−50M0’18’20’22’24’25−$90.6M

Growth rates

compounding, annualized
Revenue CAGR
−5.5%
3y
+9.2%
5y
Net income CAGR
+110.7%
3y
Diluted EPS CAGR
+116.8%
3y
Free cash flow CAGR
−36.7%
3y
−24.7%
5y
Share count change (split-adjusted)
+4.2%
5y

Key ratios

derived per fiscal year
Fiscal yearOp. marginNet marginFCF marginROACurrent ratio
FY202517.6%17.1%7.2%29.7%0.67×
FY20249.6%6.1%6.7%9.4%0.68×
FY20238.3%9.9%3.7%14.4%0.71×
FY20223.9%1.5%24.0%2.3%0.57×
FY2021−28.4%−27.1%24.1%−37.5%0.59×
FY2020−0.6%−0.3%46.2%−0.4%0.52×
FY2019−38.1%−37.9%15.9%——
FY2018—————

Annual figures

as reported
Fiscal yearRevenueGross profitOp. incomeNet incomeDiluted EPSOp. cash flowCapexTotal assetsLiabilitiesEquityCashLT debt
FY2025$404.3M—$71.1M$69.3M$3.77$29.4M$311K$233.1M$323.7M−$90.6M$62.9M—
FY2024$420.9M—$40.5M$25.5M$1.38$28.5M$343K$272.2M$373.7M−$101.5M$111.0M—
FY2023$464.5M—$38.4M$46.1M$2.30$18.0M$739K$320.6M$420.4M−$99.8M$71.8M—
FY2022$479.7M—$18.8M$7.4M$0.37$116.1M$994K$322.0M$470.8M−$148.8M$86.8M—
FY2021$434.1M—−$123.3M−$117.4M−$6.40$105.5M$1.1M$313.0M$474.0M−$161.0M$142.8M—
FY2020$260.9M—−$1.7M−$751K$0.00$120.6M$147K$211.6M$313.5M−$101.9M$84.6M—
FY2019$93.8M—−$35.8M−$35.5M−$2.00$15.0M$19K——−$48.6M$17.6M—
FY2018—————————−$15.3M$3.1M—

Latest filings

the most recent regulatory filings
4OWNERSHIP DOCUMENT2026-07-01 ↗4OWNERSHIP DOCUMENT2026-07-01 ↗4OWNERSHIP DOCUMENT2026-07-01 ↗4OWNERSHIP DOCUMENT2026-06-03 ↗6-KForeign issuer report2026-05-19 ↗20-FAnnual report (foreign issuer)2026-03-31 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗

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