GDEV Inc.
GDEV, GDEVW · Services-Computer Programming Services · EDGAR filings ↗
Reference price $13.45 — last insider sale, 2026-06-03 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B71Highly profitable mobile-games publisher with top-decile returns but heavy single-game concentration and slipping revenue.
Strengths
- Top-decile ROA (29.7%, 94.7th pct), net margin 17% (88th pct) and net income up 171% (89.5th pct)
- Strong interest coverage (846x) and positive FCF ($29M)
Risks
- Revenue declining (-3.9%) in a structurally weak RPG genre; ~69% of bookings from one franchise (Hero Wars)
- Weak liquidity (current/quick ratio 0.67, ~20th pct); negative ROE is a treasury-buyback artifact, not distress
- Platform/payment-processor dependence (Apple, Google, Xsolla)
Notable findings
- Weak liquidityCurrent ratio 0.67 (<1)
Key metrics
Operating margin
17.6%
Net margin
17.1%
Return on equity
-76.6%
Return on assets
29.7%
Revenue growth (QoQ)
-3.9%
Net-income growth
171.5%
Interest coverage
846.8×
Current ratio
0.7×
Free cash flow
$29M
Tangible book value
-$92M
Cash & investments
$63M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | Holive Marie Juliette France | Sell | 11K | $13.45 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-31 | 2025-12-31 | 0001104659-26-037847 ↗ |
| 20-F | 2025-03-31 | 2024-12-31 | 0001104659-25-029853 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001104659-24-054192 ↗ |
| 20-F | 2023-06-26 | 2022-12-31 | 0001104659-23-074568 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001104659-22-053233 ↗ |
| 20-F | 2021-08-27 | 2021-08-26 | 0001104659-21-110537 ↗ |