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CD Projekt Valuation Multiples

Discover revenue and EBITDA valuation multiples for CD Projekt and similar public comparables like International Games System, Kingnet Network, Square Enix, Krafton and more.

CD Projekt Overview

About CD Projekt

CD Projekt SA is the holding company of CD Projekt capital group. The firm with its subsidiary develops and publishes videogames for hardware platforms such as Steam, PlayStation Store, Xbox Games Store, Nintendo, App Store, Humble Bundle, Origin, and its own proprietary GOG.com platform. It is also involved in international digital videogame distribution. The firm has CD Projekt Red and GOG.com segments. It derives the majority of its revenues from CD Projekt Red segment.


Founded

1994

HQ

Poland

Employees

634

Financials (LTM)

Revenue: $242M
EBITDA: $130M

EV

$7B

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CD Projekt Financials

CD Projekt reported last 12-month revenue of $242M and EBITDA of $130M.

In the same LTM period, CD Projekt generated $211M in gross profit, $130M in EBITDA, and $119M in net income.

Revenue (LTM)


CD Projekt P&L

In the most recent fiscal year, CD Projekt reported revenue of $274M and EBITDA of $125M.

CD Projekt is profitable as of last fiscal year, with gross margin of 75%, EBITDA margin of 46%, and net margin of 48%.

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LTMLast FY202320242025202620272028
Revenue$242M$274M$342M$274M$248M
Gross Profit$211M$205M$236M$205M$214M
Gross Margin87%75%69%75%86%
EBITDA$130M$125M$154M$125M$138M
EBITDA Margin54%46%45%46%56%
EBIT Margin38%37%37%37%41%
Net Profit$119M$130M$134M$130M$134M
Net Margin49%48%39%48%54%

Financial data powered by Morningstar, Inc.

CD Projekt Stock Performance

CD Projekt has current market cap of $7B, and enterprise value of $7B.

Market Cap Evolution


CD Projekt's stock price is $72.40.

CD Projekt share price decreased by 4.3% in the last 30 days, and increased by 20.4% in the last year.

CD Projekt has an EPS (earnings per share) of $1.31.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$7B$7B-0.3%-4.3%6.9%20.4%$1.31

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CD Projekt Valuation Multiples

CD Projekt trades at 28.8x EV/Revenue multiple, and 53.5x EV/EBITDA.

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EV / Revenue (LTM)


CD Projekt Financial Valuation Multiples

As of May 12, 2026, CD Projekt has market cap of $7B and EV of $7B.

CD Projekt has a P/E ratio of 61.0x.

LTMLast FY202320242025202620272028
EV/Revenue28.8x25.4x20.4x25.4x28.1x
EV/EBITDA53.5x55.9x45.3x55.9x50.4x
EV/EBIT76.3x68.0x55.4x68.0x68.2x
EV/Gross Profit32.9x34.0x29.5x34.0x32.6x
P/E61.0x55.4x54.1x55.4x54.1x
EV/FCFn/m144.2x89.5x144.2xn/m

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified CD Projekt Valuation Multiples

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CD Projekt Margins & Growth Rates

CD Projekt decreased revenue by 10% but EBITDA grew by 11% in the last fiscal year.

In the most recent fiscal year, CD Projekt reported gross margin of 75%, EBITDA margin of 46%, and net margin of 48%.

See estimated margins and future growth rates for CD Projekt

CD Projekt Margins

Last FY202420252026202720282029
Gross Margin75%75%86%90%
EBITDA Margin46%46%56%50%
EBIT Margin37%37%41%31%
Net Margin48%48%54%40%
FCF Margin18%18%(1%)(4%)

CD Projekt Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(10%)(20%)(10%)(6%)
Gross Profit Growth4%(13%)4%(3%)
EBITDA Growth11%(19%)11%(16%)
EBIT Growth(0%)(19%)(0%)(29%)
Net Profit Growth3%(2%)3%(31%)
FCF Growth(105%)(38%)(105%)231%

Data powered by FactSet, Inc. and Morningstar, Inc.

CD Projekt Operational KPIs

CD Projekt's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.

CD Projekt's Rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CD Projekt's Rule of X is 34% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for CD Projekt
LTMLast FY202320242025202620272028
Rule of 40140%44%———
Bessemer Rule of X269%34%———
Revenue per Employee—$0.4M———
Opex per Employee—$0.2M———
S&M Expenses to Revenue15%14%20%14%14%
G&A Expenses to Revenue25%17%14%17%24%
R&D Expenses to Revenue—8%—8%—
Opex to Revenue—38%32%38%—

Data powered by FactSet, Inc. and Morningstar, Inc.

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CD Projekt Competitors

CD Projekt competitors include International Games System, Kingnet Network, Square Enix, Krafton, Oriental Pearl Group, Capcom, Kingsoft, XD, Koei Tecmo and Sega Sammy.

Most CD Projekt public comparables operate across Gaming - Console & PC.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
International Games System8.6x8.1x14.2x13.7x
Kingnet Network6.6x5.7x17.0x14.6x
Square Enix1.8x2.2x12.2x10.7x
Krafton3.0x2.7x8.4x7.6x
Oriental Pearl Group3.7x3.6x12.9x14.3x
Capcom7.4x7.2x17.9x16.0x
Kingsoft0.2x0.2x0.6x1.0x
XD3.8x3.7x12.3x11.5x

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CD Projekt M&A Activity

CD Projekt has acquired 3 companies to date.

Last acquisition by CD Projekt was on October 22nd 2021. CD Projekt acquired The Molasses Flood for undisclosed valuation.

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Latest Acquisitions by CD Projekt

The Molasses Flood
Digital Scapes
Strange New Things
Description
The Molasses Flood is a Boston-based video game studio formed by alumni of Irrational Games. The company develops survival adventures like The Flame in the Flood set in post-apocalyptic wilderness and Drake Hollow featuring village-building mechanics. The Molasses Flood publishes titles for PC, consoles including Xbox and Nintendo Switch, and explores cooperative multiplayer elements.
Digital Scapes is a video game development studio based in Vancouver, Canada, that creates bespoke player-versus-player gameplay for AAA PC and console titles. The studio collaborates with major publishers on multiplayer features, combat systems, and competitive modes for high-profile franchises.
Strange New Things is a game development studio composed of veterans from Techland and other studios behind titles like Dead Island, Call of Juarez, The Witcher series, Hitman, and Dying Light. The Warsaw-based team handles full-cycle production including narrative design, gameplay mechanics, visual art direction, technical implementation, and project management for action-adventure games.
HQ CountryUnited StatesCanadaPoland
HQ City
—
Vancouver
Wroclaw
Deal Date22 Oct 202130 Mar 202020 Mar 2018
Valuationundisclosedundisclosed$3M
EV/Revenue
EV/EBITDA

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About CD Projekt

When was CD Projekt founded?CD Projekt was founded in 1994.
Where is CD Projekt headquartered?CD Projekt is headquartered in Poland.
How many employees does CD Projekt have?As of today, CD Projekt has over 634 employees.
Is CD Projekt publicly listed?Yes, CD Projekt is a public company listed on Warsaw Stock Exchange.
What is the stock symbol of CD Projekt?CD Projekt trades under CDR ticker.
When did CD Projekt go public?CD Projekt went public in 2002.
Who are competitors of CD Projekt?CD Projekt main competitors include International Games System, Kingnet Network, Square Enix, Krafton, Oriental Pearl Group, Capcom, Kingsoft, XD, Koei Tecmo, Sega Sammy.
What is the current market cap of CD Projekt?CD Projekt's current market cap is $7B.
What is the current revenue of CD Projekt?CD Projekt's last 12 months revenue is $242M.
What is the current revenue growth of CD Projekt?CD Projekt revenue growth (NTM/LTM) is 86%.
What is the current EV/Revenue multiple of CD Projekt?Current revenue multiple of CD Projekt is 28.8x.
Is CD Projekt profitable?Yes, CD Projekt is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of CD Projekt?CD Projekt's last 12 months EBITDA is $130M.
What is CD Projekt's EBITDA margin?CD Projekt's last 12 months EBITDA margin is 54%.
What is the current EV/EBITDA multiple of CD Projekt?Current EBITDA multiple of CD Projekt is 53.5x.
What is the current FCF of CD Projekt?CD Projekt's last 12 months FCF is ($5M).
What is CD Projekt's FCF margin?CD Projekt's last 12 months FCF margin is (2%).
What is the current EV/FCF multiple of CD Projekt?Current FCF multiple of CD Projekt is (1545.5x).
How many companies CD Projekt has acquired to date?As of May 2026, CD Projekt has acquired 3 companies.
What was the largest acquisition by CD Projekt?$3M acquisition of Strange New Things on 20th March 2018 was the largest M&A CD Projekt has done to date.
What companies CD Projekt acquired?CD Projekt acquired Strange New Things, Digital Scapes, and The Molasses Flood.
In how many companies CD Projekt has invested to date?CD Projekt hasn't invested in any companies yet (or none have been disclosed publicly).

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