CD Projekt - Public Comps and Valuation Multiples

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

Employees

634

Website

cdprojekt.com

Sectors

Gaming - Console & PC
Content Production

Financials

LTM Revenue $259M

LTM EBITDA $125M

EV

$6.6B

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CD Projekt Financials

As of August 2025, CD Projekt reported last 12-month revenue of $259M and EBITDA of $125M.

In the same period, CD Projekt generated $204M in LTM gross profit and $104M in net income.

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CD Projekt P&L

In the most recent fiscal year, CD Projekt reported revenue of $272M and EBITDA of $124M.

CD Projekt expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$259M	XXX	$272M	XXX	XXX	XXX
Gross Profit	$204M	XXX	$204M	XXX	XXX	XXX
Gross Margin	79%	XXX	75%	XXX	XXX	XXX
EBITDA	$125M	XXX	$124M	XXX	XXX	XXX
EBITDA Margin	48%	XXX	46%	XXX	XXX	XXX
EBIT	$94.9M	XXX	$102M	XXX	XXX	XXX
EBIT Margin	37%	XXX	37%	XXX	XXX	XXX
Net Profit	$104M	XXX	$130M	XXX	XXX	XXX
Net Margin	40%	XXX	48%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for CD Projekt including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $259M. EBITDA for the last twelve months was $125M. In the most recent fiscal year, CD Projekt achieved $272M in revenue and $124M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$259M	Analyst estimates available to subscribers	$272M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$204M	Analyst estimates available to subscribers	$204M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	78.6% gross margin	Analyst estimates available to subscribers	74.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$125M	Analyst estimates available to subscribers	$124M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	48.0% EBITDA margin	Analyst estimates available to subscribers	45.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$94.9M	Analyst estimates available to subscribers	$102M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	36.6% EBIT margin	Analyst estimates available to subscribers	37.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$104M	Analyst estimates available to subscribers	$130M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	40.0% net profit margin	Analyst estimates available to subscribers	47.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for CD Projekt

This financial data table provides comprehensive performance metrics for CD Projekt, a company based in Poland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

CD Projekt generated $259M in revenue over the last twelve months.
The company achieved $125M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $204M.
Net income over the last twelve months reached $104M.

Fiscal Year Performance

In the most recent fiscal year, CD Projekt reported $272M in total revenue.
Fiscal year EBITDA was $124M.
The company maintained a gross profit margin of 74.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 45.5%.
Net profit margin reached 47.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for CD Projekt. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

CD Projekt Stock Performance

CD Projekt has current market cap of PLN 25.2B (or $7.0B), and EV of PLN 24.1B (or $6.6B).

Market Cap Evolution

CD Projekt Stock Data

As of September 12, 2025, CD Projekt's stock price is PLN 252 (or $70).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$6.6B	$7.0B	XXX	XXX	XXX	XXX	$1.05

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CD Projekt Valuation Multiples

CD Projekt's trades at 24.4x EV/Revenue multiple, and 53.7x EV/EBITDA.

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CD Projekt Financial Valuation Multiples

As of September 12, 2025, CD Projekt has market cap of $7.0B and EV of $6.6B.

Equity research analysts estimate CD Projekt's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

CD Projekt has a P/E ratio of 67.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$7.0B	XXX	$7.0B	XXX	XXX	XXX
EV (current)	$6.6B	XXX	$6.6B	XXX	XXX	XXX
EV/Revenue	25.6x	XXX	24.4x	XXX	XXX	XXX
EV/EBITDA	53.4x	XXX	53.7x	XXX	XXX	XXX
EV/EBIT	70.1x	XXX	65.4x	XXX	XXX	XXX
EV/Gross Profit	32.6x	XXX	n/a	XXX	XXX	XXX
P/E	67.1x	XXX	53.6x	XXX	XXX	XXX
EV/FCF	1863.9x	XXX	138.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CD Projekt Margins & Growth Rates

CD Projekt's last 12 month revenue growth is -7%

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 38% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CD Projekt's rule of X is 30% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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CD Projekt Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-7%	XXX	-7%	XXX	XXX	XXX
EBITDA Margin	48%	XXX	46%	XXX	XXX	XXX
EBITDA Growth	-20%	XXX	-11%	XXX	XXX	XXX
Rule of 40	38%	XXX	38%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	30%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	14%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	8%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	38%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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