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Devolver Digital Valuation Multiples

Discover revenue and EBITDA valuation multiples for Devolver Digital and similar public comparables like Remedy Entertainment, PlaySide Studios, and Boyaa Interactive.

Devolver Digital Overview

About Devolver Digital

Devolver Digital Inc is engaged in the business of developing video games. Some of its games include Cut the Lamb, Shadow Warrior 3, Terra Nil, Death's Door, Boomerang X, Wizard with Gun, Loop Hero, Olija, Serious Sam 4 and others. The company operates in the USA and Canada, Croatia, the UK, the Netherlands, and Poland. The majority of revenues are from the USA and Canada.


Founded

2008

HQ

United Kingdom of Great Britain and Northern Ireland
Employees

276

Financials

LTM Revenue $81.9M

LTM EBITDA $5.2M

EV

$84.1M

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Devolver Digital Financials

Devolver Digital has a last 12-month revenue (LTM) of $81.9M and a last 12-month EBITDA of $5.2M.

In the most recent fiscal year, Devolver Digital achieved revenue of $141M and an EBITDA of $25.3M.

Devolver Digital expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Devolver Digital P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $81.9M XXX $141M XXX XXX XXX
Gross Profit $26.1M XXX $40.4M XXX XXX XXX
Gross Margin 32% XXX 29% XXX XXX XXX
EBITDA $5.2M XXX $25.3M XXX XXX XXX
EBITDA Margin 6% XXX 18% XXX XXX XXX
EBIT $5.7M XXX -$11.1M XXX XXX XXX
EBIT Margin 7% XXX -8% XXX XXX XXX
Net Profit -$2.9M XXX -$8.2M XXX XXX XXX
Net Margin -4% XXX -6% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Devolver Digital Stock Performance

As of May 30, 2025, Devolver Digital's stock price is GBP 0 (or $0).

Devolver Digital has current market cap of GBP 93.1M (or $125M), and EV of GBP 62.6M (or $84.1M).

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Devolver Digital Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$84.1M $125M XXX XXX XXX XXX $-0.00

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Devolver Digital Valuation Multiples

As of May 30, 2025, Devolver Digital has market cap of $125M and EV of $84.1M.

Devolver Digital's trades at 0.6x EV/Revenue multiple, and 3.3x EV/EBITDA.

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

Devolver Digital has a P/E ratio of -32.2x.

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Devolver Digital Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $125M XXX $125M XXX XXX XXX
EV (current) $84.1M XXX $84.1M XXX XXX XXX
EV/Revenue 0.8x XXX 0.6x XXX XXX XXX
EV/EBITDA 12.0x XXX 3.3x XXX XXX XXX
EV/EBIT 10.9x XXX -7.6x XXX XXX XXX
EV/Gross Profit 2.4x XXX n/a XXX XXX XXX
P/E -32.2x XXX -15.2x XXX XXX XXX
EV/FCF -21.0x XXX -7.4x XXX XXX XXX

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Devolver Digital Margins & Growth Rates

Devolver Digital's last 12 month revenue growth is 6%

Devolver Digital's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Devolver Digital's rule of 40 is 13% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Devolver Digital's rule of X is 22% (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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Devolver Digital Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 6% XXX -6% XXX XXX XXX
EBITDA Margin 6% XXX 18% XXX XXX XXX
EBITDA Growth 53% XXX 4% XXX XXX XXX
Rule of 40 13% XXX 24% XXX XXX XXX
Bessemer Rule of X XXX XXX 22% XXX XXX XXX
Revenue per Employee XXX XXX $0.5M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 37% XXX XXX XXX

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Devolver Digital Public Comps

See public comps and valuation multiples for Gaming - Console & PC comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Azerion Group XXX XXX XXX XXX XXX XXX
PlaySide Studios XXX XXX XXX XXX XXX XXX
Trophy Games XXX XXX XXX XXX XXX XXX
Remedy Entertainment XXX XXX XXX XXX XXX XXX
Boyaa Interactive XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Devolver Digital M&A and Investment Activity

Devolver Digital acquired  XXX companies to date.

Last acquisition by Devolver Digital was  XXXXXXXX, XXXXX XXXXX XXXXXX . Devolver Digital acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Devolver Digital

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Devolver Digital

When was Devolver Digital founded? Devolver Digital was founded in 2008.
Where is Devolver Digital headquartered? Devolver Digital is headquartered in United Kingdom of Great Britain and Northern Ireland.
How many employees does Devolver Digital have? As of today, Devolver Digital has 276 employees.
Who is the CEO of Devolver Digital? Devolver Digital's CEO is Mr. Harry Miller.
Is Devolver Digital publicy listed? Yes, Devolver Digital is a public company listed on LON.
What is the stock symbol of Devolver Digital? Devolver Digital trades under DEVO ticker.
When did Devolver Digital go public? Devolver Digital went public in 2021.
Who are competitors of Devolver Digital? Similar companies to Devolver Digital include e.g. Azerion Group, PlaySide Studios, Trophy Games, Remedy Entertainment.
What is the current market cap of Devolver Digital? Devolver Digital's current market cap is $125M
What is the current revenue of Devolver Digital? Devolver Digital's last 12 months revenue is $81.9M.
What is the current revenue growth of Devolver Digital? Devolver Digital revenue growth (NTM/LTM) is 6%.
What is the current EV/Revenue multiple of Devolver Digital? Current revenue multiple of Devolver Digital is 0.8x.
Is Devolver Digital profitable? Yes, Devolver Digital is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Devolver Digital? Devolver Digital's last 12 months EBITDA is $5.2M.
What is Devolver Digital's EBITDA margin? Devolver Digital's last 12 months EBITDA margin is 6%.
What is the current EV/EBITDA multiple of Devolver Digital? Current EBITDA multiple of Devolver Digital is 12.0x.
What is the current FCF of Devolver Digital? Devolver Digital's last 12 months FCF is -$3.0M.
What is Devolver Digital's FCF margin? Devolver Digital's last 12 months FCF margin is -4%.
What is the current EV/FCF multiple of Devolver Digital? Current FCF multiple of Devolver Digital is -21.0x.

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