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Frontier Developments Valuation Multiples

Discover revenue and EBITDA valuation multiples for Frontier Developments and similar public comparables like Remedy Entertainment, Trophy Games, and Azerion Group.

Frontier Developments Overview

About Frontier Developments

Frontier Developments PLC develops video games for interactive entertainment sector. It develops games using its Cobra proprietary cross-platform technology along with industry-standard software packages, allowing code and resources developed on PC to be compiled. Its games include RollerCoaster Tycoon 3, LostWinds, Kinectimals, Kinect Disneyland Adventures and Coaster Crazy games. It has one reportable segment: Self-Published Work. Business operations are based in the UK and its North American subsidiary, Frontier Developments Inc. in the United States. The company has one operating segment, being revenue from publishing games and revenue from other streams such as royalties and licensing.


Founded

1994

HQ

United Kingdom of Great Britain and Northern Ireland
Employees

700

Website

frontier.co.uk

Financials

LTM Revenue $113M

LTM EBITDA $3.1M

EV

$88.4M

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Frontier Developments Financials

Frontier Developments has a last 12-month revenue of $113M and a last 12-month EBITDA of $3.1M.

In the most recent fiscal year, Frontier Developments achieved revenue of $115M and an EBITDA of $12.7M.

Frontier Developments expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Frontier Developments P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $135M $115M XXX XXX XXX
Gross Profit $94.8M $86.7M XXX XXX XXX
Gross Margin 70% 75% XXX XXX XXX
EBITDA $19.1M $12.7M XXX XXX XXX
EBITDA Margin 14% 11% XXX XXX XXX
Net Profit $12.4M -$26.9M XXX XXX XXX
Net Margin 9% -23% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

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Frontier Developments Stock Performance

As of April 15, 2025, Frontier Developments's stock price is GBP 2 (or $3).

Frontier Developments has current market cap of GBP 75.5M (or $97.2M), and EV of GBP 68.6M (or $88.4M).

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Frontier Developments Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$88.4M $97.2M XXX XXX XXX XXX $0.00

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Frontier Developments Valuation Multiples

As of April 15, 2025, Frontier Developments has market cap of $97.2M and EV of $88.4M.

Frontier Developments's trades at 0.8x LTM EV/Revenue multiple, and 28.2x LTM EBITDA.

Analysts estimate Frontier Developments's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Frontier Developments Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $88.4M XXX XXX XXX
EV/Revenue 0.8x XXX XXX XXX
EV/EBITDA 12.1x XXX XXX XXX
P/E -10.7x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 18.8x XXX XXX XXX

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Frontier Developments Valuation Multiples

Frontier Developments's NTM/LTM revenue growth is 5%

Frontier Developments's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, Frontier Developments's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Frontier Developments's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Frontier Developments Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -15% XXX XXX XXX XXX
EBITDA Margin 6% XXX XXX XXX XXX
EBITDA Growth -33% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 11% XXX XXX XXX XXX
Revenue per Employee $0.2M XXX XXX XXX XXX
Opex per Employee $0.2M XXX XXX XXX XXX
S&M Expenses to Revenue 13% XXX XXX XXX XXX
G&A Expenses to Revenue 15% XXX XXX XXX XXX
R&D Expenses to Revenue 76% XXX XXX XXX XXX
Opex to Revenue 99% XXX XXX XXX XXX

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Frontier Developments 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

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Frontier Developments M&A and Investment Activity

Frontier Developments acquired  XXX companies to date.

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

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Latest Acquisitions by Frontier Developments

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 Frontier Developments

When was Frontier Developments founded? Frontier Developments was founded in 1994.
Where is Frontier Developments headquartered? Frontier Developments is headquartered in United Kingdom of Great Britain and Northern Ireland.
How many employees does Frontier Developments have? As of today, Frontier Developments has 700 employees.
Who is the CEO of Frontier Developments? Frontier Developments's CEO is Mr. Jonathan Francis Watts.
Is Frontier Developments publicy listed? Yes, Frontier Developments is a public company listed on LON.
What is the stock symbol of Frontier Developments? Frontier Developments trades under FDEV ticker.
When did Frontier Developments go public? Frontier Developments went public in 2013.
Who are competitors of Frontier Developments? Similar companies to Frontier Developments include e.g. Azerion Group, PlaySide Studios, Trophy Games, Remedy Entertainment.
What is the current market cap of Frontier Developments? Frontier Developments's current market cap is $97.2M
What is the current revenue of Frontier Developments? Frontier Developments's last 12-month revenue is $113M.
What is the current EBITDA of Frontier Developments? Frontier Developments's last 12-month EBITDA is $3.1M.
What is the current EV/Revenue multiple of Frontier Developments? Current revenue multiple of Frontier Developments is 0.8x.
What is the current EV/EBITDA multiple of Frontier Developments? Current EBITDA multiple of Frontier Developments is 28.2x.
What is the current revenue growth of Frontier Developments? Frontier Developments revenue growth between 2023 and 2024 was -15%.
Is Frontier Developments profitable? Yes, Frontier Developments is EBITDA-positive (as of the last 12 months).

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