Frontier Developments - Public Comps and Valuation Multiples

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

Employees

700

Website

frontier.co.uk

Sectors

Gaming - Console & PC

Financials

LTM Revenue $124M

LTM EBITDA $11.1M

EV

$161M

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Frontier Developments Financials

As of August 2025, Frontier Developments reported last 12-month revenue of $124M and EBITDA of $11.1M.

In the same period, Frontier Developments generated $85.0M in LTM gross profit and $18.6M in net income.

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Frontier Developments P&L

In the most recent fiscal year, Frontier Developments reported revenue of $122M and EBITDA of $49.8M.

Frontier Developments 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	$124M	XXX	$122M	XXX	XXX	XXX
Gross Profit	$85.0M	XXX	$85.5M	XXX	XXX	XXX
Gross Margin	69%	XXX	70%	XXX	XXX	XXX
EBITDA	$11.1M	XXX	$49.8M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	41%	XXX	XXX	XXX
EBIT	$15.5M	XXX	$17.1M	XXX	XXX	XXX
EBIT Margin	13%	XXX	14%	XXX	XXX	XXX
Net Profit	$18.6M	XXX	$22.1M	XXX	XXX	XXX
Net Margin	15%	XXX	18%	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 Frontier Developments including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $124M. EBITDA for the last twelve months was $11.1M. In the most recent fiscal year, Frontier Developments achieved $122M in revenue and $49.8M 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	$124M	Analyst estimates available to subscribers	$122M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$85.0M	Analyst estimates available to subscribers	$85.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	68.8% gross margin	Analyst estimates available to subscribers	69.9% 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)	$11.1M	Analyst estimates available to subscribers	$49.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.0% EBITDA margin	Analyst estimates available to subscribers	40.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$15.5M	Analyst estimates available to subscribers	$17.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.6% EBIT margin	Analyst estimates available to subscribers	14.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$18.6M	Analyst estimates available to subscribers	$22.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	15.0% net profit margin	Analyst estimates available to subscribers	18.1% 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 Frontier Developments

This financial data table provides comprehensive performance metrics for Frontier Developments, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Frontier Developments generated $124M in revenue over the last twelve months.
The company achieved $11.1M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $85.0M.
Net income over the last twelve months reached $18.6M.

Fiscal Year Performance

In the most recent fiscal year, Frontier Developments reported $122M in total revenue.
Fiscal year EBITDA was $49.8M.
The company maintained a gross profit margin of 69.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 40.7%.
Net profit margin reached 18.1% in the most recent fiscal year.

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

Frontier Developments Stock Performance

Frontier Developments has current market cap of GBP 142M (or $192M), and EV of GBP 119M (or $161M).

Market Cap Evolution

Frontier Developments Stock Data

As of September 12, 2025, Frontier Developments's stock price is GBP 4 (or $5).

See Frontier Developments trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$161M	$192M	XXX	XXX	XXX	XXX	$0.45

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Frontier Developments Valuation Multiples

Frontier Developments's trades at 1.3x EV/Revenue multiple, and 4.6x EV/EBITDA.

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Frontier Developments Financial Valuation Multiples

As of September 12, 2025, Frontier Developments has market cap of $192M and EV of $161M.

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

Frontier Developments has a P/E ratio of 10.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$192M	XXX	$192M	XXX	XXX	XXX
EV (current)	$161M	XXX	$161M	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	1.3x	XXX	XXX	XXX
EV/EBITDA	14.5x	XXX	4.6x	XXX	XXX	XXX
EV/EBIT	10.4x	XXX	-30.8x	XXX	XXX	XXX
EV/Gross Profit	1.9x	XXX	n/a	XXX	XXX	XXX
P/E	10.3x	XXX	232.2x	XXX	XXX	XXX
EV/FCF	17.8x	XXX	17.5x	XXX	XXX	XXX

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

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Frontier Developments Margins & Growth Rates

Frontier Developments's last 12 month revenue growth is 3%

Frontier Developments's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Frontier Developments's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Frontier Developments's rule of X is 16% (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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Frontier Developments Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	28%	XXX	XXX	XXX
EBITDA Growth	-28%	XXX	-50%	XXX	XXX	XXX
Rule of 40	31%	XXX	31%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	16%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	9%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	35%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	56%	XXX	XXX	XXX

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

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