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Frozen Way Valuation Multiples

Discover revenue and EBITDA valuation multiples for Frozen Way and similar public comparables like Tech Robotics, Kinda Brave Entertainment, Avalon Holdings, Vivid Games and more.

Frozen Way Overview

About Frozen Way

Frozen Way SA is a Poland-based developer of video games. It is an independent game development studio and publisher. Its game portfolio comprises House Flipper Pets, House Flipper VR, and Builder Simulator.


Founded

2017

HQ

Poland

Employees

52

Financials (FY)

Revenue: $3M
EBITDA: $915K

EV

$10M

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Frozen Way Financials

Frozen Way reported last fiscal year revenue of $3M and EBITDA of $915K.

In the same fiscal year, Frozen Way generated $5M in gross profit, $915K in EBITDA, and $776K in net income.


Frozen Way P&L

In the most recent fiscal year, Frozen Way reported revenue of $3M and EBITDA of $915K.

Frozen Way is profitable as of last fiscal year, with gross margin of 157%, EBITDA margin of 28%, and net margin of 24%.

See analyst estimates for Frozen Way
Last FY202320242025202620272028
Revenue$3M$4M$4M$3M
Gross Profit$5M$5M$5M$5M
Gross Margin157%122%135%157%
EBITDA$915K$3M$1M$915K
EBITDA Margin28%67%40%28%
EBIT Margin29%65%35%29%
Net Profit$776K$3M$1M$776K
Net Margin24%60%36%24%

Financial data powered by Morningstar, Inc.

Frozen Way Stock Performance

Frozen Way has current market cap of $11M, and enterprise value of $10M.

Market Cap Evolution


Frozen Way's stock price is $10.59.

Frozen Way share price increased by 1.5% in the last 30 days, and decreased by 3.3% in the last year.

Frozen Way has an EPS (earnings per share) of $0.74.

See more trading valuation data for Frozen Way
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$10M$11M0.5%1.5%-6.3%-3.3%$0.74

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Frozen Way Valuation Multiples

Frozen Way trades at 3.0x EV/Revenue multiple, and 10.6x EV/EBITDA.

See NTM and 2027E valuation multiples for Frozen Way

Frozen Way Financial Valuation Multiples

As of May 20, 2026, Frozen Way has market cap of $11M and EV of $10M.

Frozen Way has a P/E ratio of 14.4x.

Last FY202320242025202620272028
EV/Revenue3.0x2.2x2.6x3.0x
EV/EBITDA10.6x3.3x6.5x10.6x
EV/EBIT10.2x3.4x7.4x10.2x
EV/Gross Profit1.9x1.8x1.9x1.9x
P/E14.4x4.2x8.4x14.4x
EV/FCF22.2x5.2x14.4x22.2x

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

Verified Frozen Way Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Frozen Way Margins & Growth Rates

In the most recent fiscal year, Frozen Way reported gross margin of 157%, EBITDA margin of 28%, and net margin of 24%.

See estimated margins and future growth rates for Frozen Way

Frozen Way Margins

Last FY20242025202720282029
Gross Margin157%135%157%
EBITDA Margin28%40%28%
EBIT Margin29%35%29%
Net Margin24%36%24%
FCF Margin13%18%13%

Frozen Way Growth Rates

23/2424/2526/2727/2828/29
Revenue Growth(16%)(12%)
Gross Profit Growth(8%)3%
EBITDA Growth(49%)(39%)
EBIT Growth(55%)(27%)
Net Profit Growth(50%)(42%)
FCF Growth(64%)(35%)

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

Frozen Way Operational KPIs

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

Access forward-looking KPIs for Frozen Way
Last FY202320242025202620272028
Revenue per Employee$0.1M
Opex per Employee$0.1M
Opex to Revenue128%58%99%128%

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

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Frozen Way Competitors

Frozen Way competitors include Tech Robotics, Kinda Brave Entertainment, Avalon Holdings, Vivid Games, Lichthund, Sonka, Gaming Factory, Ice Code Games, Gamivo and Happytuk.

Most Frozen Way public comparables operate across Gaming - Console & PC.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Tech Robotics344.6x(54.7x)
Kinda Brave Entertainment221.9x(5.1x)
Avalon Holdings0.5x7.3x
Vivid Games4.5x(20.0x)
Lichthund30.3x(42.8x)
Sonka5.7x(331.9x)
Gaming Factory8.6x(3.7x)
Ice Code Games8.1x(97.4x)

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About Frozen Way

When was Frozen Way founded?Frozen Way was founded in 2017.
Where is Frozen Way headquartered?Frozen Way is headquartered in Poland.
How many employees does Frozen Way have?As of today, Frozen Way has over 52 employees.
Is Frozen Way publicly listed?Yes, Frozen Way is a public company listed on Warsaw Stock Exchange.
What is the stock symbol of Frozen Way?Frozen Way trades under FRW ticker.
When did Frozen Way go public?Frozen Way went public in 2023.
Who are competitors of Frozen Way?Frozen Way main competitors include Tech Robotics, Kinda Brave Entertainment, Avalon Holdings, Vivid Games, Lichthund, Sonka, Gaming Factory, Ice Code Games, Gamivo, Happytuk.
What is the current market cap of Frozen Way?Frozen Way's current market cap is $11M.
What is the current revenue of Frozen Way?Frozen Way's last fiscal year revenue is $3M.
What is the current EV/Revenue multiple of Frozen Way?Current revenue multiple of Frozen Way is 3.0x.
Is Frozen Way profitable?No, Frozen Way is not profitable.
How many companies Frozen Way has acquired to date?Frozen Way hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies Frozen Way has invested to date?Frozen Way hasn't invested in any companies yet (or none have been disclosed publicly).

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