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Nexters Valuation Multiples

Discover revenue and EBITDA valuation multiples for Nexters and similar public comparables like Trophy Games, Nazara Technologies, and OnMobile.

Nexters Overview

About Nexters

GDEV Inc is a gaming and entertainment holding company that oversees a portfolio of studios focused on developing and publishing live-service games across a range of platforms and genres. Its portfolio includes studios specializing in mobile, browser, and PC games, as well as captivating IPs spanning various genres.


Founded

2021

HQ

United States of America
Employees

839

Website

gdev.inc

Sectors

Gaming - Mobile

Financials

LTM Revenue $421M

LTM EBITDA $42.3M

EV

$53.6M

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Nexters Financials

Nexters has a last 12-month revenue of $421M and a last 12-month EBITDA of $42.3M.

In the most recent fiscal year, Nexters achieved revenue of $421M and an EBITDA of $36.4M.

Nexters expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Nexters P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $465M $421M XXX XXX XXX
Gross Profit $306M $304M XXX XXX XXX
Gross Margin 66% 72% XXX XXX XXX
EBITDA $56.5M $36.4M XXX XXX XXX
EBITDA Margin 12% 9% XXX XXX XXX
Net Profit $7.3M $46.1M XXX XXX XXX
Net Margin 2% 11% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Nexters Stock Performance

As of April 15, 2025, Nexters's stock price is $10.

Nexters has current market cap of $187M, and EV of $53.6M.

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Nexters Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$53.6M $187M XXX XXX XXX XXX $1.15

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Nexters Valuation Multiples

As of April 15, 2025, Nexters has market cap of $187M and EV of $53.6M.

Nexters's trades at 0.1x LTM EV/Revenue multiple, and 1.3x LTM EBITDA.

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

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Nexters Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $53.6M XXX XXX XXX
EV/Revenue 0.1x XXX XXX XXX
EV/EBITDA 1.5x XXX XXX XXX
P/E 7.3x XXX XXX XXX
P/E/Growth 0.3x XXX XXX XXX
EV/FCF 1.9x XXX XXX XXX

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Nexters Valuation Multiples

Nexters's NTM/LTM revenue growth is 3%

Nexters's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, Nexters'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 Nexters's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Nexters Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -9% XXX XXX XXX XXX
EBITDA Margin 9% XXX XXX XXX XXX
EBITDA Growth -35% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 11% XXX XXX XXX XXX
Revenue per Employee $0.5M XXX XXX XXX XXX
Opex per Employee $0.3M XXX XXX XXX XXX
S&M Expenses to Revenue 48% XXX XXX XXX XXX
G&A Expenses to Revenue 8% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 57% XXX XXX XXX XXX

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Nexters Public Comps

See public comps and valuation multiples for Gaming - Mobile 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
OnMobile XXX XXX XXX XXX XXX XXX
Nazara Technologies XXX XXX XXX XXX XXX XXX
Trophy Games XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Nexters M&A and Investment Activity

Nexters acquired  XXX companies to date.

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

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Latest Acquisitions by Nexters

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 Nexters

When was Nexters founded? Nexters was founded in 2021.
Where is Nexters headquartered? Nexters is headquartered in United States of America.
How many employees does Nexters have? As of today, Nexters has 839 employees.
Who is the CEO of Nexters? Nexters's CEO is Mr. Andrey Fadeev.
Is Nexters publicy listed? Yes, Nexters is a public company listed on NAS.
What is the stock symbol of Nexters? Nexters trades under GDEV ticker.
When did Nexters go public? Nexters went public in 2021.
Who are competitors of Nexters? Similar companies to Nexters include e.g. Azerion Group, PlaySide Studios, OnMobile, Nazara Technologies.
What is the current market cap of Nexters? Nexters's current market cap is $187M
What is the current revenue of Nexters? Nexters's last 12-month revenue is $421M.
What is the current EBITDA of Nexters? Nexters's last 12-month EBITDA is $42.3M.
What is the current EV/Revenue multiple of Nexters? Current revenue multiple of Nexters is 0.1x.
What is the current EV/EBITDA multiple of Nexters? Current EBITDA multiple of Nexters is 1.3x.
What is the current revenue growth of Nexters? Nexters revenue growth between 2023 and 2024 was -9%.
Is Nexters profitable? Yes, Nexters is EBITDA-positive (as of the last 12 months).

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