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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 $409M

LTM EBITDA $45.1M

EV

$146M

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Nexters Financials

Nexters has a last 12-month revenue (LTM) of $409M and a last 12-month EBITDA of $45.1M.

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

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $409M XXX $421M XXX XXX XXX
Gross Profit $271M XXX $279M XXX XXX XXX
Gross Margin 66% XXX 66% XXX XXX XXX
EBITDA $45.1M XXX $36.4M XXX XXX XXX
EBITDA Margin 11% XXX 9% XXX XXX XXX
EBIT $41.6M XXX $40.5M XXX XXX XXX
EBIT Margin 10% XXX 10% XXX XXX XXX
Net Profit $33.5M XXX $25.5M XXX XXX XXX
Net Margin 8% XXX 6% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

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Nexters Stock Performance

As of May 30, 2025, Nexters's stock price is $15.

Nexters has current market cap of $279M, and EV of $146M.

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Nexters Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$146M $279M XXX XXX XXX XXX $1.42

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Nexters Valuation Multiples

As of May 30, 2025, Nexters has market cap of $279M and EV of $146M.

Nexters's trades at 0.3x EV/Revenue multiple, and 4.0x EV/EBITDA.

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

Nexters has a P/E ratio of 8.3x.

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Nexters Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $279M XXX $279M XXX XXX XXX
EV (current) $146M XXX $146M XXX XXX XXX
EV/Revenue 0.4x XXX 0.3x XXX XXX XXX
EV/EBITDA 3.2x XXX 4.0x XXX XXX XXX
EV/EBIT 3.5x XXX 3.6x XXX XXX XXX
EV/Gross Profit 0.5x XXX n/a XXX XXX XXX
P/E 8.3x XXX 10.9x XXX XXX XXX
EV/FCF n/a XXX 5.2x XXX XXX XXX

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Nexters Margins & Growth Rates

Nexters's last 12 month revenue growth is 3%

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

Nexters's rule of 40 is 15% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nexters's rule of X is 18% (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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Nexters Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 3% XXX 5% XXX XXX XXX
EBITDA Margin 11% XXX 9% XXX XXX XXX
EBITDA Growth 18% XXX -8% XXX XXX XXX
Rule of 40 15% XXX 12% XXX XXX XXX
Bessemer Rule of X XXX XXX 18% XXX XXX XXX
Revenue per Employee XXX XXX $0.5M XXX XXX XXX
Opex per Employee XXX XXX $0.3M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 48% 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 57% 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 $279M
What is the current revenue of Nexters? Nexters's last 12 months revenue is $409M.
What is the current revenue growth of Nexters? Nexters revenue growth (NTM/LTM) is 3%.
What is the current EV/Revenue multiple of Nexters? Current revenue multiple of Nexters is 0.4x.
Is Nexters profitable? Yes, Nexters is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Nexters? Nexters's last 12 months EBITDA is $45.1M.
What is Nexters's EBITDA margin? Nexters's last 12 months EBITDA margin is 11%.
What is the current EV/EBITDA multiple of Nexters? Current EBITDA multiple of Nexters is 3.2x.

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