Nexters - Public Comps and Valuation Multiples

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

Employees

839

Website

gdev.inc

Sectors

Gaming - Mobile

Financials

LTM Revenue $380M

LTM EBITDA $61.6M

EV

$340M

Valuation Multiples

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Nexters Financials

As of September 2025, Nexters reported last 12-month revenue of $380M and EBITDA of $61.6M.

In the same period, Nexters generated $242M in LTM gross profit and $50.4M in net income.

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Nexters P&L

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

Nexters 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	$380M	XXX	$421M	XXX	XXX	XXX
Gross Profit	$242M	XXX	$279M	XXX	XXX	XXX
Gross Margin	64%	XXX	66%	XXX	XXX	XXX
EBITDA	$61.6M	XXX	$36.4M	XXX	XXX	XXX
EBITDA Margin	16%	XXX	9%	XXX	XXX	XXX
EBIT	$57.1M	XXX	$40.5M	XXX	XXX	XXX
EBIT Margin	15%	XXX	10%	XXX	XXX	XXX
Net Profit	$50.4M	XXX	$25.5M	XXX	XXX	XXX
Net Margin	13%	XXX	6%	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 Nexters including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $380M. EBITDA for the last twelve months was $61.6M. In the most recent fiscal year, Nexters achieved $421M in revenue and $36.4M 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	$380M	Analyst estimates available to subscribers	$421M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$242M	Analyst estimates available to subscribers	$279M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	63.7% gross margin	Analyst estimates available to subscribers	66.3% 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)	$61.6M	Analyst estimates available to subscribers	$36.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	16.2% EBITDA margin	Analyst estimates available to subscribers	8.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$57.1M	Analyst estimates available to subscribers	$40.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.0% EBIT margin	Analyst estimates available to subscribers	9.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$50.4M	Analyst estimates available to subscribers	$25.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.2% net profit margin	Analyst estimates available to subscribers	6.1% 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 Nexters

This financial data table provides comprehensive performance metrics for Nexters, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Nexters generated $380M in revenue over the last twelve months.
The company achieved $61.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $242M.
Net income over the last twelve months reached $50.4M.

Fiscal Year Performance

In the most recent fiscal year, Nexters reported $421M in total revenue.
Fiscal year EBITDA was $36.4M.
The company maintained a gross profit margin of 66.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 8.7%.
Net profit margin reached 6.1% in the most recent fiscal year.

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

Nexters Stock Performance

Nexters has current market cap of $404M, and EV of $340M.

Market Cap Evolution

Nexters Stock Data

As of October 17, 2025, Nexters's stock price is $22.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$340M	$404M	XXX	XXX	XXX	XXX	$2.15

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Nexters Valuation Multiples

Nexters's trades at 0.8x EV/Revenue multiple, and 9.3x EV/EBITDA.

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Nexters Financial Valuation Multiples

As of October 17, 2025, Nexters has market cap of $404M and EV of $340M.

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 8.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$404M	XXX	$404M	XXX	XXX	XXX
EV (current)	$340M	XXX	$340M	XXX	XXX	XXX
EV/Revenue	0.9x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	5.5x	XXX	9.3x	XXX	XXX	XXX
EV/EBIT	5.9x	XXX	8.4x	XXX	XXX	XXX
EV/Gross Profit	1.4x	XXX	n/a	XXX	XXX	XXX
P/E	8.0x	XXX	15.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	12.1x	XXX	XXX	XXX

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

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Nexters Margins & Growth Rates

Nexters's last 12 month revenue growth is 2%

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 14% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nexters's rule of X is 21% (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	2%	XXX	-4%	XXX	XXX	XXX
EBITDA Margin	16%	XXX	9%	XXX	XXX	XXX
EBITDA Growth	9%	XXX	8%	XXX	XXX	XXX
Rule of 40	14%	XXX	11%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	21%	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

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

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