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Ten Square Games Valuation Multiples

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

Ten Square Games Overview

About Ten Square Games

Ten Square Games SA is a developer of free-to-play mobile games with a focus on hobby genres, including fishing, hunting, and aviation. The company’s portfolio includes popular titles such as Fishing Clash, Hunting Clash, and Wings of Heroes.


Founded

2011

HQ

Germany
Employees

42

Sectors

Gaming - Mobile

Financials

LTM Revenue $102M

LTM EBITDA $26.6M

EV

$132M

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Ten Square Games Financials

Ten Square Games has a last 12-month revenue of $102M and a last 12-month EBITDA of $26.6M.

In the most recent fiscal year, Ten Square Games achieved revenue of $468M and an EBITDA of $46.6M.

Ten Square Games expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Ten Square Games P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $578M $468M XXX XXX XXX
Gross Profit $623M $503M XXX XXX XXX
Gross Margin 108% 107% XXX XXX XXX
EBITDA $92.2M $46.6M XXX XXX XXX
EBITDA Margin 16% 10% XXX XXX XXX
Net Profit $152M $56.2M XXX XXX XXX
Net Margin 26% 12% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Ten Square Games Stock Performance

As of April 15, 2025, Ten Square Games's stock price is EUR 20 (or $22).

Ten Square Games has current market cap of EUR 149M (or $160M), and EV of EUR 123M (or $132M).

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Ten Square Games Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$132M $160M XXX XXX XXX XXX n/a

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Ten Square Games Valuation Multiples

As of April 15, 2025, Ten Square Games has market cap of $160M and EV of $132M.

Ten Square Games's trades at 0.3x LTM EV/Revenue multiple, and 1.2x LTM EBITDA.

Analysts estimate Ten Square Games's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Ten Square Games Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $132M XXX XXX XXX
EV/Revenue 0.3x XXX XXX XXX
EV/EBITDA 2.8x XXX XXX XXX
P/E 9.8x XXX XXX XXX
P/E/Growth 0.1x XXX XXX XXX
EV/FCF 1.1x XXX XXX XXX

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

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Ten Square Games Valuation Multiples

Ten Square Games's NTM/LTM revenue growth is -2%

Ten Square Games's revenue per employee for the last fiscal year averaged $11.2M, while opex per employee averaged $7.2M for the same period.

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

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Ten Square Games Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -19% XXX XXX XXX XXX
EBITDA Margin 10% XXX XXX XXX XXX
EBITDA Growth -49% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 8% XXX XXX XXX XXX
Revenue per Employee $11.2M XXX XXX XXX XXX
Opex per Employee $7.2M XXX XXX XXX XXX
S&M Expenses to Revenue 50% XXX XXX XXX XXX
G&A Expenses to Revenue 2% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 64% XXX XXX XXX XXX

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

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Ten Square Games 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

Valuation data powered by FactSet, Inc.

Ten Square Games M&A and Investment Activity

Ten Square Games acquired  XXX companies to date.

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

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Latest Acquisitions by Ten Square Games

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 Ten Square Games

When was Ten Square Games founded? Ten Square Games was founded in 2011.
Where is Ten Square Games headquartered? Ten Square Games is headquartered in Germany.
How many employees does Ten Square Games have? As of today, Ten Square Games has 42 employees.
Is Ten Square Games publicy listed? Yes, Ten Square Games is a public company listed on STU.
What is the stock symbol of Ten Square Games? Ten Square Games trades under 1HQ ticker.
When did Ten Square Games go public? Ten Square Games went public in 2018.
Who are competitors of Ten Square Games? Similar companies to Ten Square Games include e.g. Azerion Group, PlaySide Studios, OnMobile, Nazara Technologies.
What is the current market cap of Ten Square Games? Ten Square Games's current market cap is $160M
What is the current revenue of Ten Square Games? Ten Square Games's last 12-month revenue is $102M.
What is the current EBITDA of Ten Square Games? Ten Square Games's last 12-month EBITDA is $26.6M.
What is the current EV/Revenue multiple of Ten Square Games? Current revenue multiple of Ten Square Games is 0.3x.
What is the current EV/EBITDA multiple of Ten Square Games? Current EBITDA multiple of Ten Square Games is 1.2x.
What is the current revenue growth of Ten Square Games? Ten Square Games revenue growth between 2023 and 2024 was -19%.
Is Ten Square Games profitable? Yes, Ten Square Games is EBITDA-positive (as of the last 12 months).

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