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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 Azerion Group.

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 $105M

LTM EBITDA $26.4M

EV

$122M

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Ten Square Games Financials

Ten Square Games has a last 12-month revenue (LTM) of $105M and a last 12-month EBITDA of $26.4M.

In the most recent fiscal year, Ten Square Games achieved revenue of $490M and an EBITDA of $48.8M.

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

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Ten Square Games P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $105M XXX $490M XXX XXX XXX
Gross Profit $105M XXX $408M XXX XXX XXX
Gross Margin 100% XXX 83% XXX XXX XXX
EBITDA $26.4M XXX $48.8M XXX XXX XXX
EBITDA Margin 25% XXX 10% XXX XXX XXX
EBIT $22.9M XXX $92.8M XXX XXX XXX
EBIT Margin 22% XXX 19% XXX XXX XXX
Net Profit $19.8M XXX $17.1M XXX XXX XXX
Net Margin 19% XXX 3% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Ten Square Games Stock Performance

As of May 30, 2025, Ten Square Games's stock price is EUR 23 (or $26).

Ten Square Games has current market cap of EUR 148M (or $166M), and EV of EUR 109M (or $122M).

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Ten Square Games Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$122M $166M XXX XXX XXX XXX n/a

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Ten Square Games Valuation Multiples

As of May 30, 2025, Ten Square Games has market cap of $166M and EV of $122M.

Ten Square Games's trades at 0.2x EV/Revenue multiple, and 2.5x EV/EBITDA.

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

Ten Square Games has a P/E ratio of 2.0x.

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Ten Square Games Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $166M XXX $166M XXX XXX XXX
EV (current) $122M XXX $122M XXX XXX XXX
EV/Revenue 0.3x XXX 0.2x XXX XXX XXX
EV/EBITDA 1.1x XXX 2.5x XXX XXX XXX
EV/EBIT 1.3x XXX 1.3x XXX XXX XXX
EV/Gross Profit 0.3x XXX n/a XXX XXX XXX
P/E 2.0x XXX 9.7x XXX XXX XXX
EV/FCF n/a XXX 1.0x XXX XXX XXX

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

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Ten Square Games Margins & Growth Rates

Ten Square Games's last 12 month revenue growth is -2%

Ten Square Games's revenue per employee in the last FY averaged $11.7M, while opex per employee averaged $7.5M for the same period.

Ten Square Games's rule of 40 is 14% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ten Square Games'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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Ten Square Games Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth -2% XXX -7% XXX XXX XXX
EBITDA Margin 25% XXX 10% XXX XXX XXX
EBITDA Growth -9% XXX 6% XXX XXX XXX
Rule of 40 14% XXX 8% XXX XXX XXX
Bessemer Rule of X XXX XXX 21% XXX XXX XXX
Revenue per Employee XXX XXX $11.7M XXX XXX XXX
Opex per Employee XXX XXX $7.5M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 50% 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 64% 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 $166M
What is the current revenue of Ten Square Games? Ten Square Games's last 12 months revenue is $105M.
What is the current revenue growth of Ten Square Games? Ten Square Games revenue growth (NTM/LTM) is -2%.
What is the current EV/Revenue multiple of Ten Square Games? Current revenue multiple of Ten Square Games is 0.3x.
Is Ten Square Games profitable? Yes, Ten Square Games is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Ten Square Games? Ten Square Games's last 12 months EBITDA is $26.4M.
What is Ten Square Games's EBITDA margin? Ten Square Games's last 12 months EBITDA margin is 25%.
What is the current EV/EBITDA multiple of Ten Square Games? Current EBITDA multiple of Ten Square Games is 1.1x.

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