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GDEV 
GDEV Inc. (GDEV)
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Upturn Advisory Summary
11/25/2025: GDEV (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
2 Analysts rated it
Very few follow this stock; limited insights, higher-risk early investing.
1 Year Target Price $70
1 Year Target Price $70
| 1 | Strong Buy |
| 0 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -22.98% | Avg. Invested days 33 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/25/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 366.17M USD | Price to earnings Ratio 7.89 | 1Y Target Price 70 |
Price to earnings Ratio 7.89 | 1Y Target Price 70 | ||
Volume (30-day avg) 2 | Beta 1.16 | 52 Weeks Range 8.60 - 42.20 | Updated Date 11/25/2025 |
52 Weeks Range 8.60 - 42.20 | Updated Date 11/25/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 2.56 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 13.74% | Operating Margin (TTM) 25.51% |
Management Effectiveness
Return on Assets (TTM) 16.66% | Return on Equity (TTM) - |
Valuation
Trailing PE 7.89 | Forward PE 6.57 | Enterprise Value 274613479 | Price to Sales(TTM) 0.89 |
Enterprise Value 274613479 | Price to Sales(TTM) 0.89 | ||
Enterprise Value to Revenue 0.65 | Enterprise Value to EBITDA 4.63 | Shares Outstanding 18130090 | Shares Floating 5533454 |
Shares Outstanding 18130090 | Shares Floating 5533454 | ||
Percent Insiders 84.58 | Percent Institutions 0.08 |
Upturn AI SWOT
GDEV Inc.
Company Overview
History and Background
GDEV Inc., formerly known as MGO Global Inc., underwent a name and business model shift. Initially focused on celebrity-driven fashion brands, it transitioned to developing and marketing casual games following the acquisition of Gameday Group. Its history is relatively short, with the current gaming strategy beginning in 2023. MGO Global was founded well before 2023.
Core Business Areas
- Mobile Game Development and Publishing: GDEV Inc. focuses on developing and publishing free-to-play mobile games, primarily in the casual gaming genre. They aim to create games with mass-market appeal and long-term player engagement.
- In-App Purchases and Advertising: GDEV Inc. monetizes its games through in-app purchases (IAP) and in-game advertising. The balance between these revenue streams is crucial for sustainable profitability.
Leadership and Structure
The leadership team consists of individuals with experience in mobile gaming and business strategy. The company structure reflects its focus on game development, marketing, and monetization.
Top Products and Market Share
Key Offerings
- Match Masters: Match Masters is GDEV's flagship game, a multiplayer match-3 game with a unique competitive element. While exact market share data is difficult to ascertain without company specifics, the mobile match-3 game market is highly competitive. Competitors include Playrix (Homescapes, Gardenscapes), King (Candy Crush Saga), and Scopely (Yahtzee with Buddies, Monopoly Go!). Match Masters has reportedly driven a large proportion of GDEV's revenue.
Market Dynamics
Industry Overview
The mobile gaming industry is a large and rapidly growing market, driven by increasing smartphone penetration and accessibility to games. The casual gaming segment is particularly competitive, with many companies vying for user attention and spending.
Positioning
GDEV Inc. is positioned as a developer and publisher of casual mobile games, seeking to differentiate itself through engaging gameplay and effective monetization strategies. Their competitive advantage relies on creating hit games with strong player retention.
Total Addressable Market (TAM)
The global mobile gaming market is estimated at hundreds of billions of dollars annually. GDEV Inc. is targeting a segment of this market, and its success depends on its ability to capture a significant share through innovative games and marketing.
Upturn SWOT Analysis
Strengths
- Experienced gaming leadership
- Focus on the high-growth mobile gaming market
- Potential for high profitability if games become successful
- Established gaming platform through Match Masters
Weaknesses
- Reliance on a small portfolio of games
- Intense competition in the mobile gaming market
- Need for constant innovation to maintain player engagement
- Limited track record as a pure-play gaming company
Opportunities
- Expansion into new gaming genres
- Acquisition of other gaming studios
- Partnerships with major brands
- Geographic expansion into emerging markets
Threats
- Changing consumer preferences
- Emergence of new competitors
- Increasing marketing costs
- Economic downturn affecting consumer spending
Competitors and Market Share
Key Competitors
- ATVI
- EA
- TTWO
- ZNGA
Competitive Landscape
GDEV Inc. faces stiff competition from larger, more established players in the mobile gaming market. To succeed, GDEV must focus on creating differentiated, high-quality games and effectively marketing them to target audiences.
Growth Trajectory and Initiatives
Historical Growth: Historical growth is largely dependent on the success of Match Masters and the launch of new games. Previously, MGO Global was not in the gaming industry so a growth trajectory should be considered from 2023 to present.
Future Projections: Future projections are dependent on the success of their new game launches, user acquisition strategies, and monetization effectiveness. Analyst estimates are not widely available due to the company's size and recent transition.
Recent Initiatives: Recent initiatives include developing and launching new mobile games, expanding the user base of existing games, and implementing effective monetization strategies.
Summary
GDEV Inc. is a relatively new player in the mobile gaming market with a focus on casual games. Its success hinges on its ability to develop and market engaging games that attract and retain a large player base. The company faces intense competition and needs to demonstrate its ability to consistently create hit games to achieve sustainable growth. Investors should monitor the company's financial performance, user acquisition metrics, and game pipeline to assess its long-term potential.
Similar Stocks
Sources and Disclaimers
Data Sources:
- SEC filings (where available)
- Company press releases
- Third-party market research reports
- Industry news articles
Disclaimers:
This analysis is based on publicly available information and should not be considered financial advice. Investors should conduct their own due diligence before making any investment decisions. Market share estimates are approximations based on available data and may not be precise.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About GDEV Inc.
Exchange NASDAQ | Headquaters - | ||
IPO Launch date 2020-10-05 | Co-Founder, Chairman of the Board & CEO Mr. Andrey Fadeev | ||
Sector Communication Services | Industry Electronic Gaming & Multimedia | Full time employees 589 | Website https://gdev.inc |
Full time employees 589 | Website https://gdev.inc | ||
GDEV Inc. develops and publishes online games in the United States, Europe, Asia, and internationally. Its core product offering includes Hero Wars, offers a suite of games across mobile, social, and web-based platforms, as well as franchises gaming in the role-playing game genre. The company was formerly known as Nexters Inc. and changed its name to GDEV Inc. in June 2023. GDEV Inc. was founded in 2010 and is headquartered in Limassol, Cyprus.
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