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GDEV Inc.(GDEV)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for GDEV
11/10/2026: GDEV (1-star) is currently NOT-A-BUY. Pass it for now.
GDEV Inc. is a mobile-first game development company that creates and operates titles like the popular RPG Hero Wars. The company relies on a data-driven approach to user acquisition and live operations to maintain player engagement over time. Its primary growth opportunity lies in scaling its current portfolio and launching new titles, while its main risks involve heavy revenue concentration in a few flagship games and exposure to mobile platform policies. Investors should view this as a higher-risk play within the interactive entertainment sector. The stock may suit growth-oriented investors who are comfortable with the inherent volatility and competitive intensity of the mobile gaming market.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The company offers potential for growth, but this is tempered by concentration risks in its game portfolio. |
| Momentum investor | Weak fit | Momentum is generally tied to clear, consistent growth signals which have been inconsistent for this ticker. |
| Value investor | Mixed fit | Valuation may appear attractive depending on the cycle, but intrinsic value is hard to assess due to reliance on hit games. |
| Dividend investor | Weak fit | The company does not pay a dividend, making it unsuitable for income-focused investors. |
| Low-risk investor | Weak fit | The volatility of the mobile gaming sector and individual stock risks make this inappropriate for low-risk portfolios. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock experiences significant price swings due to the high-beta nature of gaming stocks. |
| Valuation risk | Medium | Valuations in this sector are highly sensitive to user acquisition cost trends and revenue growth expectations. |
| Competition risk (Mobile gaming competition) | High | The market is saturated, and the company faces constant pressure from larger, well-funded incumbents. |
| Business quality | Medium | While the company has proven live-ops capabilities, the heavy reliance on a few titles creates business model vulnerability. |
| Dividend income | Low / none | No dividend payments are provided, offering no income protection during market downturns. |
| Execution risk | Medium / high | The success of the company depends on continuous execution in content creation and marketing ROI. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Choppy
The stock has experienced frequent reversals and pronounced short-term price swings.
Analysis of Past Performance
Type Stock | Historic Profit -48.43% | Avg. Invested days 17 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  1.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/10/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 167.43M USD | Price to earnings Ratio 2.25 | 1Y Target Price 70 |
Price to earnings Ratio 2.25 | 1Y Target Price 70 | ||
Volume (30-day avg) 2.2K shares | Beta 1.09 | 52 Weeks Range 8.50 - 25.03 | Updated Date 11/10/2026 |
52 Weeks Range 8.50 - 25.03 | Updated Date 11/10/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) 4.11 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| In-game Purchases and Advertising | Microtransactions, subscription-like passes, and in-game ads within Hero Wars and other titles. | The company generates revenue by convincing players to spend money within their games to advance or customize their experience. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Valuation
Trailing PE 2.25 | Forward PE 1.68 | Enterprise Value 42.79M | Price to Sales(TTM) 0.44 |
Enterprise Value 42.79M | Price to Sales(TTM) 0.44 | ||
Enterprise Value to Revenue 0.11 | Enterprise Value to EBITDA 0.5 | Shares Outstanding 18.12M | Shares Floating 1.74M |
Shares Outstanding 18.12M | Shares Floating 1.74M | ||
Percent Insiders 86.55 | Percent Institutions 2.15 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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