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Polish video game developer and publisher known for The Witcher and Cyberpunk 2077 franchises.
Polish video game developer and publisher known for The Witcher and Cyberpunk 2077 franchises.
Earns from selling its own games, with income arriving in waves around launches while older titles keep selling. GOG, its digital store, takes a cut of other publishers' sales. New Witcher and Cyberpunk games are in development, and its co-founders are among the largest shareholders.
In one line: A Polish Take-Two Interactive/Rockstar Games.
Moat: narrow (brand, IP / patents). Strong franchise IP (Witcher, Cyberpunk) and fan loyalty, but hit-driven with long development cycles.
Headquarters: Warsaw, Poland · Founded: 1994 · Employees: 808
Size CD PROJEKT RED Spolka Akcyjna (CDR.WA) is a Poland Information Technology company (Packaged Software) with a market value of $6.80B, the 16th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 266.90 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against +17.6% for the median peer and +14.3% for the Poland market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 14.3% over the last twelve months (peer median +14.8%); the operating margin is 54.1% (peer median 14.0%).
Valuation It trades at 53.4× forward earnings against a peer median of 27.2× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 35% a year for seven years (Req g). Recent delivered growth is -17%, so the hurdle is +52 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.1 points above its cost of capital (10.8% WACC).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 859M | PLN 867M | PLN 798M | PLN 1.23B | PLN 953M |
| Revenue growth | — | +9% | -35% | +29% | — |
| Gross profit | n/a | PLN 777M | PLN 666M | PLN 852M | PLN 709M |
| EBITDA | PLN 525M | PLN 530M | PLN 485M | PLN 697M | PLN 526M |
| Net income | PLN 620M | PLN 526M | PLN 444M | PLN 481M | PLN 346M |
| Free cash flow | PLN 544M | PLN 538M | PLN 468M | PLN 594M | PLN 392M |
| Capital expenditure | PLN 714M | PLN 613M | PLN 347M | PLN 331M | PLN 256M |
| Total debt | PLN 46.1M | PLN 26.0M | PLN 20.1M | PLN 23.3M | PLN 21.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CD PROJEKT RED Spolka Akcyjna CDR.WA | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% |
| Take-Two Interactive TTWO | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% |
| UBISOFT Entertainment UBI.PA | $692M | -15% | -27% | -87% | n/a | n/a |
| Electronic Arts EA | n/a | +3% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CDR.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | +1.3% | 9th highest of 21 |
| 6-month return | +4.2% | +17.6% | 8th lowest of 21 |
| Distance from 52-week high | -10.1% | -21.4% | 5th highest of 21 |
| Revenue growth (TTM) | -14.3% | +14.8% | lowest of 21 |
| Operating margin | 54.1% | 14.0% | 2nd highest of 21 |
| Forward P/E | 53.4× | 27.2× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 35.0% | 15.2% | 2nd most demanding of 16 |
| Growth delivered (Del g) | -16.5% | +16.8% | lowest of 16 |
| Hurdle (Req g minus delivered) | +51.5 pp | -7.2 pp | most demanding of 16 |
| ROIC minus cost of capital | +1.1 pp | +7.1 pp | 7th lowest of 18 |
| EV / EBITDA | 50.1× | 18.8× | 2nd most expensive of 15 |
| Net debt / EBITDA | -0.8× | -1.5× | 7th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% | -16.5% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 15.2× | 19.2% | +21.5% |
| MiniMax 0100.HK | Hong Kong | $7.00B | -81% | +159% | -407% | n/a | n/a | n/a |
| Square Enix 9684.T | Japan | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% | -2.1% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| Kunlun Tech 300418.SZ | China | $7.33B | -21% | +48% | -21% | 1,291.3× | n/a | n/a |
| InterDigital IDCC | United States | $7.35B | +2% | -12% | 45% | 41.4× | 13.4% | +18.4% |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Technology One TNE.AX | Australia | $7.40B | +15% | +14% | 29% | 56.7× | 33.3% | +14.9% |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| Duolingo DUOL | United States | $7.51B | +49% | +23% | 12% | 52.6× | 19.8% | +45.0% |
| Dropbox DBX | United States | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% | +5.7% |
| Clear Secure YOU | United States | $7.55B | -2% | +23% | 26% | 24.2× | 15.8% | +31.3% |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 54.7× | 53.7% | +60.8% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 159.5× | n/a | n/a |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |