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Swedish video-game publisher and developer specializing in deep strategy games such as Cities: Skylines and Crusader Kings.
Swedish video-game publisher and developer specializing in deep strategy games such as Cities: Skylines and Crusader Kings.
Sells its games mostly digitally through PC stores such as Steam and keeps selling expansions and add-ons for years after launch, so a deep back catalogue produces much of its revenue and new releases add to it. It also publishes games from outside studios as well as developing in-house.
In one line: A niche strategy-game publisher with no exact large US peer (closest: a strategy-focused T.
Moat: narrow (brand, IP / patents, installed base). Loyal niche fan base and long-tail DLC monetization for owned franchises, though hit-dependent like all game studios.
Headquarters: Stockholm, Sweden · Founded: 1999
Size Paradox Interactive (PDX.ST) is a Sweden Information Technology company (Packaged Software) with a market value of $1.54B, the 102nd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 142.80 on 6 Nov 2026.
Performance Over six months the shares gained 6.5%, against -4.7% for the median peer and +8.2% for the Sweden market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +10.3%); the operating margin is 5.8% (peer median 10.2%).
Valuation It trades at 25.3× forward earnings against a peer median of 21.9× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +17 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 2.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 2.29B | SEK 2.19B | SEK 2.20B | SEK 2.64B | SEK 1.97B |
| Revenue growth | — | 0% | -17% | +34% | — |
| Gross profit | SEK 481M | SEK 879M | SEK 1.19B | SEK 1.25B | SEK 1.10B |
| EBITDA | SEK 1.39B | SEK 1.72B | SEK 1.59B | SEK 1.86B | SEK 1.32B |
| Net income | SEK 161M | SEK 125M | SEK 585M | SEK 531M | SEK 709M |
| Free cash flow | SEK 1.12B | SEK 1.23B | SEK 1.12B | SEK 1.45B | SEK 1.08B |
| Capital expenditure | SEK 604M | SEK 656M | SEK 604M | SEK 706M | SEK 796M |
| Total debt | SEK 140M | SEK 165M | SEK 64.8M | SEK 109M | SEK 140M |
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 |
|---|---|---|---|---|---|---|
| Paradox Interactive PDX.ST | $1.54B | +6% | +13% | 6% | 25.3× | 20.8% |
| Take-Two Interactive TTWO | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% |
| Sega Sammy 6460.T | $4.28B | +46% | +24% | 10% | 17.8× | -2.3% |
| Embracer EMBRAC-B.ST | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% |
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 | PDX.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +3.1% | 11th highest of 21 |
| 6-month return | +6.5% | -4.7% | 9th highest of 20 |
| Distance from 52-week high | -25.0% | -37.1% | 7th highest of 21 |
| Revenue growth (TTM) | +12.8% | +10.3% | 10th highest of 21 |
| Operating margin | 5.8% | 10.2% | 8th lowest of 21 |
| Forward P/E | 25.3× | 21.9× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 20.8% | 13.4% | 4th most demanding of 15 |
| Growth delivered (Del g) | +4.1% | +16.0% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +16.7 pp | -6.9 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +2.1 pp | +0.1 pp | 9th highest of 18 |
| EV / EBITDA | 10.4× | 12.1× | 5th cheapest of 12 |
| Net debt / EBITDA | -0.5× | -2.3× | 4th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Paradox Interactive PDX.ST | Sweden | $1.54B | +6% | +13% | 6% | 25.3× | 20.8% | +4.1% |
| CloudWalk Technology 688327.SS | China | $1.54B | -28% | -47% | -165% | n/a | n/a | n/a |
| Digiwin 300378.SZ | China | $1.54B | -2% | +10% | 9% | 32.5× | n/a | n/a |
| Yusys Technologies 300674.SZ | China | $1.53B | -23% | -11% | 8% | 20.8× | 15.6% | +4.0% |
| Sprinklr CXM | United States | $1.55B | +25% | +6% | 6% | 13.0× | 4.8% | +17.2% |
| MIXI 2121.T | Japan | $1.56B | +51% | +30% | 14% | 10.7× | -18.1% | +7.5% |
| YGsoft 002063.SZ | China | $1.51B | -16% | +5% | 13% | 31.0× | 16.3% | +8.9% |
| KPIT Technologies KPITTECH.NS | India | $1.57B | -25% | +9% | 14% | 26.3× | 14.8% | +26.0% |
| BlackLine BL | United States | $1.50B | -15% | +9% | 7% | 10.0× | 12.1% | +14.8% |
| Wuxi Boton Technology 300031.SZ | China | $1.50B | +8% | +22% | 2% | 32.5× | 30.2% | +5.6% |
| Fractal Analytics FRACTAL.NS | India | $1.49B | -27% | +19% | 12% | 41.5× | 31.4% | +18.5% |
| Weaver Network Technology 603039.SS | China | $1.59B | -8% | +2% | 12% | 29.1× | 15.8% | +9.0% |
| Phancy 6682.HK | Hong Kong | $1.48B | -45% | +42% | -5% | 88.0× | n/a | n/a |
| YOOZOO Interactive 002174.SZ | China | $1.61B | +9% | -1% | -20% | 24.7× | n/a | n/a |
| Pagaya Technologies PGY | United States | $1.47B | +15% | +11% | 22% | 7.8× | 4.1% | +68.9% |
| Exzeo XZO | United States | $1.47B | +21% | +329% | 49% | 14.8× | -8.4% | +59.0% |
| PearlAbyss 263750.KS | South Korea | $1.47B | -44% | +114% | 40% | 7.1× | n/a | n/a |
| Nazara Technologies NAZARA.NS | India | $1.62B | +50% | -2% | 3% | 138.0× | n/a | n/a |
| Systex 6214.TW | Taiwan | $1.46B | +54% | +34% | 3% | 16.6× | -12.4% | +13.1% |
| Newborn Town 9911.HK | Hong Kong | $1.63B | -5% | +36% | 12% | 8.8× | -3.5% | +41.3% |
| GO Inc. 581A.T | Japan | $1.45B | n/a | +32% | 17% | 21.9× | 34.7% | +31.9% |