Rankings Software, cloud & internet Remedy Entertainment

Remedy Entertainment

Software, cloud & internet · FinlandRank 349 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Multiples vs history and peers−10
Margin−6
Launch risk−6

Strengths

Net cash+2
Strong launch of own IP+2

How the score is built

From 100 to 65, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

65Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 16.70 EUR
Median analyst target: 22.50 EUR
Upside to median: +34.7%
Analysts: 2
Target range: 22.00 – 23.00 EUR
52-week change: +27%
P/E (trailing): n/a
Forward P/E: 35.5
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 3 findings−15 of −30

Margin
EBIT margin −7% TTM and net income −EUR 15.8m (−30%); H1 2026 EBIT −2.9m (−12.5%) and EBITDA only 0.5m due to marketing ahead of CONTROL Resonant. 2025 EBIT was about 0, and the company has lost money four years in a row.
stockanalysis.com
−6
Quality of growth
Revenue fell 23% in H1 2026 (EUR 23.3m) and 40% in Q2; game sales and royalties were only 3.8m in Q2. Earnings swing with few launches and development fees from partners (Rockstar on the Max Payne remake).
inderes.fi
−4
Capital allocation
FBC: Firebreak flopped and was written down by EUR 14.9m in 2025. Capitalised development of EUR 11–12m a year means that real FCF is only about EUR 1.5m TTM and was negative in 2025 (−0.8m after leasing).
stockanalysis.com
−5

Price

Today's multiples against the company's own history and its peers. · 1 finding−10 of −35

Multiples vs history and peers
P/S 4.5 is low versus own history (3.5-11.8 in 2021-25), but the earnings multiples are high: forward P/E 40 (stockanalysis) and 70x 2026e / 20x 2027e at Inderes; actual FCF yield below 1%. Coffee Stain trades at about 15x forward P/E with net cash and positive FCF; Paradox at 22x.
stockanalysis.com
−10

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35

Launch risk
CONTROL Resonant scored 83 on Metacritic: solid, but below the 85+ analysts pointed to as hit level. The Steam peak of approx. 41,000 concurrent players is far below the September competitors (78-85,000). Inderes downgraded to 'Accumulate' on 28/9 and calls the near-term upside limited unless sales surprise.
inderes.fi
−6
Management change
New CEO (Jean-Charles Gaudechon) from 1 Mar 2026 after the Firebreak flop; the new management has yet to prove itself.
tech-insider.org
−2
Partner and platform dependence
Development fees from Rockstar (Max Payne 1&2 remake) and subscription agreements account for a large part of revenue; distribution via Steam, PlayStation and Xbox on the platforms' terms.
inderes.fi
−2

Plus

Only documented strengths. · 2 findings+4 of +15

Net cash
Cash and liquid investments of 29.6m EUR versus debt of 17.8m (incl. leases), i.e. net cash of 11.8m EUR as of 30 Jun 2026 and an equity ratio of 65%.
stockanalysis.com
+2
Strong launch of own IP
CONTROL Resonant was Steam's best-selling game at launch and, according to Alinea Analytics, sold almost 300,000 copies (USD 12.7m) on Steam in under a week. Remedy owns the IP and self-publishes, so the margin per copy sold is high.
otakukart.com
+2

Caveats

What the score does not capture, or where the data is weak.

Penny deep dive (price DKK 128.5, far above DKK 3). Finnish game developer (Control, Alan Wake, Max Payne). A price of EUR 17.22 and 13.59m shares give a market cap of EUR 234m (about DKK 1,746m; Nordnet 1,715). Stockanalysis' FCF (EUR 14.5m TTM, P/FCF 16) is before capitalized development (11.6m) and leasing (1.4m); the company's actual FCF is about EUR 1.5m TTM. The 2025 loss is due mainly to the write-down of FBC: Firebreak (EUR 14.9m). CONTROL Resonant was released 24/9-2026 as Remedy's first self-published major game; there are as yet no official sales figures (only Steam estimates from Alinea and Inderes' assessment). Debt of EUR 17.8m includes a EUR 15m loan from 2024 and leasing; the maturity has not been examined. Operating company with no burn (cash was unchanged 29.4→29.6m in H1), so runway is null. Industry: 'Software, cloud & internet' is closest for games. Short data not found; insider trades not systematically examined.