# CD Projekt (CDR.WAR)

Canonical: https://gigainvestors.com/s/CDR.WAR

Analysis as of: 2026-10-16T07:36:45.695Z. Financial observations: FY2005–FY2026.

Listing currency: PLN. Reporting currency: PLN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: PLN 264.50 per share; close as of 2026-10-15.

Estimated value: low PLN 36.12 per share, central PLN 40.29 per share, high PLN 45.76 per share. Buy at or below the central value PLN 40.29 per share. Valuation as of 2026-10-16T07:36:45.695Z; scenarios are not confidence intervals.

Expected annual return: 4.0% at the stated quote. About 4.0% a year at today's price (required return 10.4%). required return 10.4% a year (PL 10-year bond 6.4% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.52×

- FY2018: 0.31×

- FY2019: 0.35×

- FY2020: 0.54×

- FY2021: 0.26×

- FY2022: 0.40×

- FY2023: 0.38×

- FY2024: 0.37×

- FY2025: 0.53×

- LTM to Jun 2026: 0.63×

### moat: pass

- ROIC, median of available years: 29.2%

- ROIC, second-lowest year: 23.2%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 74.6%

- Recent gross margin (lower of latest and 3-year median): 74.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 20.0%

- ROIC including acquisitions, ten-year median: 23.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 34.7%

- FY2019: 28.5%

- FY2020: 87.1%

- FY2021: 24.7%

- FY2022: 30.0%

- FY2023: 28.2%

- FY2024: 23.2%

- FY2025: 17.3%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN 1.8B

- Net income, five-year total: PLN 2.0B

- Return on incremental invested capital: 11.8%

- Working capital / revenue, annual change: 2.0 pp

- Working capital / revenue, change between three-year averages: 18.4 pp

- Working capital / revenue, final three-year average: 23.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.59×

- FY2022: 0.62×

- FY2023: 0.91×

- FY2024: 1.04×

- FY2025: 0.93×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 103.0% vs 23.2%

- Per-share earnings: 2.60 to 4.81 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: PLN 19B

- Cumulative retained earnings: PLN 299M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.0%

- Per-share value change: PLN 2.21

- Per-share value, starting three-year median: PLN 2.60

- Per-share value, ending three-year median: PLN 4.81

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: PLN 1.2B

- Cumulative net income, 10 years: PLN 3.9B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 23.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: PLN 2.60

- FY2017: PLN 2.01

- FY2018: PLN 1.11

- FY2019: PLN 1.73

- FY2020: PLN 11.37

- FY2021: PLN 2.05

- FY2022: PLN 3.44

- FY2023: PLN 4.81

- FY2024: PLN 4.65

- FY2025: PLN 5.24

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.58×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.21×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.40×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.0%

- FY2017: -3.2%

- FY2018: -2.1%

- FY2019: -2.9%

- FY2020: 15.3%

- FY2021: -35.2%

- FY2022: -2.6%

- FY2023: -5.0%

- FY2024: -1.7%

- FY2025: -3.2%

## Holders

## Price story

Price needs cash profits to grow 26.6% a year for ten years · sales -0.9%

Story as of 2026-10-16T10:00:08.028Z; price observation 2026-10-15.

Price needs cash profits to grow 26.6% a year for ten years

### Sales · FY2025–2026

sales -0.9%; source https://filings.xbrl.org/259400TYO5Q8SH8TL437/2022-12-31/ESEF/PL/0/cdprojektsa-2022-12-31-pl/reports/cdprojektsa-2022-12-31-pl.xhtml; observed 2023-05-04.

- FY2017: PLN 463M 

- FY2018: PLN 363M 

- FY2019: PLN 521M 

- FY2020: PLN 2.1B 

- FY2021: PLN 888M 

- FY2022: PLN 953M 

- FY2023: PLN 1.2B 

- FY2024: PLN 985M 

- FY2025: PLN 867M 

- FY2026: PLN 859M 

### Gross margin · FY2025

gross margin 89.7%; source https://filings.xbrl.org/259400TYO5Q8SH8TL437/2022-12-31/ESEF/PL/0/cdprojektsa-2022-12-31-pl/reports/cdprojektsa-2022-12-31-pl.xhtml; observed 2023-05-04.

- FY2016: 80.5% 

- FY2017: 82.3% 

- FY2018: 70.7% 

- FY2019: 69.1% 

- FY2020: 77.0% 

- FY2021: 71.8% 

- FY2022: 74.4% 

- FY2023: 69.1% 

- FY2024: 74.9% 

- FY2025: 89.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic gaming & multimedia; annual sales are PLN 867 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2025: revenue 866989000; grossProfit 777316000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 69.1% to 89.7% during 2023–25; it earns 29.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2023: grossProfit / revenue = 69.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2024: grossProfit / revenue = 74.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2025: grossProfit / revenue = 89.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); 10-year return on capital observations [[2016,1.8278414030749475],[2017,1.0302830162361907],[2018,0.3468401114177131],[2019,0.28473738700277795],[2020,0.8714129837595934],[2021,0.24661120157521263],[2022,0.2998965976609542],[2023,0.2816014437875321],[2024,0.23223918053679737],[2025,0.17256168099871266]]; median 0.2923169923318661. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back PLN 22.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2016: growth capex 0; upkeep 67646000; owner earnings 219229000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2017: growth capex 0; upkeep 90061000; owner earnings 115115000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2018: growth capex 0; upkeep 113651000; owner earnings 12318000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2020: growth capex 0; upkeep 221592000; owner earnings 1198523200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2021: growth capex 0; upkeep 183370000; owner earnings 123380600. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/259400TYO5Q8SH8TL437/2022-12-31/ESEF/PL/0/cdprojektsa-2022-12-31-pl/reports/cdprojektsa-2022-12-31-pl.xhtml (filed 2023-05-04); FY2022: growth capex 7677305.397455901; upkeep 248427694.6025441; owner earnings 213594105.3974559. Growth capex / owner earnings = 0.0359434329106132.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2023: growth capex 37879466.38995981; upkeep 292935533.6100402; owner earnings 435806466.3899598. Growth capex / owner earnings = 0.08691809165599955.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2024: growth capex 0; upkeep 97923000; owner earnings 490720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2025: growth capex 0; upkeep 99517000; owner earnings 489336400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); Dividend observations: [[2016,0],[2017,100926000],[2018,100926000],[2019,100926000],[2020,503694000],[2021,503694000],[2022,100739000],[2023,99911000],[2024,99911000],[2025,99911000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); FY2025: cash repurchases 22424000 PLN.

### Are managers owners

Insiders own 29.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CDR.WAR SharesStats.PercentInsiders = 29.525000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 26.6% yearly over ten years; actual growth was 3.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-04); Ten-year compound average after fade. Initial solved rate 0.37684540272791434. Price 264.5; FX 1; discount 0.10372; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.575523177258992 → FY2025 4.8677499000260624. Closing-price date 2026-10-15.

## Monthly share-price history (PLN per share)

- 2016-10: PLN 39.88 per share

- 2016-11: PLN 47.71 per share

- 2016-12: PLN 52.20 per share

- 2017-01: PLN 58.65 per share

- 2017-02: PLN 70.45 per share

- 2017-03: PLN 74.20 per share

- 2017-04: PLN 67.79 per share

- 2017-05: PLN 78.93 per share

- 2017-06: PLN 86.04 per share

- 2017-07: PLN 86.50 per share

- 2017-08: PLN 83.40 per share

- 2017-09: PLN 116.25 per share

- 2017-10: PLN 120.60 per share

- 2017-11: PLN 101.50 per share

- 2017-12: PLN 97.00 per share

- 2018-01: PLN 116.00 per share

- 2018-02: PLN 107.00 per share

- 2018-03: PLN 109.40 per share

- 2018-04: PLN 124.80 per share

- 2018-05: PLN 147.20 per share

- 2018-06: PLN 161.80 per share

- 2018-07: PLN 197.50 per share

- 2018-08: PLN 206.00 per share

- 2018-09: PLN 187.30 per share

- 2018-10: PLN 158.30 per share

- 2018-11: PLN 142.20 per share

- 2018-12: PLN 145.60 per share

- 2019-01: PLN 190.00 per share

- 2019-02: PLN 190.10 per share

- 2019-03: PLN 200.00 per share

- 2019-04: PLN 214.90 per share

- 2019-05: PLN 207.80 per share

- 2019-06: PLN 215.30 per share

- 2019-07: PLN 230.00 per share

- 2019-08: PLN 253.00 per share

- 2019-09: PLN 243.40 per share

- 2019-10: PLN 252.10 per share

- 2019-11: PLN 262.50 per share

- 2019-12: PLN 279.50 per share

- 2020-01: PLN 281.60 per share

- 2020-02: PLN 278.50 per share

- 2020-03: PLN 289.10 per share

- 2020-04: PLN 357.60 per share

- 2020-05: PLN 403.80 per share

- 2020-06: PLN 394.90 per share

- 2020-07: PLN 402.00 per share

- 2020-08: PLN 438.50 per share

- 2020-09: PLN 418.40 per share

- 2020-10: PLN 335.40 per share

- 2020-11: PLN 389.50 per share

- 2020-12: PLN 274.70 per share

- 2021-01: PLN 305.20 per share

- 2021-02: PLN 236.60 per share

- 2021-03: PLN 190.50 per share

- 2021-04: PLN 174.12 per share

- 2021-05: PLN 168.74 per share

- 2021-06: PLN 185.02 per share

- 2021-07: PLN 184.74 per share

- 2021-08: PLN 169.32 per share

- 2021-09: PLN 191.80 per share

- 2021-10: PLN 173.88 per share

- 2021-11: PLN 182.76 per share

- 2021-12: PLN 192.90 per share

- 2022-01: PLN 180.06 per share

- 2022-02: PLN 168.40 per share

- 2022-03: PLN 173.74 per share

- 2022-04: PLN 120.98 per share

- 2022-05: PLN 108.66 per share

- 2022-06: PLN 95.68 per share

- 2022-07: PLN 90.81 per share

- 2022-08: PLN 84.12 per share

- 2022-09: PLN 100.20 per share

- 2022-10: PLN 127.10 per share

- 2022-11: PLN 130.98 per share

- 2022-12: PLN 129.64 per share

- 2023-01: PLN 139.32 per share

- 2023-02: PLN 132.40 per share

- 2023-03: PLN 111.22 per share

- 2023-04: PLN 113.30 per share

- 2023-05: PLN 121.20 per share

- 2023-06: PLN 154.85 per share

- 2023-07: PLN 163.35 per share

- 2023-08: PLN 147.55 per share

- 2023-09: PLN 125.20 per share

- 2023-10: PLN 105.00 per share

- 2023-11: PLN 108.85 per share

- 2023-12: PLN 115.00 per share

- 2024-01: PLN 104.75 per share

- 2024-02: PLN 109.70 per share

- 2024-03: PLN 116.90 per share

- 2024-04: PLN 118.50 per share

- 2024-05: PLN 130.30 per share

- 2024-06: PLN 138.95 per share

- 2024-07: PLN 159.05 per share

- 2024-08: PLN 183.10 per share

- 2024-09: PLN 174.15 per share

- 2024-10: PLN 160.75 per share

- 2024-11: PLN 167.20 per share

- 2024-12: PLN 191.45 per share

- 2025-01: PLN 211.10 per share

- 2025-02: PLN 221.60 per share

- 2025-03: PLN 211.80 per share

- 2025-04: PLN 232.90 per share

- 2025-05: PLN 221.80 per share

- 2025-06: PLN 280.80 per share

- 2025-07: PLN 251.20 per share

- 2025-08: PLN 252.00 per share

- 2025-09: PLN 270.50 per share

- 2025-10: PLN 253.80 per share

- 2025-11: PLN 256.40 per share

- 2025-12: PLN 241.00 per share

- 2026-01: PLN 259.80 per share

- 2026-02: PLN 242.70 per share

- 2026-03: PLN 236.60 per share

- 2026-04: PLN 275.60 per share

- 2026-05: PLN 232.60 per share

- 2026-06: PLN 224.40 per share

- 2026-07: PLN 249.90 per share

- 2026-08: PLN 234.40 per share

- 2026-09: PLN 254.00 per share

- 2026-10: PLN 265.90 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 16.96 per share, central PLN 18.38 per share, high PLN 20.25 per share

- FY2017: low PLN 19.20 per share, central PLN 21.74 per share, high PLN 24.12 per share

- FY2018: low PLN 16.13 per share, central PLN 17.38 per share, high PLN 19.02 per share

- FY2019: low PLN 18.07 per share, central PLN 19.83 per share, high PLN 22.13 per share

- FY2020: low PLN 75.77 per share, central PLN 104.10 per share, high PLN 119.96 per share

- FY2021: low PLN 25.15 per share, central PLN 31.68 per share, high PLN 35.35 per share

- FY2022: low PLN 25.73 per share, central PLN 32.83 per share, high PLN 36.81 per share

- FY2023: low PLN 37.40 per share, central PLN 41.18 per share, high PLN 46.13 per share

- FY2024: low PLN 56.35 per share, central PLN 75.02 per share, high PLN 85.47 per share

- FY2025: low PLN 38.10 per share, central PLN 42.29 per share, high PLN 47.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:29.054Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/259400TYO5Q8SH8TL437/2022-12-31/ESEF/PL/0/cdprojektsa-2022-12-31-pl/reports/cdprojektsa-2022-12-31-pl.xhtml); period 2022-12-31, filed 2023-05-04.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.