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Side-by-side financial comparison of GDEV Inc. (GDEV) and InnovAge Holding Corp. (INNV). Click either name above to swap in a different company.

InnovAge Holding Corp. is the larger business by last-quarter revenue ($239.7M vs $119.9M, roughly 2.0× GDEV Inc.). GDEV Inc. runs the higher net margin — 13.9% vs 4.4%, a 9.4% gap on every dollar of revenue. On growth, InnovAge Holding Corp. posted the faster year-over-year revenue change (14.7% vs 13.3%).

GDEV Inc. is a gaming and entertainment holding company. It is a publicly traded company listed on the Nasdaq stock exchange, headquartered in Limassol, Cyprus. The holding was evolved in June 2023 from a video game company Nexters, founded in 2014, one of the top five independent mobile game companies in Europe. Subsidiaries of GDEV include Nexters Studio, which operates offices in Cyprus, Armenia, and Kazakhstan, as well as Cubic Games, Royal Ark, Game Gears and Light Hour Games. The compan...

InnovAge Holding Corp is a leading U.S. senior care provider, primarily operating the Program of All-Inclusive Care for the Elderly (PACE). It offers integrated medical care, social support, and daily living assistance to help eligible older adults stay in their homes instead of nursing facilities, serving users across multiple U.S. states.

GDEV vs INNV — Head-to-Head

Bigger by revenue
INNV
INNV
2.0× larger
INNV
$239.7M
$119.9M
GDEV
Growing faster (revenue YoY)
INNV
INNV
+1.4% gap
INNV
14.7%
13.3%
GDEV
Higher net margin
GDEV
GDEV
9.4% more per $
GDEV
13.9%
4.4%
INNV

Income Statement — Q2 FY2025 vs Q2 FY2026

Metric
GDEV
GDEV
INNV
INNV
Revenue
$119.9M
$239.7M
Net Profit
$16.6M
$10.6M
Gross Margin
22.0%
Operating Margin
15.5%
5.5%
Net Margin
13.9%
4.4%
Revenue YoY
13.3%
14.7%
Net Profit YoY
13.0%
180.3%
EPS (diluted)
$0.90
$0.08

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
GDEV
GDEV
INNV
INNV
Q4 25
$239.7M
Q3 25
$236.1M
Q2 25
$119.9M
$221.4M
Q1 25
$218.1M
Q4 24
$209.0M
Q3 24
$205.1M
Q2 24
$105.8M
$199.4M
Q1 24
$193.1M
Net Profit
GDEV
GDEV
INNV
INNV
Q4 25
$10.6M
Q3 25
$8.0M
Q2 25
$16.6M
$-785.0K
Q1 25
$-11.4M
Q4 24
$-13.2M
Q3 24
$-4.9M
Q2 24
$14.7M
$-1.7M
Q1 24
$-5.9M
Gross Margin
GDEV
GDEV
INNV
INNV
Q4 25
22.0%
Q3 25
21.8%
Q2 25
18.6%
Q1 25
18.7%
Q4 24
17.7%
Q3 24
16.8%
Q2 24
18.3%
Q1 24
17.6%
Operating Margin
GDEV
GDEV
INNV
INNV
Q4 25
5.5%
Q3 25
3.5%
Q2 25
15.5%
-1.0%
Q1 25
-4.7%
Q4 24
-6.0%
Q3 24
-2.4%
Q2 24
14.4%
-2.4%
Q1 24
-3.0%
Net Margin
GDEV
GDEV
INNV
INNV
Q4 25
4.4%
Q3 25
3.4%
Q2 25
13.9%
-0.4%
Q1 25
-5.2%
Q4 24
-6.3%
Q3 24
-2.4%
Q2 24
13.9%
-0.9%
Q1 24
-3.0%
EPS (diluted)
GDEV
GDEV
INNV
INNV
Q4 25
$0.08
Q3 25
$0.06
Q2 25
$0.90
$0.00
Q1 25
$-0.08
Q4 24
$-0.10
Q3 24
$-0.04
Q2 24
$0.81
$-0.01
Q1 24
$-0.04

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
GDEV
GDEV
INNV
INNV
Cash + ST InvestmentsLiquidity on hand
$41.6M
$126.0M
Total DebtLower is stronger
Stockholders' EquityBook value
$-129.4M
$256.8M
Total Assets
$210.2M
$527.5M
Debt / EquityLower = less leverage

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
GDEV
GDEV
INNV
INNV
Q4 25
$126.0M
Q3 25
$109.4M
Q2 25
$41.6M
$105.9M
Q1 25
$101.7M
Q4 24
$86.9M
Q3 24
$85.7M
Q2 24
$50.8M
$102.8M
Q1 24
$99.3M
Total Debt
GDEV
GDEV
INNV
INNV
Q4 25
Q3 25
Q2 25
$60.0M
Q1 25
Q4 24
Q3 24
Q2 24
$66.0M
Q1 24
Stockholders' Equity
GDEV
GDEV
INNV
INNV
Q4 25
$256.8M
Q3 25
$245.0M
Q2 25
$-129.4M
$235.0M
Q1 25
$238.0M
Q4 24
$248.5M
Q3 24
$260.9M
Q2 24
$-118.7M
$269.3M
Q1 24
$281.1M
Total Assets
GDEV
GDEV
INNV
INNV
Q4 25
$527.5M
Q3 25
$510.2M
Q2 25
$210.2M
$526.9M
Q1 25
$536.6M
Q4 24
$524.8M
Q3 24
$527.7M
Q2 24
$282.8M
$547.7M
Q1 24
$527.4M
Debt / Equity
GDEV
GDEV
INNV
INNV
Q4 25
Q3 25
Q2 25
0.26×
Q1 25
Q4 24
Q3 24
Q2 24
0.25×
Q1 24

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
GDEV
GDEV
INNV
INNV
Operating Cash FlowLast quarter
$21.4M
Free Cash FlowOCF − Capex
$19.0M
FCF MarginFCF / Revenue
7.9%
Capex IntensityCapex / Revenue
1.0%
Cash ConversionOCF / Net Profit
2.01×
TTM Free Cash FlowTrailing 4 quarters
$49.4M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
GDEV
GDEV
INNV
INNV
Q4 25
$21.4M
Q3 25
$3.9M
Q2 25
$9.0M
Q1 25
$24.6M
Q4 24
$6.8M
Q3 24
$-7.5M
Q2 24
$1.9M
Q1 24
$3.5M
Free Cash Flow
GDEV
GDEV
INNV
INNV
Q4 25
$19.0M
Q3 25
$-153.0K
Q2 25
$8.8M
Q1 25
$21.7M
Q4 24
$5.4M
Q3 24
$-9.7M
Q2 24
$-1.4M
Q1 24
$3.1M
FCF Margin
GDEV
GDEV
INNV
INNV
Q4 25
7.9%
Q3 25
-0.1%
Q2 25
4.0%
Q1 25
10.0%
Q4 24
2.6%
Q3 24
-4.7%
Q2 24
-0.7%
Q1 24
1.6%
Capex Intensity
GDEV
GDEV
INNV
INNV
Q4 25
1.0%
Q3 25
1.7%
Q2 25
0.1%
Q1 25
1.3%
Q4 24
0.6%
Q3 24
1.1%
Q2 24
1.7%
Q1 24
0.2%
Cash Conversion
GDEV
GDEV
INNV
INNV
Q4 25
2.01×
Q3 25
0.49×
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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