11 Bit Studios SA

11 Bit Studios SA exhibits a strong liquidity position, with a current ratio of 1.92, indicating the company can cover its short-term liabilities with its current assets. The company holds PLN 12,437,100 in cash and equivalents, and its long-term debt is relatively low at PLN 6,853,720, contributing to a debt-to-equity ratio of 0.03. This low leverage supports financial flexibility and reduces refinancing risk.

Profitability metrics, however, are negative, with a return on equity of -0.71% and a return on assets of -0.61%. These figures indicate that the company is not generating returns for shareholders or effectively utilizing its assets to produce profit. The operating loss of PLN 1,030,940 and net loss of PLN 1,605,670 further underscore the company's current unprofitability.

The company's revenue is concentrated in a single business segment, as disclosed in its financial statements, with no geographic diversification provided in the available data. This lack of segment or geographic diversification may expose the company to higher operational and market risks, particularly in the volatile video game industry.

Looking ahead, the company is expected to face continued financial pressure, with no clear indication of a turnaround in profitability. The free cash flow is negative at PLN -14,383,160, and capital expenditures are high at PLN -14,016,610, suggesting ongoing investment in development and operations without corresponding revenue growth.

Risk factors include the company's unprofitable operations and the absence of immediate liquidity or dilution flags. The risk assessment indicates low dilution potential, and no significant near-term dilution is expected. However, the company's reliance on a single revenue stream and the competitive nature of the video game industry pose ongoing challenges.

Recent events include analyst price targets ranging from PLN 150.00 to PLN 355.00, with a mean recommendation of 3.17, indicating a cautious outlook. No recent filings or transcripts were provided in the data, so the narrative is based on the latest financial snapshot and analyst estimates.

Analysts project 50% upside to a mean price target of 211.50 PLN, significantly above the current market price of 141.00 PLN.

Operating income surged 871.5% year-over-year to 21.9 million PLN in FY2026, demonstrating strong operational leverage and profitability recovery.

Free cash flow turned positive with a 166.6% year-over-year increase to 20.1 million PLN, indicating improved cash generation capabilities.

Long-term debt decreased steadily from 9.6 million PLN in FY2022 to 4.5 million PLN in FY2026, reducing financial leverage and risk.

The company maintains a low debt-to-equity ratio of 0.03, which is above the software cohort median, suggesting a conservative capital structure.

The company faces high credit risk, signaling potential difficulties in meeting financial obligations or maintaining stable borrowing costs.

Cash conversion ratio of -3.39 places the company in the bottom quartile of the software cohort, highlighting poor cash flow efficiency.

Revenue PLN 39.7M, +17,2% YoY; Operating income +84,4% YoY.

• ▍Revenue PLN 39.7M, +17,2% YoY
• ▍Operating income +84,4% YoY
• ▍Net income +63,0% YoY
• ▍Free cash flow +98,3% YoY
• ▍Net margin -37.8%

Revenue PLN 44.1M, −41,9% YoY; Operating income −78,6% YoY.

• ▍Revenue PLN 44.1M, −41,9% YoY
• ▍Operating income −78,6% YoY
• ▍Net income −71,9% YoY
• ▍Free cash flow −41,6% YoY
• ▍Net margin 30.6%

Revenue PLN 39.7M, +157,5% YoY; Operating income +573,0% YoY.

• ▍Revenue PLN 39.7M, +157,5% YoY
• ▍Operating income +573,0% YoY
• ▍Net income +1 217,2% YoY
• ▍Free cash flow +189,9% YoY
• ▍Net margin 37.4%

Revenue PLN 17.5M, +14,2% YoY; Operating income −129,8% YoY.

• ▍Revenue PLN 17.5M, +14,2% YoY
• ▍Operating income −129,8% YoY
• ▍Net income −296,9% YoY
• ▍Free cash flow +29,2% YoY
• ▍Net margin -36.4%

Revenue PLN 33.9M; Operating income -PLN 55.9M.

• ▍Revenue PLN 33.9M
• ▍Operating income -PLN 55.9M
• ▍Net margin -120.0%

Revenue PLN 75.9M; Operating income PLN 58.4M.

• ▍Revenue PLN 75.9M
• ▍Operating income PLN 58.4M
• ▍Net margin 63.3%

Revenue PLN 15.4M; Operating income -PLN 4.3M.

• ▍Revenue PLN 15.4M
• ▍Operating income -PLN 4.3M
• ▍Net margin 7.3%

Revenue PLN 15.3M; Operating income -PLN 1.0M.

• ▍Revenue PLN 15.3M
• ▍Operating income -PLN 1.0M
• ▍Net margin -10.5%

Revenue PLN 141.0M, +0,3% YoY; Operating income +871,5% YoY.

• ▍Revenue PLN 141.0M, +0,3% YoY
• ▍Operating income +871,5% YoY
• ▍Net income +0,6% YoY
• ▍Free cash flow +166,6% YoY
• ▍Net margin 4.9%

Revenue PLN 140.5M, +168,9% YoY; Operating income −137,4% YoY.

• ▍Revenue PLN 140.5M, +168,9% YoY
• ▍Operating income −137,4% YoY
• ▍Net income +1 212,6% YoY
• ▍Free cash flow +42,6% YoY
• ▍Net margin 4.9%

Revenue PLN 52.3M, −29,6% YoY; Operating income −62,0% YoY.

• ▍Revenue PLN 52.3M, −29,6% YoY
• ▍Operating income −62,0% YoY
• ▍Net income −97,7% YoY
• ▍Free cash flow −250,4% YoY
• ▍Net margin 1.0%

Revenue PLN 74.2M, +5,8% YoY; Operating income −33,5% YoY.

• ▍Revenue PLN 74.2M, +5,8% YoY
• ▍Operating income −33,5% YoY
• ▍Net income −20,2% YoY
• ▍Free cash flow −243,5% YoY
• ▍Net margin 30.8%