olivLaw · European equity research
Remedy Entertainment Oyj REMEDY.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Remedy Entertainment is a Finnish video game developer known for story-driven action games such as Control and Alan Wake. In fiscal 2025 it reported higher revenue but an operating loss, amid heavy investment in game development.
At the close of 05 Nov 2026, Remedy Entertainment Oyj (REMEDY.HE) stock was 16.40 EUR (−0.85% on the day), with market capitalisation 222.6 m EUR, dividend yield 0.00%, beta 0.66, 52-week range 11.10–19.88 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 16.15 – 17.96
- in the lower half of the band · %B 0.14 · band width 10.6%
- SMA 50 / 200
- 17.83 / 15.13
- mixed trend
- MACD (12, 26, 9)
- -0.20 / -0.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.7% | −0.6% | −4.0 pp | — |
| 3 months | +0.6% | −4.2% | +4.8 pp | — |
| 6 months | +23.3% | +4.3% | +19.0 pp | — |
| Year to date | +7.9% | +7.5% | +0.4 pp | — |
| 1 year | +24.4% | +9.9% | +14.5 pp | −1.2% |
| 3 years | −41.3% | +49.8% | −91.2 pp | +6.8% |
| 5 years | −59.8% | +42.8% | −102.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 33.9 m | 50.7 m | 59.5 m |
| Revenue YoY | unavailable | +49.3% | +17.5% |
| Net income | -22.7 m | -3.6 m | -13.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.00 | -0.27 | -0.96 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -66.8% | -7.1% | -21.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 56.6 m EUR
- Total assets
- 87.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 3.25x
- ROE
- -20.8%
- ROA
- -13.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 33.9 m | 50.7 m | 59.5 m | esef· 07 Apr 2026verified |
| Operating income | -28.6 m | -4.3 m | -14.9 m | esef· 07 Apr 2026verified |
| Interest expense | 681.0 k | 420.0 k | 2.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | -27.5 m | -3.8 m | -15.7 m | esef· 07 Apr 2026verified |
| Income tax | -4.9 m | -224.0 k | -2.7 m | esef· 07 Apr 2026verified |
| Net income | -22.7 m | -3.6 m | -13.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.00 | -0.27 | -0.96 | esef· 07 Apr 2026verified |
| Dividend per share | 0.10 | 0.00 | 0.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.1 m | 21.0 m | 9.6 m | esef· 07 Apr 2026verified |
| Receivables | 9.7 m | 4.1 m | 6.5 m | esef· 07 Apr 2026verified |
| Inventories | 6.0 k | 0 | — | esef· 18 Mar 2025verified |
| Current assets | 44.4 m | 47.3 m | 44.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 3.8 m | 3.4 m | 2.4 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 19.3 m | 39.8 m | 27.9 m | esef· 07 Apr 2026verified |
| Total assets | 79.3 m | 99.3 m | 87.5 m | esef· 07 Apr 2026verified |
| Accounts payable | 7.8 m | 14.8 m | 12.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 10.1 m | 16.2 m | 13.8 m | esef· 07 Apr 2026verified |
| Total liabilities | 11.5 m | 30.8 m | 31.0 m | esef· 07 Apr 2026verified |
| Equity | 67.8 m | 68.5 m | 56.6 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 13.5 m | 13.3 m | 13.6 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -16.0 m | 11.0 m | 4.5 m | esef· 07 Apr 2026verified |
| Investing cash flow | -9.8 m | -22.9 m | -13.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -3.1 m | 12.9 m | -2.2 m | esef· 07 Apr 2026verified |
| Dividends paid | 1.3 m | 0 | — | esef· 18 Mar 2025verified |
| Share repurchases | — | 0 | 686.0 k | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 222.6 m EUR
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -21.9% | 5 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.5x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Remedy Entertainment Oyj (REMEDY.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 59.5 m EUR in 2025; YoY growth 17.5%; net margin -21.9%; ROE -20.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.2x
What contradicts it
- Net margin: -21.9%
- Interest coverage: -7.5x
- Shareholder yield (distributions): 0.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| REMEDY.HERemedy Entertainment Oyj | 222.6 m | — | -20.8% | -21.9% | +17.5% | +13% / −40% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for REMEDY.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Remedy Entertainment is a Finnish video game developer known for story-driven action games such as Control and Alan Wake. In fiscal 2025 it reported higher revenue but an operating loss, amid heavy investment in game development 1.
SWOT
Strengths
- The company has a critically recognised game portfolio and its own game engine, Northlight®.
- The team is diverse, with specialists from many countries, which supports creativity.
- The company still has a solid financial base, with available funds and a relatively controlled capital structure.
Weaknesses
- The operating result is negative and development costs are high.
- Revenue depends on a small number of projects, which raises risk.
- The company recorded a negative net result in fiscal 2025 and proposes no dividend.
Opportunities
- New releases could bring additional revenue and widen the player base.
- The Northlight® engine could be used across more projects, lowering future costs.
- New partnerships or financing could support ambitious game development.
Threats
- The games market is competitive and players can quickly switch to other titles.
- Development delays could affect revenue and investor confidence.
- Conversion of the convertible loan could dilute existing shareholders.
Risks
- Operating losseshigh
If revenue does not grow enough relative to costs, the operating result could remain negative.
- Dependence on releaseshigh
A game that misses expectations could significantly affect the company's results.
- Shareholder dilutionmedium
The convertible loan and share options could lead to the issue of new shares.
- Liquiditymedium
Lower cash reserves could limit the ability to finance future projects.
- Key personnel dependencelow
The departure of key specialists could affect project quality and timing.
Investment thesis
What would need to be true (bull case)
- If upcoming releases succeed, revenue could grow faster than costs and the result could return to positive territory.
- The proprietary engine and recognised franchises could support a distinct market position.
- The capital structure could allow project funding without major short-term pressure.
What would break the thesis
- If revenue stays concentrated on a few projects, results could be volatile.
- Operating losses could continue if development costs are not controlled.
- Conversion of the bonds could reduce the stake of current shareholders.
What to watch
- Revenue development from new releases2026
- Operating result and control of development costsQ1 2026
- Level of cash reserves and use of convertible financing2026
- Next annual report and dividend policynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Remedy is a video game developer founded in 1995, headquartered in Finland with a subsidiary in Sweden opened in 2022 1. The company develops story-driven action games, including Control, Alan Wake and Max Payne, and uses its own Northlight® game engine 1. Its activity rests on creative, technology and commercial teams, and the company has been listed on Nasdaq Helsinki since May 2022 1.
Segments
Game development and publishing
The main segment is development of the company's own games, with franchises such as Control and Alan Wake generating most of the revenue 1.
Technology and development tools
Remedy also develops the Northlight® engine and development tools used in its own games, which supports in-house production 1.
Market context
Trends
- Revenue growth from projectstailwind
Revenue rose in 2025, indicating demand for the company's games; this could continue if upcoming releases succeed 1.
- High development costsheadwind
Amortisation and development costs increased significantly, pushing the operating result into loss; cost pressure remains a factor if revenue does not grow enough 1.
- Convertible bond financingmixed
The 15 million EUR convertible loan from a Tencent group company provides funding but could dilute shareholders if converted 1.
- Dependence on game successmixed
Revenue depends on successful releases; if projects sell poorly, pressure on results could increase 1.
Competitive position
Remedy competes with other independent and large video game studios for player attention and specialised talent 1. Its advantage lies in its creative identity and proprietary technology 1.
- Take-Two InteractiveTTWO
Publisher and developer of large-scale games, competing in premium action games.
- Electronic ArtsEA
Large games publisher competing for players and talent in the video game industry.
- Ubisoft
European developer and publisher of action and adventure games, a direct competitor in premium games.
- Paradox Interactive
European game studio active in the same category of PC and console games.
News & filings
In the press
- EU accepts Temu plan to remedy Digital Services Act breachCNA (Channel NewsAsia) · 26 Oct 2026 · EN
- Racist policy caused climate vulnerability. Restorative policy is the remedy.The Hill · 06 Oct 2026 · EN
- Inside the study for a remedy to fight Congo's deadliest Ebola outbreakMedical Xpress · 03 Oct 2026 · EN
- Fed Chair Warsh Moves to Remedy Serious Oversight Failures Found in Construction ReportSurge — GDELT DOC · 30 Sept 2026 · RO
- Japan herbal remedy makers seek to reduce China from supply chainNikkei Asia · 25 Sept 2026 · EN
- Nobody does it like RemedyThe Verge · 23 Sept 2026 · EN
- Why banning AI in the classroom will not be enough to remedy poor reading skills in a post-literary societyThe Conversation — Europe · 22 Sept 2026 · EN
- Meta ordered to pay $567 million into abatement fund as remedy to child harms case in New MexicoCNBC World · 07 Aug 2026 · EN
- ‘Hugely significant’: those affected by forced adoptions welcome apology but demand more remedyThe Guardian World · 02 Jul 2026 · RO
- Remedy’s Control sequel launches in SeptemberThe Verge · 02 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Remedy Entertainment Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.