CD Projekt (STU:7CD0) Cyclically Adjusted PB Ratio: 10.08 (As of Jul. 25, 2026) — 22% Below Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

STU:7CD0 CD Projekt SA STU:7CD0
83 GF Score
Price €12.80
GF Value €8.19
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is CD Projekt Cyclically Adjusted PB Ratio?

CD Projekt STU:7CD0 -0.78% 83 Cyclically Adjusted PB Ratio is 10.08 as of Jul. 25, 2026, which is 22% below its 10-year median of 12.93. GuruFocus rates STU:7CD0 with a GF Score™ of 83/100 and a GF Value™ of €8.19 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 347 Interactive Media companies, CD Projekt ranks worse than 94.52% on this metric.

As of today (2026-07-25), CD Projekt's current share price is €12.80. CD Projekt's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was €1.27. CD Projekt's Cyclically Adjusted PB Ratio for today is 10.08.

The historical rank and industry rank for CD Projekt's Cyclically Adjusted PB Ratio or its related term are showing as below:

STU:7CD0' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 6.66   Med: 12.93   Max: 77.03
Current: 10.27

During the past years, CD Projekt's highest Cyclically Adjusted PB Ratio was 77.03. The lowest was 6.66. And the median was 12.93.

STU:7CD0's Cyclically Adjusted PB Ratio is ranked worse than
94.52% of 347 companies
in the Interactive Media industry
Industry Median: 1.44 vs STU:7CD0: 10.27

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

CD Projekt's adjusted book value per share data for the three months ended in Mar. 2026 was €1.952. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €1.27 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


CD Projekt  (STU:7CD0) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


CD Projekt Cyclically Adjusted PB Ratio Related Terms


CD Projekt Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for CD Projekt's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

CD Projekt Cyclically Adjusted PB Ratio Chart

CD Projekt Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 21.81 10.64 7.72 10.66 11.59

CD Projekt Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 11.21 14.40 13.43 11.59 10.74

STU:7CD0 vs NTES, EA, TTWO: Cyclically Adjusted PB Ratio Comparison

For the Electronic Gaming & Multimedia subindustry, CD Projekt's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


CD Projekt Cyclically Adjusted PB Ratio vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, CD Projekt's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where CD Projekt's Cyclically Adjusted PB Ratio falls into.


STU:7CD0
83GF Score
CD Projekt SA STU:7CD0
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CD Projekt Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

CD Projekt's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=12.80/1.27
=10.08

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

CD Projekt's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, CD Projekt's adjusted Book Value per Share data for the three months ended in Mar. 2026 was:

Adj_Book=Book Value per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=1.952/163.0700*163.0700
=1.952

Current CPI (Mar. 2026) = 163.0700.

CD Projekt Quarterly Data

Book Value per Share CPI Adj_Book
201606 0.391 99.552 0.640
201609 0.416 99.064 0.685
201612 0.462 100.366 0.751
201703 0.490 101.018 0.791
201706 0.474 101.180 0.764
201709 0.496 101.343 0.798
201712 0.525 102.564 0.835
201803 0.540 102.564 0.859
201806 0.559 103.378 0.882
201809 0.570 103.378 0.899
201812 0.596 103.785 0.936
201903 0.609 104.274 0.952
201906 0.580 105.983 0.892
201909 0.591 105.983 0.909
201912 0.658 107.123 1.002
202003 0.715 109.076 1.069
202006 0.750 109.402 1.118
202009 0.643 109.320 0.959
202012 1.240 109.565 1.846
202103 1.264 112.658 1.830
202106 1.025 113.960 1.467
202109 1.040 115.588 1.467
202112 1.075 119.088 1.472
202203 1.112 125.031 1.450
202206 1.080 131.705 1.337
202209 1.134 135.531 1.364
202212 1.162 139.113 1.362
202303 1.205 145.950 1.346
202306 1.163 147.009 1.290
202309 1.263 146.113 1.410
202312 1.375 147.741 1.518
202403 1.434 149.044 1.569
202406 1.421 150.997 1.535
202409 1.471 153.439 1.563
202412 1.587 154.660 1.673
202503 1.655 157.021 1.719
202506 1.646 157.509 1.704
202509 1.751 158.000 1.807
202512 1.882 158.320 1.938
202603 1.952 163.070 1.952

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PB Ratio of 10.08 mean?
CD Projekt (STU:7CD0) has a Cyclically Adjusted PB Ratio of 10.08 as of Jul. 25, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on CD Projekt and its competitors. This is 22% below median its historical median of 12.93. Over the past decade, CD Projekt's Cyclically Adjusted PB Ratio has ranged from 6.66 to 77.03. According to the industry distribution chart, CD Projekt ranks #328 out of 347 companies in the Interactive Media industry, placing it in the top 94.5%.
Is CD Projekt's Cyclically Adjusted PB Ratio too high?
CD Projekt's current Cyclically Adjusted PB Ratio of 10.08 is 22% below median its 10-year median of 12.93. Over the past 10 years, this metric has ranged from a low of 6.66 to a high of 77.03. The Interactive Media industry median Cyclically Adjusted PB Ratio is 1.44. CD Projekt's value of 10.08 is 600% above this industry median. Based on the distribution chart, CD Projekt ranks #328 out of 347 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, CD Projekt has a GF Score™ of 83/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CD Projekt's Cyclically Adjusted PB Ratio compare to NTES and EA?
According to the Interactive Media industry distribution chart, CD Projekt ranks #328 out of 347 companies for Cyclically Adjusted PB Ratio. This places CD Projekt in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.44. CD Projekt's value of 10.08 is 600% above this benchmark. Historically, CD Projekt's own Cyclically Adjusted PB Ratio has ranged from 6.66 to 77.03 over the past decade. While the company's 10-year median is 12.93 vs. the industry median of 1.44, CD Projekt has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Interactive Media company?
The median Cyclically Adjusted PB Ratio among Interactive Media companies is 1.44, based on 347 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. CD Projekt's current Cyclically Adjusted PB Ratio of 10.08 is 600% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on CD Projekt and its competitors. For the Interactive Media industry, the median Cyclically Adjusted PB Ratio is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CD Projekt's current Cyclically Adjusted PB Ratio is 10.08, which is 22% below median its own 10-year median of 12.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CD Projekt stock overvalued right now?
Based on GuruFocus' analysis, CD Projekt (STU:7CD0) is currently considered Significantly Overvalued. The stock's GF Value™ is €8.19, compared to a current price of €12.80 — trading 56.3% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 10.08, which is 22% below median its 10-year median of 12.93 and 600% above the Interactive Media industry median of 1.44. CD Projekt's overall GF Score™ is 83/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For CD Projekt (STU:7CD0), the current Cyclically Adjusted PB Ratio is 10.08 as of Jul. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CD Projekt (STU:7CD0) Overvalued in 2026?

Based on GuruFocus' analysis, CD Projekt stock appears to be overvalued. The current stock price of €12.80 is trading 56.3% above its estimated GF Value™ of €8.19. GuruFocus considers CD Projekt to be Significantly Overvalued.

Key valuation signals for STU:7CD0:

  • Cyclically Adjusted PB Ratio: 10.08 (22% below median its 10-year median of 12.93)
  • GF Value™: €8.19 vs. price of €12.80 (56.3% above fair value)
  • GF Score™: 83/100 with 3 warning signs
  • Industry Position: 600% above the Interactive Media median (#328 of 347)

No single metric tells the full story. See the STU:7CD0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


CD Projekt Business Description

Address ul. Jagiellonska 74, Building E, Warsaw, POL, 03-301
CD Projekt SA is the holding company of the CD Projekt capital group. The firm, with its subsidiary, develops and publishes video games for hardware platforms such as Steam, PlayStation Store, Xbox Games Store, Nintendo, App Store, Humble Bundle, Origin, and its own proprietary GOG.com platform. It is also involved in international digital video game distribution. The firm has CD Projekt Red and GOG.com segments. It derives the majority of its revenues from the CD Projekt Red segment.
83GF Score

Get the complete analysis for STU:7CD0

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€12.80
Price
€8.19
GF Value