Top Action indie studios by revenue

indielist ranks 100 indie studios that ship Action games, by estimated revenue from their Action titles (white-box, Boxleiter-derived from Steam reviews). Leading is Facepunch Studios at ~$2399.2M. Estimates, not financials — open the formula on any game.

1. 1 Facepunch Studios top: Rust 3 titles ~$2399.2M
2. 2 Hello Games top: No Man's Sky 3 titles ~$1010.2M
3. 3 Endnight Games Ltd top: The Forest 2 titles ~$898.8M
4. 4 Iron Gate AB top: Valheim 1 title ~$628.4M
5. 5 Team Cherry top: Hollow Knight 2 titles ~$607.0M
6. 6 Re-Logic top: Terraria 1 title ~$600.6M
7. 7 Kinetic Games top: Phasmophobia 1 title ~$585.3M
8. 8 Studio Wildcard top: ARK: Survival Evolved 2 titles ~$551.2M
9. 9 The Fun Pimps top: 7 Days to Die 1 title ~$538.0M
10. 10 Supergiant Games top: Hades 5 titles ~$492.8M
11. 11 TaleWorlds Entertainment top: Mount & Blade II: Bannerlord 1 title ~$492.7M
12. 12 VOID Interactive top: Ready or Not 1 title ~$489.5M
13. 13 Pocketpair top: Palworld 3 titles ~$407.4M
14. 14 Sandfall Interactive top: Clair Obscur: Expedition 33 1 title ~$397.4M
15. 15 Offworld top: Squad 3 titles ~$371.1M
16. 16 Klei Entertainment top: Don't Starve Together 6 titles ~$307.6M
17. 17 Nicalis, Inc. top: The Binding of Isaac: Rebirth 3 titles ~$307.2M
18. 18 Arsi "Hakita" Patala top: ULTRAKILL 1 title ~$291.3M
19. 19 Red Barrels top: The Outlast Trials 3 titles ~$291.1M
20. 20 Hopoo Games top: Risk of Rain 2 3 titles ~$286.2M
21. 21 Expression Games top: Hell Let Loose 1 title ~$227.4M
22. 22 Studio MDHR Entertainment Inc. top: Cuphead 1 title ~$203.9M
23. 23 Monomi Park top: Slime Rancher 2 titles ~$202.2M
24. 24 Motion Twin top: Dead Cells 2 titles ~$187.7M
25. 25 TVGS top: Schedule I 1 title ~$164.4M
26. 26 AdHoc Studio top: Dispatch 1 title ~$163.9M
27. 27 Fatshark top: Warhammer: Vermintide 2 2 titles ~$158.0M
28. 28 Tuxedo Labs top: Teardown 1 title ~$140.6M
29. 29 Gamepires top: SCUM 1 title ~$138.9M
30. 30 Eleventh Hour Games top: Last Epoch 1 title ~$138.4M
31. 31 Lo-Fi Games top: Kenshi 1 title ~$134.5M
32. 32 Steel Wool Studios top: Five Nights at Freddy's: Security Breach 1 title ~$134.3M
33. 33 The Behemoth top: Castle Crashers® 4 titles ~$133.9M
34. 34 Zeekerss top: Lethal Company 3 titles ~$130.2M
35. 35 Playdead top: INSIDE 2 titles ~$129.0M
36. 36 Croteam top: The Talos Principle 7 titles ~$126.5M
37. 37 Crate Entertainment top: Grim Dawn 1 title ~$125.6M
38. 38 mestiez top: People Playground 1 title ~$119.0M
39. 39 RobTop Games top: Geometry Dash 1 title ~$118.3M
40. 40 Frictional Games top: SOMA 4 titles ~$118.2M
41. 41 Crowbar Collective top: Black Mesa 1 title ~$115.3M
42. 42 Maddy Makes Games Inc. top: Celeste 2 titles ~$115.0M
43. 43 Triternion top: MORDHAU 1 title ~$109.9M
44. 44 Afterthought LLC top: The Isle 1 title ~$109.7M
45. 45 Ninja Theory top: Hellblade: Senua's Sacrifice 1 title ~$108.6M
46. 46 Hazelight Studios top: A Way Out 1 title ~$107.0M
47. 47 Sloclap top: Sifu 3 titles ~$106.6M
48. 48 Dennaton Games top: Hotline Miami 2: Wrong Number 2 titles ~$106.5M
49. 49 FakeFish top: Barotrauma 1 title ~$105.8M
50. 50 The Game Kitchen top: Blasphemous 3 titles ~$105.5M
51. 51 Empyrean top: House Flipper 1 title ~$105.3M
52. 52 Massive Monster top: Cult of the Lamb 2 titles ~$104.4M
53. 53 Keen Games GmbH top: Enshrouded 1 title ~$103.6M
54. 54 Mobius Digital top: Outer Wilds 1 title ~$99.9M
55. 55 Axolot Games top: Scrap Mechanic 1 title ~$99.5M
56. 56 Owlcat Games top: Warhammer 40,000: Rogue Trader 2 titles ~$97.0M
57. 57 Keen Software House top: Space Engineers 3 titles ~$94.2M
58. 58 Creepy Jar top: Green Hell 2 titles ~$93.9M
59. 59 Chucklefish top: Starbound 1 title ~$93.0M
60. 60 鬼谷工作室 top: 鬼谷八荒 Tale of Immortal 1 title ~$86.8M
61. 61 Ghost Town Games Ltd. top: Overcooked! 2 2 titles ~$82.4M
62. 62 New World Interactive top: Insurgency 2 titles ~$78.5M
63. 63 Render Cube top: Medieval Dynasty 1 title ~$77.3M
64. 64 Gunfire Reborn Studio top: Gunfire Reborn 1 title ~$75.8M
65. 65 SteelRaven7 top: Ravenfield 1 title ~$70.7M
66. 66 Torn Banner Studios top: Chivalry: Medieval Warfare 2 titles ~$70.5M
67. 67 Nolla Games top: Noita 1 title ~$69.4M
68. 68 SUPERHOT Team top: SUPERHOT 2 titles ~$65.9M
69. 69 WarpFrog top: Blade and Sorcery 1 title ~$65.7M
70. 70 Videocult top: Rain World 1 title ~$63.1M
71. 71 Questline top: Tainted Grail: The Fall of Avalon 2 titles ~$62.3M
72. 72 Dodge Roll top: Enter the Gungeon 2 titles ~$62.3M
73. 73 Team PEAK top: PEAK 1 title ~$61.0M
74. 74 Running With Scissors top: POSTAL 2 2 titles ~$59.8M
75. 75 NeocoreGames top: Warhammer 40,000: Inquisitor - Martyr 5 titles ~$59.3M
76. 76 Reissad Studio top: Bodycam 1 title ~$58.7M
77. 77 Boneloaf top: Gang Beasts 1 title ~$56.3M
78. 78 BlackMill Games top: Verdun 4 titles ~$54.0M
79. 79 Free Lives top: Broforce 5 titles ~$52.1M
80. 80 Frozenbyte top: Trine 4: The Nightmare Prince 6 titles ~$51.5M
81. 81 SOUTHPAW GAMES top: Skul: The Hero Slayer 1 title ~$49.3M
82. 82 Live Wire top: ENDER LILIES: Quietus of the Knights 1 title ~$49.1M
83. 83 Stress Level Zero top: BONEWORKS 3 titles ~$48.9M
84. 84 Tour De Pizza top: Pizza Tower 1 title ~$45.4M
85. 85 Siege Camp top: Foxhole 2 titles ~$44.7M
86. 86 RedCandleGames top: Nine Sols 1 title ~$44.5M
87. 87 Tripwire Interactive top: Maneater 1 title ~$44.3M
88. 88 Bugbear top: Wreckfest 1 title ~$43.0M
89. 89 Team Soda top: Escape From Duckov 1 title ~$42.9M
90. 90 Askiisoft top: Katana ZERO 1 title ~$42.6M
91. 91 FYQD-Studio top: Bright Memory: Infinite 2 titles ~$40.7M
92. 92 Hidden Variable Studios top: Skullgirls 2nd Encore 1 title ~$39.6M
93. 93 WOLCEN Studio top: Wolcen: Lords of Mayhem 1 title ~$38.8M
94. 94 Runic Games top: Torchlight II 2 titles ~$38.8M
95. 95 Flashbulb top: Trailmakers 1 title ~$38.0M
96. 96 Easy Day Studios Pty Ltd top: Skater XL - The Ultimate Skateboarding Game 1 title ~$37.8M
97. 97 Rebuilt Games top: Pummel Party 1 title ~$37.1M
98. 98 Eugen Systems top: WARNO 2 titles ~$36.2M
99. 99 President Studio top: Crime Scene Cleaner 1 title ~$35.3M
100. 100 Vankrupt Games top: Pavlov 1 title ~$35.1M

Estimates only. How is this calculated?