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 ~$2420.1M. Estimates, not financials — open the formula on any game.

1. 1 Facepunch Studios top: Rust 3 titles ~$2420.1M
2. 2 Hello Games top: No Man's Sky 3 titles ~$1010.2M
3. 3 Endnight Games Ltd top: The Forest 2 titles ~$860.3M
4. 4 VOID Interactive top: Ready or Not 1 title ~$650.1M
5. 5 Team Cherry top: Hollow Knight 2 titles ~$613.5M
6. 6 Re-Logic top: Terraria 1 title ~$605.2M
7. 7 Kinetic Games top: Phasmophobia 1 title ~$587.4M
8. 8 Studio Wildcard top: ARK: Survival Evolved 2 titles ~$556.3M
9. 9 The Fun Pimps top: 7 Days to Die 1 title ~$540.4M
10. 10 TaleWorlds Entertainment top: Mount & Blade II: Bannerlord 1 title ~$496.6M
11. 11 Supergiant Games top: Hades 5 titles ~$496.2M
12. 12 Offworld top: Squad 3 titles ~$491.3M
13. 13 Iron Gate AB top: Valheim 1 title ~$447.5M
14. 14 Pocketpair top: Palworld 3 titles ~$412.5M
15. 15 Sandfall Interactive top: Clair Obscur: Expedition 33 1 title ~$397.4M
16. 16 Klei Entertainment top: Don't Starve Together 6 titles ~$309.3M
17. 17 Nicalis, Inc. top: The Binding of Isaac: Rebirth 3 titles ~$307.2M
18. 18 Red Barrels top: The Outlast Trials 3 titles ~$305.5M
19. 19 Arsi "Hakita" Patala top: ULTRAKILL 1 title ~$296.3M
20. 20 Hopoo Games top: Risk of Rain 2 3 titles ~$288.9M
21. 21 Expression Games top: Hell Let Loose 1 title ~$228.4M
22. 22 Studio MDHR Entertainment Inc. top: Cuphead 1 title ~$206.1M
23. 23 Motion Twin top: Dead Cells 2 titles ~$187.9M
24. 24 Monomi Park top: Slime Rancher 2 titles ~$185.8M
25. 25 TVGS top: Schedule I 1 title ~$167.3M
26. 26 AdHoc Studio top: Dispatch 1 title ~$166.0M
27. 27 Crate Entertainment top: Grim Dawn 1 title ~$149.7M
28. 28 Fatshark top: Warhammer: Vermintide 2 2 titles ~$144.8M
29. 29 Keen Games GmbH top: Enshrouded 1 title ~$144.1M
30. 30 Tuxedo Labs top: Teardown 1 title ~$142.6M
31. 31 Gamepires top: SCUM 1 title ~$139.9M
32. 32 Eleventh Hour Games top: Last Epoch 1 title ~$139.4M
33. 33 Lo-Fi Games top: Kenshi 1 title ~$135.9M
34. 34 Triternion top: MORDHAU 1 title ~$135.8M
35. 35 Steel Wool Studios top: Five Nights at Freddy's: Security Breach 1 title ~$135.1M
36. 36 The Behemoth top: Castle Crashers® 4 titles ~$134.5M
37. 37 Zeekerss top: Lethal Company 3 titles ~$130.4M
38. 38 Croteam top: The Talos Principle 7 titles ~$127.4M
39. 39 Playdead top: INSIDE 2 titles ~$121.4M
40. 40 RobTop Games top: Geometry Dash 1 title ~$121.4M
41. 41 mestiez top: People Playground 1 title ~$120.5M
42. 42 Maddy Makes Games Inc. top: Celeste 2 titles ~$116.7M
43. 43 Crowbar Collective top: Black Mesa 1 title ~$115.8M
44. 44 Frictional Games top: SOMA 4 titles ~$109.5M
45. 45 Ninja Theory top: Hellblade: Senua's Sacrifice 1 title ~$109.0M
46. 46 New World Interactive top: Insurgency 2 titles ~$108.0M
47. 47 Hazelight Studios top: A Way Out 1 title ~$108.0M
48. 48 Dennaton Games top: Hotline Miami 2: Wrong Number 2 titles ~$107.7M
49. 49 Empyrean top: House Flipper 1 title ~$105.8M
50. 50 Massive Monster top: Cult of the Lamb 2 titles ~$105.6M
51. 51 Afterthought LLC top: The Isle 1 title ~$103.6M
52. 52 鬼谷工作室 top: 鬼谷八荒 Tale of Immortal 1 title ~$102.7M
53. 53 Axolot Games top: Scrap Mechanic 1 title ~$100.0M
54. 54 Mobius Digital top: Outer Wilds 1 title ~$99.9M
55. 55 Owlcat Games top: Warhammer 40,000: Rogue Trader 2 titles ~$99.3M
56. 56 Sloclap top: REMATCH 3 titles ~$98.3M
57. 57 Creepy Jar top: Green Hell 2 titles ~$95.7M
58. 58 Keen Software House top: Space Engineers 3 titles ~$94.2M
59. 59 FakeFish top: Barotrauma 1 title ~$93.5M
60. 60 Chucklefish top: Starbound 1 title ~$93.0M
61. 61 Reissad Studio top: Bodycam 1 title ~$87.9M
62. 62 The Game Kitchen top: Blasphemous 3 titles ~$84.5M
63. 63 Ghost Town Games Ltd. top: Overcooked! 2 2 titles ~$83.3M
64. 64 Render Cube top: Medieval Dynasty 1 title ~$78.1M
65. 65 Gunfire Reborn Studio top: Gunfire Reborn 1 title ~$75.9M
66. 66 SteelRaven7 top: Ravenfield 1 title ~$71.0M
67. 67 Running With Scissors top: POSTAL 2 2 titles ~$70.4M
68. 68 Nolla Games top: Noita 1 title ~$70.0M
69. 69 WarpFrog top: Blade and Sorcery 1 title ~$66.0M
70. 70 Videocult top: Rain World 1 title ~$64.6M
71. 71 Torn Banner Studios top: Chivalry: Medieval Warfare 2 titles ~$64.5M
72. 72 Questline top: Tainted Grail: The Fall of Avalon 2 titles ~$63.5M
73. 73 Team PEAK top: PEAK 1 title ~$63.5M
74. 74 Dodge Roll top: Enter the Gungeon 2 titles ~$62.5M
75. 75 NeocoreGames top: Warhammer 40,000: Inquisitor - Martyr 6 titles ~$60.8M
76. 76 Boneloaf top: Gang Beasts 1 title ~$56.9M
77. 77 BlackMill Games top: Verdun 4 titles ~$54.8M
78. 78 Free Lives top: Broforce 5 titles ~$52.5M
79. 79 Frozenbyte top: Trine 4: The Nightmare Prince 6 titles ~$51.6M
80. 80 Siege Camp top: Foxhole 2 titles ~$50.4M
81. 81 Live Wire top: ENDER LILIES: Quietus of the Knights 1 title ~$49.6M
82. 82 Stress Level Zero top: BONEWORKS 3 titles ~$48.9M
83. 83 SUPERHOT Team top: SUPERHOT 2 titles ~$48.6M
84. 84 Tripwire Interactive top: Maneater 1 title ~$45.7M
85. 85 Tour De Pizza top: Pizza Tower 1 title ~$45.7M
86. 86 Recreate Games top: Party Animals 1 title ~$45.6M
87. 87 RedCandleGames top: Nine Sols 1 title ~$45.6M
88. 88 SOUTHPAW GAMES top: Skul: The Hero Slayer 1 title ~$43.6M
89. 89 Bugbear top: Wreckfest 1 title ~$43.2M
90. 90 Askiisoft top: Katana ZERO 1 title ~$42.8M
91. 91 Zorro top: Content Warning 1 title ~$41.2M
92. 92 FYQD-Studio top: Bright Memory: Infinite 2 titles ~$40.7M
93. 93 Hidden Variable Studios top: Skullgirls 2nd Encore 1 title ~$39.7M
94. 94 Flashbulb top: Trailmakers 1 title ~$39.2M
95. 95 Runic Games top: Torchlight II 2 titles ~$38.9M
96. 96 Genesz top: The Long Drive 1 title ~$38.9M
97. 97 WOLCEN Studio top: Wolcen: Lords of Mayhem 1 title ~$38.9M
98. 98 Easy Day Studios Pty Ltd top: Skater XL - The Ultimate Skateboarding Game 1 title ~$37.8M
99. 99 Eugen Systems top: WARNO 2 titles ~$36.5M
100. 100 Ironwood Studios top: Pacific Drive 1 title ~$36.3M

Estimates only. How is this calculated?