Top RPG indie studios by revenue

indielist ranks 38 indie studios that ship RPG games, by estimated revenue from their RPG titles (white-box, Boxleiter-derived from Steam reviews). Leading is CD PROJEKT RED at ~$5208.2M. Estimates, not financials — open the formula on any game.

1. 1 CD PROJEKT RED top: Cyberpunk 2077 5 titles ~$5208.2M
2. 2 Bethesda Game Studios top: The Elder Scrolls V: Skyrim Special Edition 13 titles ~$1519.1M
3. 3 ATLUS top: Persona 5 Royal 2 titles ~$318.6M
4. 4 Square Enix top: FINAL FANTASY XV WINDOWS EDITION 9 titles ~$301.0M
5. 5 Paradox Development Studio top: Crusader Kings III 2 titles ~$296.2M
6. 6 ZA/UM top: Disco Elysium - The Final Cut 1 title ~$262.8M
7. 7 Obsidian Entertainment top: Pillars of Eternity 4 titles ~$150.4M
8. 8 Media.Vision Inc. top: Digimon Story Time Stranger 1 title ~$91.2M
9. 9 Overhype Studios top: Battle Brothers 2 titles ~$69.9M
10. 10 LEVEL5 Inc. top: INAZUMA ELEVEN: Victory Road 2 titles ~$69.1M
11. 11 Firaxis Games top: Marvel's Midnight Suns 1 title ~$61.4M
12. 12 Ubisoft San Francisco top: South Park™: The Fractured But Whole™ 1 title ~$59.3M
13. 13 BioWare top: Dragon Age: Origins - Ultimate Edition 1 title ~$55.2M
14. 14 Nine Dots Studio top: Outward Definitive Edition 1 title ~$53.1M
15. 15 Triumph Studios top: Age of Wonders 4 1 title ~$47.9M
16. 16 Gotcha Gotcha Games top: RPG Maker MV 1 title ~$46.4M
17. 17 inXile Entertainment top: Wasteland 3 1 title ~$45.5M
18. 18 The Bearded Ladies top: Mutant Year Zero: Road to Eden 1 title ~$40.9M
19. 19 Spiders top: GreedFall 1 title ~$39.2M
20. 20 Lionhead Studios top: Fable Anniversary 1 title ~$37.1M
21. 21 h.a.n.d., Inc. top: Digimon Story Cyber Sleuth: Complete Edition 1 title ~$36.7M
22. 22 Nihon Falcom top: Sora no Kiseki the 1st 2 titles ~$34.2M
23. 23 Unfrozen top: Heroes of Might and Magic: Olden Era 1 title ~$31.5M
24. 24 AMPLITUDE Studios top: ENDLESS Legend™ 1 title ~$30.9M
25. 25 Complex Games top: Warhammer 40,000: Chaos Gate - Daemonhunters 1 title ~$27.8M
26. 26 Dotemu top: Heroes® of Might & Magic® III - HD Edition 1 title ~$19.0M
27. 27 Sad Socket top: 9 Kings 1 title ~$15.1M
28. 28 Interplay Inc. top: Fallout: A Post Nuclear Role Playing Game 1 title ~$13.4M
29. 29 Chief Rebel top: Fellowship 1 title ~$13.1M
30. 30 Beamdog top: Neverwinter Nights: Enhanced Edition 1 title ~$9.1M
31. 31 insertdisc5 top: In Stars And Time 1 title ~$6.7M
32. 32 Com2uS top: Summoners War 1 title ~$5.4M
33. 33 MinMax Games Ltd. top: Clanfolk 1 title ~$5.0M
34. 34 Super Fantasy Games top: Super Fantasy Kingdom 1 title ~$3.9M
35. 35 Chronocle top: He is Coming 1 title ~$2.2M
36. 36 Mortis Ghost top: OFF 1 title ~$1.6M
37. 37 Xso top: Love Curse: Find Your Soulmate 1 title ~$1.5M
38. 38 WaveBox Labs top: Nine-Ball Roulette 1 title ~$203K

Estimates only. How is this calculated?