Top Simulation indie studios by revenue

indielist ranks 34 indie studios that ship Simulation games, by estimated revenue from their Simulation titles (white-box, Boxleiter-derived from Steam reviews). Leading is Paradox Development Studio at ~$1611.4M. Estimates, not financials — open the formula on any game.

1. 1 Paradox Development Studio top: Hearts of Iron IV 4 titles ~$1611.4M
2. 2 Colossal Order top: Cities: Skylines 1 title ~$354.4M
3. 3 Asobo Studio top: Microsoft Flight Simulator (2020) 40th Anniversary Edition 1 title ~$188.9M
4. 4 11 bit studios top: Frostpunk 1 title ~$154.2M
5. 5 Frontier Developments top: Jurassic World Evolution 2 1 title ~$119.9M
6. 6 Slavic Magic top: Manor Lords 1 title ~$109.2M
7. 7 Iceflake Studios top: Cities: Skylines II 1 title ~$96.8M
8. 8 Firaxis Games top: Sid Meier's Civilization VII 1 title ~$76.1M
9. 9 Saber Interactive top: MudRunner 1 title ~$37.8M
10. 10 Eremite Games top: Against the Storm 1 title ~$35.9M
11. 11 The Sims Studio top: The Sims™ 3 1 title ~$35.1M
12. 12 Toxic Dog top: Ranch Simulator: Build, Hunt, Farm 3 titles ~$30.9M
13. 13 Alex Massé and team top: Paralives 1 title ~$24.0M
14. 14 OPNeon Games top: TCG Card Shop Simulator 1 title ~$20.2M
15. 15 Blackbird Interactive top: Homeworld 3 1 title ~$16.2M
16. 16 Runner Duck top: Bomber Crew 1 title ~$12.6M
17. 17 Walternate Realities top: Cosmoteer: Starship Architect & Commander 1 title ~$8.7M
18. 18 Untitled Studio top: Tavern Master 1 title ~$8.4M
19. 19 Stray Fawn Studio top: The Wandering Village 1 title ~$7.7M
20. 20 Sassy Chap Games top: Date Everything! 1 title ~$6.8M
21. 21 Killerfish Games top: War on the Sea 1 title ~$5.8M
22. 22 Gleamer Studio top: Settlement Survival 1 title ~$5.4M
23. 23 Tendershoot top: Hypnospace Outlaw 1 title ~$4.7M
24. 24 Digital Sun top: Cataclismo 1 title ~$3.9M
25. 25 Springloaded top: Let's Build a Zoo 1 title ~$3.5M
26. 26 Sparrow Night top: News Tower 1 title ~$3.4M
27. 27 VEOM Studio top: The Crust 1 title ~$3.4M
28. 28 Jelle Booij top: Aviassembly 1 title ~$2.3M
29. 29 World Golf Tour, LLC top: WGT Golf 1 title ~$1.5M
30. 30 Clapperheads top: Zoochosis 1 title ~$1.5M
31. 31 Wessel Stoop top: The Sapling 1 title ~$1.5M
32. 32 Coincidence top: Kaizen: A Factory Story 1 title ~$396K
33. 33 Strange Scaffold top: Space Warlord Baby Trading Simulator 1 title ~$275K
34. 34 Space Kraken Studios top: Military Incremental Complex 1 title ~$135K

Estimates only. How is this calculated?