"Most of the company works on product development"?
The Steam client is a product. So is the Steam link, controller, Steam boxes and Steam OS, etc.
As are obviously CS:GO, Dota, and TF2, all with continuing support.
The fact that they get away with 300 employees to develop all those products is pretty crazy, it means pretty much every employee is a developer, with very horizontal management structure, basically no one working on stuff like marketing/strategy who aren't also developers, etc. And that's not mentioning all the projects they have going on at any given time that never make it to announcement (which is reportedly an enormous amount, although Valve is very secretive).
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