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KREDKRED
036570KOSPI

NC

222,000
-15,500 (-6.53%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

NC was established in 1997 and is headquartered in Seoul. The company is listed on the KOSPI market and operates as a corporate group with multiple subsidiaries.

The company provides digital entertainment services, focusing on the development and operation of mobile and online games. Its main products include the Lineage, Aion, and Blade & Soul series, which are distributed to domestic and international customers.

Business overview as filed

NC는 즐거움으로 연결된 새로운 세상을 꿈꾸며 "PUSH, PLAY, 뛰어넘다, 상상하다" 라는 기업가치를 기반으로 더 나은 즐거움, 기술, 미래를 위해 도전하는 한국의 대표 게임사입니다. 모바일/PC 게임의 개발 및 서비스 제공을 포함한 디지털 엔터테인먼트 관련 인터넷 사업을 영위하고 있습니다.

당사 주력 모바일게임으로는 리니지M, 리니지2M, 리니지W 등이 있으며, 온라인게임으로는 리니지, 리니지2, 아이온, 블레이드 & 소울, 길드워2, 아이온2 등이 있습니다. 연결 기준 2025년 매출액은 1조 5,069억원이며,이 중 약 38%는 아시아, 북미유럽 등 해외(로열티 포함)에서 발생하였습니다.

상기 주력 게임 이외에 신규 IP확보를 위한 노력 또한 지속하고 있습니다. 2025년 대작 MMORPG 아이온2에 이어 2026년에는 'Time Takers', 'Limit Zero Breakers', '신더시티' 등 다양한 장르의 자체 개발 및 퍼블리싱 신작을 출시할 예정입니다. 이 외에도 글로벌 유명 IP 기반의 신작 '호라이즌 스틸 프론티어스' 등 회사의 중장기 성장을 이끌 다양한 장르의 신규 프로젝트들이 진행되고 있습니다.

당사는 '글로벌 게임사로의 더 확고한 도약'이라는 목표를 바탕으로 플랫폼 다변화, 포트폴리오 확장 등의 전략을 추진하고 있으며 R&D의 중요성을 경영 전반에 적용하고 있습니다. 국내 게임사 최초로 사내 모션캡쳐 스튜디오, 3D 스캔 스튜디오, 사운드 스튜디오를 설립하였으며, 스토리와 그래픽, 음악 등 게임 관련 응용기술은 물론 새로운 하드웨어 및 인프라 변화 등에 따른 기반기술 확보에도 지속 선도적 투자를 전개하고 있습니다.

또한 모바일 캐주얼 게임 부문을 신성장 동력으로 육성하고자 관련 기업 인수 등을 통해 플랫폼 기반 생태계를 구축하고 있으며, UA(User Acquisition) 및 데이터 분석 역량을 유기적으로 연계하여 스튜디오와 플랫폼 간 시너지를 창출하는 선순환 구조를 구축해 나갈 계획입니다.

그 외 자세한 사항은 'Ⅱ. 사업의 내용'의 '2. 주요 제품 및 서비스' 부터 '7. 기타 참고사항'을 참조해 주십시오.

Company overview

가. 연결대상 종속회사 개황1. 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭당사의 명칭은 '주식회사 엔씨소프트'입니다. 영문으로는 'NCSOFT CORPORATION'이라 표기하며 약식으로 표기할 경우 '(주)엔씨소프트' 라고 표기합니다.

다. 설립일자 및 존속기간

당사는 1997년 3월 11일에 설립되었습니다. 또한 2000년 7월 11일에 한국거래소가 개설한 코스닥시장에서 첫 주식 거래가 이루어졌으며, 이후 2003년 5월 22일에 주식을 코스닥시장에서 한국거래소(구, 한국증권선물거래소)가 개설한 유가증권시장으로 이전하여 상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

1) 주소: 서울특별시 강남구 테헤란로 5092) 전화번호: 02) 2186-33003) 홈페이지: http://www.nc.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

지배회사인 엔씨소프트는 한국표준산업분류표의 소분류에 의한 온라인, 모바일 게임소프트웨어 개발 및 공급업으로 분류되며, 당사의 주된 사업은 모바일, 온라인 게임의 개발 및 서비스 제공을 포함한 디지털 엔터테인먼트 관련 인터넷 사업입니다. 본사(서울 삼성동 소재)를 거점으로 다수의 계열회사로 구성되어 있으며 당사에서 개발한 우수한 게임콘텐츠를 국내 및 해외에 공급하고 있습니다. 한편, 연결대상 종속회사를 통하여 소프트웨어 개발, 제조, 판매업 뿐만 아니라 에이아이(AI) 연구 및 기술 개발과 기술 정보의 제공업, 프로야구단 운영 등을 영위하고 있습니다. 기타 자세한 사항은 'II.사업의 내용'을 참고하여 주시기 바랍니다.

사. 신용평가에 관한 사항

당사의 공시대상기간 중 신용평가 내역은 다음과 같습니다.

[한국신용평가(주) 신용등급 체계 및 부여 의미]

상기등급 중 AA부터 B등급까지는 +, - 부호를 부가하여 동일등급 내에서의 우열을 나타내고 있습니다.[NICE신용평가(주) 신용등급 체계 및 부여 의미]

위 등급중 AA등급부터 CCC등급까지는 등급 내의 상대적인 우열에 따라 +,- 기호가 첨부됩니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.71%
[3.46%, 9.76%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 40.5% (2026-09-16). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.24
Beta [0.12, 0.37] · KOSPI200 · As of 2026-10-08
Intercept
-0.058%[-0.447%, +0.330%]
R squared
0.06
Observations
252
Trading-time corrected beta
0.42[0.16, 0.68]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M8,3839,83617,58717,15117,01224,16223,08825,71817,79815,78115,06920,921
Revenue growth%—17.3378.81-2.48-0.8142.03-4.4411.39-30.79-11.33-4.51—
Operating incomeKRW 100M2,3753,2885,8506,1494,7908,2483,7525,5901,373-1,0921612,829
Operating income growth%—38.4577.955.11-22.1172.19-54.5148.98-75.44-179.55——
Net incomeKRW 100M1,6642,7144,4404,2153,5925,8663,9574,3602,1399413,4746,295
Net income growth%—63.1463.62-5.08-14.7863.33-32.5410.17-50.94-56.00269.14—
Attributable to ownersKRW 100M————————2,1219423,4676,177
Attributable to minoritiesKRW 100M————————18-18117
Operating margin%28.3333.4333.2635.8528.1634.1416.2521.747.71-6.921.0713.52
Net margin%19.8427.5925.2524.5721.1124.2817.1416.9512.025.9623.0530.09
ROE%————————6.533.0810.3017.45
ROA%7.5011.5012.5914.3310.7314.378.649.824.872.388.0213.49
Debt ratio%24.0524.5529.2123.6433.2129.7845.4038.7435.0729.0628.5630.23
Current ratio%320.78419.06388.93333.23464.21479.91369.72522.19380.41555.12353.50310.50
Quick ratio%320.58418.83388.82333.01463.75479.77368.76521.90380.29554.80353.30310.48
Reserve ratio%——————————31,242.7133,095.31
Free cash flowKRW 100M————————225229585—
FCF margin%————————1.261.453.88—
OCF conversion%145.0841.28134.0483.71109.21120.6398.83168.8165.40113.7346.62—
Capex to revenue%————————6.605.336.87—
Receivable daysdays—45.9——48.741.848.2—————
Inventory daysdays—1.31.00.30.50.30.70.7————
Payable daysdays————24.8———————
Cash conversion cycledays————24.3———————
EPSKRW7,63312,78320,75619,83117,38728,50419,31821,45610,4464,72817,87628,673
PERx—19.3621.5623.5231.1232.6633.2920.8823.0238.7311.278.98
BPSKRW—85,985124,037107,923113,836143,098143,429145,587148,023139,312156,186164,331
PBRx—2.883.614.324.756.514.483.081.621.311.291.57
Dividend per shareKRW2,7473,8207,2806,0505,2208,5505,8606,6803,130—1,460—
Payout ratio%35.9929.8835.0730.5130.0230.0030.3331.1329.96—8.17—

Consolidated basis

Profit flowKRW 100M

Revenue
17,587
Gross profit
15,472
Cost of sales
2,115
SG&A expenses
9,622
Operating income
5,850
Non-operating income
252
Profit before tax
6,102
Net income
4,440
Income tax expense
1,662

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
22,19223,60835,26629,41333,46440,81245,81944,37643,93839,53943,331
4,3034,6537,9735,6238,3429,36514,30712,39111,4088,9049,627
17,88918,95527,29223,79025,12231,44731,51231,98532,53030,63633,704

Income statement

20152016201720182019202020212022202320242025
8,3839,83617,58717,15117,01224,16223,08825,71817,79815,78115,069
2,3753,2885,8506,1494,7908,2483,7525,5901,373-1,092161
2,3953,4616,1026,3734,9628,0334,9136,0912,0621,2094,614
1,6642,7144,4404,2153,5925,8663,9574,3602,1399413,474
Basic earnings per shareKRW7,63312,78320,75619,83117,38728,50419,31821,45610,4464,72817,876
Diluted earnings per shareKRW7,62812,77120,72819,80617,38128,50419,31821,45610,446Not applicableNot applicable
1,7103,2959,1908012,6457,5173,6761,6661,9104823,366

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,6642,7144,4404,2153,5925,8663,9574,3602,1399413,474
Total adjustments to operating cash flowcomputed750-1,5941,511-6873311,210-463,000-740129-1,855
2,4131,1205,9523,5283,9227,0763,9117,3601,3991,0701,620
-5,169-1,387-4,596683-2,342-6,956-1,881-3,9221,13012,941-8,324
3,102-738-797-4,244-457-1,593-1,124-3,037-1,773-5,229-825
Cash at beginning of periodKRW 100M2,0282,4811,4481,8731,8563,0341,5732,5592,8563,65212,605
2,4811,4481,8731,8563,0341,5732,5592,8563,65212,6055,035
Net change in cash and cash equivalentsKRW 100M347-1,005558-321,123-1,473906401756Not applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 29삼정회계법인2025-12-31
2024적정의견Term 28삼정회계법인2025-12-31
2023적정의견Term 27삼정회계법인2025-12-31
2022적정Term 26안진회계법인2022-12-31
2021적정Term 25안진회계법인2022-12-31
2020적정Term 24안진회계법인2022-12-31
2019적정Term 23삼정회계법인2019-12-31
2018적정Term 22삼정회계법인2019-12-31
2017적정Term 21삼정회계법인2019-12-31
2016적정Term 20안진회계법인2016-12-31
2015적정Term 19안진회계법인2016-12-31
2014적정Term 18안진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.42
%
%
Cost of equity6.49%
Weighted average cost of capital6.43%
Initial growth9.5%
Effective tax rate24.7%
Base fiscal year2025
Current priceKRW222,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model33,202-85.0%
Dividend discount model DDM39,390-82.3%
Discounted cash flow FCFF105,736-52.4%
Discounted cash flow FCFE73,403-66.9%
Residual income model RIM327,959+47.7%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.42 × 5.00% = 6.49%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(10.30% × (1 − 8.17%), 0) = 9.46%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,460 × (1 + 2.00%) / (6.49% − 2.00%) = 1,489 / 0.0449 = 33,202 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,460, g_1 = 9.46%, g_T = 2.00%, r = 6.49%

YearGrowthDividend KRWDiscount factorPresent value KRW
19.46%1,5980.93911,501
27.60%1,7200.88191,516
35.73%1,8180.82821,506
43.87%1,8880.77781,469
52.00%1,9260.73041,407
Terminal value2.00%43,8020.730431,992
Total39,390

P_0 = 39,390 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 156,186 KRW, ROE = 10.30%, payout ratio = 8.17%, r = 6.49%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1156,18616,09110,1295,9620.93915,599
2170,96317,61411,0876,5260.88195,756
3187,13819,28012,1367,1440.82825,916
4204,84321,10413,2857,8200.77786,082
5224,22423,10114,5428,5590.73046,252
Terminal value194,6500.7304142,169

P_0 = 156,186 + 29,604 + 142,169 = 327,959 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,619.7 − 1,034.6 + 168.3 × (1 − 24.70%) = 711.8 KRW hundred million

Weighted average cost of capital

E = 47,827.7, D = 1,699.1 KRW hundred million; equity weight = 96.57%, debt weight = 3.43%; cost of debt k_d = 6.49%

WACC = 96.57% × 6.49% + 3.43% × 6.49% × (1 − 24.70%) = 6.43%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
19.46%779.10.9396732.1
27.60%838.30.8828740.1
35.73%886.40.8295735.2
43.87%920.60.7794717.5
52.00%939.00.7323687.6
Terminal value2.00%21,619.40.732315,831.3
Total19,443.8

Firm value = 19,443.8; less borrowings 1,699.1; plus cash 5,035.2 → 22,779.9 KRW hundred million

P_0 = 22,779.9 KRW hundred million ÷ 21,544,022 (shares) = 105,736 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,619.7 − 1,034.6 + 1.1 (net borrowing) = 586.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
19.46%641.60.9391602.5
27.60%690.30.8819608.8
35.73%729.90.8282604.5
43.87%758.10.7778589.6
52.00%773.30.7304564.8
Terminal value2.00%17,584.90.730412,843.7
Total15,814.0

P_0 = 15,814.0 KRW hundred million ÷ 21,544,022 (shares) = 73,403 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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