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KREDKRED
181710KOSPI

NHN

56,100
-800 (-1.41%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

NHN is a corporation established in 2013 through a spin-off of the game business division of Naver. The company is listed on the KOSPI market and is headquartered in Seongnam, Gyeonggi-do.

The company operates business segments including online and mobile games, payment services such as PG, VAN, and PAYCO, and cloud technology including CSP and MSP. It also provides services for ticket sales, commerce, and webtoons through domestic and international channels.

Business overview as filed

엔에이치엔㈜을 포함한 연결실체의 주요 사업으로는 온라인/모바일 게임 사업, PG 및 VAN 서비스와 PAYCO 간편결제사업, CSP/MSP 등의 클라우드 기술사업이 있습니다. 이외에도 티켓판매, 커머스, 웹툰 등의 기타 사업을 영위하고 있습니다.

2025년 연결 영업수익은 게임, 결제, 기술 등 주요 사업의 매출 상승효과로 전년 대비

2.4% 증가한 2조 5,162억 원

을 기록하였습니다. 연결 영업이익은 전년도 인식한 종속회사 미수채권 대손상각비 등의 일회성 요인이 제거되며 1,324억 원 으로 흑자전환하였습니다. 연결 당기순이익은 519억 원 입니다.연결실체는 영업부문을 게임, 결제 및 광고, 기타(클라우드 기술, 커머스, 티켓판매 등)로 구분하고 있으며, 2025년 매출구성은 게임 19.25%, 결제 및 광고 51.89%, 기타 28.86%입니다. 엔에이치엔㈜ 연결실체가 국내에서 서비스하고 있는 온라인 및 모바일 게임, PG 및 PAYCO 간편결제, 클라우드 CSP 사업 등이 국내 매출로 발생하며, 일본 NHN PlayArt Corp.의 모바일 게임, NHN Techorus Corp.의 클라우드 MSP 사업 등이 해외 실적으로 잡히고 있습니다.

당사가 영위하는 대부분의 사업이 인적자원을 활용한 서비스 사업이므로, 주요 원재료는 없으며 일괄적으로 가격을 산출하기 어려운 특성이 있습니다. 기타 세부내용은 "II. 사업의 내용"의 "2. 주요 제품 및 서비스"를 참고하여 주시기 바랍니다.

연결실체의 위험관리 체계를 구축하고 감독할 책임은 이사회에 있으며, 훈련 및 관리기준, 절차를 통해 모든 종업원들이 자신의 역할과 의무를 이해할 수 있는 엄격하고 구조적인 통제환경을 구축하는 것을 목표로 하고 있습니다. 연결실체의 감사위원회는 경영진이 연결실체의 위험관리 정책 및 절차의 준수여부를 어떻게 관리하는지 감독하고, 연결실체의 위험관리체계가 적절한지 검토합니다. 내부감사는 감사위원회의 감독기능을 보조하여, 위험관리 통제 및 절차에 대한 정기 및 특별 검토를 수행하고 결과는 감사위원회에 보고하고 있습니다. 또한 충분한 유동성을 유지하고 시장위험 노출을 관리 및 통제하는 등, 종합적으로 금융위험 관리를 진행하고 있습니다.회사는 2025년 말 기준 매출액의 약 6.45%에 해당하는 162,243백만원의 연구개발비용을 투자하고 있고, 기술위원회를 구성하여 각 법인의 연구개발 조직을 통해 머신러닝, AI, 핀테크, 클라우드 등 다양한 분야에 대한 연구를 지속하고 있습니다.

본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 II. 사업의 내용의 '2. 주요 제품 및 서비스'부터 '7. 기타 참고사항'까지의 항목에 상세히 기재되어 있으니 이를 참고하여 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 현황(요약)

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 엔에이치엔 주식회사이며, 영문명은 NHN Corporation 입니다.

다. 설립일자

당사는 2013년 8월 1일을 분할 기일로 기존 '엔에이치엔㈜ (NHN Corporation)' (현재 존속법인 네이버㈜)의 게임 사업 부문을 인적분할하여 설립되었으며, 게임, 결제, 기술(클라우드)

등의 사업을 운영하고 있습니다. 2013년 8월 29일 유가증권시장 (KOSPI:181710)에 재상장 되었습니다.2019년 3월 29일 제 6기 정기주주총회에서 당사는 정관 개정을 통해 엔에이치엔엔터테인먼트㈜(NHN Entertainment Corporation)에서 엔에이치엔㈜(NHN Corporation)로 상호를 변경하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(1) 주소 : 경기도 성남시 분당구 대왕판교로 645번길 16 (삼평동 629번지)(2) 전화번호 : 1544-6859(3) 홈페이지 주소 : http://www.nhn.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

엔에이치엔㈜을 포함한 연결실체의 주요 사업으로는 온라인/모바일 게임 사업, PG 및 VAN 서비스와 PAYCO 간편결제사업, CSP/MSP 등의 클라우드 기술사업이 있습니다. 이외에도 티켓판매, 커머스, 웹툰 등의 기타 사업을 영위하고 있습니다.

2025년 현재 매출구성은 게임사업 19.25%, 결제 및 광고 사업 51.89%, 클라우드를 포함한 기타 사업 28.86%로 이루어져 있으며, 상세한 내용은 Ⅱ. 사업의 내용을 참고해 주시기 바랍니다.

사. 신용평가에 관한 사항

- 최근 3년간 기업신용평가

- 신용등급: 'AA'등급부터 'CCC'등급까지는 등급 내 우열에 따라 +,0,-의 세무등급이 부여되며, A+의 경우, 상거래를 위한 신용능력이 양호하며, 환경변화에 대한 대처능력이 제한적인 기업임을 의미합니다.

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

7.27%
[4.91%, 10.78%] · 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 45.8% (2026-06-26). 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

0.44
Beta [0.29, 0.60] · KOSPI200 · As of 2026-10-08
Intercept
+0.245%[-0.366%, +0.856%]
R squared
0.10
Observations
252
Trading-time corrected beta
0.53[0.11, 0.94]
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 100M6,4468,5649,09112,64614,88616,75219,23721,14922,69624,56125,16227,405
Revenue growth%—32.866.1539.1017.7212.5314.839.947.328.222.45—
Operating incomeKRW 100M-5432643476868671,022979391556-3261,3241,670
Operating income growth%——31.7297.6226.2817.90-4.23-60.1042.36-158.67——
Net incomeKRW 100M—71871,0472322801,297-318-231-1,9265191,011
Net income growth%——22.821,099.08-77.8820.64363.94-124.48————
Attributable to ownersKRW 100M1,640—1668941232141,169-321-85-1,325321704
Attributable to minoritiesKRW 100M11—-79154108651284-146-601198308
Operating margin%-8.433.083.825.435.826.105.091.852.45-1.335.266.09
Net margin%—0.830.968.281.561.676.74-1.50-1.02-7.842.063.69
ROE%11.50—1.105.650.781.346.37-1.90-0.52-9.132.194.73
ROA%—0.390.414.200.931.104.28-1.05-0.67-6.031.352.87
Debt ratio%22.0221.7027.7337.0736.7338.3244.2551.8373.3780.87117.4994.43
Current ratio%293.14280.13239.09178.91198.71194.49188.96180.54173.05161.52142.56167.86
Quick ratio%—271.95234.89172.22191.55185.85182.22174.30165.51155.90140.89165.59
Reserve ratio%15,216.36—15,497.1916,599.2116,742.2917,088.8319,336.419,640.219,341.878,281.138,308.408,474.47
Free cash flowKRW 100M——-1,275-3595059561,534-1,043-1,526-103,130—
FCF margin%——-14.02-2.843.395.717.97-4.93-6.72-0.0412.44—
OCF conversion%—1,172.53-497.6736.34464.70505.42174.53———720.45—
Capex to revenue%——9.245.853.842.733.796.1614.011.962.42—
Receivable daysdays———85.771.657.952.166.478.977.269.2—
Inventory daysdays——8.08.39.910.09.78.49.4———
Payable daysdays———84.487.478.879.683.093.3———
Cash conversion cycledays———9.6-5.9-10.9-17.9-8.2-5.1———
EPSKRW8,9696518644,6826561,1486,404-914-252-4,0391,0232,148
PERx—77.2779.1712.24101.8364.987.03———28.4016.39
BPSKRW—74,76677,00680,87380,69681,62193,75447,00646,69742,98644,67145,443
PBRx—0.670.890.710.830.910.480.530.500.410.650.77
Dividend per shareKRW————————500—500—
Payout ratio%——————————48.88—

Consolidated basis

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
18,33318,38221,17624,94725,00325,50930,27230,25234,49731,93038,514
3,3083,2774,5976,7466,7167,0689,28610,32814,59914,27720,806
15,02515,10416,57918,20018,28718,44220,98619,92419,89817,65417,708

Income statement

20152016201720182019202020212022202320242025
6,4468,5649,09112,64614,88616,752*19,23721,14922,69624,56125,162
-5432643476868671,022*979391556-3261,324
2,2902605441,538655691*1,50915130-1,2961,313
Not applicable71871,0472322801,297-318-231-1,926519
Basic earnings per shareKRW8,9696518644,6826561,1486,404*-914-252-4,0391,023
Diluted earnings per shareKRW8,9696518644,6826561,1486,402*-914-252-4,0391,023
Not applicable527-1369853135053,290-768-235-1,803466

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement—71871,0472322801,297-318-231-1,926519
Total adjustments to operating cash flowcomputed—763-522-6678451,1339675761,8842,3963,221
-1,075834-4353811,0771,4132,2642591,6534703,740
-1,175367-857234-18732-1,738114-2,945-505128
2,771-7921,962-443-170-65277122,691-1,4925,541
Cash at beginning of periodKRW 100M2,0822,6043,0153,6813,8554,5745,3465,9646,3067,7176,218
2,6043,0153,6813,8554,5745,3465,9646,3067,7176,21815,637
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicable1727207936033851,399Not applicableNot applicable

In the latest fiscal year all three activities were net cash inflows.

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 13삼일회계법인2025-12-31
2024적정의견Term 12삼일회계법인2025-12-31
2023적정의견Term 11삼일회계법인2025-12-31
2022적정Term 10삼정회계법인2022-12-31
2021적정Term 9삼정회계법인2022-12-31
2020적정Term 8삼정회계법인2022-12-31
2019적정Term 7삼정회계법인2019-12-31
2018적정Term 6삼정회계법인2019-12-31
2017적정Term 5삼정회계법인2019-12-31
2016적정Term 4삼정회계법인2016-12-31
2015적정Term 3삼정회계법인2016-12-31
2014적정Term 2삼정회계법인2016-12-31

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 5Y0.53
%
%
Cost of equity7.02%
Weighted average cost of capital6.83%
Initial growth1.1%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW56,100

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 model10,155-81.9%
Dividend discount model DDM9,947-82.3%
Discounted cash flow FCFF245,162+337.0%
Discounted cash flow FCFE176,562+214.7%
Residual income model RIM3,018-94.6%
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% + 0.53 × 5.00% = 7.02%

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(2.19% × (1 − 48.88%), 0) = 1.12%

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 = 500 × (1 + 2.00%) / (7.02% − 2.00%) = 510 / 0.0502 = 10,155 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 = 500, g_1 = 1.12%, g_T = 2.00%, r = 7.02%

YearGrowthDividend KRWDiscount factorPresent value KRW
11.12%5060.9344472
21.34%5120.8731447
31.56%5200.8158425
41.78%5300.7623404
52.00%5400.7122385
Terminal value2.00%10,9720.71227,815
Total9,947

P_0 = 9,947 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 = 44,671 KRW, ROE = 2.19%, payout ratio = 48.88%, r = 7.02%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
144,6719803,137-2,1570.9344-2,016
245,1729913,172-2,1810.8731-1,904
345,6781,0023,208-2,2060.8158-1,799
446,1901,0133,244-2,2310.7623-1,700
546,7081,0243,280-2,2560.7122-1,606
Terminal value-45,8080.7122-32,626

P_0 = 44,671 + -9,026 + -32,626 = 3,018 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 = 3,739.8 − 609.7 + 106.5 × (1 − 35.00%) = 3,199.3 KRW hundred million

Weighted average cost of capital

E = 18,374.5, D = 1,533.5 KRW hundred million; equity weight = 92.30%, debt weight = 7.70%; cost of debt k_d = 6.94%

WACC = 92.30% × 7.02% + 7.70% × 6.94% × (1 − 35.00%) = 6.83%

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
11.12%3,235.20.93613,028.4
21.34%3,278.60.87622,872.8
31.56%3,329.80.82022,731.1
41.78%3,389.00.76782,602.1
52.00%3,456.80.71872,484.4
Terminal value2.00%73,014.40.718752,476.0
Total66,194.8

Firm value = 66,194.8; less borrowings 1,533.5; plus cash 15,636.8 → 80,298.1 KRW hundred million

P_0 = 80,298.1 KRW hundred million ÷ 32,753,139 (shares) = 245,162 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 = 3,739.8 − 609.7 + -223.3 (net borrowing) = 2,906.8 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
11.12%2,939.40.93442,746.5
21.34%2,978.80.87312,600.7
31.56%3,025.30.81582,468.0
41.78%3,079.10.76232,347.1
52.00%3,140.70.71222,236.9
Terminal value2.00%63,785.10.712245,430.4
Total57,829.6

P_0 = 57,829.6 KRW hundred million ÷ 32,753,139 (shares) = 176,562 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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