Nexon Games
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.
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
Nexon Games was established on May 6, 2013, and is listed on the KOSDAQ market. Headquartered in Seoul, the company is a member of the Nexon group.
The company develops and supplies online and mobile game software. Its main products include V4, Blue Archive, HIT2, Sudden Attack, and The First Descendant. These games are distributed domestically and internationally through publishers. A subsidiary, Joongang Pangyo Development, provides real estate rental services.
Business overview as filed
당사는 2013년 5월 6일에 설립되었으며, 온라인 및 모바일게임 등 게임 소프트웨어 개발업을 주요 사업으로 영위하고 있습니다. 당사는 게임 개발업을 전문으로하는 게임 개발사로서 퍼블리셔를 통해 당사의 게임을 국내 및 해외에 서비스하고 있습니다.당사의 주요 게임은 모바일게임 V4, Blue Archive, HIT2와 온라인 PC게임 서든어택, 온라인 PC/콘솔게임 퍼스트 디센던트가 있습니다.2019년 11월에 출시한 모바일게임 V4(MMORPG)는 (주)넥슨코리아를 통해 국내서비스를 진행하고 있습니다.2021년 2월 출시한 모바일게임 Blue Archive(RPG)는 Yostar Inc.를 통해 일본 지역에 서비스를 개시하였으며, 2021년 11월에 (주)넥슨코리아를 통해 국내 및 글로벌 지역으로 서비스를 확장하였습니다. 이후 2023년 8월부터 Shanghai Roaming Star Co., Ltd. 통해 중국 지역에도 서비스를 진행하고 있으며, 2025년 7월에는 글로벌 PC 버전을 스팀(Steam)에 출시하며 서비스 플랫폼을 확대하였습니다. 2022년 8월 출시한 모바일게임 HIT2(MMORPG)는 (주)넥슨코리아를 통해 국내 서비스를 시작으로 대만 및 일본 지역으로 서비스를 확장하였습니다.2024년 7월 출시한 온라인 PC/콘솔게임 퍼스트 디센던트(루트슈터)는 (주)넥슨코리아를 통해 국내 및 글로벌 지역에 서비스를 진행하고 있습니다. 당사는 2022년 3월 31일 기준으로 넥슨지티(주)와 합병을 하였습니다. 넥슨지티(주)는 온라인 PC게임 서든어택을 필두로 FPS관리 운영에서 특화된 능력을 바탕으로 게임서비스를 제공하였습니다. 서든어택은 패스 시스템, 성장형 무기와 커스텀 캐릭터 등 다양한 컨텐츠를 선보이며 장수 온라인 게임이자 FPS 시장 선두주자로서 입지를 강화하는데 주력하고 있습니다.당사는 기존게임의 안정적인 서비스와 신규게임 개발을 통하여 게임라인업을 강화할 예정이며, 매출 수익원의 다변화 및 매출 증대를 위하여 지속적으로 노력하고 있습니다.
(주)중앙판교개발은 경기도 성남시 판교의 판교테크노밸리 건설컨소시움에 참여하여 2012년부터 임대사업을 영위하고 있습니다. 주요 수입은 임대 수입이며 관계회사와 대부분의 거래가 발생하고 있습니다.당사가 영위하는 사업 내용에 대한 상세한 사항은 동보고서 II.사업의내용 2.주요 제품 및 서비스 부터 7. 기타 참고사항 까지를 참고해주시기 바랍니다.
Company overview
가. 연결대상 종속회사 개황
1) 연결대상 종속회사 현황(요약)
2) 연결대상회사의 변동내용
나. 회사의 법적ㆍ상업적 명칭
당사의 명칭은 '주식회사 넥슨게임즈'로 표기합니다. 또한 영문으로는 'NEXON Games Co., Ltd.(약호 "NEXON Games")'라 표기합니다.
다. 설립일자 및 존속기간
당사는 게임소프트웨어 개발 목적으로 2013년 5월 6일에 설립되었으며, 2017년 6월 1일자로 엔에이치기업인수목적9호(주)와 합병을 하였습니다. 합병의 형태는 합병 전 (주)넷게임즈가 소멸하고, 엔에이치기업인수목적 9호(주)가 존속하는 형태입니다. 존속회사 엔에이치기업인수목적9호(주)는 (주)넷게임즈로 사명을 변경하였으며, 2017년 6월 12일자에 (주)넷게임즈 보통주식이 코스닥 시장에 상장되었습니다. 이후 2022년 3월 25일자로 당사는 (주)넥슨게임즈로 사명을 재변경하였으며, 2022년 3월 31일자로 넥슨지티(주)와 합병을 완료하였습니다.
라. 본사의 주소, 전화번호, 홈페이지 주소
(1) 주소 : 서울특별시 강남구 남부순환로 2621, 5층(도곡동)(2) 대표전화 : 02-6421-7777(3) 홈페이지 : http://www.nexongames.co.kr
마. 중소기업 등 해당 여부
주) 보고서 제출일 현재 당사는 기업집단 '넥슨'(상호출자제한기업집단 지정)에 소속되어, 중소기업 및 중견기업에 해당되지 않습니다.
바. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명
당사는 한국표준산업분류표의 소분류에 의한 온라인, 모바일 게임 소프트웨어 개발및 공급업으로 분류됩니다.당사의 주된 사업은 게임 소프트웨어 개발 및 서비스이며, 당사가 개발한 게임콘텐츠를 국내 및 해외에 공급하고 있습니다. 당사의 주요게임으로는 모바일게임 'V4'와 'Blue Archive', 'HIT2' 및 온라인 PC게임 '서든어택', 온라인 PC/콘솔게임 '퍼스트 디센던트' 등이 있으며, 전체매출액의 96%를 차지하고 있습니다. 또한 매출증대를 위하여 신규 게임 개발을 진행하고 있습니다.주요 종속회사 (주)중앙판교개발은 부동산업 및 임대업을 주요사업으로 부동산 임대서비스를 통해 수익을 창출하고 있습니다.
사. 신용평가에 관한 사항
- 해당사항 없음
아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항
주1) 상기 주권상장일자는 합병 전 법인 엔에이치기업인수목적 9호(주)의 최초 상장일이며, 합병 후 법인인 구, (주)넷게임즈의 신주 상장일은 2017년 06월 12일입니다.
Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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
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.
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.
Deepest drawdown 45.7% (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.
Characteristic line
- Intercept
- -0.155%[-0.425%, +0.116%]
- R squared
- 0.29
- Observations
- 252
- Trading-time corrected beta
- 0.30[0.18, 0.42]
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 KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.
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.
- Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
- The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
- Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
- At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.
Financials
| 2016Separate basis | 2017Separate basis | 2018Separate basis | 2019Separate basis | 2020Separate basis | 2021Separate basis | 2022Consolidated basis | 2023Consolidated basis | 2024Consolidated basis | 2025Consolidated basis | TTMConsolidated basis | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RevenueKRW 100M | 256 | 224 | 236 | 285 | 814 | 631 | 1,324 | 1,933 | 2,561 | 1,793 | 1,724 |
| Revenue growth% | — | -12.58 | 5.25 | 20.84 | 185.65 | -22.51 | — | 46.00 | 32.49 | -29.97 | — |
| Operating incomeKRW 100M | 103 | -37 | -108 | -171 | 255 | -40 | 52 | 120 | 387 | -602 | -440 |
| Operating income growth% | — | -136.17 | — | — | — | -115.58 | — | 133.05 | 222.40 | -255.52 | — |
| Net incomeKRW 100M | 97 | -31 | -126 | -171 | 261 | -80 | 60 | 113 | 314 | -618 | -514 |
| Net income growth% | — | -131.85 | — | — | — | -130.51 | — | 86.75 | 178.40 | -296.60 | — |
| Attributable to owners | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Attributable to minorities | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Operating margin% | 40.25 | -16.65 | -45.67 | -60.04 | 31.34 | -6.30 | 3.89 | 6.22 | 15.13 | -33.59 | -25.52 |
| Net margin% | 37.67 | -13.72 | -53.32 | -59.91 | 32.06 | -12.62 | 4.57 | 5.84 | 12.28 | -34.48 | -29.82 |
| ROE | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| ROA% | 48.33 | -7.15 | -42.75 | -23.40 | 27.64 | -6.28 | 1.86 | 3.08 | 6.45 | -15.28 | -14.15 |
| Debt ratio% | 32.00 | 45.69 | 57.57 | 91.20 | 42.22 | 105.75 | 37.33 | 39.58 | 55.80 | 58.70 | 68.21 |
| Current ratio% | 560.50 | 672.39 | 491.30 | 478.25 | 534.38 | 209.82 | 341.90 | 358.72 | 479.44 | 471.32 | 401.59 |
| Quick ratio | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Reserve ratio% | 46.96 | 128.80 | 50.90 | 142.40 | 322.60 | 269.25 | — | — | — | 569.84 | 529.89 |
| Free cash flowKRW 100M | 131 | 82 | -114 | -119 | 222 | 279 | 281 | 331 | 602 | -461 | — |
| FCF margin% | 50.97 | 36.76 | -48.43 | -41.69 | 27.31 | 44.16 | 21.26 | 17.12 | 23.51 | -25.73 | — |
| OCF conversion% | 143.52 | — | — | — | 86.81 | — | 480.64 | 326.36 | 211.53 | — | — |
| Capex to revenue% | 3.09 | 3.58 | 4.21 | 1.57 | 0.52 | 1.43 | 0.70 | 1.95 | 2.46 | 1.95 | — |
| Receivable daysdays | — | 62.2 | — | — | — | — | — | — | — | — | — |
| EPSKRW | 100 | -29 | -539 | -710 | 916 | -279 | 110 | 177 | 492 | -974 | — |
| PERx | 19.80 | — | — | — | 10.67 | — | 117.73 | 84.63 | 27.22 | — | — |
| BPSKRW | — | — | — | — | — | — | 3,604 | 3,995 | 4,748 | 3,870 | 3,278 |
| PBRx | — | — | — | — | — | — | 3.59 | 3.75 | 2.82 | 3.10 | 2.64 |
| Dividend per share | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
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.
Free cash flow breakdownKRW 100M
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
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 200 | 430 | 294 | 729 | 944 | 1,268 | 3,255 | 3,669 | 4,872 | 4,045 | |
| 171 | 357 | 222 | 537 | 754 | 1,077 | 2,040 | 2,373 | 2,920 | 2,145 | |
| Cash and cash equivalentsKRW 100M | 115 | 325 | 126 | 89 | 189 | 587 | 1,149 | 1,115 | 597 | 562 |
| Short-term financial instrumentsKRW 100M | — | — | 77 | 329 | 430 | 290 | 590 | 910 | 1,960 | 1,210 |
| InventoriesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Trade and other receivablesKRW 100M | 54 | 22 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 29 | 73 | 73 | 193 | 190 | 191 | 1,215 | 1,296 | 1,952 | 1,900 | |
| Property, plant and equipmentKRW 100M | 8 | 10 | 18 | 151 | 131 | 148 | 503 | 589 | 877 | 821 |
| Intangible assetsKRW 100M | 5 | 18 | 12 | 9 | 12 | 7 | 363 | 355 | 356 | Not applicable |
| 48 | 135 | 107 | 348 | 280 | 652 | 885 | 1,040 | 1,745 | 1,496 | |
| 30 | 53 | 45 | 112 | 141 | 513 | 597 | 662 | 609 | 455 | |
| Trade and other payablesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Current lease liabilitiesKRW 100M | — | — | — | — | 18 | 23 | 33 | 60 | 133 | 150 |
| 18 | 82 | 62 | 236 | 139 | 138 | 288 | 379 | 1,136 | 1,041 | |
| Non-current lease liabilitiesKRW 100M | — | — | — | — | 103 | 114 | 116 | 166 | 675 | 619 |
| 151 | 295 | 187 | 382 | 664 | 616 | 2,370 | 2,628 | 3,127 | 2,549 | |
| Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 2,370 | 2,628 | 3,127 | 2,548 | |
| Issued capitalKRW 100M | 97 | 115 | 120 | 144 | 144 | 144 | 329 | 329 | 329 | 329 |
| Capital surplusKRW 100M | 12 | 146 | 187 | 509 | 509 | 512 | Not applicable | Not applicable | Not applicable | 648 |
| Retained earningsKRW 100M | 33 | 2 | -126 | -304 | -44 | -124 | -81 | 1,532 | 1,847 | 1,228 |
| Other equityKRW 100M | 9 | 32 | 6 | 32 | 55 | 83 | -12 | 129 | 303 | 343 |
| Non-controlling interestsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 0 | 0 | 0 | 0 |
| 매출채권As filed | — | — | 14 | 111 | 123 | 184 | 272 | 298 | 301 | 293 |
| 기타유동금융자산As filed | 0 | 9 | 1 | 1 | — | — | — | — | — | — |
| 기타유동자산As filed | 0 | 1 | 3 | 6 | 6 | 14 | 16 | 30 | 39 | 50 |
| 기타금융자산As filed | — | — | — | — | 7 | 2 | 14 | 20 | 24 | 30 |
| 당기법인세자산As filed | 0 | 1 | 1 | 0 | 0 | 0 | 0 | — | — | — |
| 기타비유동금융자산As filed | 5 | 0 | 20 | 15 | — | — | — | — | — | — |
| 이연법인세자산As filed | 11 | 45 | 22 | 19 | 32 | 15 | 68 | 80 | 102 | 71 |
| 장기금융상품As filed | — | — | — | — | — | — | 0 | 0 | 0 | 2 |
| 기타유동금융부채As filed | 8 | 12 | 14 | 55 | — | — | — | — | — | — |
| 기타비유동자산As filed | — | — | — | — | — | 0 | 28 | 1 | 1 | 15 |
| 기타유동부채As filed | 20 | 40 | 31 | 57 | 111 | 464 | 531 | 544 | 344 | — |
| 무형자산As filed | — | — | — | — | — | — | — | — | — | 351 |
| 당기법인세부채As filed | 3 | — | — | — | 4 | 9 | 6 | 15 | 85 | 3 |
| 투자부동산As filed | — | — | — | — | — | — | 223 | 220 | 531 | 518 |
| 기타비유동부채As filed | 5 | 49 | 22 | 49 | 34 | 22 | 103 | 137 | 342 | — |
| 충당부채As filed | — | 1 | — | 0 | 2 | 2 | 3 | 5 | 12 | 13 |
| 기타금융부채As filed | — | — | — | — | 8 | 17 | 27 | 42 | 47 | 44 |
| 퇴직급여부채As filed | 13 | 24 | — | — | — | — | — | — | — | — |
| 비유동충당부채As filed | 1 | — | 2 | 2 | — | — | — | — | — | — |
| 당기손익-공정가치 금융자산As filed | — | — | — | — | — | — | — | — | — | 10 |
| 자본과부채총계As filed | 200 | 430 | 294 | 729 | 944 | 1,268 | 3,255 | 3,669 | 4,872 | 4,045 |
| 순확정급여부채As filed | — | — | 38 | 64 | 0 | 0 | — | — | — | — |
| 전환사채As filed | — | 9 | — | 0 | — | — | — | — | — | — |
| 기타불입자본As filed | — | — | — | — | — | — | 2,134 | 638 | 648 | — |
| 기타비유동금융부채As filed | — | — | — | 121 | — | — | — | — | — | — |
| 이연법인세부채As filed | — | — | — | — | — | — | 57 | 58 | 57 | 56 |
| 기타 유동부채As filed | — | — | — | — | — | — | — | — | — | 258 |
| 기타 비유동 부채As filed | — | — | — | — | — | — | — | — | — | 314 |
Income statement
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 256 | 224 | 236 | 285 | 814 | 631 | 1,324 | 1,933 | 2,561 | 1,793 | |
| Cost of salesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Gross profitKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| SG&A expensesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 103 | -37 | -108 | -171 | 255 | -40 | 52 | 120 | 387 | -602 | |
| Finance incomeKRW 100M | 1 | 4 | 5 | 3 | 6 | 8 | 30 | 64 | 104 | 84 |
| Finance costsKRW 100M | 0 | 1 | 0 | 6 | 6 | 6 | 18 | 30 | 57 | 58 |
| Other incomeKRW 100M | 0 | 0 | 1 | 7 | 0 | 0 | 4 | 4 | 5 | 4 |
| Other expensesKRW 100M | 1 | 30 | 0 | 0 | 0 | 0 | 5 | 0 | 2 | 7 |
| 103 | -64 | -103 | -167 | 256 | -38 | 61 | 157 | 438 | -579 | |
| Income tax expenseKRW 100M | 7 | -34 | 23 | 4 | -5 | 42 | 1 | 44 | 123 | 39 |
| 97 | -31 | -126 | -171 | 261 | -80 | 60 | 113 | 314 | -618 | |
| Attributable to ownersKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Attributable to minoritiesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Basic earnings per shareKRW | 100 | -29 | -539 | -710 | 916 | -279 | 110 | 177 | 492 | -974 |
| Diluted earnings per shareKRW | 90 | -29 | -539 | -710 | 915 | -279 | 110 | 174 | 482 | -974 |
| 96 | -31 | -128 | -178 | 260 | -80 | 60 | 113 | 314 | -618 | |
| Other comprehensive incomeKRW 100M | -0 | -0 | -3 | -7 | -1 | 0 | 0 | 0 | Not applicable | Not applicable |
| 영업비용As filed | 153 | 261 | 344 | 456 | 559 | 671 | 1,272 | 1,813 | 2,173 | 2,396 |
| 지배기업의 소유주지분As filed | — | — | — | — | — | — | 60 | 113 | 314 | -618 |
| 비지배지분As filed | — | — | — | — | — | — | 0 | 0 | 0 | 0 |
| 순확정급여부채의 재측정요소As filed | — | — | -3 | -7 | -1 | 0 | — | — | — | — |
Cash flow statement
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net incomefrom the income statement | 97 | -31 | -126 | -171 | 261 | -80 | 60 | 113 | 314 | -618 |
| Total adjustments to operating cash flowcomputed | 42 | 121 | 21 | 56 | -34 | 367 | 230 | 256 | 351 | 192 |
| 139 | 90 | -104 | -114 | 227 | 288 | 291 | 369 | 665 | -427 | |
| Interest receivedKRW 100M | 1 | 4 | 5 | 3 | 5 | 5 | 23 | 46 | 59 | 70 |
| Interest paidKRW 100M | 0 | Not applicable | Not applicable | 6 | 5 | 5 | 5 | 12 | 44 | 41 |
| Income taxes paidKRW 100M | 5 | 3* | -1 | -1 | -0* | 21 | 0 | Not applicable | Not applicable | Not applicable |
| -14 | 111 | -98 | -258 | -113 | 126 | 359 | -367 | -1,178 | 658 | |
| Purchase of property, plant and equipmentKRW 100M | 8 | 8 | 10 | 4 | 4 | 9 | 9 | 38 | 63 | 35 |
| Proceeds from sale of property, plant and equipmentKRW 100M | 0 | Not applicable | Not applicable | 0 | 0 | 0 | 1 | 1 | 3 | 1 |
| Purchase of intangible assetsKRW 100M | 3 | 15 | 0 | 1 | 8 | 1 | 23 | 10 | 8 | 8 |
| -9 | 9 | 4 | 336 | -13 | -15 | -77 | -25 | -13 | -259 | |
| Acquisition of treasury sharesKRW 100M | — | 0 | 0 | 0 | 0 | — | 55 | 0 | 0 | 150 |
| Issue of sharesKRW 100M | — | — | — | -0 | 0 | — | -1 | -0 | -0 | — |
| Cash at beginning of periodKRW 100M | 1 | 115 | 325 | 126 | 89 | 189 | 587 | 1,149 | 1,115 | 597 |
| 115 | 325 | 126 | 89 | 189 | 587 | 1,149 | 1,115 | 597 | 562 | |
| Effect of exchange rate changesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | -11 | 8 | -8 |
| Net change in cash and cash equivalentsKRW 100M | 115 | 211 | -199 | -37 | 100 | 398 | 573 | -23 | -526 | Not applicable |
| 당기순이익조정을 위한 가감As filed | 143 | 89 | — | — | — | — | — | — | — | — |
| 영업에서 창출된 현금흐름As filed | — | — | -109 | -112 | 230 | 309 | 313 | 401 | 727 | — |
| 임대보증금의 감소As filed | — | — | — | — | — | — | — | — | — | 18 |
| 임대보증금의 증가As filed | — | — | — | — | — | — | — | 4 | 38 | 6 |
| 리스부채원금 상환As filed | — | — | — | — | 13 | 18 | 25 | 34 | 59 | 97 |
| 법인세의 환급As filed | — | — | — | — | — | 0 | — | — | — | — |
| 법인세의 납부As filed | — | — | — | — | -4 | — | — | — | — | — |
| 법인세의 지급As filed | — | — | -1 | -0 | — | — | — | — | — | — |
| 법인세의납부As filed | — | — | — | — | — | — | -40 | 66 | — | — |
| 기타비유동금융자산의 처분As filed | 2 | 2 | — | — | — | — | — | — | — | — |
| 주식선택권 행사As filed | — | — | — | — | — | — | 5 | 4 | 8 | 0 |
| 단기금융상품의 처분As filed | — | 138 | — | — | — | — | — | — | — | — |
| 주식발행비용As filed | — | — | 0 | — | — | — | — | — | — | 0 |
| 단기금융상품의 증가As filed | — | — | 77 | 340 | 408 | 490 | 1,240 | 1,323 | 2,710 | 1,870 |
| 기타비유동금융자산의 취득As filed | 5 | 6 | — | — | — | — | — | — | — | — |
| 단기금융상품의 감소As filed | — | — | — | 88 | 308 | 630 | 1,580 | 1,003 | 1,660 | 2,620 |
| 장기금융상품의 감소As filed | — | — | — | — | — | — | 2 | 0 | 0 | — |
| 기타비유동금융자산의 증가As filed | — | — | 20 | 0 | 0 | 5 | 0 | 0 | 65 | 39 |
| 단기차입금의 증가As filed | 13 | — | — | — | — | — | — | — | — | — |
| 합병으로 인한 순현금 증가As filed | — | 0 | 0 | 0 | — | — | — | — | — | — |
| 기타비유동금융자산의 감소As filed | — | — | 9 | 0 | 0 | — | — | — | 7 | 0 |
| 단기대여금의 감소As filed | — | — | — | — | — | — | — | — | — | 4 |
| 단기차입금의 상환As filed | 23 | — | — | — | — | — | — | — | — | — |
| 주식선택권행사로 인한 현금유입As filed | — | 10 | — | — | — | — | — | — | — | — |
| 기타유동금융자산의 증가As filed | — | — | — | — | — | — | — | — | 1 | 0 |
| 단기대여금의 증가As filed | — | — | — | — | — | — | — | — | — | 4 |
| 유상증자As filed | — | — | — | 346 | 0 | — | — | — | — | — |
| 주식선택권행사As filed | — | — | 4 | 0 | — | 2 | — | — | — | — |
| 신주발행비 지급As filed | — | 1 | — | — | — | — | — | — | — | — |
| 주식선택권As filed | — | — | — | — | 0 | — | — | — | — | — |
| 사업결합으로 인한 순현금 증가As filed | — | — | — | — | — | — | 34 | 0 | 0 | — |
| 현금및현금성자산의 환율변동차이As filed | — | -1 | -0 | 0 | -1 | -0 | -11 | — | — | — |
| 연결실체의 변동으로 인한 현금의 변동As filed | — | — | — | — | — | — | 15 | 0 | 0 | — |
| 리스부채의 상환As filed | — | — | — | 10 | — | — | — | — | — | — |
| 당기손익-공정가치 금융자산의 증가As filed | — | — | — | — | — | — | — | — | — | 10 |
| 장기금융상품의 증가As filed | — | — | — | — | — | — | — | — | — | 2 |
| 법인세 납부As filed | — | — | — | — | — | — | — | — | 76 | 89 |
| 법인세 환급As filed | — | — | — | — | — | — | — | — | -0 | 0 |
| 영업으로부터 창출된 현금흐름As filed | — | — | — | — | — | — | — | — | — | -367 |
| 현금및현금성자산의순증가(감소)As filed | — | — | — | — | — | — | — | — | — | -28 |
In the latest fiscal year operations and financing paid cash out while investing activities brought cash in.
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 2026.03.19.
Audit opinion
| Fiscal year | Opinion | Auditor | Fiscal year end |
|---|---|---|---|
| 2025 | 적정의견Term 11 | 삼일회계법인 | 2025-12-31 |
| 2024 | 적정의견Term 10 | 삼일회계법인 | 2025-12-31 |
| 2023 | 적정의견Term 9 | 삼일회계법인 | 2025-12-31 |
| 2022 | 적정Term 8 | 안진회계법인 | 2022-12-31 |
| 2021 | 적정Term 7 | 안진회계법인 | 2022-12-31 |
| 2020 | 적정Term 6 | 안진회계법인 | 2022-12-31 |
| 2019 | 적정Term 5 | 인덕회계법인 | 2019-12-31 |
| 적정Term 4 | 회계법인바른 | 2019-12-31 | |
| 적정Term 3 | 삼일회계법인 | 2019-12-31 | |
| 2016 | 적정Term 2 | 우리회계법인 | 2016-12-31 |
| 2015 | 적정Term 1 | 우리회계법인 | 2016-12-31 |
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.
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
The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.
| Model | Model priceKRW | Versus current price |
|---|---|---|
| Gordon growth model | No dividend | |
| Dividend discount model DDM | No dividend | |
| Discounted cash flow FCFF | No borrowing line filed | |
| Discounted cash flow FCFE | Base-year cash flow not positive | |
| Residual income model RIM | No book value or return on equity | |
Dividend and residual income familyKRW
Discounted cash flow familyKRW
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 = 4.40% + 0.56 × 5.00% = 7.19%
Initial growth
g_1 = g_T = 2.00%
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.
- A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
- The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
- The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
- Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.