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251270KOSPI

Netmarble

33,650
-900 (-2.60%)

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

Netmarble was established in 2011 and is listed on the KOSPI market. The company is headquartered in Seoul and operates as a corporate entity with several game development subsidiaries.

The company develops and publishes mobile and cross platform games. Its main products include Seven Knights Rebirth and Marvel Contest of Champions. Services are distributed through application stores such as Apple and Google via in app purchases.

Business overview as filed

당사는 사업 경쟁력 및 효율성 제고를 위하여 2011년 11월 ㈜씨제이이엔엠으로부터 물적분할을 통해 씨제이게임즈㈜로 설립되었습니다. 2014년 10월에는 씨제이넷마블㈜(㈜씨제이이엔엠의 게임사업부문으로 2014년 8월 분할신설됨)를 흡수합병하며 사명을 '넷마블게임즈㈜'로 변경하였으며, 이후 2018년 3월 정기주주총회에서 상호를 '넷마블㈜'로 변경하였습니다.

당사의 연결실체는 모바일 게임 개발 및 퍼블리싱 사업을 영위하고 있습니다. 넷마블㈜는 게임 개발 자회사가 개발한 게임 등을 퍼블리싱하는 사업을 전문적으로 영위하며, 넷마블네오㈜, 넷마블에프앤씨㈜, 넷마블엔투㈜, 넷마블넥서스㈜, 넷마블몬스터㈜ 등의 자회사는 모바일을 비롯한 크로스 플랫폼 게임 개발 사업을 담당합니다.당사의 주요 제품인 모바일 게임은 애플, 구글 등 플랫폼 사업자가 운영하는 애플리케이션 스토어를 통하여 주로 판매되고 있으며, 당사는 게임 내 재화 및 아이템 등을 구매하는 부분유료화(In-App Purchase)를 통해 매출을 창출하고 있습니다.

당사는 2025년 연결기준 매출 2조 8,351억 원을 기록하였습니다.

당사는 역량 있는 게임 개발사 및 당사와 시너지를 창출할 수 있는 다양한 회사를 발굴하고 인수하며 지속적으로 성장하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "넷마블 주식회사", 영문명은 "Netmarble Corporation"입니다.

다. 설립일자

당사는 2011년 11월 17일 "씨제이게임즈 주식회사"로 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 본사의 주소 : 서울특별시 구로구 디지털로26길 38(구로동, 지타워)- 전화번호 : (+82) 1588-5180- 홈페이지 : http://company.netmarble.com

마. 중소기업 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

당사의 연결실체는 모바일 게임의 개발 및 퍼블리싱 사업을 영위하고 있습니다. 넷마블㈜는 넷마블네오㈜, 넷마블에프앤씨㈜, 넷마블엔투㈜, 넷마블넥서스㈜, 넷마블몬스터㈜ 등의 게임 개발 자회사가 개발한 게임 등을 퍼블리싱하는 사업을 전문적으로 영위합니다. 당기말 현재 당사의 주요 게임 라인업으로는 '세븐나이츠 리버스', 'MARVEL Contest of Champions', 'Jackpot World', 'Lotsa Slots', 'Cash Frenzy' 등이 있습니다. 당사는 향후 게임사업과 접목이 가능한 신기술 등의 분야로 사업부문을 넓혀갈 계획입니다.

사. 신용평가에 관한 사항

한국기업평가 회사채 신용등급의 정의

한국기업평가 기업어음 신용등급의 정의

한국신용평가 회사채 신용등급의 정의

한국신용평가 기업어음 신용등급의 정의

NICE신용평가 회사채 신용등급의 정의

NICE신용평가 기업어음 신용등급의 정의

아. 회사의 주권상장 여부 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

2.77%
[1.91%, 4.48%] · 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 49.4% (2026-10-08). 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

0.14
Beta [0.01, 0.26] · KOSPI200 · As of 2026-10-08
Intercept
-0.294%[-0.592%, +0.004%]
R squared
0.03
Observations
252
Trading-time corrected beta
0.10[-0.11, 0.31]
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

2016201720182019202020212022202320242025TTM
RevenueKRW 100M15,00024,24820,21321,78724,84825,06926,73425,02126,63828,35128,945
Revenue growth%—61.65-16.647.7914.050.896.64-6.416.466.43—
Operating incomeKRW 100M2,9475,0982,4172,0272,7201,510-1,087-6852,1563,5253,348
Operating income growth%—72.99-52.59-16.1434.24-44.49-171.97——63.47—
Net incomeKRW 100M2,0923,6092,1491,6983,3802,492-8,864-3,039322,3084,052
Net income growth%—72.47-40.44-21.0199.12-26.29-455.71——7,076.78—
Attributable to ownersKRW 100M———————-2,5572562,2503,964
Attributable to minoritiesKRW 100M———————-482-2245889
Operating margin%19.6421.0211.969.3010.956.02-4.07-2.748.0912.4311.57
Net margin%13.9514.8810.637.7913.609.94-33.15-12.150.128.1414.00
ROE%———————-5.130.474.146.64
ROA%10.696.753.962.924.112.34-9.92-3.840.042.854.96
Debt ratio%49.3819.7619.3724.9145.5377.5058.9455.8549.3847.3635.79
Current ratio%171.28582.22441.33385.23111.4664.2243.4847.5382.6966.1185.13
Quick ratio%170.83581.75440.77384.46111.1864.0943.3547.3982.5366.0385.09
Reserve ratio%9,504.5842,280.9144,102.2946,009.3749,658.3761,444.1151,480.7848,612.7548,867.2151,172.7450,382.08
Free cash flowKRW 100M1,0724,7342,1233,0161,618511-4,471-1,3432,7042,905—
FCF margin%7.1519.5210.5113.846.512.04-16.72-5.3710.1510.25—
OCF conversion%94.18139.49109.49224.57110.1255.17——8,945.63146.35—
Capex to revenue%5.991.241.143.668.473.441.451.450.651.67—
EPSKRW2,7203,9082,2301,8833,8272,933-9,998-3,1203132,7464,838
PERx—48.2350.0049.0734.3642.62——165.1817.577.72
BPSKRW—50,91951,30351,91962,98667,37963,53357,93363,01163,17072,865
PBRx—3.702.171.782.091.860.951.000.820.760.51
Dividend per shareKRW—360——767528——417——
Payout ratio%—9.21——20.0418.00——133.23——

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.

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

2016201720182019202020212022202320242025
19,57453,47754,33058,06182,234106,63889,35679,15981,77180,937
6,4718,8248,81511,57725,72846,56133,13828,36827,03226,012
13,10444,65345,51546,48356,50660,07756,21850,79054,73954,925

Income statement

2016201720182019202020212022202320242025
15,00024,24820,21321,78724,84825,06926,73425,02126,63828,351
2,9475,0982,4172,0272,7201,510-1,087-6852,1563,525
2,7564,7152,9042,1844,7463,512-9,415-1,5867633,462
2,0923,6092,1491,6983,3802,492-8,864-3,039322,308
Basic earnings per shareKRW2,7203,9082,2301,8833,8272,933-9,998-3,1203132,746
Diluted earnings per shareKRW2,6993,8732,2171,8763,8222,932-9,998-3,1203082,665
2,7525,6942,9213,19011,0515,027-8,804-5,8993,5182,214

Cash flow statement

2016201720182019202020212022202320242025
Net incomefrom the income statement2,0923,6092,1491,6983,3802,492-8,864-3,039322,308
Total adjustments to operating cash flowcomputed-1221,4252042,115342-1,1174,7802,0582,8451,070
1,9715,0342,3533,8133,7231,375-4,084-9812,8773,378
-2,073-13,357*-5,053-2,473-15,291-11,575-4045,249*367*-740
63024,303*-992-1,0698,66710,991-5,490-5,403*-2,207*-1,463
Cash at beginning of periodKRW 100M2,1592,72719,07815,48715,74812,57513,5375,0304,3035,779
2,72719,07815,48715,74812,57513,5375,0304,3035,7796,889
Net change in cash and cash equivalentsKRW 100M52715,980-3,691270-2,901790-9,979Not applicableNot 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 15삼정회계법인2025-12-31
2024적정의견Term 14안진회계법인2025-12-31
2023적정의견Term 13안진회계법인2025-12-31
2022적정Term 12안진회계법인2022-12-31
2021적정Term 11안진회계법인2022-12-31
2020적정Term 10안진회계법인2022-12-31
2019적정Term 9안진회계법인2019-12-31
2018적정Term 8안진회계법인2019-12-31
2017적정Term 7삼정회계법인2019-12-31

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 5Y0.35
%
%
Cost of equity6.13%
Weighted average cost of capital5.47%
Initial growth4.1%
Effective tax rate33.3%
Base fiscal year2025
Current priceKRW33,650

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF114,626+240.6%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM30,398-9.7%
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% + 0.35 × 5.00% = 6.13%

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(4.14% × (1 − 0.00%), 0) = 4.14%

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

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 = 63,170 KRW, ROE = 4.14%, payout ratio = 0.00%, r = 6.13%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
163,1702,6183,874-1,2550.9422-1,183
265,7882,7274,034-1,3080.8878-1,161
368,5152,8404,201-1,3620.8365-1,139
471,3542,9574,375-1,4180.7882-1,118
574,3123,0804,557-1,4770.7426-1,097
Terminal value-36,4590.7426-27,075

P_0 = 63,170 + -5,697 + -27,075 = 30,398 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 = 3,377.9 − 472.9 + 636.7 × (1 − 33.32%) = 3,329.5 KRW hundred million

Weighted average cost of capital

E = 28,923.4, D = 11,248.2 KRW hundred million; equity weight = 72.00%, debt weight = 28.00%; cost of debt k_d = 5.66%

WACC = 72.00% × 6.13% + 28.00% × 5.66% × (1 − 33.32%) = 5.47%

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
14.14%3,467.50.94813,287.6
23.61%3,592.70.89893,229.6
33.07%3,703.00.85233,156.1
42.54%3,796.90.80813,068.2
52.00%3,872.90.76622,967.2
Terminal value2.00%113,782.50.766287,175.2
Total102,883.9

Firm value = 102,883.9; less borrowings 11,248.2; plus cash 6,889.4 → 98,525.2 KRW hundred million

P_0 = 98,525.2 KRW hundred million ÷ 85,953,502 (shares) = 114,626 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.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list