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259960KOSPI

Krafton

186,900
-13,600 (-6.78%)

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

Krafton, Inc. is a company established on March 26, 2007. Headquartered in Seoul, the company is listed on the KOSPI market.

The company operates in the game development and publishing industry, providing services to over 200 countries. Its business segments include gaming and advertising, with services delivered through various platforms and the acquisition of the ADK Group.

Business overview as filed

2025년 글로벌 게임 시장은 모바일, PC, 콘솔 부문 모두 성장을 지속하는 가운데, 라이브 서비스 게임 간 경쟁이 심화되는 양상을 보였습니다. 이용자 체류 시간과 결제 패턴의 변화로 기존 IP의 장기 운영 역량과 콘텐츠 업데이트의 중요성이 확대되었습니다. 아울러 플랫폼 간 경계가 완화되면서 전 플랫폼을 아우르는 서비스 경쟁이 지속되었습니다.

이러한 시장 환경 속에서 당사의 IP는 지속적인 콘텐츠 업데이트와 다양한 협업을 통해 안정적인 서비스 기반을 유지하였으며, 와 는 Early Access 출시 이후 각각 100만 장 이상의 판매를 기록하는 등 신규 IP의 글로벌 시장 경쟁력을 확인하였습니다.

2025년 7월에는 애드테크와 게임 사업을 중심으로 성장 기반을 다져 온 ㈜넵튠 투자를 통해 인도를 포함한 글로벌 시장에서 새로운 비즈니스 모델 적용을 검토하고 있습니다. 2025년 10월에는 일본의 광고ㆍ콘텐츠 기업인 ADK 그룹을 인수하였습니다. ADK 그룹은 300편 이상의 애니메이션 제작위원회 참여 경험을 바탕으로, 콘텐츠 기획, 제작, 광고, 마케팅 등 크리에이티브 전반에 걸친 전문성을 보유하고 있습니다. 이번 인수를 통해 당사는 게임 사업 외에도 광고, 콘텐츠 부문으로 사업 영역을 확장하며, 글로벌 콘텐츠 시장에서 IP 확장과 시너지 창출을 도모하고 있습니다.

이에 따라 2025년 당사의 매출액은 3조 3,266억원을 기록하였으며, 부문별로는 게임부문 매출 3조 34억원, 광고부문 매출 3,232억원으로 구성되어 있습니다. 영업이익은 1조 544억원을 기록하였습니다.

2026년에는 다수의 신작 게임 프로젝트를 중심으로 파이프라인을 강화하고, IP의 프랜차이즈 및 콘텐츠 플랫폼 확장을 통한 장기 성장 구조를 공고히 할 계획입니다. 또한, 피지컬 AI와 로보틱스 등 신기술 영역에서도 게임 기술을 활용한 확장을 모색하며, 게임 기반 AI 신사업의 가능성도 탐색할 예정입니다.

Company overview

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 크래프톤'입니다. 영문으로는 'KRAFTON, Inc.'이라 표기하며, 약식으로는 '㈜크래프톤'이라고 표기합니다.

라. 설립일자

당사는 2007년 3월 26일에 설립되었습니다.

마. 본사의 주소, 전화번호, 홈페이지 주소

주소 : 서울시 강남구 테헤란로 231(역삼동)

전화번호 : 02-6250-0812 홈페이지 : https://www.krafton.com

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

당사는 게임 개발 및 퍼블리싱을 주 사업으로 영위하며 글로벌 IP (이하 ) 등 200개국 이상에 게임 서비스를 제공하고 있습니다. 당사의 2025년 누적 매출액은 3조 3,266억원이며, 게임 부문 매출액은 3조 34억원(90.3%), 광고 부문 매출액은 3,232억원(9.7%)입니다. 당사는 IP를 기반으로 한 성장을 지속하는 한편, 차별화된 콘텐츠를 만들어 내는데에 집중하며 사업 확장을 추진하고 있습니다. 기타 자세한 사항은 'II.사업의 내용'을 참고하여 주시기 바랍니다.

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.05.15), 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

3.74%
[2.64%, 5.48%] · 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 39.5% (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

0.13
Beta [-0.04, 0.29] · KOSPI200 · As of 2026-10-08
Intercept
-0.216%[-0.539%, +0.107%]
R squared
0.03
Observations
252
Trading-time corrected beta
0.06[-0.17, 0.29]
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

202020212022202320242025TTM
RevenueKRW 100M———19,10627,09833,26644,520
Revenue growth%————41.8322.76—
Operating incomeKRW 100M7,7396,3967,5167,68011,82510,54413,235
Operating income growth%—-17.3517.502.1953.96-10.83—
Net incomeKRW 100M5,5635,1995,0025,94113,0267,3378,309
Net income growth%—-6.54-3.7918.78119.27-43.67—
Attributable to ownersKRW 100M———5,95413,0617,3488,350
Attributable to minoritiesKRW 100M———-13-35-11-41
Operating margin%———40.2043.6431.7029.73
Net margin%———31.0948.0722.0618.66
ROE%———10.7219.1310.4311.58
ROA%32.369.238.299.2216.457.788.55
Debt ratio%41.6022.2817.9415.8615.9731.3132.17
Current ratio%317.83572.52946.68761.38637.64307.36325.85
Quick ratioNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Reserve ratio%24,347.2989,793.21100,146.40109,002.53133,158.87144,339.16147,246.83
Free cash flowKRW 100M6,2316,5264,8616,2808,8779,679—
FCF margin%———32.8732.7629.10—
OCF conversion%116.67137.32102.51111.4969.70142.44—
Capex to revenue%———1.800.752.32—
EPSKRW13,77112,022—12,81228,59316,45418,098
PERx—38.26—15.1110.9314.9513.04
BPSKRW—94,107104,151114,849142,524148,541156,322
PBRx—4.891.611.692.191.661.51
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

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

202020212022202320242025
17,19156,351*60,303*64,40579,19594,336
5,05010,269*9,175*8,81610,90322,495
12,14146,08251,129*55,58868,29171,841

Income statement

202020212022202320242025
Not applicableNot applicableNot applicable19,10627,09833,266
7,7396,396*7,5167,68011,82510,544
6,6687,504*6,8398,28617,2279,590
5,5635,1995,0025,94113,0267,337
Basic earnings per shareKRW13,77112,022Not applicable12,81228,59316,454
Diluted earnings per shareKRW13,52411,781Not applicable12,75028,38416,299
5,9245,3775,374*5,92913,7616,881

Cash flow statement

202020212022202320242025
Net incomefrom the income statement5,5635,1995,0025,94113,0267,337
Total adjustments to operating cash flowcomputed9271,940125683-3,9473,114
6,4907,1395,1276,6239,07910,451
-8-11,997-28,630-3,942-8,316-5,796
-27127,362-561-2,253-2,587-4,519
Cash at beginning of periodKRW 100M1,4677,19830,1936,7477,2105,817
7,19830,1936,7477,2105,8175,967
Net change in cash and cash equivalentsKRW 100M6,21022,504-24,063Not 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 2026.05.15.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 19삼정회계법인2025-12-31
2024적정의견Term 18삼정회계법인2025-12-31
2023적정의견Term 17삼정회계법인2025-12-31
2022적정Term 16삼정회계법인2022-12-31
2021적정Term 15한영회계법인2022-12-31
2020적정Term 14한영회계법인2022-12-31
2019적정Term 13삼일회계법인2019-12-31
2018적정Term 12삼일회계법인2019-12-31
2017적정Term 11삼정회계법인2019-12-31
2016적정Term 10안진회계법인2016-12-31
2015적정Term 9안진회계법인2016-12-31
2014적정Term 8안진회계법인2016-12-31

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

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 3Y0.19
%
%
Cost of equity5.36%
Weighted average cost of capital—
Initial growth10.4%
Effective tax rate23.5%
Base fiscal year2025
Current priceKRW186,900

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 FCFFNo borrowing line filed
Discounted cash flow FCFE753,868+303.4%
Residual income model RIM450,717+141.2%
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% + 0.19 × 5.00% = 5.36%

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(10.43% × (1 − 0.00%), 0) = 10.43%

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 = 148,541 KRW, ROE = 10.43%, payout ratio = 0.00%, r = 5.36%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1148,54115,5007,9567,5440.94927,161
2164,04117,1188,7868,3320.90097,506
3181,15918,9049,7039,2010.85517,868
4200,06320,87710,71510,1610.81168,247
5220,93923,05511,83311,2220.77048,645
Terminal value341,0650.7704262,749

P_0 = 148,541 + 39,427 + 262,749 = 450,717 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 = 10,451.0 − 771.7 + 0.0 (net borrowing) = 9,679.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
110.43%10,689.30.949210,145.9
28.33%11,579.30.900910,432.0
36.22%12,299.30.855110,517.3
44.11%12,804.60.811610,392.8
52.00%13,060.70.770410,061.7
Terminal value2.00%396,964.10.7704305,812.9
Total357,362.5

P_0 = 357,362.5 KRW hundred million ÷ 47,403,831 (shares) = 753,868 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