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263750KOSDAQ

Pearl Abyss

32,600
-600 (-1.81%)

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

Pearl Abyss was established on September 10, 2010, and is listed on the KOSDAQ market. The company is headquartered in Gwacheon, Gyeonggi Province, and operates as a holding company with subsidiaries including CCP ehf.

The company develops and publishes game software. Its business consists of a game segment and other segments. It provides global services for PC, console, and mobile games using IPs such as Black Desert and EVE through direct publishing and regional partners.

Business overview as filed

당사는 연결회사 기준으로 게임소프트웨어의 개발 및 퍼블리싱 사업 등을 영위하고 있습니다. 지배회사인 당사와 종속회사인 CCP ehf. 등은 게임소프트웨어 개발 및 게임 서비스 공급업 등을 목적사업으로 하고 있으며, 게임소프트웨어를 개발하여 직접 퍼블리싱 및 지역별 퍼블리셔를 통해 게임을 유통하고 있습니다.당사의 사업부문은 게임사업부문 및 기타부문으로 구성되어 있습니다. 당사는 사업성격과 지역에 따른 기준으로 게임사업부문의 성과를 검토하고 있으며, 게임사업부문의 주요 매출원은 '검은사막' 및 'EVE' IP 등 PC, 콘솔, 모바일 게임의 글로벌 서비스로 구성되어 있습니다.당사 게임사업부문의 제17기말(2025.01.01~2025.12.31) 연결 기준 영업수익은 3,532억원(매출 비중 96.6%), 기타부문 영업수익은 124억원(매출 비중 3.4%)입니다.또한 당사는 현재 개발 중인 신작 3종(붉은사막, 도깨비, 플랜 8)의 개발을 통해 IP의 확장, 신규 IP 확보 등 포트폴리오 다변화를 진행하고 있습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

1) 연결대상 종속회사 개황

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 펄어비스'이고, 영문명은 'Pearl Abyss Corp.'입니다.

다. 설립일자 및 존속기간

당사는 온라인게임 및 소프트웨어의 개발 및 판매를 목적으로 2010년 09월 10일 설 립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

1) 주소 : 경기도 과천시 과천대로2길 48(갈현동, 펄어비스 홈 원)2) 전화번호 : 02-476-85833) 홈페이지 주소 : https://www.pearlabyss.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용

당사는 연결회사 기준으로 게임소프트웨어의 개발 및 퍼블리싱 사업 등을 영위하고 있습니다. 지배회사인 당사와 종속회사인 CCP ehf. 등은 게임소프트웨어 개발 및 게임 서비스 공급업 등을 목적사업으로 하고 있으며, 게임소프트웨어를 개발하여 직접 퍼블리싱 및 지역별 퍼블리셔를 통해 게임을 유통하고 있습니다.당사의 사업부문은 게임사업부문 및 기타부문으로 구성되어 있습니다. 당사는 사업성격과 지역에 따른 기준으로 게임사업부문의 성과를 검토하고 있으며, 게임사업부문의 주요 매출원은 '검은사막' 및 'EVE' IP 등 PC, 콘솔, 모바일 게임의 글로벌 서비스로 구성되어 있습니다.당사 게임사업부문의 제17기말(2025.01.01~2025.12.31) 연결 기준 영업수익은 3,532억원(매출 비중 96.6%), 기타부문 영업수익은 124억원(매출 비중 3.4%)입니다.또한 당사는 현재 개발 중인 신작 3종(붉은사막, 도깨비, 플랜 8)의 개발을 통해 IP의 확장, 신규 IP 확보 등 포트폴리오 다변화를 진행하고 있습니다.

사. 신용평가에 관한 사항

한국기업평가(주) 신용등급 정의

NICE신용평가(주) 신용등급 정의

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

3.80%
[2.11%, 6.79%] · 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 57.6% (2026-08-18). 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 [0.30, 0.58] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.038%[-0.543%, +0.619%]
R squared
0.12
Observations
252
Trading-time corrected beta
0.38[0.06, 0.70]
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 KOSDAQ150 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 100M————————3,4243,6567,234
Revenue growth%—————————6.77—
Operating incomeKRW 100M5962171,6811,5061,573430164-164-123-1482,819
Operating income growth%—-63.64676.24-10.414.44-72.67-61.90-199.83———
Net incomeKRW 100M5091471,4641,5771,009594-430152603-842,713
Net income growth%—-71.04894.177.65-36.03-41.14-172.43—296.83-113.95—
Attributable to ownersKRW 100M5091471,4641,5771,009594-430152603-842,713
Attributable to minoritiesKRW 100M——000000000
Operating margin%————————-3.59-4.0538.97
Net margin%————————17.62-2.3037.50
ROE%64.755.3535.8926.7715.838.26-6.152.107.49-1.0525.94
ROA%50.014.9720.5518.1811.244.38-3.521.255.28-0.7321.19
Debt ratio%29.477.7774.6347.2640.8788.6874.8267.3041.7943.8022.41
Current ratio%468.671,416.58308.05365.15265.23263.25235.60184.49340.39327.90577.15
Quick ratio%————————340.30327.72577.00
Reserve ratio%1,421.954,419.326,547.039,049.6010,586.3311,488.2110,544.7410,839.7911,750.8511,623.8015,270.07
Free cash flowKRW 100M4422251,4851,3141,308170-464233-84214—
FCF margin%————————-2.465.85—
OCF conversion%91.58180.05108.76106.79156.10108.54—213.17-8.93——
Capex to revenue%————————0.890.70—
Receivable daysdays————————69.964.9—
EPSKRW5,5761,40212,49813,0028,276973-702248982-1374,317
PERx—176.6016.6314.2431.45142.14—156.2528.21—8.39
BPSKRW—22,80731,52545,22948,69410,85710,88711,28412,54512,43816,645
PBRx—10.866.594.095.3512.743.853.432.213.012.17
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot 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.

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

2016201720182019202020212022202320242025
1,0172,9667,1258,6748,97213,56612,22612,12911,42811,491
2312143,0452,7842,6036,3765,2334,8793,3683,500
7852,7524,0805,8906,3697,1906,9937,2508,0607,991

Income statement

2016201720182019202020212022202320242025
Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable3,4243,656
5962171,6811,5061,573430164-164-123-148
5841771,7541,8131,420777-558221777-90
5091471,4641,5771,009594-430152603-84
Basic earnings per shareKRW5,5761,40212,49813,0028,276*973-702248982-137
Diluted earnings per shareKRW5,3601,363*11,88512,7468,155*971-702248982-137
5091421,4391,658866801-244Not applicable782-115

Cash flow statement

2016201720182019202020212022202320242025
Net incomefrom the income statement5091471,4641,5771,009594-430152603-84
Total adjustments to operating cash flowcomputed-4311812810756651906172-657323
4662651,5931,6841,574644476324-54239
-275-83-3,050-1,801-704-2,377-1,0801,343565-224
-341,7881,386-418-5572,110-226-896-1,518-94
Cash at beginning of periodKRW 100M3134692,4052,2901,7642,0212,4391,5962,3571,428
4692,4052,2901,7642,0212,4391,5962,3571,4281,339
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot 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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 17삼정회계법인2025-12-31
2024적정의견Term 16삼일회계법인2025-12-31
2023적정의견Term 15삼일회계법인2025-12-31
2022적정Term 14삼일회계법인2022-12-31
2021적정Term 13삼일회계법인2022-12-31
2020적정Term 12삼일회계법인2022-12-31
2019적정Term 11삼일회계법인2019-12-31
2018적정Term 10삼일회계법인2019-12-31
2017적정Term 9삼정회계법인2019-12-31

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 5Y0.56
%
%
Cost of equity7.21%
Weighted average cost of capital7.20%
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW32,600

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 FCFF8,561-73.7%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-5,287-116.2%
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% + 0.56 × 5.00% = 7.21%

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(-1.05% × (1 − 0.00%), 0) = 0.00%

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 = 12,438 KRW, ROE = -1.05%, payout ratio = 0.00%, r = 7.21%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
112,438-131897-1,0280.9327-959
212,307-130887-1,0170.8700-885
312,177-128878-1,0060.8115-817
412,049-127869-9960.7569-754
511,922-126860-9850.7060-696
Terminal value-19,2850.7060-13,615

P_0 = 12,438 + -4,110 + -13,615 = -5,287 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 = 239.3 − 25.6 + 38.8 × (1 − 0.00%) = 252.5 KRW hundred million

Weighted average cost of capital

E = 20,944.8, D = 562.0 KRW hundred million; equity weight = 97.39%, debt weight = 2.61%; cost of debt k_d = 6.90%

WACC = 97.39% × 7.21% + 2.61% × 6.90% × (1 − 0.00%) = 7.20%

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
10.00%252.50.9328235.6
20.50%253.80.8701220.8
31.00%256.30.8117208.1
41.50%260.20.7571197.0
52.00%265.40.7063187.4
Terminal value2.00%5,202.50.70633,674.3
Total4,723.2

Firm value = 4,723.2; less borrowings 562.0; plus cash 1,338.7 → 5,500.0 KRW hundred million

P_0 = 5,500.0 KRW hundred million ÷ 64,247,855 (shares) = 8,561 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.

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