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293490KOSDAQ

Kakao Games

9,350
-760 (-7.52%)

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

Kakao Games is a comprehensive game company established in 2013 and listed on the KOSDAQ market. Headquartered in Seongnam, Gyeonggi-do, it operates as a holding company with several development subsidiaries including Lionheart Studio and XL Games.

The company develops and publishes games for PC, console, and mobile platforms. Its portfolio includes titles such as Odin Valhalla Rising and PUBG. Distribution is handled through the KakaoTalk and Daum platforms, global stores like Steam, and mobile app markets.

Business overview as filed

당사는 국내 대표 모바일 메신저 카카오톡과 인터넷 포털 사이트 다음(Daum) 플랫폼을 기반으로 PC/콘솔 및 모바일 게임의 개발부터 글로벌 퍼블리싱 사업까지 영위하는 종합 게임사입니다. 지배회사인 ㈜카카오게임즈는 자회사에서 개발한 게임과 외부에서 개발된 게임을 소싱하여 퍼블리싱하는 역할을 담당하고 있으며, 게임 개발 자회사인 ㈜라이온하트스튜디오, ㈜엑스엘게임즈, ㈜오션드라이브스튜디오 및 ㈜메타보라 등에서는 다양한 장르의 PC/콘솔 및 모바일 게임의 개발을 담당하고 있습니다. 당사는 다양한 장르와 플랫폼을 아우르는 게임 개발 및 퍼블리싱 역량을 보유한 종합 게임사로서, 역량 있는 게임 회사를 발굴하여 지속적으로 성장할 수 있도록 노력하고 있습니다.

PC게임의 주요 서비스 타이틀은 '카카오 배틀그라운드', '패스 오브 엑자일' 등으로 국내 및 글로벌 지역에서 서비스를 제공하고 있습니다. 국내는 PC방과 Daum 포털 그리고 해외는 STEAM 플랫폼 및 자사 메인페이지를 통한 판매 방식으로 수익을 창출하고 있습니다.

모바일게임의 경우 퍼즐, 슈팅과 같은 캐주얼 게임부터 MMORPG와 같은 하드코어 게임까지 다양한 장르의 게임을 서비스하고 있습니다. 주요 타이틀로는 '오딘: 발할라 라이징', '아키에이지 워', '아레스: 라이즈 오브 가디언즈', '롬(R.O.M)', '가디언 테일즈', '에버소울' 및 '우마무스메 프리티 더비'를 비롯하여, 프렌즈 IP를 활용한 다양한 캐주얼 게임을 서비스 중에 있습니다. 모바일게임은 구글 플레이스토어, 애플 앱스토어 및 원스토어 등의 마켓을 통하여 소비자가 당사의 게임을 다운로드 받은 후 게임 이용 중 구매한 아이템을 통해 수익이 발생하며, 카카오톡 게임하기 플랫폼 서비스를 통한 판매도 이루어지고 있습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

(*) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭당사의 명칭은 '주식회사 카카오게임즈'라고 표기하며, 영문으로는 'Kakao Games Corp.'라 표기 합니다.

다. 설립일자 및 존속기간당사는 2013년 8월 22일 ㈜엔진으로 설립되었으며, 2016년 4월 1일 ㈜다음게임을 흡수 합병하였습니다. 이후 2016년 7월 1일 사명을 ㈜카카오게임즈로 변경 하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소주소: 경기도 성남시 분당구 판교역로152, 알파돔타워 14층전화번호: 1566-8834홈페이지: www.kakaogamescorp.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 국내 대표 모바일 메신저 카카오톡과 인터넷 포털 사이트 다음(Daum) 플랫폼을 기반으로 PC/콘솔 및 모바일 게임의 개발부터 글로벌 퍼블리싱 사업까지 영위하는 종합 게임사입니다. 지배회사인 ㈜카카오게임즈는 자회사에서 개발한 게임과 외부에서 개발된 게임을 소싱하여 퍼블리싱하는 역할을 담당하고 있으며, 게임 개발 자회사인 ㈜라이온하트스튜디오, ㈜엑스엘게임즈, ㈜오션드라이브스튜디오 및 ㈜메타보라 등에서는 다양한 장르의 PC/콘솔 및 모바일 게임의 개발을 담당하고 있습니다. 당사는 다양한 장르와 플랫폼을 아우르는 게임 개발 및 퍼블리싱 역량을 보유한 종합 게임사로서, 역량 있는 게임 회사를 발굴하여 지속적으로 성장할 수 있도록 노력하고 있습니다.

사. 신용평가에 관한 사항해당사항 없습니다.

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

6.74%
[4.49%, 9.97%] · 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 61.0% (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

0.54
Beta [0.40, 0.67] · KOSDAQ150 · As of 2026-10-08
Intercept
-0.206%[-0.516%, +0.104%]
R squared
0.30
Observations
252
Trading-time corrected beta
0.54[0.35, 0.73]
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

2019202020212022202320242025TTM
RevenueKRW 100M3,9104,955——10,2516,2724,6503,843
Revenue growth%—26.72———-38.81-25.86—
Operating incomeKRW 100M3506651,1191,758745191-396-670
Operating income growth%—90.0568.2457.10-57.62-74.30-306.75—
Net incomeKRW 100M896755,202-1,961-3,224-1,281-1,431-1,725
Net income growth%—661.46670.48-137.70————
Attributable to ownersKRW 100M1108605,287-2,336-2,287-1,089-1,000-1,299
Attributable to minoritiesKRW 100M-21-185-85375-937-192-430-427
Operating margin%8.9513.42——7.273.05-8.51-17.44
Net margin%2.2713.62——-31.45-20.42-30.77-44.89
ROE%2.658.5725.16-13.89-16.36-8.14-8.45-9.82
ROA%1.505.1512.08-5.06-9.29-4.04-5.35-6.26
Debt ratio%41.7827.7577.8692.27113.53114.65123.44114.93
Current ratio%232.85436.64136.61396.03143.7589.13183.02112.43
Quick ratio%224.58429.27129.47349.86132.4389.13183.02—
Reserve ratio%7,607.6612,247.5123,164.9819,929.9016,684.0915,541.3413,988.4513,129.16
Free cash flowKRW 100M6605452,1681,103970149-524—
FCF margin%16.8911.00——9.472.37-11.27—
OCF conversion%792.37121.8943.79—————
Capex to revenue%1.085.61——2.692.001.75—
EPSKRW1971,3887,073-2,952-2,803-1,315-1,114-1,447
PERx—33.1412.87—————
BPSKRW—13,54127,14520,43716,94716,15413,18814,737
PBRx—3.403.352.181.531.011.130.53
Dividend per shareNot 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.

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

2019202020212022202320242025
5,91813,09943,05038,73934,71031,73226,768
1,7442,84518,84518,59018,45516,94914,788
4,17410,25424,20520,14916,25514,78411,980

Income statement

2019202020212022202320242025
3,9104,955Not applicableNot applicable10,251*6,2724,650
3506651,1191,758745*191-396
2017797,221-1,947-3,651*-1,077-1,838
896755,202-1,961-3,224-1,281-1,431
Basic earnings per shareKRW1971,3887,073-2,952-2,803Not applicableNot applicable
Diluted earnings per shareKRW1971,3676,358-2,952-2,803Not applicableNot applicable
-151,6957,383-4,051-3,439-800-2,115

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement896755,202-1,961-3,224-1,281-1,431
Total adjustments to operating cash flowcomputed614148-2,9243,2994,4701,555988
7038232,2781,3381,246274-443
766-1,684-8,040-9,636-540854-55
-504,0878,1816,441-439-1,371-885
Cash at beginning of periodKRW 100M1,0482,4715,6728,0876,2686,5376,296
2,4715,6728,0876,2686,5376,2964,922
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year all three activities were net cash 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 13삼정회계법인2025-12-31
2024적정의견Term 12삼정회계법인2025-12-31
2023적정의견Term 11삼정회계법인2025-12-31
2022적정Term 10삼정회계법인2022-12-31
2021적정Term 9삼일회계법인2022-12-31
2020적정Term 8삼일회계법인2022-12-31
2019적정Term 7삼일회계법인2019-12-31
2018적정Term 6한영회계법인2019-12-31
2017적정Term 5한영회계법인2019-12-31

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.

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 5Y0.67
%
%
Cost of equity7.74%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW9,350

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 FCFFBase-year cash flow not positive
Discounted cash flow FCFE84,239+801.0%
Residual income model RIM-12,527-234.0%
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% + 0.67 × 5.00% = 7.74%

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(-8.45% × (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 = 13,188 KRW, ROE = -8.45%, payout ratio = 0.00%, r = 7.74%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
113,188-1,1141,020-2,1340.9282-1,981
212,073-1,020934-1,9540.8615-1,684
311,053-934855-1,7890.7997-1,431
410,120-855783-1,6380.7423-1,216
59,265-783717-1,4990.6890-1,033
Terminal value-26,6640.6890-18,370

P_0 = 13,188 + -7,344 + -18,370 = -12,527 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 = -442.7 − 81.6 + 4,981.4 (net borrowing) = 4,457.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%4,457.20.92824,137.2
20.50%4,479.50.86153,859.3
31.00%4,524.30.79973,618.0
41.50%4,592.10.74233,408.6
52.00%4,684.00.68903,227.1
Terminal value2.00%83,292.80.689057,385.6
Total75,635.7

P_0 = 75,635.7 KRW hundred million ÷ 89,786,911 (shares) = 84,239 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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