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olivLaw · US equity research

GRAVITY Co., Ltd. GRVY

Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)

68.46USD+0.28% · 1 dayClose 04 Nov 2026

GRAVITY Co., Ltd. is a Korea-based developer and publisher of online and mobile games whose revenue still depends heavily on the Ragnarok universe. Mobile games accounted for 81.2% of revenue in 2025, and total revenue grew 11.9%, which makes diversifying the portfolio a central point for investors.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, GRAVITY Co., Ltd. (GRVY) stock was 68.46 USD (+0.28% on the day), with beta 0.55, 52-week range 55.70–75.16 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 12,221.00 · TTM to 31 Dec 2024
E/P (TTM)
unavailable
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
0.55
Volatility (1y) 32%
52-week range
55.7075.16

Price history

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Technical reading

RSI (14)
55.7
strong (55–70)
Bollinger (20, 2)
65.59 – 68.62
in the upper half of the band · %B 0.95 · band width 4.5%
SMA 50 / 200
68.99 / 65.18
mixed trend
MACD (12, 26, 9)
-0.00 / -0.33
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.4%−1.1%+1.5 pp—
3 months+10.1%−0.5%+10.5 pp—
6 months+10.4%+4.4%+6.0 pp—
Year to date+18.3%+12.3%+6.0 pp—
1 year+18.2%+13.5%+4.6 pp−24.8%
3 years+5.3%+76.4%−71.1 pp−26.9%
5 years−32.9%+63.7%−96.5 pp—
Max drawdown (1y)
−22.5%
05 Feb 2026 → 15 Jun 2026
Max drawdown (5y)
−67.0%
11 Nov 2021 → 19 Dec 2022
Compound annual growth (5y)
−7.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20172018201920202021202220232024
Revenue141.6 bn286.8 bn361.0 bn406.0 bn413.9 bn463.6 bn725.5 bn500.8 bn
Revenue YoY+331,585.3%+102.5%+25.9%+12.5%+2.0%+12.0%+56.5%−31.0%
Net income13.3 bn31.4 bn39.9 bn62.7 bn65.9 bn83.2 bn132.0 bn84.9 bn
Net income YoY+6,434,199.5%+136.1%+26.8%+57.2%+5.2%+26.1%+58.7%−35.7%
Diluted EPS1,917.004,525.005,738.009,023.009,490.0011,968.0018,999.0012,221.00
Diluted EPS YoY+1,917.9%+136.0%+26.8%+57.2%+5.2%+26.1%+58.7%−35.7%
net %9.4%11.0%11.0%15.4%15.9%17.9%18.2%17.0%
Free cash flow25.2 bn34.8 bn25.4 bn68.8 bn72.4 bn97.5 bn130.0 bn77.9 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
228.9 bn KRW
Financial debt
unavailable KRW
Net debt
unavailable KRW
Equity
568.4 bn KRW
Total assets
686.5 bn KRW
Debt / equity
unavailable
Current ratio
6.02x
ROE
16.5%
ROA
13.4%
FCF margin
15.6%

Financial statements (source on every figure)

Revenue and net income (KRW)

Margins

Income statement · KRW

Revenue
2022
463.6 bn
2023
725.5 bn
2024
500.8 bn

SEC (XBRL)· 25 Apr 2025verified

Cost of revenue
2022
267.4 bn
2023
485.0 bn
2024
306.9 bn

SEC (XBRL)· 25 Apr 2025verified

Gross profit
2022
196.3 bn
2023
240.6 bn
2024
193.9 bn

SEC (XBRL)· 25 Apr 2025verified

Research & development
2022
13.8 bn
2023
13.5 bn
2024
15.3 bn

SEC (XBRL)· 25 Apr 2025verified

Operating income
2022
104.7 bn
2023
160.4 bn
2024
85.4 bn

SEC (XBRL)· 25 Apr 2025verified

Depreciation & amortisation
2022
—
2023
—
2024
—

SEC (XBRL)· 28 Apr 2022verified

EBITDA
2022
—
2023
—
2024
—

SEC (XBRL)· 28 Apr 2022derived

Interest expense
2022
10.8 bn
2023
14.9 bn
2024
9.9 bn

SEC (XBRL)· 25 Apr 2025verified

Pre-tax income
2022
109.9 bn
2023
168.7 bn
2024
106.3 bn

SEC (XBRL)· 25 Apr 2025verified

Income tax
2022
26.8 bn
2023
36.7 bn
2024
21.4 bn

SEC (XBRL)· 25 Apr 2025verified

Net income
2022
83.2 bn
2023
132.0 bn
2024
84.9 bn

SEC (XBRL)· 25 Apr 2025verified

Diluted EPS
2022
11,968.00
2023
18,999.00
2024
12,221.00

SEC (XBRL)· 25 Apr 2025verified

Weighted average diluted shares
2022
0
2023
0
2024
0

SEC (XBRL)· 25 Apr 2025verified

Balance sheet · KRW

Cash
2022
169.9 bn
2023
184.1 bn
2024
228.9 bn

SEC (XBRL)· 25 Apr 2025verified

Current assets
2022
421.8 bn
2023
546.9 bn
2024
653.6 bn

SEC (XBRL)· 25 Apr 2025verified

Property, plant & equipment, net
2022
8.1 bn
2023
—
2024
—

SEC (XBRL)· 27 Apr 2023verified

Intangibles (excl. goodwill)
2022
3.9 bn
2023
6.4 bn
2024
7.1 bn

SEC (XBRL)· 25 Apr 2025verified

Total assets
2022
444.1 bn
2023
578.2 bn
2024
686.5 bn

SEC (XBRL)· 25 Apr 2025verified

Current liabilities
2022
105.7 bn
2023
106.4 bn
2024
108.6 bn

SEC (XBRL)· 25 Apr 2025verified

Total liabilities
2022
113.9 bn
2023
114.5 bn
2024
118.1 bn

SEC (XBRL)· 25 Apr 2025verified

Equity
2022
330.2 bn
2023
463.7 bn
2024
568.4 bn

SEC (XBRL)· 25 Apr 2025verified

Shares outstanding at year end
2022
6.9 m
2023
6.9 m
2024
6.9 m

SEC (XBRL)· 25 Apr 2025verified

Cash flow · KRW

Operating cash flow
2022
98.3 bn
2023
132.4 bn
2024
78.6 bn

SEC (XBRL)· 25 Apr 2025verified

Capex
2022
739.0 m
2023
2.5 bn
2024
614.0 m

SEC (XBRL)· 25 Apr 2025verified

Free cash flow
2022
97.5 bn ≈
2023
130.0 bn ≈
2024
77.9 bn ≈

SEC (XBRL)· 25 Apr 2025derived

Investing cash flow
2022
-22.3 bn
2023
-116.6 bn
2024
-47.0 bn

SEC (XBRL)· 25 Apr 2025verified

Financing cash flow
2022
-3.9 bn
2023
-4.1 bn
2024
-4.6 bn

SEC (XBRL)· 25 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-31.0%
computed by olivLawFY 2024
Revenue CAGR 3Y
6.6%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
6.8%
computed by olivLawFY 2019 → FY 2024
EBIT growth (YoY)
-46.8%
computed by olivLawFY 2024
Net income growth (YoY)
-35.7%
computed by olivLawFY 2024
Net income CAGR 3Y
8.8%
computed by olivLawFY 2021 → FY 2024
Net income CAGR 5Y
16.3%
computed by olivLawFY 2019 → FY 2024
EPS growth (YoY)
-35.7%
computed by olivLawFY 2024
EPS CAGR 3Y
8.8%
computed by olivLawFY 2021 → FY 2024
EPS CAGR 5Y
16.3%
computed by olivLawFY 2019 → FY 2024
FCF growth (YoY)
-40.0%
computed by olivLawFY 2024

Profitability

Gross margin
38.7%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
17.0%
computed by olivLawFY 2024
Net margin
17.0%
computed by olivLawFY 2024
FCF margin
15.6%
computed by olivLawFY 2024

Returns

ROE
16.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
13.4%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
input data missing
ROCE
14.8%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
8.6x
computed by olivLawFY 2024

Liquidity

Current ratio
6.0x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
2.1x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
78.6 bn KRW
computed by olivLawFY 2024
Capital expenditure
614.0 m KRW
computed by olivLawFY 2024
Free cash flow
77.9 bn KRW
computed by olivLawFY 2024
FCF conversion
91.8%
computed by olivLawFY 2024
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 59.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

68.46 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
16.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
17.0%
computed by olivLawFY 2024
Revenue growth (YoY)
-31.0%
computed by olivLawFY 2024
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 24 Apr 2026
verified 402

The data is older than the freshness threshold.

Score by group

60% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Services-Computer Processing & Data Preparation (SIC 7374)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1

    FactorValueScoreWeight used
    Gross margin · Quality38.7%0 (on a fixed band)18%
    EBIT margin · Quality17.0%86 (vs peers)14%
    FCF margin · Quality15.6%62 (on a fixed band)14%
    Revenue CAGR 3Y · Growth6.6%26 (on a fixed band)29%
    Revenue growth (YoY) · Growth-31.0%0 (vs peers)14%
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Current ratio · Balance sheet6.0x100 (on a fixed band)11%
    EV/Sales · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet· partial100/100 · 1/2 factors with a value
    • Growth17/100 · 2/2 factors with a value
    • Quality46/100 · 3/3 factors with a value
    • Returns· partialunavailable · 0/1 factors with a value
    • Valuation· partialunavailable · 0/2 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    GRAVITY CO., LTD. (GRVY). Latest full fiscal year: 2024; data up to 2024-12-31.

    Figures computed from the financial statements: revenue 500.8 bn KRW in 2024; YoY growth -31.0%; net margin 17.0%; ROE 16.5%.

    Valuation cannot be computed from the available data.

    Insufficient data for a verdict (score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • EBIT margin: 17.0%
    • Current ratio: 6.0x

    What contradicts it

    • Gross margin: 38.7%
    • Revenue CAGR 3Y: 6.6%
    • Revenue growth (YoY): -31.0%

    Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).

    Versus the vertical median

    Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 25.1x
    EV/EBITDA
    —
    vertical median 7.5x
    P/S
    —
    vertical median 1.6x
    P/B
    —
    vertical median 2.4x
    ROE
    16.5%
    vertical median 11.4%
    above median (+44.0%)
    Net margin
    17.0%
    vertical median 4.4%
    above median (+284.5%)
    EBIT margin
    17.0%
    vertical median 4.7%
    above median (+264.5%)
    Revenue YoY
    -31.0%
    vertical median 7.9%
    below median (−491.5%)
    Net debt/EBITDA
    —
    vertical median -0.2x
    Dividend yield
    —
    vertical median 1.2%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    ADPAutomatic Data Processing, Inc.119.8 bn27.777.0%20.1%+6.7%+19% / +32%
    WDAYWorkday, Inc.44.4 bn40.916.0%12.3%+13.1%−6% / −25%
    VRSKVerisk Analytics, Inc.25.9 bn30.1—29.3%+6.6%−12% / −18%
    FIRYFiry Inc.4.3 bn—-63.0%-60.2%+12.5%+107% / +94%
    FAFirst Advantage Corp3.9 bn160.51.9%1.5%+83.0%+62% / +45%
    FIVNFive9, Inc.2.7 bn52.77.9%4.9%+10.3%+86% / −52%
    RAMPLiveRamp Holdings, Inc.2.3 bn15.816.2%18.7%+9.0%+41% / +39%
    INFQInfleqtion, Inc.1.9 bn—-70.8%—unavailableunavailable / unavailable
    INODInnodata Inc1.5 bn32.837.7%14.7%+47.6%−25% / +541%
    CLVTClarivate PLC1.4 bn—-8.2%-15.1%−4.0%−44% / −73%
    UPWKUpwork Inc.1.3 bn12.916.3%13.5%+2.4%−48% / −27%
    LZLegalZoom.com, Inc.1.1 bn56.012.1%2.6%+10.9%−26% / −40%
    PLTKPlaytika Holding Corp.808.6 m——-9.9%+8.1%−48% / −76%
    YEXTYext, Inc.775.0 m40.627.8%5.9%+6.1%−7% / +18%
    NRDSNerdWallet, Inc.754.4 m13.318.2%7.6%+21.7%−21% / +1%
    NXTTNext Technology Holding Inc.736.5 m—-59.4%-2,356.0%+545.3%−99% / −100%
    CARSCars.com Inc.682.5 m22.47.4%4.7%+0.6%+10% / −32%
    IBEXIBEX Limited593.6 m14.330.4%7.2%+15.4%+27% / +152%
    OOMAOoma, Inc.524.7 m49.811.7%3.6%+6.5%+69% / +64%
    GRVYGravity Co., Ltd.475.7 m0.016.5%17.0%−31.0%+18% / +5%
    EGHT8x8, Inc.326.4 m55.53.5%0.6%+2.9%+16% / −27%
    TCXTucows Inc140.3 m——-21.2%+7.7%−42% / −41%
    TRAKRepositrak, Inc.132.7 m18.714.9%32.5%+3.0%−46% / −29%
    BIRDSmartbird, Inc.92.1 m—-164.0%-72.8%−19.7%−68% / −91%
    VERIVeritone, Inc.56.7 m—-517.7%-117.5%−0.5%−87% / −73%

    1- and 3-year price returns: for GRVY from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (07 Aug 2026), 6-K (18 Jun 2026), 6-K (08 May 2026).

    In brief

    GRAVITY Co., Ltd. is a Korea-based developer and publisher of online and mobile games whose revenue still depends heavily on the Ragnarok universe. Mobile games accounted for 81.2% of revenue in 2025 1, and total revenue grew 11.9% 1, which makes diversifying the portfolio a central point for investors.

    SWOT

    Strengths

    • The Ragnarok universe has a long-standing player base, and its derived titles generated most of the revenue 1.
    • The company grew revenue in 2025 and launched new games in several regions 1.
    • Low PC requirements for Ragnarok Online helped its expansion into many countries 1.

    Weaknesses

    • The company relies heavily on a single game universe, which concentrates risk 1.
    • Mobile margins are lower than online margins, and the operating margin declined in 2025 compared with the prior year 1.
    • Control by the majority shareholder limits the autonomy of the board and management on certain decisions 1.

    Opportunities

    • Mobile launches in new regions such as North America and Europe could open additional revenue if they prove popular 1.
    • Titles in development for China, including those with ISBN codes, could extend the portfolio in that market 1.
    • Diversifying through externally developed and third-party published games could reduce dependence on Ragnarok 1.

    Threats

    • Large competitors may launch games that draw away the company's users and reduce revenue from existing titles 1.
    • Changes to mobile platform policies could raise distribution costs or reduce margins 1.
    • Currency risks and tax changes on licence income could affect net profit 1.

    Risks

    • Dependence on Ragnarokhigh

      A very large share of revenue comes from the Ragnarok universe, so difficulty maintaining or developing it could significantly affect results 1.

    • Success of new gameshigh

      There is no assurance that new games will be attractive or commercially successful, and scheduled launches could be delayed 1.

    • Mobile game marginsmedium

      Mobile games carry lower margins because of platform fees, which can limit profitability 1.

    • Majority shareholder controlmedium

      The majority shareholder controls the board, which could lead to decisions that do not always match the interests of other investors 1.

    • Currency exposuremedium

      Most revenue is in foreign currencies while costs are in won, so depreciation of local currencies could reduce royalty payments 1.

    Investment thesis

    What would need to be true (bull case)

    • If mobile games launched in 2025 keep their audiences, the company could continue the revenue growth it recorded 1.
    • The Ragnarok universe has a loyal player base and extensive licences, which could support recurring revenue 1.
    • Expansion into new markets and licensee partnerships could add revenue without large development costs 1.

    What would break the thesis

    • Ragnarok Online has reached maturity and revenue from some derived titles has fallen, which could accelerate the decline if no successful launches follow 1.
    • Operating margins narrowed in 2025, and advertising costs and platform commissions could keep pressure on profitability 1.
    • Dependence on a few large licensees and a majority shareholder concentrates risk and limits strategic flexibility 1.

    What to watch

    • Revenue trend of Ragnarok M: Classic and new mobile launches2026
    • Operating margin and advertising cost trendQ1 2027
    • Status of licences for games developed for Chinanext 10-K
    • Service terms for Ragnarok X in Southeast Asia and Japan2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (07 Aug 2026), 6-K (18 Jun 2026), 6-K (08 May 2026).

    The business

    The company develops and publishes online and mobile games, generating revenue from online games, mobile games and other sources including character merchandise and animation 1. Its historical flagship, Ragnarok Online, launched in August 2002, was offered in 91 markets as of March 31, 2026 1. Gravity relies largely on licensing and publishing, with many games developed by partners based on its intellectual property 1.

    Its main geographic markets by revenue in 2025 were Taiwan, Indonesia, Thailand, the United States and the Philippines 1. The company also depends on overseas licensees for part of its revenue, and its largest mobile licensee, Nuverse, accounted for 81.7% of 2025 mobile license fee and royalty revenue 1.

    GungHo Online Entertainment Inc. is the largest shareholder, with 59.3% of common shares, giving it control of the board of directors 1. The company is a controlled company under NASDAQ rules 1.

    Segments

    Mobile games

    The mobile segment generated 81.2% of revenue in 2025, and Ragnarok M: Classic, launched in 2025, alone represented 27.6% of revenue 1.

    Online games

    The online segment represented 16.1% of revenue in 2025, with Ragnarok Online contributing 15.2% 1. Ragnarok Online revenue rose in 2025 mainly due to Brazil and Taiwan 1.

    Other revenue

    Other revenue, including console games, merchandise, animation and services for third parties, was 2.7% of total revenue in 2025 1.

    Market context

    The company describes the online and mobile game market as highly competitive, with many large companies competing for the same players 1. Its revenue is affected by the popularity of games launched by competitors, and market share can shift as users move from online to mobile games 1.

    Trends

    • Shift to mobile gamesmixed

      User preferences are moving from online to mobile games, where the company has increased its focus 1. Mobile revenue grew in 2025, but margins are lower than for online games because app stores require revenue sharing 1.

    • New game launchestailwind

      The company launched several mobile games in 2025 and early 2026, which could support growth if some of them achieve commercial success 1.

    • Decline of older titlesheadwind

      Ragnarok Online has been on the market for 24 years and has reached maturity in most principal markets, and revenue from Ragnarok Origin fell sharply compared with 2024 1.

    • Geopolitics and currencyheadwind

      Tensions between China and the United States and exchange rate swings could affect partnerships and financial results, since most costs are in won 1.

    Competitive position

    The company states it operates in a highly competitive sector with many large companies, and rivals' game popularity directly influences its revenue 1. Competition for licences and for placement on app stores is intense.

    Competitive risk is amplified by its dependence on mobile platforms, which can change their policies and terms for developers unilaterally 1. The company cannot secure its distribution channels on its own.

    • Nuverse (Hong Kong) Limited

      Main licensee for mobile games, responsible for most of mobile license fee revenue in 2025 1.

    • GungHo Online Entertainment

      Majority shareholder and licensee for online games in Japan, a significant source of online license fees 1.

    • Dream Square

      Development partner that created several mobile games based on Ragnarok Online 1.

    • Xindong

      Co-developer and licensee for game distribution in China 1.

    News & filings

    In the press

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / GRAVITY Co., Ltd. · 24 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.