Gravity Co., Ltd.
NASDAQ•GRVY
CEO: Mr. Heung Gon Kim
Sector: Technology
Industry: Electronic Gaming & Multimedia
Listing Date: 2005-02-08
Gravity Co., Ltd. develops and publishes online and mobile games worldwide. It offers a massively multiplayer online role-playing game, including Ragnarok Online, Dragonica, Ragnarok Online II, and Ragnarok Landverse. Its mobile games portfolio includes Ragnarok M; Eternal Love; Ragnarok Origin; Ragnarok X: Next Generation; Ragnarok Arena; WITH ISLAND; the Labyrinth of Ragnarok; Ragnarok Poring Merge; Tera Classic; Ragnarok: The Lost Memories; Sadako M; NBA: Rise To Stardom; Milkmaid Of The Milky Way; Generation Zombie; Ragnarok Idle Adventure; Ragnarok 20 Heroes; White Chord; WITH: Whale In The High; Ragnarok Lost Memories; and Paladog Tactics. It also provides console games, such as Ragnarok DS for Nintendo DS; Ragnarok: The Princess of Light and Darkness for PlayStation Portable; Ragnarok Odyssey for PlayStation Vita; Double Dragon II for Xbox 360; Ragnarok Odyssey Ace for PlayStation Vita and PlayStation 3; Pigromance for Steam, Stove, Nintendo Switch, Xbox One, Xbox Series X|S; ALTF4 11 for Steam and Stove; Wetory for Steam, Stove, Nintedo Switch; and GRANDIA HD Collection for Nintendo Switch. In addition, it offers games for IPTV, including Haunted House and Pororo: The Little Penguin, and Kongsuni; and markets dolls, stationery, food, and other character based merchandises, as well as game manuals, monthly magazines, and other publications; PC games, including Puzzle Platformer, ALTF42, Ragnarok ZERO, KAMiBAKO-Mythology of Cube, Psychodemic, and FINAL KNIGHT; social network games and mobile games, such as Ragnarok V: Returns, Ragnarok: The Lost Memories and Ragnrok Begins in-house; and web-browser-based games, such as Ragnarok Prequel and Ragnarok Prequel II. Further, the company provides system development and maintenance services, as well as system integration services to third parties. The company was incorporated in 2000 and is headquartered in Seoul, South Korea. Gravity Co., Ltd. is a subsidiary of GungHo Online Entertainment, Inc.
Contact Information
Market Cap
$424.65M
P/E (TTM)
8.0
30.7
Dividend Yield
--
52W High
$70.00
52W Low
$53.12
52W Range
Rank21Top 7.6%
6.0
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Strong • 6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025
Financial Dashboard
Q3 2025 Data
Revenue
$100.16M+8.19%
4-Quarter Trend
EPS
$2.06-11.24%
4-Quarter Trend
FCF
$0.00+0.00%
4-Quarter Trend
2024 Annual Earnings Highlights
Key Highlights
Revenue Down, Margin Up Total revenues fell 31.0% to Won 500.85B in 2024; however, gross profit margin improved to 38.7% from 33.2%.
Mobile Revenue Significantly Decreased Mobile games revenue dropped 35.6% to Won 405.68B, mainly due to decreased performance from Ragnarok Origin across key Asian markets.
Operating Profit Compressed Sharply Operating profit decreased 46.8% to Won 85.38B in 2024, driven by a 40.0% surge in selling, general, and administrative expenses.
Risk Factors
Core Game Revenue Dependence Significant revenue portion relies on Ragnarok Online and derivative titles; failure to develop new successful games is a major threat.
Increased Advertising Cost Pressure SG&A expenses rose 40.0% to Won 92.49B, primarily due to a 183.5% increase in advertising expenses following new game launches.
Platform Dependency and Competition Success requires leveraging mobile platforms whose terms can change unilaterally; intense competition challenges retaining users and attracting new ones.
Geopolitical Tensions Impact Deterioration of US-China relations or economic instability in key markets like Taiwan, Thailand, and Korea could adversely affect business operations.
Outlook
Diversify Product Offerings Intends to expand offerings by developing in-house games and publishing titles licensed or acquired from leading third-party developers.
Focus R&D on Enhancements R&D efforts focus on strategy, graphics, server programming, and client programming to optimize gaming experience and incorporate latest technologies.
Capital Resources Sufficient Internal cash flow and existing equivalents expected to cover working capital needs, including new game development, through at least 2026.
Explore New Business Areas Pursuing strategic relationships and developing new business areas outside core gaming, such as a screen golf business based on a franchise model.
Peer Comparison
Revenue (TTM)
XRX$6.61B
IMXI$625.12M
$577.44M
Gross Margin (Latest Quarter)
80.6%
74.4%
70.9%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| SOHU | $494.88M | 3.0 | 14.5% | 0.0% |
| IMXI | $460.62M | 11.7 | 27.6% | 37.8% |
| DDI | $436.07M | 3.8 | 12.9% | 4.0% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
2.5%
Moderate Growth
4Q Net Income CAGR
-4.7%
Stable Profitability
Cash Flow Stability
0%
Cash Flow Needs Attention
Research & Insights
Next earnings:Feb 12, 2026
EPS:-
|Revenue:-
Reports
All Years
Form 20-F - FY 2024
Period End: Dec 31, 2024|Filed: Apr 25, 2025|Revenue: $367.97M-31.0%|EPS: $8.98-35.7%N/AForm 20-F/A - FY 2023
Period End: Dec 31, 2023|Filed: Nov 15, 2024|Revenue: $558.48M+56.5%|EPS: $14.62+58.7%N/AForm 20-F - FY 2023
Period End: Dec 31, 2023|Filed: Apr 26, 2024|Refer to amended dataForm 20-F - FY 2022
Period End: Dec 31, 2022|Filed: Apr 27, 2023|Revenue: $359.09M+12.0%|EPS: $9.27+26.1%N/AForm 20-F - FY 2021
Period End: Dec 31, 2021|Filed: Apr 28, 2022|Revenue: $361.59M+2.0%|EPS: $8.29+5.2%N/AForm 20-F - FY 2020
Period End: Dec 31, 2020|Filed: Apr 29, 2021|Revenue: $344.60M+12.5%|EPS: $7.66+57.2%N/A