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

396 World Cup buk-ro, 15th Floor Mapo-gu, Seoul, 03925, South Korea

82-2-2132-7000

www.gravity.co.kr

Market Cap

$435.28M

P/E (TTM)

8.2

34.7

Dividend Yield

52W High

$74.75

52W Low

$53.12

52W Range

44%

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

$7.02B

+12.9%

IMXI

$625.12M

-6.1%

SOHU

$585.64M

-2.1%

Gross Margin (Latest Quarter)

SOHU

75.3%

+6.7pp

RPAY

74.4%

-3.4pp

EGAN

73.1%

+3.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
SOHU	$494.28M	1.1	35.2%	0.0%
IMXI	$468.66M	11.9	27.6%	37.8%
DDI	$447.96M	4.4	11.3%	4.1%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

3.7%

Moderate Growth

4Q Net Income CAGR

-4.7%

Stable Profitability

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:Mar 20, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data