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Gravity Co., Ltd.

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
$424.65M
P/E (TTM)
8.0
30.7
Dividend Yield
--
52W High
$70.00
52W Low
$53.12
52W Range
47%
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)

Xerox Holdings CorporationXRX
$6.61B
+3.7%
International Money Express, Inc.IMXI
$625.12M
-6.1%
Sohu.com LimitedSOHU
$577.44M
-4.6%

Gross Margin (Latest Quarter)

Sohu.com LimitedSOHU
80.6%
+6.7pp
Repay Holdings CorporationRPAY
74.4%
-3.4pp
DoubleDown Interactive Co., Ltd.DDI
70.9%
+0.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
SOHU$494.88M3.014.5%0.0%
IMXI$460.62M11.727.6%37.8%
DDI$436.07M3.812.9%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/A

  • Form 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/A

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 26, 2024|Refer to amended data

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 27, 2023|
    Revenue: $359.09M+12.0%
    |
    EPS: $9.27+26.1%
    N/A

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 28, 2022|
    Revenue: $361.59M+2.0%
    |
    EPS: $8.29+5.2%
    N/A

  • Form 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