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Korean video-game developer/publisher known for MMORPG franchises like Lineage, sold mainly in Korea and Asia.
Korean video-game developer/publisher known for MMORPG franchises like Lineage, sold mainly in Korea and Asia.
Earns mainly from players buying in-game items in the free-to-play Lineage titles, mostly on mobile in Korea, with a small group of high-spending players contributing much of it. Founder Kim Taek-jin remains the largest shareholder.
In one line: Korea's Blizzard Entertainment — an MMORPG-focused studio..
Moat: narrow (brand, installed base, network effects). Long-running Lineage IP with a loyal, high-spending player base, but revenue has been declining as the franchise ages.
Headquarters: Seongnam, South Korea · Founded: 1997 · Employees: 3,262
Size NC (036570.KS) is a South Korea Communication Services company (Packaged Software) with a market value of $2.98B, the 100th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩208,500 on 6 Nov 2026.
Performance Over six months the shares fell 22.9%, against -9.9% for the median peer and -24.5% for the South Korea market (cap-weighted) — 3rd lowest of 12 in its peer set.
Growth Revenue grew 34.6% over the last twelve months (peer median +16.0%); the operating margin is 13.5% (peer median 19.6%).
Valuation It trades at 9.3× forward earnings against a peer median of 14.8× (3rd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is -9%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.6 points above its cost of capital (6.6% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.09T | ₩1.51T | ₩1.58T | ₩1.78T | ₩2.57T |
| Revenue growth | — | -5% | -11% | -31% | — |
| Gross profit | ₩882B | ₩598B | ₩517B | ₩801B | ₩1.98T |
| EBITDA | ₩379B | ₩104B | ₩1.36B | ₩254B | ₩665B |
| Net income | ₩618B | ₩347B | ₩94.2B | ₩212B | ₩436B |
| Free cash flow | ₩213B | ₩58.5B | ₩22.9B | ₩22.5B | ₩486B |
| Capital expenditure | ₩168B | ₩115B | ₩95.4B | ₩159B | ₩253B |
| Total debt | ₩366B | ₩357B | ₩379B | ₩642B | ₩621B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NC 036570.KS | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% |
| Krafton 259960.KS | $6.94B | -17% | +55% | 30% | 12.4× | -18.5% |
| Netmarble 251270.KS | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% |
| Nexon 3659.T | $13.8B | +10% | +15% | 26% | 22.4× | -9.1% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 036570.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.2% | +4.4% | lowest of 12 |
| 6-month return | -22.9% | -9.9% | 3rd lowest of 12 |
| Distance from 52-week high | -39.3% | -28.1% | 4th lowest of 12 |
| Revenue growth (TTM) | +34.6% | +16.0% | 2nd highest of 12 |
| Operating margin | 13.5% | 19.6% | 5th lowest of 12 |
| Forward P/E | 9.3× | 14.8× | 3rd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -4.8% | -1.0% | 4th least demanding of 11 |
| Growth delivered (Del g) | -9.0% | +14.7% | lowest of 11 |
| Hurdle (Req g minus delivered) | +4.2 pp | -12.8 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | +2.6 pp | +8.1 pp | 4th lowest of 10 |
| EV / EBITDA | 7.0× | 8.7× | 4th cheapest of 11 |
| Net debt / EBITDA | -4.0× | -1.4× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NC 036570.KS | South Korea | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% | -9.0% |
| Netmarble 251270.KS | South Korea | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% | +2.7% |
| Trade Desk (The) TTD | United States | $6.11B | -44% | +12% | 20% | 121.4× | -5.8% | +28.2% |
| Krafton 259960.KS | South Korea | $6.94B | -17% | +55% | 30% | 12.4× | -18.5% | +14.8% |
| DoubleUGames 192080.KS | South Korea | $795M | -10% | +25% | 33% | 5.7× | n/a | n/a |
| Naver 035420.KS | South Korea | $20.3B | -10% | +15% | 17% | 15.5× | -0.6% | +17.8% |
| Konami 9766.T | Japan | $23.5B | +45% | +25% | 33% | 25.7× | -1.5% | +12.6% |
| Roku ROKU | United States | $23.9B | +24% | +21% | 8% | 39.1× | 39.6% | +21.6% |
| Roblox RBLX | United States | $35.3B | +18% | +32% | -20% | n/a | 15.7% | +39.6% |
| Take-Two Interactive TTWO | United States | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% | +14.6% |
| NTES 9999.HK | Hong Kong | $81.4B | +8% | +10% | 35% | 14.0× | -3.5% | +8.1% |
| Tencent 0700.HK | Hong Kong | $482B | -11% | +16% | 32% | 12.5× | 6.4% | +8.5% |