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Korean internet company (spun off from Naver) operating online games, payments (NHN KCP), cloud and webtoons.
Korean internet company (spun off from Naver) operating online games, payments (NHN KCP), cloud and webtoons.
Earns across several lines: in-app purchases in games, payment-processing commissions from NHN KCP, usage-based fees from cloud services, and subscriptions from music and webtoon platforms. Payments and cloud steady a games business that depends on hit titles. It was spun off from Naver in 2013.
Moat: narrow (brand, network effects). Established Hangame brand and a sizable domestic payment-processing network.
Headquarters: Seongnam, South Korea · Founded: 2013 · Employees: 904
Size NHN (181710.KS) is a South Korea Information Technology company (Internet Software/Services) with a market value of $1.34B, the 187th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩59,200 on 6 Nov 2026.
Performance Over six months the shares gained 44.4%, against -6.0% for the median peer and -24.5% for the South Korea market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 11.5% over the last twelve months (peer median +6.7%); the operating margin is 6.1% (peer median 10.5%).
Valuation It trades at 16.3× forward earnings against a peer median of 12.7× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (6.7% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.74T | ₩2.52T | ₩2.46T | ₩2.27T | ₩2.11T |
| Revenue growth | — | +2% | +8% | +7% | — |
| Gross profit | ₩2.12T | ₩1.90T | ₩1.67T | ₩1.37T | ₩1.26T |
| EBITDA | ₩284B | ₩224B | ₩56.6B | ₩133B | ₩114B |
| Net income | ₩70.4B | ₩32.1B | -₩133B | -₩8.54B | -₩32.1B |
| Free cash flow | ₩227B | ₩313B | -₩987M | -₩153B | -₩104B |
| Capital expenditure | ₩144B | ₩86.5B | ₩63.7B | ₩351B | ₩154B |
| Total debt | ₩478B | ₩288B | ₩345B | ₩317B | ₩134B |
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 |
|---|---|---|---|---|---|---|
| NHN 181710.KS | $1.34B | +44% | +12% | 6% | 16.3× | -4.4% |
| Naver 035420.KS | $20.3B | -10% | +15% | 17% | 15.5× | -0.6% |
| Kakao 035720.KS | $10.5B | -32% | +6% | 11% | 25.6× | -4.8% |
| NC 036570.KS | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% |
| Netmarble 251270.KS | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% |
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 | 181710.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.0% | -1.1% | 5th highest of 21 |
| 6-month return | +44.4% | -6.0% | highest of 21 |
| Distance from 52-week high | -24.3% | -37.7% | 9th highest of 21 |
| Revenue growth (TTM) | +11.5% | +6.7% | 9th highest of 21 |
| Operating margin | 6.1% | 10.5% | 8th lowest of 21 |
| Forward P/E | 16.3× | 12.7× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | -4.4% | 4.9% | 5th least demanding of 15 |
| Growth delivered (Del g) | +8.9% | +10.6% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -13.3 pp | -4.9 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +0.7 pp | +3.8 pp | 7th lowest of 17 |
| EV / EBITDA | 5.9× | 8.7× | 5th cheapest of 15 |
| Net debt / EBITDA | -1.6× | -0.9× | 8th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NHN 181710.KS | South Korea | $1.34B | +44% | +12% | 6% | 16.3× | -4.4% | +8.9% |
| Trustpilot TRST.L | United Kingdom | $1.36B | +12% | +19% | 5% | 52.4× | 32.7% | +20.0% |
| WEBTOON Entertainment WBTN | United States | $1.31B | -27% | 0% | -3% | n/a | n/a | n/a |
| CarTrade Tech CARTRADE.NS | India | $1.39B | +40% | +16% | 30% | 47.7× | 34.5% | +25.6% |
| Mony MONY.L | United Kingdom | $1.42B | +21% | +2% | 26% | 11.1× | -0.7% | +5.3% |
| Huawen Media 000793.SZ | China | $1.19B | -34% | 0% | -14% | n/a | 17.8% | -34.6% |
| Weibo 9898.HK | Hong Kong | $1.58B | -24% | +2% | 25% | 5.2× | n/a | n/a |
| Baltic Classifieds BCG.L | United Kingdom | $1.14B | -99% | +7% | 68% | 0.2× | 15.2% | +15.9% |
| Moonpig MOON.L | United Kingdom | $1.13B | +41% | +7% | 21% | 15.2× | 3.7% | +0.3% |
| Ziff Davis ZD | United States | $1.70B | +21% | -8% | 10% | 8.9× | -10.6% | +4.6% |
| Yelp YELP | United States | $1.06B | -28% | +2% | 13% | 8.1× | -18.4% | +10.9% |
| EverQuote EVER | United States | $1.02B | +41% | +24% | 11% | 14.3× | -7.0% | +14.8% |
| TBO Tek TBOTEK.NS | India | $1.80B | +24% | +74% | 11% | 41.6× | n/a | n/a |
| D-MARKET Elektronik Hizmetler ve Ticaret AS Sponsored ADR HEPS | United States | $979M | -3% | +22% | -3% | n/a | n/a | n/a |
| XinhuaNet 603888.SS | China | $1.89B | -7% | -1% | 8% | n/a | 22.6% | +9.3% |
| Sify Technologies Limited Sponsored ADR SIFY | United States | $941M | -20% | +11% | 8% | n/a | n/a | n/a |
| BuySell Technologies 7685.T | Japan | $938M | -28% | +58% | 11% | 15.0× | -1.2% | +46.8% |
| Omada Health OMDA | United States | $924M | +2% | +48% | 0% | 37.1× | 28.7% | +42.9% |
| LegalZoom.com LZ | United States | $897M | -19% | +12% | 4% | 6.7× | 6.1% | +9.9% |
| TeamViewer TMV.DE | Germany | $894M | -5% | +2% | 34% | 5.2× | -11.0% | +10.4% |
| iQIYI, Inc. Sponsored ADR IQ | United States | $886M | -20% | -3% | -2% | n/a | n/a | n/a |