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Korean mobile-game publisher operating a portfolio of free-to-play games, often based on licensed IP (Marvel, Disney, anime).
Korean mobile-game publisher operating a portfolio of free-to-play games, often based on licensed IP (Marvel, Disney, anime).
Earns from in-game purchases in free-to-play games, where a small share of players pays for items and upgrades, and most revenue comes from outside Korea. A few hit titles carry each period, and the licensed-franchise games depend on keeping the rights. Founder Bang Jun-hyuk is the largest shareholder.
In one line: Korea's Zynga/Scopely — a mobile free-to-play game publisher..
Moat: narrow (brand, distribution). Strong licensing relationships (Marvel, Disney) and live-ops publishing expertise, but mobile-game hit cycles are short.
Headquarters: Seoul, South Korea · Founded: 2000 · Employees: 795
Size Netmarble (251270.KS) is a South Korea Communication Services company (Packaged Software) with a market value of $2.02B, the 137th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩34,650 on 6 Nov 2026.
Performance Over six months the shares fell 30.2%, against -9.9% for the median peer and -24.5% for the South Korea market (cap-weighted) — 2nd lowest of 12 in its peer set.
Growth Revenue grew 9.7% over the last twelve months (peer median +21.1%); the operating margin is 11.2% (peer median 19.6%).
Valuation It trades at 5.7× forward earnings against a peer median of 14.8× (cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points below its cost of capital (5.2% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.89T | ₩2.84T | ₩2.66T | ₩2.50T | ₩2.67T |
| Revenue growth | — | +6% | +6% | -6% | — |
| Gross profit | ₩379B | ₩400B | ₩267B | -₩13.5B | -₩58.5B |
| EBITDA | ₩458B | ₩471B | ₩362B | ₩87.4B | ₩109B |
| Net income | ₩396B | ₩225B | ₩25.6B | -₩256B | -₩819B |
| Free cash flow | ₩298B | ₩290B | ₩271B | -₩134B | -₩447B |
| Capital expenditure | ₩88.7B | ₩63.3B | ₩47.1B | ₩51.5B | ₩137B |
| Total debt | ₩995B | ₩1.59T | ₩1.69T | ₩1.84T | ₩2.26T |
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 |
|---|---|---|---|---|---|---|
| Netmarble 251270.KS | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% |
| Krafton 259960.KS | $6.94B | -17% | +55% | 30% | 12.4× | -18.5% |
| NC 036570.KS | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% |
| Netease Inc Sponsored ADR NTES | $74.3B | +12% | +10% | 35% | 13.1× | -4.5% |
| Take-Two Interactive TTWO | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% |
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 | 251270.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | +4.4% | 4th lowest of 12 |
| 6-month return | -30.2% | -9.9% | 2nd lowest of 12 |
| Distance from 52-week high | -40.3% | -28.1% | 3rd lowest of 12 |
| Revenue growth (TTM) | +9.7% | +21.1% | lowest of 12 |
| Operating margin | 11.2% | 19.6% | 4th lowest of 12 |
| Forward P/E | 5.7× | 14.8× | cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -8.0% | -1.0% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +2.7% | +14.7% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -10.7 pp | -12.8 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -1.3 pp | +8.1 pp | 2nd lowest of 10 |
| EV / EBITDA | 6.4× | 8.7× | 3rd cheapest of 11 |
| Net debt / EBITDA | 0.3× | -1.5× | 2nd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Netmarble 251270.KS | South Korea | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% | +2.7% |
| NC 036570.KS | South Korea | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% | -9.0% |
| DoubleUGames 192080.KS | South Korea | $795M | -10% | +25% | 33% | 5.7× | n/a | n/a |
| 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% |
| 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% |