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Video game publisher known for online multiplayer titles (MapleStory, Dungeon & Fighter), strong in Korea/China/Japan.
Video game publisher known for online multiplayer titles (MapleStory, Dungeon & Fighter), strong in Korea/China/Japan.
Earns from in-game item sales in free-to-play games, so a few long-running franchises with loyal players carry most of the income. In China, Dungeon & Fighter is run by Tencent under licence, so Nexon earns royalties there. Founded in Korea in 1994, it is headquartered in Japan.
In one line: A Korean-founded, Japan-listed Take-Two/EA for online games.
Moat: narrow (brand, installed base, network effects). Long-running franchises with large, loyal player bases generate durable in-game item revenue.
Headquarters: Tokyo, Japan (founded in Korea) · Founded: 1994 · Employees: 9,834
Size Nexon (3659.T) is a Japan Communication Services company (Internet Software/Services) with a market value of $13.8B, the 104th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,853 on 6 Nov 2026.
Performance Over six months the shares gained 9.5%, against -1.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 8 in its peer set.
Growth Revenue grew 15.1% over the last twelve months (peer median +13.7%); the operating margin is 25.9% (peer median 12.4%).
Valuation It trades at 22.4× forward earnings against a peer median of 14.5× (2nd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 25.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥516B | ¥475B | ¥446B | ¥423B | ¥354B |
| Revenue growth | — | +6% | +5% | +20% | — |
| Gross profit | ¥310B | ¥277B | ¥277B | ¥281B | ¥244B |
| EBITDA | ¥146B | ¥131B | ¥149B | ¥146B | ¥115B |
| Net income | ¥136B | ¥92.1B | ¥135B | ¥70.6B | ¥100B |
| Free cash flow | ¥113B | ¥164B | ¥97.3B | ¥125B | ¥127B |
| Capital expenditure | ¥27.8B | ¥12.2B | ¥8.69B | ¥6.07B | ¥8.52B |
| Total debt | ¥49.3B | ¥52.1B | ¥40.0B | ¥29.7B | ¥23.3B |
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 |
|---|---|---|---|---|---|---|
| Nexon 3659.T | $13.8B | +10% | +15% | 26% | 22.4× | -9.1% |
| 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% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
| Square Enix 9684.T | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% |
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 | 3659.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | -6.0% | 3rd highest of 8 |
| 6-month return | +9.5% | -1.7% | 2nd highest of 8 |
| Distance from 52-week high | -34.7% | -32.2% | 4th lowest of 8 |
| Revenue growth (TTM) | +15.1% | +13.7% | 4th highest of 8 |
| Operating margin | 25.9% | 12.4% | 4th highest of 8 |
| Forward P/E | 22.4× | 14.5× | 2nd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | -9.1% | 9.0% | 2nd least demanding of 7 |
| Growth delivered (Del g) | +10.1% | +16.4% | 3rd lowest of 7 |
| Hurdle (Req g minus delivered) | -19.3 pp | -4.9 pp | 3rd least demanding of 7 |
| ROIC minus cost of capital | +25.8 pp | +0.5 pp | 2nd highest of 8 |
| EV / EBITDA | 9.5× | 10.2× | 3rd cheapest of 8 |
| Net debt / EBITDA | -5.4× | -1.2× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nexon 3659.T | Japan | $13.8B | +10% | +15% | 26% | 22.4× | -9.1% | +10.1% |
| Tencent Music Entertainment 1698.HK | Hong Kong | $13.9B | -2% | +16% | 29% | 11.0× | 0.6% | +1.7% |
| Pinterest PINS | United States | $10.9B | -11% | +15% | 6% | 8.8× | 16.2% | +20.1% |
| Reddit RDDT | United States | $18.4B | -39% | +62% | 29% | 15.0× | 18.0% | +57.3% |
| Match MTCH | United States | $8.88B | +6% | 0% | 30% | 13.6× | 1.8% | +7.8% |
| Bidu-sw 9888.HK | Hong Kong | $26.4B | -43% | -1% | 7% | 14.5× | n/a | n/a |
| Liberty Media FWONA | United States | $27.3B | +18% | +12% | 12% | 51.0× | 29.0% | +31.4% |
| Cyber Agent 4751.T | Japan | $4.13B | +3% | +14% | 10% | 15.4× | -11.3% | +12.8% |