# Netmarble Games (251270.KO)

Canonical: https://gigainvestors.com/s/251270.KO

Analysis as of: 2026-10-16T07:40:51.403Z. Financial observations: FY2014–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 34,050.00 per share; close as of 2026-10-15.

Estimated value: low KRW 27,477.28 per share, central KRW 29,860.43 per share, high KRW 33,032.91 per share. Buy at or below the central value KRW 29,860.43 per share. Valuation as of 2026-10-16T07:40:51.403Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.84×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.21×

- FY2018: 0.12×

- FY2019: 0.09×

- FY2020: 0.11×

- FY2021: 0.06×

- FY2022: -0.04×

- FY2023: -0.03×

- FY2024: 0.08×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: -1.3%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 43.7%

- FY2017: 49.2%

- FY2018: 16.3%

- FY2019: 12.4%

- FY2020: 4.9%

- FY2021: 2.4%

- FY2022: -1.8%

- FY2023: -1.3%

- FY2024: 3.4%

- FY2025: 5.6%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -236B

- Net income, five-year total: KRW -584B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 9.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: KRW 250B

- FY2022: KRW -742B

- FY2023: KRW -139B

- FY2024: KRW 117B

- FY2025: KRW 278B

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 43.7% vs 3.4%

- Per-share earnings: 2261.81 to 308.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: KRW -14.40T

- Cumulative retained earnings: KRW 735B

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -28.3%

- Per-share value change: KRW -2K

- Per-share value, starting three-year median: KRW 2K

- Per-share value, ending three-year median: KRW 308.00

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 3.76T

- Cumulative net income, 10 years: KRW 558B

- ROIC, first three-year median: 43.7%

- ROIC, last three-year median: 3.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 3K

- FY2018: KRW 2K

- FY2019: KRW 2K

- FY2020: KRW 4K

- FY2021: KRW 3K

- FY2022: KRW -10K

- FY2023: KRW -3K

- FY2024: KRW 308.00

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.53×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.2%

- FY2017: -3.6%

- FY2018: -0.8%

- FY2019: -3.9%

- FY2020: -0.7%

- FY2021: 1.0%

- FY2022: -4.6%

- FY2023: -2.0%

- FY2024: -3.2%

- FY2025: -1.4%

## Holders

## Price story

Down 73% since Dec 2021 · sales +6.4%

Story as of 2026-10-16T10:00:11.688Z; price observation 2026-10-15.

Price needs cash profits to grow 3.3% a year for ten years

### Sales · FY2024–2025

sales +6.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 1.50T 

- FY2017: KRW 2.42T 

- FY2018: KRW 2.02T 

- FY2019: KRW 2.18T 

- FY2020: KRW 2.48T 

- FY2021: KRW 2.51T 

- FY2022: KRW 2.67T 

- FY2023: KRW 2.50T 

- FY2024: KRW 2.66T 

- FY2025: KRW 2.84T 

### Gross margin · FY2016

gross margin 49.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 49.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic gaming & multimedia; annual sales are KRW 2.8 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2025: revenue 2835074411890; grossProfit 2835074411890; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 251270.KO: Netmarble Corporation develops and publishes PC, mobile, and console games in South Korea and internationally. The company was founded in 2000 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); 10-year return on capital observations [[2016,0.4366825629690169],[2017,0.49181910039311005],[2018,0.16292703157087274],[2019,0.12364489934581555],[2020,0.0485858211583263],[2021,0.0237325684079523],[2022,-0.017653749627098692],[2023,-0.01304943606341868],[2024,0.03389776342509635],[2025,0.05643385612473986]]; median 0.05250983864153308. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2016: growth capex 0; upkeep 96781872830; owner earnings 100294553730. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2017: growth capex 0; upkeep 30013171360; owner earnings 473384545570. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2018: growth capex 0; upkeep 22999184690; owner earnings 246643609160. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2019: growth capex 0; upkeep 90602145800; owner earnings 173648327588. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2020: growth capex 48235349734.14703; upkeep 165516146815.85297; owner earnings 250874864598.14703. Growth capex / owner earnings = 0.19226856309981763.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2021: growth capex 0; upkeep 129671758080; owner earnings 249873748908. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2024: growth capex 0; upkeep 47751369200; owner earnings 116596298860. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); FY2025: growth capex 0; upkeep 63329653640; owner earnings 278433131910. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); Dividend observations: [[2016,3861714460],[2017,30600210600],[2018,30600210600],[2019,131248530],[2020,156977062070],[2021,156977062070],[2022,52452078080],[2023,2172401900],[2024,89058900],[2025,41257489980]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 67.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 251270.KO SharesStats.PercentInsiders = 67.738 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:51.403Z); Ten-year compound average after fade. Initial solved rate 0.034476291058076355. Price 34050; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2017-05: KRW 152,000.00 per share

- 2017-06: KRW 155,000.00 per share

- 2017-07: KRW 143,000.00 per share

- 2017-08: KRW 154,500.00 per share

- 2017-09: KRW 151,500.00 per share

- 2017-10: KRW 174,000.00 per share

- 2017-11: KRW 169,000.00 per share

- 2017-12: KRW 188,500.00 per share

- 2018-01: KRW 174,000.00 per share

- 2018-02: KRW 147,500.00 per share

- 2018-03: KRW 153,000.00 per share

- 2018-04: KRW 147,500.00 per share

- 2018-05: KRW 157,000.00 per share

- 2018-06: KRW 152,500.00 per share

- 2018-07: KRW 144,500.00 per share

- 2018-08: KRW 116,500.00 per share

- 2018-09: KRW 115,000.00 per share

- 2018-10: KRW 112,000.00 per share

- 2018-11: KRW 130,500.00 per share

- 2018-12: KRW 111,500.00 per share

- 2019-01: KRW 107,000.00 per share

- 2019-02: KRW 118,000.00 per share

- 2019-03: KRW 125,000.00 per share

- 2019-04: KRW 127,500.00 per share

- 2019-05: KRW 114,500.00 per share

- 2019-06: KRW 113,000.00 per share

- 2019-07: KRW 90,800.00 per share

- 2019-08: KRW 94,200.00 per share

- 2019-09: KRW 94,500.00 per share

- 2019-10: KRW 89,900.00 per share

- 2019-11: KRW 88,000.00 per share

- 2019-12: KRW 92,400.00 per share

- 2020-01: KRW 89,600.00 per share

- 2020-02: KRW 88,600.00 per share

- 2020-03: KRW 93,200.00 per share

- 2020-04: KRW 95,500.00 per share

- 2020-05: KRW 92,300.00 per share

- 2020-06: KRW 100,500.00 per share

- 2020-07: KRW 128,000.00 per share

- 2020-08: KRW 166,500.00 per share

- 2020-09: KRW 166,000.00 per share

- 2020-10: KRW 117,000.00 per share

- 2020-11: KRW 125,000.00 per share

- 2020-12: KRW 131,500.00 per share

- 2021-01: KRW 131,500.00 per share

- 2021-02: KRW 123,500.00 per share

- 2021-03: KRW 129,000.00 per share

- 2021-04: KRW 129,500.00 per share

- 2021-05: KRW 139,500.00 per share

- 2021-06: KRW 134,000.00 per share

- 2021-07: KRW 138,500.00 per share

- 2021-08: KRW 129,000.00 per share

- 2021-09: KRW 118,000.00 per share

- 2021-10: KRW 123,500.00 per share

- 2021-11: KRW 117,000.00 per share

- 2021-12: KRW 125,000.00 per share

- 2022-01: KRW 109,500.00 per share

- 2022-02: KRW 102,500.00 per share

- 2022-03: KRW 111,500.00 per share

- 2022-04: KRW 95,600.00 per share

- 2022-05: KRW 83,500.00 per share

- 2022-06: KRW 68,900.00 per share

- 2022-07: KRW 72,100.00 per share

- 2022-08: KRW 63,500.00 per share

- 2022-09: KRW 51,300.00 per share

- 2022-10: KRW 44,600.00 per share

- 2022-11: KRW 48,950.00 per share

- 2022-12: KRW 60,400.00 per share

- 2023-01: KRW 61,000.00 per share

- 2023-02: KRW 61,800.00 per share

- 2023-03: KRW 66,300.00 per share

- 2023-04: KRW 64,800.00 per share

- 2023-05: KRW 55,900.00 per share

- 2023-06: KRW 49,100.00 per share

- 2023-07: KRW 49,200.00 per share

- 2023-08: KRW 42,850.00 per share

- 2023-09: KRW 42,100.00 per share

- 2023-10: KRW 38,600.00 per share

- 2023-11: KRW 59,400.00 per share

- 2023-12: KRW 58,100.00 per share

- 2024-01: KRW 58,300.00 per share

- 2024-02: KRW 61,700.00 per share

- 2024-03: KRW 62,100.00 per share

- 2024-04: KRW 55,900.00 per share

- 2024-05: KRW 60,200.00 per share

- 2024-06: KRW 53,700.00 per share

- 2024-07: KRW 63,300.00 per share

- 2024-08: KRW 60,900.00 per share

- 2024-09: KRW 59,500.00 per share

- 2024-10: KRW 58,000.00 per share

- 2024-11: KRW 53,000.00 per share

- 2024-12: KRW 51,700.00 per share

- 2025-01: KRW 44,300.00 per share

- 2025-02: KRW 40,250.00 per share

- 2025-03: KRW 39,150.00 per share

- 2025-04: KRW 44,700.00 per share

- 2025-05: KRW 51,100.00 per share

- 2025-06: KRW 62,000.00 per share

- 2025-07: KRW 59,600.00 per share

- 2025-08: KRW 59,900.00 per share

- 2025-09: KRW 61,700.00 per share

- 2025-10: KRW 54,100.00 per share

- 2025-11: KRW 53,000.00 per share

- 2025-12: KRW 48,250.00 per share

- 2026-01: KRW 52,800.00 per share

- 2026-02: KRW 52,600.00 per share

- 2026-03: KRW 49,200.00 per share

- 2026-04: KRW 49,650.00 per share

- 2026-05: KRW 42,500.00 per share

- 2026-06: KRW 37,350.00 per share

- 2026-07: KRW 38,300.00 per share

- 2026-08: KRW 37,700.00 per share

- 2026-09: KRW 34,400.00 per share

- 2026-10: KRW 34,000.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 63,485.58 per share, central KRW 68,387.94 per share, high KRW 74,914.02 per share

- FY2020: low KRW 51,405.11 per share, central KRW 56,025.62 per share, high KRW 62,176.49 per share

- FY2021: low KRW 52,971.27 per share, central KRW 57,626.79 per share, high KRW 63,824.28 per share

- FY2022: low KRW 42,710.21 per share, central KRW 47,611.45 per share, high KRW 54,136.03 per share

- FY2023: low KRW 32,214.80 per share, central KRW 35,882.33 per share, high KRW 40,764.59 per share

- FY2024: low KRW 22,977.32 per share, central KRW 25,088.07 per share, high KRW 27,897.93 per share

- FY2025: low KRW 25,528.36 per share, central KRW 27,743.12 per share, high KRW 30,691.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:38.591Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations