1. South Korea Stocks

  2. •

    Technology

  3. •

    Electronic Gaming & Multimedia
Ncsoft Corporation

Ncsoft Corporation

036570.KS
Ncsoft CorporationKR flagKorea Exchange
281,500.00
KRW
-8,000.00
- -
5.46TMarket Cap
Ncsoft Corporation
036570.KS
(Korea Exchange)

Recent

price

281,500.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
32,935.99
30,760.68
37,868.91
37,943.38
42,016.45
38,687.91
46,177.92
82,781.77
81,333.43
82,581.39
117,246.49
112,377.37
126,643.4
87,641.27
79,194.78
77,704.34
87,869.17
Revenue per Share
8,447
6,096.97
7,830
7,961
11,520
7,633
12,783
20,756
19,831
17,387
28,504
19,318
21,456
10,446
4,728
17,876
23,601.05
Basic EPS, GAAP
8,546.84
-2,972.97
5,846.4
6,697.57
12,140.63
10,268.77
4,342.67
26,482.56
15,241.69
16,404.23
31,178.36
4,970.7
23,789.75
-963.09
583.62
2,419.03
12,021.84
Free Cash Flow per Basic Share
498.49
599.22
597.57
599.6
599.47
3,167.9
2,820.02
3,819.13
7,336.27
6,047.75
5,219.93
8,575.89
5,860.02
6,679.76
3,189.99
1,460.03
351.57
Dividend per Share
34,780.09
37,200.22
44,309.92
51,537.34
62,380.65
61,902.46
72,997.33
90,226.06
102,776.3
115,803.69
139,158.66
150,031.57
168,430.9
171,538.14
174,879.76
189,759.93
196,520.45
Book Value per Share
40,689.14
42,346.51
44,589.45
52,485.88
64,174.79
79,596.32
86,489.41
125,996.63
110,235.84
119,542.36
150,187.61
151,320.11
155,369.82
155,450.8
148,527.07
168,092.83
169,360.54
Tangible Book Value per Share
20
20
20
20
20
22
21
21
21
21
21
21
20
20
20
19
19
Basic Weighted Avg Shares
649,749
608,878
753,520
756,656
838,718
838,298
983,557
1,758,722
1,715,116
1,701,185
2,416,184
2,308,817
2,571,792
1,779,833
1,578,123
1,506,925
1,704,031
Sales/Revenue/Turnover
37.32
21.22
20.07
27.12
33.17
28.33
33.44
33.26
35.85
28.16
34.14
16.29
21.74
7.97
-6.82
1.07
7.28
Operating Margin (%)
26,604
25,482
38,348
35,408
36,733
34,975
32,405
30,001
27,910
52,475
65,804
93,714
105,929
111,883
109,177
95,587
93,617
Depreciation Expense
166,639
120,684
155,802
158,756
229,958
165,393
272,269
440,967
418,185
358,174
587,403
396,893
435,715
212,139
94,215
346,670
457,691
Net Income, GAAP
24.48
25.15
15.99
26.61
21.28
30.55
21.58
27.24
33.87
27.61
26.97
19.46
28.41
- -
22.16
24.7
25.11
Effective Tax Rate (%)
25.65
19.82
20.68
20.98
27.42
19.73
27.68
25.07
24.38
21.05
24.31
17.19
16.94
11.92
5.97
23.01
26.86
Profit Margin (%)
583,532
440,291
438,651
533,659
774,159
745,233
907,273
1,316,929
1,103,334
1,638,100
1,935,021
1,789,246
2,175,731
1,722,551
1,466,349
1,625,400
1,608,077
Working Capital
3,549
- -
- -
- -
- -
- -
149,656
149,819
- -
315,079
295,360
591,601
585,906
362,364
333,612
177,813
169,878
LT Debt
811,881
868,463
1,020,564
1,158,763
1,375,595
1,788,935
1,895,508
2,729,239
2,378,971
2,512,165
3,144,687
3,151,227
3,198,549
3,253,029
3,063,589
3,370,431
3,541,738
Total Equity
24.12
11.24
13.21
13.45
16.75
9.97
12.95
16.59
14.36
12.38
18.16
7.91
10.09
- -
-2.28
0.33
2.52
Return on Invested Capital (%)
26.7
16.96
18.94
16.21
20.13
12.55
17.92
23.24
18.92
14.27
19.94
11.57
11.19
- -
2.56
8.83
11.53
Return on Capital (%)
27.42
16.97
19.26
16.63
20.23
12.79
18.8
25.4
20.48
15.73
22.36
13.34
13.4
6.15
2.7
9.68
12.75
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
177,371
179,207
177,334
LT Borrowings
39,938
39,946
39,948
LT Finance Leases
142,611
137,867
129,930
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
19
19
19
Market Capitalization
4,188,945
3,907,742
4,343,991

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
2,306,673
2,266,590
2,350,568
Cash, Cash Equivalents & STI
2,053,259
1,997,199
2,070,556
Accounts Receivable, Net
160,101
187,483
202,037
Inventories
1,257
1,292
102
Total Current Liabilities
597,083
641,190
742,491
Payables & Accruals
- -
- -
- -
ST Debt
177,371
179,207
177,334
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.55%
1.52%
10.02%
Free Cash Flow
83.11%
65.76%
303.38%
Net Income, GAAP
30.95%
27.68%
267.96%
Sales/Revenue/Turnover
9.52%
-7.94%
-4.51%
Total Cash Common Dividend
1.69%
-12.66%
-55.46%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
397,911
368,869
401,937
409,407
1,578,123
2025
360,278
382,393
360,036
404,218
1,506,925
2026
557,383
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,816
3,511
-1,339
- -
4,728
2025
1,947
-1,826
17,877.74
- -
17,876
2026
7,672
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.25
3,143.46
- -
- -
3,189.99
2025
- -
- -
- -
- -
1,460.03
2026
351.58
- -
- -
- -
- -
Similar Companies
GD Culture Group Limited (GDC)
Ten Square Games S.A. (TEN.WA)
East Side Games Group Inc. (EAGRF)
Frontier Developments plc (FRRDF)
Akatsuki Inc. (AKAFF)
Santaro Interactive Entertainment Company (STIE)
Business
Ncsoft Corporation (KRX: 036570), a leading South Korean video game developer and publisher, specializes in massively multiplayer online role-playing games (MMORPGs), mobile games, and related digital entertainment products; its core portfolio includes flagship MMORPG franchises such as Lineage, Lineage II, Lineage M, Lineage 2M, Lineage W, Aion, Aion 2, Blade & Soul, Blade & Soul 2, Blade & Soul Heroes, Guild Wars, Guild Wars 2, Throne and Liberty, and upcoming titles like Project E, as well as shooters like Cinder City, action brawlers like Battle Crush, strategy RPGs, rhythm games like FUSER, sports titles including Pro Baseball H2 and H3, and web-based board games primarily in Asian markets. The company operates through subsidiaries such as ArenaNet for Guild Wars titles, NC West (overseeing North America, Europe, Australia, and New Zealand), NC Japan, Iron Tiger Studios for mobile adaptations, and newly established entities including FirstSpark Games (Studio X for Throne and Liberty IP), BigFire Games (Studio Y for Cinder City), Ludius Games (Studio Z for TACTAN), and NC AI for game and application AI development; it targets global gamers with a focus on PC, mobile, and console platforms across regions including South Korea, North America, Europe, Japan, Southeast Asia, China, and Russia. Founded in 1997 by Kim Taek-jin and headquartered in Pangyo, Seongnam, South Korea, Ncsoft maintains operations from offices in Bellevue, Washington (USA), Tokyo (Japan), and other international locations to support its worldwide publishing and development efforts. Recent major changes include a comprehensive 2024-2025 corporate restructuring, with shareholder-approved split-offs on November 28, 2024, establishing four new wholly-owned subsidiaries effective February 1, 2025, alongside project closures like Battle Crush (shut down November 29, 2024), downsizing of others such as Project M, layoffs, and a voluntary retirement program to optimize resources; the company launched Throne and Liberty in December 2023 (published in the West and Japan by Amazon Games), received Chinese government approval for online games in October 2024, introduced an in-house mobile payment network for titles like Lineage M and Lineage 2M starting late 2025 to reduce app store fees, formed a Mobile Casual Division led by Anel Ceman in 2025, partnered with Shengqu Games for Aion Mobile and Sony Interactive Entertainment for projects like Horizon Steel Frontiers, and plans aggressive 2026 global expansions including Aion 2, Cinder City, Limit Zero Breakers, Time Takers, Lineage W relaunch in Southeast Asia/North America/Russia, and Lineage titles in China.