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GRVY

Gravity Co., Ltd.

GRVY

Gravity Co., Ltd. • NASDAQ
$57.46 ▲ 0.05% (+0.03)
Market Cap $399.28 M
52w High $70.00
52w Low $53.12
Dividend Yield 0%
P/E 7.47
Volume 3.89K
Outstanding Shares 6.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $138.894B ▼ $29.076B ▼ $19.869B ▲ 14.305% ▲ $2.859K ▲ $27.207B ▲
Q2-2025 $170.74B ▲ $37.064B ▲ $13.245B ▼ 7.757% ▼ $1.906K ▼ $16.074B ▼
Q1-2025 $137.464B ▲ $25.276B ▼ $22.038B ▼ 16.032% ▼ $3.171K ▼ $36.617B ▲
Q4-2024 $125.408B ▼ $27.645B ▲ $23.1B ▲ 18.42% ▲ $3.324K ▲ $13.61B ▼
Q3-2024 $128.376B $24.539B $22.385B 17.437% $3.221K $33.5B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $614.085B ▲ $730.851B ▲ $109.251B ▼ $620.971B ▲
Q2-2025 $581.599B ▼ $722.452B ▲ $126.047B ▲ $595.755B ▲
Q1-2025 $583.196B ▲ $702.907B ▲ $111.778B ▼ $590.416B ▲
Q4-2024 $559.804B ▲ $686.459B ▲ $118.096B ▲ $567.672B ▲
Q3-2024 $519.877B $624.335B $91.308B $532.377B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $13.245B ▼ $0 $0 $0 $0 $0
Q1-2025 $22.038B ▼ $0 $0 $0 $0 $0
Q4-2024 $23.1B ▲ $0 $0 $0 $0 $0
Q3-2024 $22.385B ▲ $0 $0 $0 $0 $0
Q2-2024 $12.569B $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Gravity’s revenue has grown meaningfully over the last five years, with a big jump recently and then a step down from that unusually strong year. Even after that pullback, sales remain clearly higher than in the early part of the period. Profitability is a clear strength: gross margins and operating margins are healthy, and the company has converted its sales into solid earnings each year without major volatility. The pattern suggests a hit‑driven business tied to title launches and lifecycle swings, but with consistently profitable economics rather than boom‑and‑bust losses.

Balance Sheet

Balance Sheet The balance sheet is a major positive. Assets have climbed steadily, and cash has built up to a sizable cushion. Debt is very small relative to the size of the business, and shareholder equity has grown strongly year after year. Overall, Gravity looks conservatively financed, with plenty of financial flexibility and no sign of balance‑sheet strain. This gives it room to absorb weaker periods or invest in new projects without relying heavily on borrowing.

Cash Flow

Cash Flow Cash generation mirrors the income statement: operating cash flow has been solid and consistently positive, with a noticeable boost in the strongest revenue year and some normalization afterward. Free cash flow is also positive every year, helped by relatively modest capital spending needs. This pattern indicates that reported profits are backed by real cash, and that the business does not require heavy ongoing investment just to stand still, leaving room to build cash reserves or fund selective growth initiatives.

Competitive Edge

Competitive Edge Gravity’s competitive edge centers on the enduring strength of the Ragnarok franchise and its disciplined financial posture. Ragnarok provides brand recognition, a loyal global player base, and lower marketing risk for new releases built on familiar characters and worlds. The company has shown it can refresh this universe across different game formats and regions. At the same time, it operates in a very crowded, fast‑moving gaming market where tastes shift quickly and new hits from larger rivals appear regularly. A key strategic risk is reliance on a single flagship IP; if player interest in Ragnarok fades or competitors out‑innovate around similar genres, Gravity’s advantage could narrow.

Innovation and R&D

Innovation and R&D Gravity’s innovation is less about cutting‑edge technology and more about clever reuse and expansion of its core IP. Its “one‑source multi‑use” approach takes Ragnarok into multiple game styles, platforms, and even non‑game products like webtoons and merchandise. The firm is experimenting at the edges with areas like blockchain‑linked titles and beginning to seed new game concepts beyond Ragnarok, though these are still emerging. The big question is whether it can successfully cultivate new franchises and technologies at scale, so that future growth is not overly tied to a single, aging brand.

Summary

Overall, Gravity combines a strong niche franchise with a very conservative financial profile. The business has delivered steady profitability, robust cash generation, and a notably strong balance sheet, which together lower financial risk and support continued investment. Its main opportunity lies in leveraging Ragnarok further while gradually developing new IP and entering more regions and platforms. Its main vulnerabilities are concentration in one core franchise and exposure to the unpredictable, hit‑driven nature of the gaming industry. How well the company balances extracting value from Ragnarok with building the “next” growth engine will likely shape its long‑term trajectory.

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