NASDAQ : GRVY
Gravity Co., Ltd. — Financial statements
Communication Services · Electronic Gaming & Multimedia · South Korea
Last price 67.56 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 469.47M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Gravity Co., Ltd. (GRVY) reported revenue of 562.28B KRW (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in KRW.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 562.28B | 545.57B | 482.67B | 710.62B | 448.03B | 395.53B |
| Other Revenue | 2.82B | 6.75B | 18.40B | |||
| Revenue | 562.28B | 545.57B | 482.67B | 713.44B | 454.78B | 413.94B |
| Cost of Revenue | 382.57B | 364.27B | 306.90B | 484.96B | 267.37B | 224.17B |
| Gross Profit | 179.72B | 181.31B | 175.76B | 228.48B | 187.41B | 189.76B |
| Selling, General & Admin | 81.97B | 96.60B | 82.63B | 57.06B | 66.80B | 75.63B |
| Research & Development | 7.69B | 10.33B | 15.26B | 13.49B | 13.80B | 16.57B |
| Amortization of Goodwill & Intangibles | 1.60B | 1.60B | 1.75B | 1.34B | 1.16B | |
| Other Operating Expenses | 4.22B | 3.71B | 3.29B | 2.90B | 6.68B | -573.00M |
| Operating Expenses | 100.50B | 117.25B | 107.75B | 79.55B | 91.41B | 91.63B |
| Operating Income | 79.22B | 64.06B | 68.01B | 148.93B | 96.00B | 98.14B |
| Interest Expense | -281.81M | -135.38M | -161.81M | -126.83M | -115.00M | |
| Interest & Investment Income | 70.10B | 60.76B | 60.18B | 23.57B | 13.34B | 1.38B |
| Currency Exchange Gain (Loss) | -2.00B | -2.00B | 4.04B | -3.00B | 800.11M | 1.31B |
| Other Non Operating Income (Expenses) | -30.82B | -29.67B | -24.17B | 878.61M | 325.99M | |
| EBT Excluding Unusual Items | 116.51B | 92.87B | 107.92B | 170.22B | 110.34B | 100.72B |
| Gain (Loss) on Sale of Assets | -498.00K | -498.00K | 1.97M | 14.08M | 10.04M | -50.00M |
| Asset Writedown | -1.93B | -1.93B | -1.58B | -1.53B | -470.15M | -1.37B |
| Pretax Income | 114.58B | 90.94B | 106.35B | 168.70B | 109.88B | 99.30B |
| Income Tax Expense | 28.83B | 23.63B | 21.44B | 36.72B | 26.82B | 33.42B |
| Earnings From Continuing Operations | 85.75B | 67.31B | 84.90B | 131.98B | 83.06B | 65.88B |
| Minority Interest in Earnings | 166.38M | 154.38M | 17.07M | 36.99M | 104.14M | 67.00M |
| Net Income | 85.92B | 67.46B | 84.92B | 132.02B | 83.16B | 65.95B |
| Net Income to Common | 85.92B | 67.46B | 84.92B | 132.02B | 83.16B | 65.95B |
| Shares Outstanding (Basic) | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M |
| Shares Outstanding (Diluted) | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M |
| EPS (Basic) | 12,363.93 | 9,708.55 | 12,220.54 | 18,998.55 | 11,967.61 | 9,490.28 |
| EPS (Diluted) | 12,363.93 | 9,708.55 | 12,220.54 | 18,998.55 | 11,967.61 | 9,490.00 |
| Free Cash Flow | 75.04B | 77.94B | 129.97B | 97.54B | 72.44B | |
| Free Cash Flow Per Share | 10,798.37 | 11,216.34 | 18,703.47 | 14,036.65 | 10,424.10 | |
| Gross Margin | 31.96% | 33.23% | 36.41% | 32.03% | 41.21% | 45.84% |
| Operating Margin | 14.09% | 11.74% | 14.09% | 20.88% | 21.11% | 23.71% |
| Profit Margin | 15.28% | 12.37% | 17.59% | 18.50% | 18.29% | 15.93% |
| Free Cash Flow Margin | 13.75% | 16.15% | 18.22% | 21.45% | 17.50% | |
| EBITDA | 86.00B | 70.14B | 72.69B | 152.47B | 97.88B | 99.92B |
| EBITDA Margin | 15.29% | 12.86% | 15.06% | 21.37% | 21.52% | 24.14% |
| D&A For EBITDA | 6.78B | 6.08B | 4.68B | 3.54B | 1.88B | 1.78B |
| EBIT | 79.22B | 64.06B | 68.01B | 148.93B | 96.00B | 98.14B |
| EBIT Margin | 14.09% | 11.74% | 14.09% | 20.88% | 21.11% | 23.71% |
| Effective Tax Rate | 25.16% | 25.98% | 20.16% | 21.77% | 24.41% | 33.66% |
| Revenue as Reported | 576.11B | 560.55B | 500.85B | 725.52B | 463.62B | 413.94B |
| Advertising Expenses | 44.74B | 38.73B | 13.66B | 29.90B | 35.95B |
Balance sheet
Fiscal year January - December; amounts in KRW.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 210.06B | 203.60B | 228.90B | 184.08B | 169.88B | 99.11B |
| Short-Term Investments | 444.63B | 419.37B | 330.91B | 281.65B | 170.37B | 148.60B |
| Cash & Short-Term Investments | 654.69B | 622.97B | 559.80B | 465.74B | 340.25B | 247.70B |
| Accounts Receivable | 76.38B | 56.32B | 81.15B | 71.21B | 77.26B | 52.62B |
| Other Receivables | 1.18B | 2.90B | 1.57B | 3.64B | 139.78M | 1.08B |
| Receivables | 77.56B | 59.22B | 82.72B | 74.85B | 77.40B | 53.70B |
| Prepaid Expenses | 24.58B | 11.94B | 5.73B | 1.44B | 1.61B | 2.30B |
| Other Current Assets | 2.09B | 4.38B | 5.35B | 4.88B | 2.51B | 2.43B |
| Total Current Assets | 758.91B | 698.51B | 653.61B | 546.90B | 421.77B | 306.13B |
| Property, Plant & Equipment | 8.96B | 10.77B | 9.96B | 10.15B | 8.14B | 11.34B |
| Long-Term Investments | 4.08B | 3.81B | 1.77B | 1.82B | 2.18B | 3.02B |
| Other Intangible Assets | 5.47B | 7.16B | 7.06B | 6.37B | 3.87B | 3.34B |
| Long-Term Deferred Tax Assets | 6.83B | 7.21B | 5.62B | 5.95B | 5.66B | 1.72B |
| Other Long-Term Assets | 30.83B | 15.20B | 8.45B | 6.98B | 2.48B | 1.97B |
| Total Assets | 815.08B | 742.66B | 686.46B | 578.18B | 444.09B | 327.53B |
| Accounts Payable | 66.93B | 61.93B | 67.93B | 61.78B | 73.55B | 41.20B |
| Accrued Expenses | 2.18B | 2.60B | 2.65B | 2.31B | 2.04B | 1.48B |
| Current Portion of Leases | 3.60B | 3.59B | 3.18B | 4.23B | 2.91B | 3.61B |
| Current Income Taxes Payable | 9.09B | 4.63B | 6.51B | 16.93B | 5.47B | 10.63B |
| Current Unearned Revenue | 21.65B | 21.50B | 26.76B | 18.09B | 18.54B | 13.48B |
| Other Current Liabilities | 1.96B | 1.78B | 1.62B | 3.10B | 3.20B | 3.60B |
| Total Current Liabilities | 105.40B | 96.03B | 108.65B | 106.43B | 105.71B | 74.00B |
| Long-Term Leases | 4.72B | 3.94B | 2.34B | 3.06B | 5.12B | |
| Long-Term Unearned Revenue | 1.86B | 409.75M | 2.57B | 1.78B | 30.24M | 98.00M |
| Pension & Post-Retirement Benefits | 146.10M | |||||
| Long-Term Deferred Tax Liabilities | 1.74B | 1.74B | 1.29B | 2.38B | 2.83B | |
| Other Long-Term Liabilities | 5.79B | 2.25B | 1.64B | 1.51B | 2.29B | 1.47B |
| Total Liabilities | 114.79B | 105.30B | 118.10B | 114.45B | 113.91B | 80.69B |
| Common Stock | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B |
| Additional Paid-In Capital | 26.98B | 26.98B | 26.98B | 27.10B | 27.10B | 27.10B |
| Retained Earnings | 634.62B | 580.88B | 513.42B | 428.50B | 296.48B | 213.32B |
| Comprehensive Income & Other | 34.70B | 25.52B | 23.80B | 4.02B | 2.48B | 2.18B |
| Total Common Equity | 699.77B | 636.86B | 567.67B | 463.09B | 329.53B | 246.07B |
| Minority Interest | 516.00M | 508.33M | 691.24M | 640.13M | 651.90M | 771.00M |
| Shareholders' Equity | 700.28B | 637.37B | 568.36B | 463.73B | 330.18B | 246.84B |
| Total Liabilities & Equity | 815.08B | 742.66B | 686.46B | 578.18B | 444.09B | 327.53B |
| Total Debt | 3.60B | 8.31B | 7.12B | 6.56B | 5.96B | 8.73B |
| Net Cash (Debt) | 651.09B | 614.65B | 552.68B | 459.17B | 334.28B | 238.97B |
| Net Cash Per Share | 93,697.42 | 88,453.44 | 79,535.19 | 66,078.54 | 48,106.07 | 34,390.05 |
| Filing Date Shares Outstanding | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M |
| Total Common Shares Outstanding | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M |
| Working Capital | 653.51B | 602.48B | 544.96B | 440.47B | 316.06B | 232.14B |
| Book Value Per Share | 100,701.84 | 91,648.81 | 81,692.39 | 66,641.89 | 47,421.59 | 35,411.36 |
| Tangible Book Value | 694.30B | 629.70B | 560.62B | 456.72B | 325.66B | 242.73B |
| Tangible Book Value Per Share | 99,914.81 | 90,618.87 | 80,676.89 | 65,725.20 | 46,864.75 | 34,930.42 |
| Machinery | 10.00B | 9.21B | 9.08B | 8.18B | 8.46B | |
| Construction In Progress | 1.21B | |||||
| Leasehold Improvements | 3.77B | 3.53B | 2.17B | 2.08B | 1.94B |
Cash flow statement
Fiscal year January - December; amounts in KRW.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 67.46B | 84.92B | 132.02B | 83.16B | 65.95B | |
| Depreciation & Amortization | 10.82B | 9.23B | 7.66B | 5.88B | 5.23B | |
| Other Amortization | 1.18B | 1.09B | ||||
| Loss (Gain) From Sale of Assets | 498.00K | -1.97M | -14.08M | -10.04M | 50.00M | |
| Asset Writedown & Restructuring Costs | 1.93B | 1.58B | 1.53B | 470.15M | 1.37B | |
| Provision & Write-off of Bad Debts | 752.22M | 588.82M | 1.40B | 701.61M | 801.00M | |
| Other Operating Activities | 504.16M | -13.94B | 7.75B | -3.36B | 2.58B | |
| Change in Accounts Receivable | 22.17B | -1.89B | 2.36B | -38.20B | 5.53B | |
| Change in Accounts Payable | -9.51B | -2.88B | -13.84B | 43.90B | -8.51B | |
| Change in Unearned Revenue | -7.62B | 6.45B | 954.67M | 4.90B | 1.19B | |
| Change in Other Net Operating Assets | -10.42B | -5.51B | -7.40B | -349.65M | -1.09B | |
| Operating Cash Flow | 76.09B | 78.56B | 132.43B | 98.28B | 74.18B | |
| Capital Expenditures | -1.06B | -613.95M | -2.46B | -739.41M | -1.75B | |
| Sale of Property, Plant & Equipment | 1.50M | 6.67M | 21.02M | 14.61M | 14.00M | |
| Sale (Purchase) of Intangibles | -5.27B | -4.15B | -3.34B | -2.06B | -2.45B | |
| Investment in Securities | -90.33B | -42.28B | -110.80B | -19.56B | -78.29B | |
| Investing Cash Flow | -96.65B | -47.03B | -116.58B | -22.34B | -82.47B | |
| Long-Term Debt Repaid | -4.51B | -4.53B | -4.08B | -3.92B | -3.65B | |
| Lease Payments | -4.51B | -4.53B | -4.08B | -3.92B | -3.65B | |
| Net Debt Issued (Repaid) | -4.51B | -4.53B | -4.08B | -3.92B | -3.65B | |
| Other Financing Activities | -116.35M | 342.00M | ||||
| Financing Cash Flow | -4.51B | -4.64B | -4.08B | -3.92B | -3.31B | |
| Foreign Exchange Rate Adjustments | -224.50M | 17.94B | 2.44B | -1.25B | 67.00M | |
| Net Cash Flow | -25.30B | 44.82B | 14.20B | 70.77B | -11.53B | |
| Free Cash Flow | 75.04B | 77.94B | 129.97B | 97.54B | 72.44B | |
| Free Cash Flow Margin | 13.75% | 16.15% | 18.22% | 21.45% | 17.50% | |
| Free Cash Flow Per Share | 10,798.37 | 11,216.34 | 18,703.47 | 14,036.65 | 10,424.10 | |
| Levered Free Cash Flow | 49.59B | 37.51B | 94.60B | 73.51B | 59.41B | |
| Unlevered Free Cash Flow | 49.76B | 37.60B | 94.70B | 73.59B | 59.48B | |
| Free Cash Flow After Leases | 70.52B | 73.42B | 125.89B | 93.62B | 68.79B | |
| Cash Interest Paid | 271.97M | 130.03M | 156.63M | 121.72M | 111.00M | |
| Cash Income Tax Paid | 26.26B | 31.94B | 28.08B | 29.31B | 30.27B | |
| Change in Working Capital | -5.38B | -3.82B | -17.92B | 10.25B | -2.88B |
Ratios
Fiscal year January - December; amounts in KRW.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 480.45M | 402.13M | 438.55M | 483.37M | 280.18M | 473.36M |
| Enterprise Value | 60.01M | -31.95M | 45.33M | 154.23M | 82.63M | 282.65M |
| Last Close Price | 67.56 | 57.87 | 63.11 | 69.56 | 40.32 | 68.12 |
| PE Ratio | 8.66 | 8.60 | 7.63 | 4.75 | 4.24 | 8.55 |
| PS Ratio | 1.32 | 1.06 | 1.34 | 0.88 | 0.78 | 1.36 |
| PB Ratio | 1.04 | 0.91 | 1.14 | 1.35 | 1.07 | 2.28 |
| P/TBV Ratio | 1.07 | 0.92 | 1.16 | 1.37 | 1.08 | 2.32 |
| P/FCF Ratio | 8.60 | 7.74 | 8.31 | 4.82 | 3.61 | 7.78 |
| P/OCF Ratio | 7.63 | 8.25 | 4.73 | 3.58 | 7.60 | |
| EV/Sales Ratio | 0.16 | 0.14 | 0.28 | 0.23 | 0.81 | |
| EV/EBITDA Ratio | 1.07 | 0.92 | 1.31 | 1.06 | 3.37 | |
| EV/EBIT Ratio | 1.16 | 0.98 | 1.34 | 1.08 | 3.43 | |
| EV/FCF Ratio | 1.06 | 0.86 | 1.54 | 1.06 | 4.65 | |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.04 |
| Debt / EBITDA Ratio | 0.04 | 0.11 | 0.09 | 0.04 | 0.06 | 0.08 |
| Debt / FCF Ratio | 0.11 | 0.09 | 0.05 | 0.06 | 0.12 | |
| Net Debt / Equity Ratio | -0.93 | -0.96 | -0.97 | -0.99 | -1.01 | -0.97 |
| Net Debt / EBITDA Ratio | -7.57 | -8.76 | -7.60 | -3.01 | -3.42 | -2.39 |
| Net Debt / FCF Ratio | -8.19 | -7.09 | -3.53 | -3.43 | -3.30 | |
| Asset Turnover | 0.73 | 0.76 | 0.76 | 1.40 | 1.18 | 1.40 |
| Quick Ratio | 6.95 | 7.10 | 5.91 | 5.08 | 3.95 | 4.07 |
| Current Ratio | 7.20 | 7.27 | 6.02 | 5.14 | 3.99 | 4.14 |
| Return on Equity (ROE) | 13.23% | 11.16% | 16.45% | 33.25% | 28.79% | 31.06% |
| Return on Assets (ROA) | 6.44% | 5.60% | 6.72% | 18.21% | 15.55% | 20.69% |
| Return on Invested Capital (ROIC) | 108.22% | |||||
| Return on Capital Employed (ROCE) | 11.20% | 9.90% | 11.80% | 31.60% | 28.40% | 38.70% |
| Earnings Yield | 11.55% | 11.62% | 13.11% | 21.06% | 23.60% | 11.70% |
| FCF Yield | 11.63% | 12.93% | 12.03% | 20.73% | 27.68% | 12.85% |