| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 372.59 | 391.86 | 436.08 | 422.72 |
| Receivables | 59.88 | 57.91 | 41.46 | 50.08 |
| Inventory | — | — | — | — |
| Other | 2.66 | 2.08 | 1.79 | 1.35 |
| 437.52 | 457.53 | 488.96 | 490.01 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 49.42 | 47.55 | 43.35 | 43.21 |
| ST’ Debt | — | — | — | — |
| Other | 5.86 | 3.36 | 3.76 | 3.59 |
| 85.15 | 76.05 | 67.22 | 68.05 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 106.25 | 104.52 | — | — |
—
|
| ’25 | 90.23 | 126.15 | 98.88 | 77.12 |
392.38
|
| ’24 | 81.24 | 89.33 | 97.63 | 82.40 |
350.59
|
| ’23 | 122.45 | 181.28 | 130.69 | 146.00 |
580.41
|
| ’22 | 67.96 | 74.31 | 71.51 | 110.76 |
324.53
|
| ’21 | 86.71 | 73.97 | 108.70 | 103.16 |
372.54
|
| ’20 | 65.02 | 73.68 | 113.03 | 73.02 |
324.76
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | — | — | — | — |
—
|
| ’25 | — | — | — | 53.26 |
53.26
|
| ’24 | — | — | — | 54.99 |
54.99
|
| ’23 | — | — | — | 105.94 |
105.94
|
| ’22 | — | — | — | 68.79 |
68.79
|
| ’21 | — | — | — | 66.76 |
66.76
|
| ’20 | — | — | — | 55.88 |
55.88
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | — | — | — | — |
—
|
| ’25 | — | — | — | 48.84 |
48.84
|
| ’24 | — | — | — | 51.66 |
51.66
|
| ’23 | — | — | — | 101.32 |
101.32
|
| ’22 | — | — | — | 66.85 |
66.85
|
| ’21 | — | — | — | 63.00 |
63.00
|
| ’20 | — | — | — | 52.93 |
52.93
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2.78 | 2.26 | — | — |
—
|
| ’25 | 2.15 | 1.41 | 2.04 | 1.07 |
6.72
|
| ’24 | 2.87 | 1.31 | 2.45 | 2.33 |
8.55
|
| ’23 | 4.03 | 4.92 | 3.09 | 2.35 |
14.55
|
| ’22 | 1.95 | 1.93 | 1.62 | 3.52 |
9.26
|
| ’21 | 3.01 | 1.88 | 3.20 | 0.15 |
8.29
|
| ’20 | 1.09 | 1.57 | 3.10 | 1.94 |
7.65
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.08 | 39.25 | 57.37 | 53.12 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 72.00 | 82.48 | 88.85 | 70.00 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 400 | 437 | 464 | 499 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.81 | 1.33 | 0.76 | 0.79 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 324.53 | 580.41 | 350.59 | 392.38 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 42.33% | 33.16% | 38.72% | 35.02% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 76.92 | 134.96 | 74.44 | 63.66 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.70% | 23.25% | 21.23% | 16.22% | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 58.14 | 105.59 | 59.43 | 47.12 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.94 | 6.13 | 6.46 | 7.57 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 46.70 | 83.53 | 50.45 | 56.47 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 9.26 | 14.55 | 8.55 | 6.72 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.90 | 15.25 | 7.91 | 7.67 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.28) | (0.67) | (0.48) | (0.64) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.62 | 14.58 | 7.43 | 7.03 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.26 | 53.39 | 57.25 | 64.21 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.95 | 6.95 | 6.95 | 6.95 | — | — | — |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.65 | 4.66 | 7.04 | 8.68 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.90 | 0.80 | 1.25 | 1.02 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.19 | 1.35 | 1.14 | 0.98 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.13 | 0.22 | 0.18 | 0.01 | — | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.22 | 0.44 | 0.23 | 0.02 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 68.79 | 105.94 | 54.99 | 53.26 | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.95) | (4.62) | (3.33) | (4.42) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 66.85 | 101.32 | 51.66 | 48.84 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 221.24 | 352.37 | 381.47 | 421.74 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.72 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (233.46) | (372.59) | (391.86) | (436.08) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 231.13 | 370.98 | 397.85 | 446.16 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.20% | 27.31% | 12.61% | 9.44% | — | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.00% | 0.00% | 623.50% | 335.92% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.65% | 35.08% | 15.46% | 11.19% | — | — | — |
ROE
|
Gravity Co., Ltd. (GRVY), the Ragnarok Online powerhouse, exemplifies gaming’s brutal boom-bust cycles: revenue exploded 12x from $42.7 million in 2016 to a $580 million peak in 2023, driven by mobile hits like Ragnarok M in China, before cratering 40% to $350 million in 2024 amid player churn, regulatory crackdowns, and competition. Profitability dazzled with EBT margins hitting 23% and ROE at 37%, while revenue per employee peaked at $1.33 million—efficiency few firms dream of—yet EPS tumbled from $14.55 to $8.55, mirroring stock swings from 2020’s $240 highs to today’s $30-90 trading range at dirt-cheap 7x PE and sub-1x PB ratios.
What sets GRVY apart is its fortress balance sheet: zero debt, $392 million net cash, and free cash flow per share at $7.43 (87% of EPS), funding years of operations without dilution. No insider buys or sells, zero analyst targets—leaving retail speculators to bet on Ragnarok revivals amid thin coverage and dual-listed liquidity woes. This cash hoard screams undervaluation (EV/FCF at 0.23x), but gaming’s 18-month hit cycles, Asia risks, and stalled mobile growth loom large.
Cautious upside glimmers if new titles spark a rebound to $8-10 EPS (15-20% stock pop), yet prolonged slumps could revisit 2022 lows. For patient value hunters, GRVY’s a gritty pixel play—dive deeper for Q4 clues on the next boom or bust.
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