GRAVITY Co., Ltd.
GRVY Communication Services Electronic Gaming & Multimedia
GRAVITY Co., Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $392.4 million, up 11.9% from fiscal 2024. In the quarter to June 2026, revenue fell 17.1%, EPS grew 60.3% and free cash flow grew 3,467.8%, each against the same quarter a year earlier.
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GRAVITY Co., Ltd. (GRVY) Altman Z-score
GRAVITY Co., Ltd.'s Altman Z-score for fiscal 2025 is 6.44, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.44 | 0.12 |
| FY2024 | 6.32 | (0.97) |
| FY2023 | 7.29 | 1.57 |
| FY2022 | 5.72 | (2.19) |
| FY2021 | 7.91 | (6.94) |
| FY2020 | 14.85 | 7.23 |
| FY2019 | 7.62 | 3.50 |
| FY2018 | 4.12 | (1.18) |
| FY2017 | 5.29 | 3.62 |
| FY2016 | 1.67 | 2.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.81 | — | 0.97 | |
| Retained earnings / total assets | 0.78 | — | 1.10 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 5.46 | — | 3.27 | |
| Sales / total assets | 0.75 | — | 0.75 | |
| Altman Z-score | Safe zone | 6.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 14.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MYPS PLAYSTUDIOS, Inc. compare | 8.5× |
| GRVY GRAVITY Co., Ltd. | 6.4× |
| DDI DoubleDown Interactive Co., Ltd. Sponsored ADR compare | 4.9× |
| SOHU Sohu.com Inc. compare | 1.8× |
| GCL GCL Global Holdings Ltd. compare | 1.6× |
| GDEV GDEV Inc. compare | 1.4× |
| PLTK Playtika Holding Corp. compare | 0.5× |
| FIRY Firy Inc. compare | −5.2× |
| CTW CTW Cayman compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets