Gravity Co.

GRVY

Electronic Gaming & Multimedia · Technology

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Gravity Co., Ltd. is a South Korean video game company that makes and publishes online games. Its most well-known product is Ragnarok Online, a fantasy role-playing game that has been running since 2002 and still has a large player base across Asia. The company also develops mobile versions of its games, including Ragnarok M, targeting players in Southeast Asia, Taiwan, and other Asian markets.

Gravity earns money by charging players for in-game items, subscriptions, and licensing its game titles to regional partners who operate the games locally. Most of its revenue comes from Asia, particularly Southeast Asia and Taiwan, and the company is relatively small with a market cap around $400 million. Its main competitive advantage is the long-running Ragnarok brand, which has loyal fans built up over two decades, but the company faces real risk from aging game titles and the challenge of launching new games that can match Ragnarok's staying power.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+67.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+93.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

59.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$606.9B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Gravity Co. is growing revenue at 68% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.5%

Modest — 30.5% gross margin

Profit after running costs

Operating Margin

19.4%

Healthy — 19.4% operating margin

Return on the money invested

ROCE

10.4%

Below par — 10.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-2.6%

Shrinking sales (-2.6% YoY)

Profit growth

EPS YoY

-15.8%

Earnings shrinking (-15.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

14.73x

Comfortably covers interest (14.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.5x

no trend

Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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