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NEXON Co.

NEXOY
68
Electronic Gaming & Multimedia · Technology
Price
$20.11
+0.09 (+0.45%)
Market Cap
$15.93B
Exchange
Other OTC
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Good
Cash Flow
Strong
Stability
Exceptional
Valuation
Mixed
Dividends
Good
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Share count falling — buybacks

−10.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 902.7M (2021) → 806.7M (2025)

§Winston Score History

The full picture

Nexon is a South Korean-founded, Japan-headquartered video game company that makes online multiplayer games. Its biggest titles include MapleStory, KartRider, and Dungeon&Fighter, which are especially popular across South Korea, Japan, and China. The company is one of the pioneers of the free-to-play gaming model and has been operating online games since the late 1990s.

Nexon makes most of its money by selling virtual items and cosmetic upgrades inside its free-to-play games. It operates primarily in Asia, with Japan and South Korea generating the bulk of revenue, and has a market cap around $16 billion. Its long-running franchises give it a durable player base, but the company faces the ongoing risk of aging game portfolios and heavy competition from mobile and console titles vying for player attention.

Growth Profile

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

Revenue Growth

+3.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+86.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥27.7B/ year

5.6% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

59.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

¥1.0T cash & investments at current burn rate

Growth context

NEXON Co. is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
59.5%
Premium pricing power — 59.5% gross margin
Profit after running costs
Operating Margin
26.8%
Excellent — 26.8% operating margin
Return on the money invested
ROCE
12.5%
Good — 12.5% 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
+17.0%
Fast-growing sales (+17.0% YoY)
Profit growth
EPS YoY
+40.5%
Earnings growing fast (+40.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
90%
Modest — 90% of profit becomes cash
Spare cash per sale
FCF Margin
22.2%
Converts sales into free cash efficiently (22.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
32.71x
Comfortably covers interest (32.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
18.2x
Fair value — P/E 18.2

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
-2.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.88%
Small dividend — 1.88% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+1016.8%
Dividend growing fast (1016.8% YoY)

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