Neowiz Holdings (042420) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Neowiz Holdings does not sell products directly; it is a holding company built around Neowiz, a game developer and publisher, and it owns several subsidiaries. Its earnings come from two channels: the game profits its subsidiaries generate, reflected through dividends and the equity method, and the value of the stakes it holds. A February 2026 disclosure finalized full-year revenue of ₩436.8 billion, operating profit of ₩55.2 billion, and net profit of ₩33.8 billion, with operating profit rising sharply and net profit swinging back into the black. What stands out lately is that as subsidiary game profits recovered, operating profit nearly tripled and net profit turned positive, yet the share price is down 38.5% from its 52-week high, sitting at a P/B of 0.45x — market cap below net assets — with core subsidiary Neowiz also undervalued as support. On the other hand, as a holding company its value swings with the subsidiaries' new-title schedules and how well their games sell, and this year's earnings include a portion attributable to stake value, so that has to be read separately from the underlying business trend.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 18.7% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 13.8% higher than a year earlier.
- ROE is 11.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.7%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Na Sung-gyun 44.93% (individual)
Controlling bloc incl. related parties 45.12%
With the controlling bloc holding 45%, the ownership structure is stable.
Net asset value (NAV) assessment
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Neowiz | 31% |
🔎 In-depth analysis Reading
Neowiz Holdings does not sell products directly; it is a holding company built around Neowiz, a game developer and publisher, and it owns several subsidiaries. Money comes in through two channels. One is the profit its subsidiaries earn from games, which flows into the parent's results via dividends and the equity method; the other is the value of the listed and unlisted stakes it holds. So to understand the company, it is more accurate to look at how well the subsidiaries' game businesses are performing and what the holdings are worth, rather than the parent's standalone figures alone.
The latest close is ₩23,550 and the market capitalization is ₩191.8 billion. The price sits above its 20-day moving average (₩22,825) and above its 60-day moving average (₩21,871). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.4, a neutral level. The one-month change is +7.5%, the three-month change is +12.1%, and the position relative to the 52-week high is -19.9%. Relative strength versus the KOSDAQ is 82 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 82% of all stocks. Over the past three months it outpaced the index by 70.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a consolidated basis last year, revenue was ₩436.8 billion, operating profit ₩55.2 billion, and net profit ₩33.8 billion. The operating margin was 12.7% and ROE (how much is earned in a year on shareholders' equity) was 9.7%. The debt ratio (debt relative to equity) is 255.8%, but the current ratio of 324% means readily usable assets are more than three times the debt due within a year, so short-term repayment pressure is not heavy. On valuation, the P/E (how many times one year's earnings the price represents) is 5.67x and the P/B (how many times book net assets the price represents) is 0.55x. A P/B well below 1x means market cap is smaller than the company's net assets, and a P/E of 4.62x is likewise a low band relative to earnings. For a company whose earnings are recovering, metrics at this level look less like a burden than a sign the price has yet to fully reflect its assets and earnings.
Revenue rose from ₩366.6 billion in 2023 and ₩368.1 billion in 2024 to ₩436.8 billion in 2025, with the pace of growth quickening (+18.7% year on year), while operating profit jumped about 2.7x from ₩20.4 billion in 2024 to ₩55.2 billion in 2025. Net profit swung from a loss the prior year into the black (a turnaround). This shift came as the improved results of the subsidiaries' game businesses gathered into the parent's earnings. Into this year, first-quarter 2026 revenue was up 13.8% and net profit up 139.2% year on year, extending the earnings recovery. For the full year, revenue is estimated at around ₩463.3 billion and net profit at roughly ₩147.6 billion, a result that combines the reflected value of the holdings with subsidiary profits. Measured against the current market cap, that earnings outlook brings the forward P/E down. It implies a full year's earnings roughly on par with the company's entire market cap, showing that earnings power is thick relative to the share price. That said, first-quarter operating profit was -33.9% year on year, so there is quarterly variability; the subsidiaries' game lineup, such as new-title launch schedules, shapes the texture of quarterly results, and that has to be kept in view.
On 2026-02-10, disclosures of a change in revenue and profit-and-loss structure of more than 30% were filed under both the parent and its subsidiaries, reporting full-year revenue of ₩436.8 billion, operating profit of ₩55.2 billion, and net profit of ₩33.8 billion. This is the material that finalized a year in which operating profit rose sharply and net profit swung back into the black. Given the nature of a holding company, parent disclosures and subsidiary business-matter disclosures are filed together, so it is worth checking whether the trend in the subsidiaries' game businesses is moving in the same direction as the parent's results.
The strengths are clear. As the subsidiaries' game businesses recovered, operating profit nearly tripled and net profit swung back into the black, yet the share price is down 38.5% from its 52-week high. At a P/B of 0.45x, market cap is below net assets, and on this year's earnings outlook the forward P/E sits at a very low band relative to earnings. That core subsidiary Neowiz is itself assessed as undervalued provides support on the holdings-value side. That said, as a holding company its value swings with how well the subsidiaries' games sell and their new-title schedules. As with the year-on-year decline in first-quarter operating profit, there is quarterly variability, and this year's earnings include a portion attributable to stake value, so it needs to be read separately from what the underlying operating business earns. In sum, when the subsidiary lineup provides support and the earnings recovery continues, the low P/B and P/E come into their own; when there is a gap in new titles or game momentum cools, earnings volatility can widen.
🔎 Valuation vs peers Fairly valued
A comparison set of market-cap-adjacent public-data names within the game sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea BNC | 63.25x | 0.79x | 1.21% |
| BCNC | 109.91x | 1.60x | 1.46% |
| Able C&C | 21.18x | 3.93x | 24.27% |
Within the game sector, we looked first at public-data comparables close in market cap. The current P/E (how many times one year's earnings the price represents) is 5.67x and the P/B (how many times book value the price represents) is 0.55x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from trailing metrics based on last year's finalized results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩463.3 billion | ₩36.5 billion | ₩147.6 billion |
| Next quarter | Q2 2026 | ₩105.4 billion | ₩11.4 billion | ₩61.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩23,550 and the market capitalization is ₩191.8 billion. The price sits above its 20-day moving average (₩22,825) and above its 60-day moving average (₩21,871). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.4, a neutral level. The one-month change is +7.5%, the three-month change is +12.1%, and the position relative to the 52-week high is -19.9%. Relative strength versus the KOSDAQ is 82 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 82% of all stocks. Over the past three months it outpaced the index by 70.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +70.18% / 6M +17.97% / 12M -3.64%
Key metrics Computed vs sector median
Valuation
The P/E of 5.67x is below the sector median (10.02x). The P/B of 0.55x is below the sector median (0.77x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 11.2%, above the sector average (7.0%). The operating margin is 11.7%. The debt ratio is 42.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $257.5M | $258.6M | $306.9M | +18.68% ↑ faster |
| Operating profit | $12.2M | $14.3M | $38.8M | +170.64% ↑ faster |
| Net profit | $5.1M | -$8.4M | $23.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $189.2M | $209.3M | $257.5M | $258.6M | $306.9M |
| Operating profit | $13.6M | $4.9M | $12.2M | $14.3M | $38.8M |
| Net profit | $45.7M | -$49.5M | $5.1M | -$8.4M | $23.8M |
| Revenue CAGR | 4-yr avg 12.85% | ||||
Revenue rose 18.7% year over year (2023 ₩366.6 billion → 2024 ₩368.1 billion → 2025 ₩436.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 170.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.8%. The two-year revenue CAGR is 9.2%. In the most recent quarter (Q1 2026), revenue was 13.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 11.2% points to solid profitability.
- Revenue grew 18.7% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-02-10EarningsDisclosure of a change in revenue or profit-and-loss structure of more than 30% (15% for large corporations): full-year revenue ₩436.8 billion, operating profit ₩55.2 billion, net profit ₩33.8 billion.This is recently finalized or preliminary results. Check whether it aligns with the full-year trend and whether any one-off factors are involved. Source
- 2026-02-10EarningsDisclosure of a change in revenue or profit-and-loss structure of more than 30% (15% for large corporations) (major management matter of a subsidiary): full-year revenue ₩436.8 billion, operating profit ₩55.2 billion, net profit ₩33.8 billion.This is recently finalized or preliminary results. Check whether it aligns with the full-year trend and whether any one-off factors are involved. Source
- 2026-02-10EarningsDisclosure of a change in revenue or profit-and-loss structure of more than 30% (15% for large corporations) (major management matter of a subsidiary): full-year revenue ₩436.8 billion, operating profit ₩55.2 billion, net profit ₩33.8 billion.This is recently finalized or preliminary results. Check whether it aligns with the full-year trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩23,550 | ₩23,550 | Confirmed | link |
| Latest quarterly results | revenue ₩101.6 billion, operating profit ₩5.6 billion | revenue ₩101.6 billion, operating profit ₩5.6 billion | Confirmed | link |
| Full-year results | revenue ₩436.8 billion, operating profit ₩55.2 billion | revenue ₩436.8 billion, operating profit ₩55.2 billion | Confirmed | link |
| Results disclosure original text | revenue30%: revenue ₩436.8 billion · operating profit ₩55.2 billion · net profit ₩33.8 billion | revenue30%: revenue ₩436.8 billion · operating profit ₩55.2 billion · net profit ₩33.8 billion | Confirmed | link |
| Results disclosure original text | revenue30%: revenue ₩436.8 billion · operating profit ₩55.2 billion · net profit ₩33.8 billion | revenue30%: revenue ₩436.8 billion · operating profit ₩55.2 billion · net profit ₩33.8 billion | Confirmed | link |
| Results disclosure original text | revenue30%: revenue ₩436.8 billion · operating profit ₩55.2 billion · net profit ₩33.8 billion | revenue30%: revenue ₩436.8 billion · operating profit ₩55.2 billion · net profit ₩33.8 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-18TreasuryMaterial-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-19Audit report
- 2026-03-19Audit report
- 2026-03-11Amended filing
- 2026-03-05Disclosure
- 2026-03-05Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.