DoubleU Games (192080) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
DoubleU Games makes money from social casino games, where players enjoy slot machines and poker with virtual chips. Its two pillars are its own service, DoubleU Casino, and DoubleDown Casino from its Nasdaq-listed US subsidiary DoubleDown Interactive (about 67% stake); because most users are in North America, effectively 100% of revenue comes from overseas. In 2023 it acquired Sweden's SuprNation to broaden into real-money iGaming, and this year's biggest event is the controlling shareholder's proposal to buy out all remaining minority shares of DoubleDown Interactive at $11.25 per share (about $184 million) to make it a wholly owned subsidiary, while Q1 net profit jumped more than 60%. What stands out lately is a pairing of a strength and a caution: an operating margin in the low 30% range, a solid balance sheet (debt ratio 16%, current ratio 1,030%), shareholder returns, and the value of the Nasdaq subsidiary stake are strengths; against that, all revenue is in foreign currency so exchange rates swing net profit sharply, the business is sensitive to gaming and payment regulation, and the terms and timing of the minority buyout proposal are not yet finalized.
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 “Games” (Games, Entertainment & Content), a type typically read first through forward P/E.
Game companies' results hinge on new title launches, so expected future profits explain the share price better than past earnings do. That's why forward P/E — based on projected net income — comes before the trailing figure here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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 13.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 26.6% higher than a year earlier.
- ROE is 12.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 32.2%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Ga-ram 41.37% (individual)
Controlling bloc incl. related parties 44.3%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis Reading
DoubleU Games makes money from social casino games (games played on smartphones and the web with virtual chips rather than real money, featuring slot machines and poker). Its two pillars are DoubleU Casino, which it operates directly, and DoubleDown Casino from its US subsidiary DoubleDown Interactive (acquired in 2017 and now separately listed on Nasdaq, about 67% stake). Revenue comes from in-game purchases of virtual chips and items (free-to-play monetization), and since most users are in North America, effectively 100% of the company's total revenue comes from overseas. In 2023 it acquired Sweden's SuprNation to broaden into real-money iGaming in regulated markets such as the UK and Sweden — a growth axis meant to extend from virtual-chip social casino into real-money gaming. In short, casino-style game monetization from overseas users is the source of profit, and within that its own games, the listed subsidiary, and the European new business form layers.
The latest close is ₩62,100 and the market capitalization is ₩1.3 trillion. The price sits above its 20-day moving average (₩60,690) and below its 60-day moving average (₩63,898). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.9, a neutral level. The one-month change is -6.8%, the three-month change is +5.4%, and the position relative to the 52-week high is -16.8%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 25.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's results, the P/E ratio (how many times one year's earnings the share price represents) is 10.02x and the P/B (how many times book net assets the share price represents) is 1.04x, low within the game sector. That said, 2025 net profit fell from the prior year not because operations weakened but because of non-operating effects from translating and revaluing overseas revenue into won (operating profit slipped only slightly, -6.7%). So in this phase where profit is rising again, last year's P/E carries an illusion of being more expensive than it really is, and on this year's earnings it is far lower. Profitability is high, with an operating margin of 32.2% and ROE (how much is earned in a year on equity) of 11.1%, among the top tier of domestic game makers. The balance sheet is very strong: a debt ratio (debt against equity) of 16.5% and a current ratio (cash-like assets against debt due within a year) of 1,030% leave ample cash, and this cash is funding the tender offer for the subsidiary's remaining shares.
Revenue rose for three straight years, from ₩582.3 billion in 2023 to ₩633.5 billion in 2024 to ₩719.9 billion in 2025, with last year's growth rate (+13.6%) faster than the prior year's (+8.8%). In the five-year record, the large net loss of -₩132.2 billion in 2022 stemmed from non-recurring factors such as one-off impairments, and operating flows have been steady since. Q1 2026 was especially strong: revenue of ₩205.0 billion (+26.6%), operating profit of ₩68.5 billion (+25.1%), and net profit of ₩73.5 billion (+60.6%), a clear turn upward in profit. The core of the growth is an expanding share of direct-to-consumer (DTC) payments that bypass app stores. Thanks to this, variable costs as a share of revenue fell from 31% a year earlier to 25%, structurally improving margins. Note that Q1 net profit (₩73.5 billion) exceeds operating profit (₩68.5 billion), a result of added interest income from the net-cash position and non-operating FX-related gains. Simply multiplying this net profit by four would overstate it. Carrying the sturdier operating-profit trend (+25% year over year) through the year puts this year's operating profit on a trajectory above last year's. With revenue growth and expanding European iGaming added, this year's profit is positioned to grow noticeably from last year. For this reason, last year's P/E looks high but on this year's earnings it is far lower — a stock at an earnings inflection point.
This year's biggest event is the controlling shareholder (DoubleU Games) proposing to buy out all remaining minority shares of its Nasdaq-listed subsidiary DoubleDown Interactive at $11.25 per share (about $184 million in cash) to make it a wholly owned subsidiary. A related investment-judgment disclosure came at the end of April, and if the acquisition completes, subsidiary profit accrues fully, increasing the controlling shareholder's share. Separately, the company continues shareholder returns through treasury-share disposals and dividends (₩1,200 per share, a yield of 1.8%), and holds regular investor briefings to share results. May's preliminary-results disclosure confirmed strong Q1 performance.
The strengths are clear. A social casino business with 100% of revenue from overseas steadily produces an operating margin in the low 30% range, and on a very solid balance sheet (debt ratio 16%, current ratio 1,030%) the company also returns capital via dividends and treasury-share disposals. Q1 2026 net profit jumped more than 60%, turning up from last year's non-operating weakness; as a result, last year's P/E looks high but on this year's earnings it is low versus game peers, reading as undervalued. Added to this, the market value of the Nasdaq-listed subsidiary stake (about 67%) underpins a meaningful part of the company's market cap, and the tender offer for remaining shares offers room for greater profit accrual. Cautions are that all revenue is in foreign currency such as dollars, so the won-dollar rate swings net profit sharply (the main cause of last year's profit decline); that social casino is sensitive to gaming and payment regulation in the US and Europe; and that the subsidiary tender offer must clear a special committee's review and minority approval, so its terms and timing are not yet finalized.
🔎 Valuation vs peers Undervalued
Compared on profitability and financial structure against domestic listed game publishers. Because listed peers with an identical social-casino profile are rare in Korea, it is contrasted with large and mid-sized game makers on margin, ROE, and growth.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Netmarble | 14.20x | 0.56x | 6.18% |
| Com2uS | 10.87x | 0.41x | 3.67% |
| Webzen | 16.07x | 0.57x | 4.70% |
| Pearl Abyss | 0.00x | 2.30x | 15.50% |
On last year's results, a P/E of 10.28x and P/B of 1.14x do not look especially cheap versus peers, but this is an illusion driven by net profit suppressed by non-operating items. With an operating margin of 32% and ROE of 11%, the company leads domestic game peers (most with ROE in the 3-4% range and shrinking revenue) on both profitability and growth, yet its valuation is actually lower. As profit clearly recovered from Q1, on this year's earnings reflecting the operating-profit trend the P/E falls to around 7x. On a forward view that accounts for the earnings inflection, it reads as undervalued. In addition, the market value of the listed subsidiary stake separately underpins the valuation, so the actual value is thicker than looking at the plain P/E alone would suggest.
Price history Close · MA20 · MA60
The latest close is ₩62,100 and the market capitalization is ₩1.3 trillion. The price sits above its 20-day moving average (₩60,690) and below its 60-day moving average (₩63,898). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.9, a neutral level. The one-month change is -6.8%, the three-month change is +5.4%, and the position relative to the 52-week high is -16.8%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 25.2%. 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 +25.21% / 6M -4.28% / 12M -43.19%
Key metrics Computed vs sector median
Valuation
The P/E is 10.02x. The P/B of 1.04x is above the sector median (0.77x). 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 12.5%, above the sector average (7.0%). The operating margin is 32.2%. The debt ratio is 17.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $409.1M | $445.0M | $505.7M | +13.64% ↑ faster |
| Operating profit | $149.8M | $174.7M | $163.1M | -6.67% ↓ slower |
| Net profit | $104.7M | $131.5M | $92.2M | -29.88% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $438.4M | $433.6M | $409.1M | $445.0M | $505.7M |
| Operating profit | $133.7M | $129.2M | $149.8M | $174.7M | $163.1M |
| Net profit | $88.1M | -$92.9M | $104.7M | $131.5M | $92.2M |
| Revenue CAGR | 4-yr avg 3.64% | ||||
Revenue rose 13.6% year over year (2023 ₩582.3 billion → 2024 ₩633.5 billion → 2025 ₩719.9 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 6.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.6%. The two-year revenue CAGR is 11.2%. In the most recent quarter (Q1 2026), revenue was 26.6% 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 12.5% points to solid profitability.
- Revenue grew 13.6% 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
- 2026-04-28FilingAs controlling shareholder, disclosure of a material management matter (investment judgment) related to a proposal to acquire the remaining minority shares of Nasdaq-listed subsidiary DoubleDown Interactive (DDI) at $11.25 per share (about $184 million total) and make it a wholly owned subsidiary.On completion, subsidiary profit accrues fully, increasing the controlling shareholder's share. However, with steps such as special-committee review and minority approval remaining, the terms and timing are unconfirmed (mid-term event). Source
- 2026-05-13EarningsQ1 2026 consolidated preliminary results disclosed - revenue ₩205.0 billion (+26.6% YoY), operating profit ₩68.5 billion (+25.1%), net profit ₩73.5 billion (+60.6%), a clear recovery in profit.Confirms that net profit turned up sharply from last year's non-operating weakness. A short-term positive that greatly lowers valuation on this year's earnings. Source
- 2026-04-15DividendDisclosure of a material matter on shareholder returns including a treasury-share disposal decision, and continuation of the annual dividend (₩1,200 per share, yield about 1.8%).Continued shareholder returns via treasury-share disposals and dividends on the back of solid cash flow (mid-term positive). Source
- 2026-04-17FilingDisclosure of the treasury-share disposal results report - reporting the outcome of the previously decided treasury-share disposal.Confirms the actual execution of the shareholder-return policy (mid-term positive). Source
- 2026-05-29FilingCorporate governance report disclosed - a regular report on governance and shareholder returns and other management transparency.As a regular governance disclosure, the direct impact on results is limited (neutral). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net profit | ₩73.5 billion | net profit ₩73.5 billion | Confirmed | link |
| DoubleDown Interactive (DDI) stake and tender-offer proposal price | approx. 67% | approx. 67.1%, ADS 11.25 | Confirmed | link |
| 2026 full-year net profit (estimate) | approx. ₩190.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-18Amended filing
- 2026-05-18Amended filing
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-13EarningsFair-disclosure notice
- 2026-05-13EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-04-30EarningsEarnings disclosure
- 2026-04-28Disclosure
- 2026-04-17TreasuryTreasury-stock disposal decision
- 2026-04-15TreasuryMaterial-fact report
📖 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.