Devsisters earns most of its revenue from in-app purchases in mobile games such as Cookie Run: Kingdom, built on the Cookie Run character IP; it has recently been growing non-game IP businesses like character merchandise, trading card games, and pop-up stores (character-goods sales in January 2026 were about ten times higher than a year earlier), but the non-game share of the whole is still small, so new-title hits and updates to existing games drive results. In February 2026 it announced a lineup including the new title Cookie Run: OvenSmash and a direction for shareholder returns, but its May 11 preliminary results confirmed a Q1 operating loss of ₩17.4 billion. What stands out recently is that its proven global IP, ample cash (a current ratio of 398%), use of treasury shares, and a P/B of about 1x are strengths, while results are heavily swung by one or two title hits, making them highly volatile, and it turned to a loss in Q1, so core profitability is still thin.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 25.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 34.4% lower than a year earlier.
- ROE is 6.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.1%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Ji-hoon 18.21% (individual)
Controlling bloc incl. related parties 24.08%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Devsisters makes money from mobile games.
- Its core asset is the character IP called Cookie Run, and centered on its flagship game Cookie Run: Kingdom, it services several titles worldwide including Cookie Run: OvenBreak, with most of its revenue coming from in-app purchases that sell items and characters inside the games.
- Recently it has also been growing non-game IP goods businesses such as trading card games (TCG), pop-up stores, and merchandise using the Cookie Run characters; by the company's own announcement, character-goods sales in January 2026 rose about tenfold from a year earlier.
- It also makes venture investments through its subsidiary Devsisters Ventures.
- That said, the share of non-game IP goods in the company's total revenue is still small compared with games, so ultimately the structure is one where the hits of new games and the update effect of the existing Cookie Run: Kingdom drive results.
- The latest close is ₩17,370 and the market cap is ₩210.7 billion.
- The price sits above its 20-day line (₩15,894) but below its 60-day line (₩18,296).
- With the short- and mid-term trends diverging, the direction should be read separately.
- Its RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 55.6, a neutral level.
- It is up 23.5% over one month but down 21.6% over three months, and stands 69.2% below its 52-week high.
- Its relative strength versus the KOSDAQ is 34 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 67% of all stocks by strength.
- Over the past three months it lagged the index by 1.3%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- On confirmed 2025 results, the P/E ratio (how many times one year's net profit the share price is) is 20.08x and the P/B (how many times book equity the share price is) is about 1.0x.
- A P/B of around 1x means the share price is set at the level of the net assets the company holds, and even against the same industry it is on the cheap side against assets.
- One point to note here is that 2025 net profit (about ₩10.5 billion) was larger than operating profit (about ₩6.4 billion).
- Non-operating income from cash and investment assets added to net profit, so it is a stretch to read the value of the core (game) business straight from a single P/E line.
- The balance sheet itself is firm.
- With a current ratio of 398%, it has ample cash to repay short-term debt, and while a debt ratio (debt to equity) of 182% looks high, much of it is operating liabilities such as user deposits and deferred revenue rather than interest-bearing borrowings.
- With an operating margin of 2.1% and an ROE of 6.3%, core profitability is on the thin side, but a full coffer and a share price that is not burdensome against assets are clear strengths.
- Five-year revenue moved from ₩369.3 billion to ₩214.4 billion to ₩161.1 billion to ₩236.2 billion to ₩295.6 billion, swinging widely up and down with new titles and hit cycles.
- In 2023 it posted operating and net losses, then swung to profit in 2024 on the update effect of Cookie Run: Kingdom, and in 2025 revenue grew +25.1% to continue top-line growth, but operating profit fell -76.6% and net profit -62.5%, with profit bending down again.
- Then in Q1 2026 it turned to a loss with revenue of ₩58.5 billion (-34.4% year on year), an operating loss of ₩17.4 billion, and a net loss of ₩15.1 billion.
- By the company's own account, the causes were a weakening update effect for the core title Cookie Run: Kingdom and the early performance of the new title Cookie Run: OvenSmash falling short of expectations.
- So it is hard to draw this year for this company from the trailing P/E (based on last year's confirmed results) alone.
- Trailing is a 2025 figure already closed and cannot capture the Q1 swing to a loss; with the company not officially presenting a 2026 full-year target and Q1 in the red, whether full-year profit swings to the black this year can only be gauged after confirming the performance of second-half new titles and IP goods.
- The top line has grown, but profit hinges on the next hit title, the classic growth curve of a game company.
- The recent flow of disclosures and IR runs from an announcement of a shareholder-return direction, to a new-title strategy announcement, to confirmation of a Q1 loss.
- In September 2025 it disclosed a corporate-value-enhancement stance including the use of treasury shares and a shareholder-return policy direction, and in its official February 6, 2026 management strategy it presented a new-title lineup including the real-time battle action Cookie Run: OvenSmash (March) and the casual RPG Project CC (second half) and a multiverse expansion of Cookie Run: Kingdom.
- It did not, however, put out annual financial target figures.
- Then on May 11 the preliminary results disclosure confirmed a Q1 operating loss of ₩17.4 billion.
- Through IR on April 27 and March 11 it directly explained results and new-title plans, and on March 13 a disclosure (amended) of a change of over 30% in 2025 profit and loss also came out.
- In short, this is a phase where the will to expand new titles and IP and to return capital is active, but the early performance of new titles has yet to cover costs.
- This is a name where both strengths and cautions stand out clearly.
- The strengths are the proven global IP of Cookie Run, ample cash (a current ratio of 398%), a will to return capital including the use of treasury shares, a P/B of about 1x so the share price is not expensive against assets, and the attempt to broaden the IP beyond games into character goods and TCG.
- The cautions are also clear.
- Results are heavily swung by the hits of one or two new titles, making them highly volatile; it turned to a loss in Q1 2026; and a thin operating margin means weak core profitability.
- Also, the 2025 profit included added non-operating income, so it is hard to declare value on the closed year's P/E alone.
- In short, if second-half new titles and IP goods revenue grow meaningfully, the cheap valuation against assets and the ample cash could quickly come into focus, but if new-title performance is weak, losses could continue.
- It is a game stock with the distinct character of being strong when new titles support it and weak during hit gaps.
🔎 Valuation vs peers Inconclusive
The comparison set is domestic mobile and PC game developers that hold their own IP like Cookie Run and are comparable in market cap and business structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kakao Games | 0.00x | 0.64x | -8.45% |
| Nexon Games | 0.00x | 2.27x | -24.26% |
| Wemade | 0.00x | 1.53x | -4.58% |
The comparison set of Kakao Games, Nexon Games, and Wemade currently all have negative ROE (losses), so a P/E cannot even be derived. In other words, the entire domestic mid-cap game sector is in a downturn. Only Devsisters shows a P/E of 19.3x on 2025 profit, but because (a) 2025 net profit was inflated by non-operating income larger than operating profit and (b) it turned to a loss again in Q1 2026, it is hard to judge cheap or expensive on a trailing P/E based on the closed year. On P/B it is 1.22x, mid-range among the comparison set (Kakao Games 0.68, Wemade 1.45, Nexon Games 2.42), so it is not extreme against asset value. Ultimately value hinges not on a single multiple line but on the success of second-half new-title hits and IP-goods expansion, so at this point an inconclusive stance is more appropriate than declaring it over- or undervalued.
Price history Close · MA20 · MA60
The latest close is ₩17,370 and the market capitalization is ₩210.7 billion. The price sits above its 20-day moving average (₩15,894) and below its 60-day moving average (₩18,296). 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 55.6, a neutral level. The one-month change is +23.5%, the three-month change is -21.6%, and the position relative to the 52-week high is -69.2%. Relative strength versus the KOSDAQ is 34 (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 33% of all stocks. Over the past three months it lagged the index by 1.3%. 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 -1.27% / 6M -34.85% / 12M -62.39%
Key metrics vs sector median
Valuation
The P/E of 20.08x is above the sector median (13.30x). The P/B of 1.27x is below the sector median (1.58x).
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 6.3%, above the sector average (5.0%). The operating margin is 2.1%. The debt ratio is 182.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $106.8M | $156.5M | $195.9M | +25.15% ↓ slower |
| Operating profit | -$31.8M | $18.0M | $4.2M | -76.64% |
| Net profit | -$32.9M | $18.5M | $7.0M | -62.49% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $244.8M | $142.1M | $106.8M | $156.5M | $195.9M |
| Operating profit | $37.5M | -$13.2M | -$31.8M | $18.0M | $4.2M |
| Net profit | $40.0M | -$4.4M | -$32.9M | $18.5M | $7.0M |
| Revenue CAGR | 4-yr avg -5.42% | ||||
Revenue rose 25.1% year over year (2023 ₩161.1 billion → 2024 ₩236.2 billion → 2025 ₩295.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 76.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -5.4%. The two-year revenue CAGR is 35.4%. In the most recent quarter (Q1 2026), revenue was 34.4% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 25.1% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-06IR2026 management strategy announcement — presented a new-title lineup including Cookie Run: OvenSmash (March) and Project CC (second half), a multiverse expansion of Cookie Run: Kingdom, and a plan to strengthen non-game IP goods. No annual financial target figures were officially presented.Presents a medium-term growth direction (new titles and IP expansion). But with no concrete performance figures presented, it can only be confirmed by hit results. Source
- 2026-05-11EarningsQ1 2026 preliminary results (consolidated) disclosure — revenue of roughly ₩58.5 billion, an operating loss of roughly ₩17.4 billion, and a net loss of roughly ₩15.1 billion. Swung to a loss on a weakening core-title update effect and early weakness in the new title.Negative short term. Confirms weaker core profitability by swinging from a year-earlier profit to a loss. Source
- 2025-09-22DividendFair disclosure on corporate-value enhancement — a voluntary disclosure outlining the use of treasury shares and a shareholder-return policy direction.A positive medium-term signal. It showed a will to use treasury shares and return capital, but the concrete size and timing of returns need separate confirmation. Source
- 2026-03-13FilingDisclosure of a change of over 30% in revenue or profit-and-loss structure (amended) — a fair disclosure noting that 2025 annual profit and loss changed significantly from the prior year (operating and net profit decline).A medium-term reference. Formalizes the 2025 profitability slowdown in which revenue rose but profit fell. Source
- 2026-03-16Filing2025 business report filed — a regular disclosure with confirmed results and business structure, including annual revenue of roughly ₩295.6 billion (+25.1%), operating profit of roughly ₩6.4 billion, and net profit of roughly ₩10.5 billion.A medium-term reference point. The official source for 2025 confirmed results and business and financial condition. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | approx. 2,956 (₩295,578,347,074) | (2025.12) revenue | Confirmed | link |
| Q1 2026 operating profit and loss | approx. 174 (-₩17,373,679,304) | 1 | Confirmed | link |
| Q1 2025 results (basis for year-on-year comparison) | operating profit approx. 94 | IR 2025 1 revenue 891·operating profit 94·net profit 102 | Confirmed | link |
| 2026 annual results outlook | net profit | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-11EarningsFair-disclosure notice
- 2026-04-27Disclosure
- 2026-04-27EarningsEarnings disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-13EarningsAmended filing
- 2026-03-11Disclosure
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
📖 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.