Neptune (217270) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Neptune both develops and services games and makes equity investments in game companies; Krafton is its largest shareholder with a 45.07% stake (about 51% combined), so its governance is stable, but the free float is small and the price can swing when trading is thin. Filings in January-February 2026 showed annual revenue of ₩122.5 billion, operating profit of ₩2.5 billion, and net profit of -₩40.2 billion, confirming that last year's earnings were heavily shaken, and in April a treasury-stock disposal results report was filed. What stands out recently is that the stock trades at a P/B of 0.32x, a third of net asset value, the debt ratio of 13.7% makes the balance sheet stable, operating profit is set to rise sharply to around ₩22.8 billion this year, and Q1 net profit has already turned positive. On the other hand, because last year's net loss was as large as -₩40.2 billion, one has to watch whether this year's profit recovery continues steadily quarter by quarter, along with the volatility that comes with a small free float.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 0.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.6% lower than a year earlier.
- ROE is -12.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.5%.
- 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 Krafton 45.07% (corporate)
Controlling bloc incl. related parties 50.93%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Neptune belongs to the games and software group, and both develops and services games and makes equity investments in game companies. Its largest shareholder is Krafton with a 45.07% stake, and combined with related holdings the largest-shareholder side holds about 51%, so governance is stable while the float circulating in the market is on the small side (which means the price can swing when volume is thin). The latest close is ₩2,175 and the market cap is about ₩101.7 billion. Because the market cap is not large, the effect of a single filing on the finances and share count must be considered alongside the business itself.
The latest close is ₩2,435 and the market capitalization is ₩113.8 billion. The price sits above its 20-day moving average (₩2,276) and below its 60-day moving average (₩2,631). 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 54.2, a neutral level. The one-month change is +3.4%, the three-month change is -36.6%, and the position relative to the 52-week high is -66.0%. Relative strength versus the KOSDAQ is 12 (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 11% of all stocks. Over the past three months it lagged the index by 2.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩122.5 billion, operating profit ₩2.5 billion, and net profit -₩40.2 billion. The operating margin of 2.0% and the ROE (how much is earned in a year on equity) of -12.7% show last year's earnings were weak. That said, financial stability is solid. The debt ratio (debt relative to equity) is low at 13.7%, and the current ratio (assets immediately usable versus debt due within a year) is 1.91x. Total equity of ₩316.1 billion is more than three times the market cap (about ₩101.7 billion). A P/B (how many times book value the stock is priced at) of 0.35x means the stock trades at a third of the company's net asset value, so rather than reading last year's P/E, which was negative, as a straightforward burden, one should also consider that it is cheap relative to asset value. The diagnosis likewise classifies the valuation as undervalued.
Revenue took firm hold, from ₩99.7 billion in 2023 to ₩121.6 billion in 2024 and ₩122.5 billion in 2025. Last year's operating profit (₩2.5 billion) and net profit (-₩40.2 billion) were weak, but the trend is changing this year. In Q1 2026, revenue was ₩31.4 billion, operating profit ₩1.7 billion, and net profit ₩5.8 billion, turning positive on a quarterly basis. This year's outlook is around ₩144.8 billion in revenue and ₩22.8 billion in operating profit, a picture in which operating profit grows to nearly nine times last year's (₩2.5 billion). This reflects an inflection phase in which game and platform revenue takes hold and cost burdens ease, returning the margin to a normal track. Last year's large net loss included one-off valuation and impairment factors, so if underlying earnings capacity rises, results can improve quickly. There is no basis showing the outlook for next year and beyond is lower than this year's, so there is no clue to treat this year's profit recovery as a peak.
On January 22, 2026, and February 20, 2026 (correction), filings of a 30%-or-more change in revenue or profit structure were made. Annual revenue was ₩122.5 billion, operating profit ₩2.5 billion, and net profit -₩40.2 billion, a signal that last year's earnings were heavily shaken. It is best to check whether this points the same way as the annual trend and how much one-off factors are mixed in. On April 1, 2026, a treasury-stock disposal results report was filed; this discloses the outcome of the company disposing of treasury shares it held, affecting the share count and cash flow. It is worth checking the disposal terms and whether profit and cash flow support them.
The strong side is clear. The stock trades at a P/B of 0.32x, a third of net asset value, the balance sheet is stable with a debt ratio of 13.7% and a current ratio of 1.91x, and Krafton, the largest shareholder (45%), provides solid backing. On top of that, operating profit, which was ₩2.5 billion last year, is on track to rise sharply to around ₩22.8 billion this year, and Q1 net profit has already turned positive. It reads as an undervalued zone where asset value and earnings recovery are interlocked. On the side to confirm, since last year's annual net profit was as large as -₩40.2 billion and operating profit was barely enough to cover interest, the question is whether this year's profit recovery continues steadily in quarterly results. One must also watch that the price can swing when trading is thin due to a small float. In sum, the more underlying earnings improvement is confirmed each quarter, the more the undervaluation relative to asset value comes to life, while if the recovery is slow, volatility can grow because of the small float.
🔎 Valuation vs peers Undervalued
A market-cap-adjacent peer set within games and software.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| VUNO | — | 2.78x | -16.00% |
| Atton | 68.56x | 1.07x | 1.51% |
| Genians | 18.53x | 2.26x | 14.05% |
We first looked at a public-data peer set with nearby market cap within games and software. The current P/E ratio (how many times a year's profit the stock is priced at) is not available, and the P/B ratio (how many times book value the stock is priced at) is 0.35x. Because lower-market-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩144.8 billion | ₩22.8 billion | — |
| Next quarter | Q2 2026 | ₩38.8 billion | ₩1.8 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩2,435 and the market capitalization is ₩113.8 billion. The price sits above its 20-day moving average (₩2,276) and below its 60-day moving average (₩2,631). 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 54.2, a neutral level. The one-month change is +3.4%, the three-month change is -36.6%, and the position relative to the 52-week high is -66.0%. Relative strength versus the KOSDAQ is 12 (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 11% of all stocks. Over the past three months it lagged the index by 2.1%. 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 -2.09% / 6M -33.94% / 12M -65.67%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.35x is below the sector median (1.10x).
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.7%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -12.9%, below the sector average (1.0%). The operating margin is 1.5%. The debt ratio is 17.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $70.1M | $85.4M | $86.1M | +0.76% ↓ slower |
| Operating profit | $1.5M | $6.7M | $1.8M | -74.05% ↓ slower |
| Net profit | -$11.0M | $1.4M | -$28.2M | -2165.21% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $14.3M | $20.7M | $70.1M | $85.4M | $86.1M |
| Operating profit | -$17.3M | -$20.1M | $1.5M | $6.7M | $1.8M |
| Net profit | $54.6M | -$113.8M | -$11.0M | $1.4M | -$28.2M |
| Revenue CAGR | 4-yr avg 56.77% | ||||
Revenue rose 0.8% year over year (2023 ₩99.7 billion → 2024 ₩121.6 billion → 2025 ₩122.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 74.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 56.8%. The two-year revenue CAGR is 10.8%. In the most recent quarter (Q1 2026), revenue was 0.6% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 0.8% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-02-20Earnings[Correction] Change of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩122.5 billion, operating profit ₩2.5 billion, net profit -₩40.2 billionThis is recent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether one-off factors are present. Source
- 2026-01-22EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩122.5 billion, operating profit ₩2.5 billion, net profit -₩40.2 billionThis is recent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether one-off factors are present. Source
- 2026-04-01UpdateTreasury-stock disposal results report: check the terms of the returnThis is a filing related to a cash return or a change in share count. Confirm whether earnings capacity and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,435 | ₩2,435 | Confirmed | link |
| Latest quarterly results | revenue ₩31.4 billion, operating profit ₩1.7 billion | revenue ₩31.4 billion, operating profit ₩1.7 billion | Confirmed | link |
| Annual results | revenue ₩122.5 billion, operating profit ₩2.5 billion | revenue ₩122.5 billion, operating profit ₩2.5 billion | Confirmed | link |
| Earnings filing (original text) | [amended] revenue30%: revenue ₩122.5 billion · operating profit ₩2.5 billion · net profit -₩40.2 billion | [amended] revenue30%: revenue ₩122.5 billion · operating profit ₩2.5 billion · net profit -₩40.2 billion | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩122.5 billion · operating profit ₩2.5 billion · net profit -₩40.2 billion | revenue30%: revenue ₩122.5 billion · operating profit ₩2.5 billion · net profit -₩40.2 billion | Confirmed | link |
| Shareholder-return filing (original text) | check the payout terms | check the payout terms | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-24Disclosure
- 2026-04-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-08OwnershipOwnership-change filing
- 2026-04-06Disclosure
- 2026-04-01Merger decision
- 2026-04-01TreasuryTreasury-stock disposal decision
- 2026-03-26TreasuryMaterial-fact report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' 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.