Gravity Co Ltd (GRVY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Gravity Co Ltd stock $192, price $67.19, upside +186.3%, quality 61 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Gravity Co Ltd
GRVY · USThe stock costs 65% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $36.85 – $111.50 · fair‑value band $114.57 – $261.07 · the $67.19 price screens below the $192.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Company profile
Gravity Co., Ltd. develops and publishes online and mobile games worldwide.
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It offers massively multiplayer online role-playing games, including Ragnarok Online, Dragonica, Requiem Online, R.O.S.E. Online, Ragnarok Online II, and Ragnarok Landverse, as well as character-based merchandise and animation.
Its mobile games portfolio includes Ragnarok M; Eternal Love; Ragnarok Origin; Ragnarok X: Next Generation; Ragnarok Arena; WITH ISLAND; the Labyrinth of Ragnarok; Ragnarok Poring; Tera Classic; NBA: Rise To Stardom; Generation Zombie; Ragnarok Idle Adventure; Ragnarok 20 Heroes; White Chord; WITH: Whale In The High; Ragnarok Lost Memories; and Paladog Tactics.
It also provides console games, such as Ragnarok DS for Nintendo DS; Ragnarok: The Princess of Light and Darkness for PlayStation Portable; Ragnarok Odyssey for PlayStation Vita; Double Dragon II for Xbox 360; Ragnarok Odyssey Ace for PlayStation Vita and PlayStation 3; Pigromance for Steam, Stove, Nintendo Switch, Xbox One, Xbox Series X|S; ALTF4 11 for Steam and Stove; Wetory for Steam, Stove, Nintedo Switch; and GRANDIA HD Collection for Nintendo Switch.
In addition, it offers games for IPTV, including Haunted House and Pororo: The Little Penguin, and Kongsuni; and markets dolls, stationery, food, and other character-based merchandise, as well as game manuals, monthly magazines, and other publications; PC games, including Puzzle, Platformer, ALTF4 II, Ragnarok ZERO, KAMiBAKO-Mythology of Cube, Psychodemic, and FINAL KNIGHT; social network games and mobile games, such as Ragnarok V: Returns, Ragnarok: The Lost Memories and Ragnrok Begins in-house; and web-browser-based games, such as Ragnarok Prequel and Ragnarok Prequel II. Further, the company provides system development and maintenance services, as well as system integration services to third parties.
The company was incorporated in 2000 and is headquartered in Seoul, South Korea. Gravity Co., Ltd. is a subsidiary of GungHo Online Entertainment, Inc.
Stock analysis
Gravity Co Ltd (GRVY) currently trades at $67.19, while our model-based Fair Value estimate is $192.34, implying the stock looks roughly 65% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $202.47 per share, and 22 of the 24 models we run sit above the $67.19 price.
Bear case: the Asset-Based group reads lowest at $63.06, and 2 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $114.57 (bear) to $261.07 (bull), the price of $67.19 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Gravity Co Ltd reported revenue of 561B KRW in FY2025 versus 414B KRW in FY2021, a compound +7.9%/yr. Reported net income was 67.5B KRW in FY2025, compounding +0.6%/yr from FY2021.
Key figures
Market cap $467M Small · P/E ratio 7.9 · P/S ratio 0.95 · EPS (TTM) $8.52 · Net margin 12.0% · Return on equity 13.2% · Return on assets (EBIT) 20.8% (5-year average) · Operating margin 15.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at 186%, GRVY screens cheaper than that median.
Fair Value models
All 24 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Compare Gravity Co Ltd with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Gaming & Multimedia · 164 stocks
Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/S ratio by industry
- EBIT margin by industry
- Stock screener with 62 metrics
- Undervalued stocks: Communication Services
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| 37 Interactive Entertainment Network Technology Group 002555 | ¥16.32 | ¥38.45 | +136% | vs GRVY |
| Zhejiang Century Huatong Group 002602 | ¥12.85 | ¥27.63 | +115% | vs GRVY |
| NetEase, Inc NTES | $129.45 | $255.42 | +97% | vs GRVY |
| KRAFTON, Inc 259960 | 220,500 KRW | 410,472 KRW | +86% | vs GRVY |
| Giant Network Group 002558 | ¥21.29 | ¥31.97 | +50% | vs GRVY |
| International Games System Co 3293 | 736.00 TWD | 1,094 TWD | +49% | vs GRVY |
| Kingnet Network Co 002517 | ¥17.18 | ¥21.73 | +26% | vs GRVY |
| Roblox Corporation RBLX | $49.30 | $44.31 | −10% | vs GRVY |
| Take-Two Interactive Software, Inc TTWO | $214.87 | $75.06 | −65% | vs GRVY |
| CD Projekt S.A CDR | 266.90 PLN | 67.47 PLN | −75% | vs GRVY |
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Key figures of Gravity Co Ltd
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