STOCK COMPARISON
NCsoft vs NetEase: Fair Value & Quality
Both stocks run through our valuation models. Here is how NCsoft (036570) and NetEase (NTES) compare, as of Aug 10, 2026.
As of Aug 10, 2026, Fair Value Calculator sees NetEase as the more attractively valued of the two: NCsoft trades at KRW 248,500 versus a fair value of KRW 178,457 (-28%), while NetEase trades at $132 versus $171 (+29%).
NCsoft
036570.KO · KRW · Communication Services
-28%
upside to fair value
overvalued
PriceKRW 248,500
Fair ValueKRW 178,457
Quality64/100
NetEase
NTES · USD · Communication Services
+29%
upside to fair value
undervalued
Price$132
Fair Value$171
Quality81/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
NCsoftNetEase
Valuation
—P/E (TTM)16.1×
—P/S (TTM)4.75×
—P/B3.39×
—EV/EBITDA12.2×
—PEG1.33×
0.5%Dividend yield2.4%
KRW 1,150Dividend per share$4.18
Profitability
27%Net margin30%
20%Operating margin41%
14%Return on equity22%
2%Return on assets11%
Growth
55%Revenue growth (YoY)6%
-16.3%Avg. growth/yr (3Y)5.3%
-9.0%Avg. growth/yr (5Y)8.9%
Balance & size
0.01×Debt / equity0.00×
$3BMarket cap$81B
weakGrowth qualityhealthy
NetEase leads: 1 to 8 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
NCsoftof which business quality 60 · market factors 46
NetEaseof which business quality 79 · market factors 53
ProfitabilityMargins and returns on capital today
55
71
Quality GrowthAre margins and returns improving?
55
53
CashflowEarnings quality: real cash, not paper profit
18
91
Fin. StrengthBalance sheet, leverage, solvency risk
69
95
InvestmentDisciplined investing over empire-building
87
63
Low VolatilityCalm price path (market factor)
39
69
MomentumPrice trend over the last 3–12 months (market factor)
50
47
52W MomentumDistance to the 52-week high (market factor)
48
45
Net IssuanceBuybacks instead of dilution
99
89
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
NCsoft
DCF ModelsKRW 83,858
Earnings-BasedKRW 85,987
MultiplesKRW 181,735
Asset-BasedKRW 115,774
Growth DCFKRW 54,279
Economic ProfitKRW 102,429
Growth EarningsKRW 326,442
15 of 23 models see the stock below the current price.
NetEase
DCF Models$1,933
Earnings-Based$1,295
Dividend Discount$369
Multiples$834
Asset-Based$168
Growth DCF$1,771
Economic Profit$689
Growth Earnings$1,701
0 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
NCsoft
Bear KRW 156,497Fair Value KRW 178,457Bull KRW 325,016
KRW 248,500 = current price (white tick)
NetEase
Bear $128Fair Value $171Bull $295
$132 = current price (white tick)
Compare two other stocks
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
NCsoft · Communication Services
Quality score64 · Top 25%
Fair value upside-28% · below median
NetEase · Communication Services
Quality score81 · Top 25%
Fair value upside+29% · above median
Bottom line
As of Aug 10, 2026, Fair Value Calculator sees NetEase as the more attractively valued of the two: NCsoft trades at KRW 248,500 versus a fair value of KRW 178,457 (-28%), while NetEase trades at $132 versus $171 (+29%).
NetEase has the higher quality score (81/100).
See the full analysis →
More comparisons
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
