NCsoft Corp (036570) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NCsoft Corp stock KRW 85,989, price KRW 208,500, that is 58.8% below the price, quality 66 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 135,121 KRW – 746,449 KRW · fair‑value band 60,192 KRW – 111,786 KRW · the 208,500 KRW price screens above the 85,989 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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NC Corporation, together with its subsidiaries, develops and publishes online games in Korea, Japan, Taiwan, the United States of America, Europe, and Canada.
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It also engages in software development, call center management, professional baseball team, creation of 3D resources, and mutual fund activities. The company was formerly known as NCSOFT Corporation and change its name to NC Corporation in April 2026.
NC Corporation was incorporated in 1997 and is headquartered in Seoul, South Korea.
Stock analysis
NCsoft Corp (036570) currently trades at 208,500 KRW, while our model-based Fair Value estimate is 85,989 KRW, 59% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 326,449 KRW per share, and 8 of the 25 models we run sit above the 208,500 KRW price.
Bear case: the Dividend Discount group reads lowest at 20,382 KRW, and 17 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: 60,192 KRW (bear) to 111,786 KRW (bull), the price of 208,500 KRW sits above 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 66/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
NCsoft Corp reported revenue of 1.5T KRW in FY2025 versus 2.3T KRW in FY2021, a compound −10.1%/yr. Reported net income was 347B KRW in FY2025, compounding −3.3%/yr from FY2021.
Key figures
Market cap 4.0T KRW (≈ $3.0B) Mid · P/E ratio 6.7 · P/S ratio 1.93 · EPS (TTM) 31,724 KRW · Dividend yield 0.6% · Net margin 29.5% · Return on equity 18.9% · Return on assets (EBIT) 4.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at −59%, 036570 screens richer than that median.
Fair Value models
Bear60,192 KRWFair Value 85,989 KRWBull111,786 KRW
Price 208,500 KRW · Downside -58.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (26,134 KRW per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.36/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−4.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−16.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.0%
Start year 2020 (pandemic). Over 10 years: +6.0% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.4%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−25.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−26.5%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1.6% vs 3.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.34% → 1%
2025 sits 71% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+37.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+21.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +34.5% a year for the price and +19.2% for the forecasts.
Price, fair value, quality and upside side by side.
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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 · 165 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "NCsoft Corp Fair Value". https://www.fairvalue-calculator.com/stock/036570
Frequently asked questions
Is NCsoft Corp (036570) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 85,989 KRW versus a price of 208,500 KRW, about 59% lower (overvalued).
What is the fair value of 036570?
Our model-based fair value for NCsoft Corp is 85,989 KRW (as of Nov 6, 2026), built from audited fundamentals. The current price: 208,500 KRW.
What is the quality score of 036570?
NCsoft Corp has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NCsoft Corp (036570)?
Our model-based price target is the fair value of 85,989 KRW (as of Nov 6, 2026) from 25 valuation models. Cautious scenario 60,192 KRW, optimistic scenario 111,786 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the NCsoft Corp stock forecast for 2026?
Our models put fair value at 85,989 KRW, about 59% lower versus a price of 208,500 KRW (overvalued). Cautious scenario 60,192 KRW, optimistic scenario 111,786 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of NCsoft Corp (036570)?
NCsoft Corp reported trailing-twelve-month revenue of about 2.1T KRW (latest available figure, as of Nov 6, 2026).
Does NCsoft Corp pay a dividend?
NCsoft Corp currently shows a dividend yield of 0.55% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of NCsoft Corp (036570) and when is the ex-dividend date?
NCsoft Corp pays a dividend of 1,150 KRW per share a year, a dividend yield of 0.6%. The last ex-dividend date was Mar 30, 2026. The payout ratio is 3.6% of earnings. Free cash flow covers the dividend 2.09 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into NCsoft Corp (036570)?
For today's price to be fair in a discounted-cash-flow model, NCsoft Corp would have to grow free cash flow by +37.3 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -9.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 036570 use?
Our models discount NCsoft Corp at 10.1 %: a base by market capitalisation (mid), damped by beta 0.97, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NCsoft Corp that is +37.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has NCsoft Corp (036570) delivered so far?
Over the past 5 years revenue at NCsoft Corp grew -9.0 % a year. The price currently implies free-cash-flow growth of +37.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NCsoft Corp (036570) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into NCsoft Corp (+37.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NCsoft Corp (036570)?
The free-cash-flow yield on the price is 1.16 %: that much free cash flow NCsoft Corp produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NCsoft Corp (036570)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NCsoft Corp it is 85,989 KRW per share (as of Nov 6, 2026), against a price of 208,500 KRW. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is NCsoft Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 036570 trades above its calculated fair value: price 208,500 KRW, fair value 85,989 KRW, a gap of about −59% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 036570?
No. The price is what the market pays today (208,500 KRW); the fair value is what the company's own numbers justify (85,989 KRW). For NCsoft Corp the two are 122,511 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NCsoft Corp worth?
The market values NCsoft Corp at about 4.0T KRW (market capitalisation, as of Nov 6, 2026). Per share that is 208,500 KRW; our models calculate a fair value of 85,989 KRW per share.
What do the bullish and bearish scenarios say about 036570?
Our models span a range for NCsoft Corp: cautious scenario 60,192 KRW, base 85,989 KRW, optimistic 111,786 KRW per share (as of Nov 6, 2026, price 208,500 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 036570?
NCsoft Corp trades at a price-to-earnings ratio of 6.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 85,989 KRW is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 23.0. Other multiples: P/B 1.2, P/S 1.9, EV/EBITDA 9.5.
How solid is the balance sheet of NCsoft Corp (036570)?
Balance-sheet figures for NCsoft Corp (as of Nov 6, 2026): return on equity 18.9%, debt of 0.01 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 036570 from its 52-week high?
NCsoft Corp trades at 208,500 KRW, about 38% below its 52-week high of 338,000 KRW and 12% above the low of 186,065 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 85,989 KRW is for.
Which stocks are comparable to NCsoft Corp?
From the same area (Communication Services) we also value NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, Zhejiang Century Huatong Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NCsoft Corp stock attractive at the current price?
The data as of Nov 6, 2026: price 208,500 KRW, calculated fair value 85,989 KRW (−59%), Quality Score 66/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 036570 calculated?
We run NCsoft Corp through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 85,989 KRW builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. NCsoft Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NCsoft Corp (036570)?
The closing price on Nov 6, 2026 was 208,500 KRW. Our model-based fair value is 85,989 KRW, about 59% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NCsoft Corp right now?
The price sits above even our optimistic bull case (111,786 KRW). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (60,192 KRW to 111,786 KRW) leaves room in how you read the outcome.
Key figures of NCsoft Corp
How large is the market capitalisation of NCsoft Corp (036570)?
The market capitalisation of NCsoft Corp is 4.0T KRW (≈ $3.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NCsoft Corp (036570)?
The price-to-sales ratio of NCsoft Corp is 1.93 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NCsoft Corp (036570)?
Earnings per share at NCsoft Corp are 31,724 KRW (price ÷ EPS = P/E 6.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NCsoft Corp (036570)?
The dividend yield of NCsoft Corp is 0.6% (payout 3.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NCsoft Corp (036570)?
The net margin of NCsoft Corp is 29.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NCsoft Corp (036570)?
The return on equity (ROE) of NCsoft Corp is 18.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NCsoft Corp (036570)?
On an EBIT basis the return on assets of NCsoft Corp is 4.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NCsoft Corp (036570)?
The operating margin of NCsoft Corp is 22.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NCsoft Corp (036570)?
Revenue at NCsoft Corp is growing +102% versus a year earlier (3y avg −16.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NCsoft Corp (036570)?
Earnings per share at NCsoft Corp are growing +294% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NCsoft Corp (036570) carry?
The net debt of NCsoft Corp is 44.4B KRW (fiscal year 2023, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026