Netmarble Games Corp (251270) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Netmarble Games Corp KRW 58,727, price KRW 34,350, upside +71.0%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 34,150 KRW – 139,117 KRW · fair‑value band 44,672 KRW – 75,529 KRW · the 34,350 KRW price screens below the 58,727 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Netmarble Corporation develops and publishes PC, mobile, and console games in South Korea and internationally. The company was founded in 2000 and is based in Seoul, South Korea.
Stock analysis
Netmarble Games Corp (251270) currently trades at 34,350 KRW, while our model-based Fair Value estimate is 58,727 KRW, implying the stock looks roughly 41.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 67,770 KRW per share, and 22 of the 24 models we run sit above the 34,350 KRW price.
Bear case: the Earnings-Based group reads lowest at 16,699 KRW, and 2 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 44,672 KRW (bear) to 75,529 KRW (bull), the price of 34,350 KRW 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.
Netmarble Games Corp reported revenue of 2.8T KRW in FY2025 versus 2.5T KRW in FY2021, a compound +3.1%/yr. Reported net income was 225B KRW in FY2025, compounding −1.6%/yr from FY2021.
Key figures
Market cap 2.8T KRW (≈ $2.0B) · P/S ratio 1.00 · Dividend yield 2.6% · Net margin 7.9% · Return on equity 6.4% · Return on assets (EBIT) 1.3% · Operating margin 8.0% · Revenue (TTM) 2.9T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 1% 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 71%, 251270 screens cheaper than that median.
Fair Value models
Bear 44,672 KRWFair Value 58,727 KRWBull 75,529 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.4%
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.
+2.0%
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.
+2.7%
Start year 2020 (pandemic). Over 10 years: +10.2% a year
Revenue growth 14 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.
+34.4%
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What shareholders gained per year (last 5 years), in KRW ⓘ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. 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.
+1.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.3%
Dividend (yield on the price)2.6%
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.11% → 12%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what 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).
+2.0%
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.
+3.4%
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 −0.1% a year for the price and +1.3% for the forecasts.
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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 · 148 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). "Netmarble Games Corp Fair Value". https://www.fairvalue-calculator.com/stock/251270
Frequently asked questions
Is Netmarble Games Corp (251270) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 58,727 KRW versus a price of 34,350 KRW, about +71% upside (undervalued).
What is the fair value of 251270?
Our model-based fair value for Netmarble Games Corp is 58,727 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 34,350 KRW.
What is the quality score of 251270?
Netmarble Games Corp has a Quality Score of 61/100. 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 Netmarble Games Corp (251270)?
Our model-based price target is the fair value of 58,727 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 44,672 KRW, optimistic scenario 75,529 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Netmarble Games Corp stock forecast for 2026?
Our models put fair value at 58,727 KRW, about +71% upside versus a price of 34,350 KRW (undervalued). Cautious scenario 44,672 KRW, optimistic scenario 75,529 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Netmarble Games Corp (251270)?
Netmarble Games Corp reported trailing-twelve-month revenue of about 2.9T KRW (latest available figure, as of Sep 24, 2026).
Does Netmarble Games Corp pay a dividend?
Netmarble Games Corp currently shows a dividend yield of about 2.55% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Netmarble Games Corp (251270)?
For today's price to be fair in a discounted-cash-flow model, Netmarble Games Corp would have to grow free cash flow by +2.0 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 251270 use?
Our models discount Netmarble Games Corp at 9.7 %: a base by market capitalisation (mid), damped by beta 0.82, 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 Netmarble Games Corp that is +2.0 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Netmarble Games Corp (251270) delivered so far?
Over the past 5 years revenue at Netmarble Games Corp grew +2.7 % a year. The price currently implies +2.0 % per year free-cash-flow growth a 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 Netmarble Games Corp (251270) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Netmarble Games Corp (+2.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Netmarble Games Corp (251270)?
The free-cash-flow yield on the price is 9.75 %: that much free cash flow Netmarble Games Corp produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Netmarble Games Corp (251270)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Netmarble Games Corp it is 58,727 KRW per share (as of Sep 24, 2026), against a price of 34,350 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Netmarble Games Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 251270 trades below its calculated fair value: price 34,350 KRW, fair value 58,727 KRW, a gap of about +71% (undervalued). 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 251270?
No. The price is what the market pays today (34,350 KRW); the fair value is what the company's own numbers justify (58,727 KRW). For Netmarble Games Corp the two are 24,377 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Netmarble Games Corp worth?
The market values Netmarble Games Corp at about 2.8T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 34,350 KRW; our models calculate a fair value of 58,727 KRW per share.
What do the bullish and bearish scenarios say about 251270?
Our models span a range for Netmarble Games Corp: cautious scenario 44,672 KRW, base 58,727 KRW, optimistic 75,529 KRW per share (as of Sep 24, 2026, price 34,350 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Netmarble Games Corp (251270)?
Balance-sheet figures for Netmarble Games Corp (as of Sep 24, 2026): return on equity 6.4%, debt of 0.07 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 251270 from its 52-week high?
Netmarble Games Corp trades at 34,350 KRW, about 46% below its 52-week high of 64,205 KRW and 1% above the low of 34,150 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 58,727 KRW is for.
Which stocks are comparable to Netmarble Games Corp?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Netmarble Games Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 34,350 KRW, calculated fair value 58,727 KRW (+71%), Quality Score 61/100, from 24 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 251270 calculated?
We run Netmarble Games Corp through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 58,727 KRW, 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 14.1 % above its aggregate fair value. Netmarble Games Corp currently trades 71 % below its own fair value, and the market average says nothing about that. 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 Netmarble Games Corp (251270)?
The closing price on Sep 23, 2026 was 34,350 KRW. Our model-based fair value is 58,727 KRW, about +71% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Netmarble Games Corp right now?
The price is below even our cautious bear case (44,672 KRW). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Netmarble Games Corp
How large is the market capitalisation of Netmarble Games Corp (251270)?
The market capitalisation of Netmarble Games Corp is 2.8T KRW (≈ $2.0B). 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 Netmarble Games Corp (251270)?
The price-to-sales ratio of Netmarble Games Corp is 1.00 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Netmarble Games Corp (251270)?
The dividend yield of Netmarble Games Corp is 2.6%. 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 Netmarble Games Corp (251270)?
The net margin of Netmarble Games Corp is 7.9% (fiscal year 2025). 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 Netmarble Games Corp (251270)?
The return on equity (ROE) of Netmarble Games Corp is 6.4% (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 Netmarble Games Corp (251270)?
On an EBIT basis the return on assets of Netmarble Games Corp is 1.3% (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 Netmarble Games Corp (251270)?
The operating margin of Netmarble Games Corp is 8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Netmarble Games Corp (251270)?
Revenue at Netmarble Games Corp is growing +4.5% versus a year earlier (3y avg +2.0%). 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 Netmarble Games Corp (251270)?
Earnings per share at Netmarble Games Corp are growing +189% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Netmarble Games Corp (251270) carry?
The net debt of Netmarble Games Corp is 828B KRW (fiscal year 2025, ≈ 3.0 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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