Webzen웹젠

Webzen's trailing profits remain positive but well below its 2021-2024 levels, and the shares sit near the lower half of their 52-week range.

Webzen is a Korean game developer and publisher whose trailing twelve months to H1 2026 show revenue of ₩171B and operating income of ₩26B, both down from the peak years. The balance sheet looks conservative, with liabilities at 12.9% of equity and no borrowings reported, and the shares trade at about 0.5 times book value. The data includes no analyst ratings or forecasts, and no dividend yield is shown.

What stands out

• Revenue fell 18.8% in 2025 to ₩174B, and operating margin dropped from 36.2% in 2021 to 17% in 2025.
• Trailing net income of ₩31B is higher than trailing operating income of ₩26B, so non-operating items or other income appear to have helped the bottom line; the data does not explain the source.
• Reported cash of ₩52B and trailing free cash flow of ₩34B are the main strengths in the figures given.
• The shares closed at ₩11,570, up 4.8% over one month but down 6.2% over one year, and trade between ₩9,530 and ₩18,010 over 52 weeks.
• The DCF base fair value is ₩17,594, above the current price, but the bear case is ₩12,571 and the model's assumptions are not detailed in the data.
• Foreign ownership eased from 29.4% to 28.8% over 60 days, while the 20-day flows show foreign net selling of about ₩2.6B and retail net buying of about ₩2.6B.
• Recent filings are mostly insider and 5%+ holding reports, plus the H1 2026 half-year report filed on 13 August 2026 and a cash dividend decision on 6 August 2026; the data does not give the dividend amount.

What to watch

• The dividend amount and yield, since the data shows 0% yield and the August 2026 cash dividend decision is not quantified in the data.
• Whether revenue and operating margin stabilise after the sharp declines in 2023 and 2025, and how the next results filing compares.
• Further insider or 5%+ holding reports and continued foreign selling, as the data shows no recent news headlines to explain the moves.