Neorigin네오리진

Neorigin's revenue has fallen while losses remain large, even as the share price has risen sharply over the past year.

Neorigin is a mobile game publisher whose main revenue comes from Yeosin War. In the trailing twelve months to H1 2026 it reported revenue of ₩24.8B, an operating loss of ₩4.7B and a net loss of ₩8.0B, with cash of ₩27.7B against borrowings of ₩4.1B. The share price closed at ₩1,680 on 2026-10-27, up 53.8% over one year, while the data does not include a fair value estimate or a P/E ratio because earnings are negative.

What stands out

• Revenue fell 11.6% in 2025 to ₩31.0B, after a 37.6% rise in 2024, so the top line has been volatile.
• Operating margin was -19.1% over the trailing twelve months, and net margin was -32.3%, so losses are large relative to sales.
• Free cash flow over the trailing twelve months was negative at about -₩3.4B, though cash on hand of ₩27.7B exceeds borrowings of ₩4.1B.
• The stock is trading at 1.8x book value and 3.6x sales, with a 1-year return of 53.8% and a 52-week range of ₩907 to ₩1,859.
• Recent filings include a sale agreement for the TOPREELS short-form drama platform (agreed November 2025), share acquisitions in May 2026, and an amended half-year report filed on 2026-10-26.

What to watch

• The amended half-year report filed on 2026-10-26 and any further changes to the H1 2026 figures.
• Whether the TOPREELS sale is completed, since the data does not state its status or price.
• Reliance on Yeosin War for revenue, and the loan-related and largest-shareholder lock-up filings, which the data does not explain in detail.