NHNNHN

NHN shows a return to operating profit on a trailing basis, but earnings are thin and the share price has fallen 12.3% over the past month.

NHN runs games, the PAYCO payment business, cloud services and ticketing, with trailing twelve-month revenue of ₩2.74T and operating income of ₩167B as of H1 2026. Its 2025 full-year operating income of ₩132B was a recovery from losses in 2024, and the stock trades at ₩49,100, well inside its 52-week range of ₩27,600 to ₩78,200. The data gives a DCF fair value estimate of ₩36,662 in the base case, below the current price.

What stands out

• Trailing operating margin is 6.1% and net margin is 2.6%, with ROE at 4.8%, so profitability is modest.
• Revenue grew 2.4% in 2025 after 8.2% in 2024, and operating income swung from a ₩33B loss in 2024 to a ₩132B profit in 2025.
• Trailing cash of ₩822B exceeds borrowings of ₩232B, and trailing free cash flow is ₩227B; liabilities are 94.4% of equity.
• Valuation metrics are a P/E of 22.6, P/B of 1.1 and EV/EBITDA of 3.8, with no dividend.
• Recent filings include a merger completion report on 1 October 2026 and several debt guarantee decisions for other parties in August and October 2026, and news centres on the Dooray defence collaboration platform and game and festival launches.

What to watch

• The advance notice of earnings results filed on 19 October 2026 signals upcoming results; compare them with the trailing figures above.
• Several debt guarantee decisions for other parties were filed in 2026, which could add contingent liabilities; the data does not show their size.
• Investor flows over the last 20 days were net selling by retail investors of ₩6.5B, against net buying by foreign investors of ₩7.1B.