Nexon Games넥슨게임즈

Nexon Games is loss-making on a trailing basis, with revenue holding up but operating losses deepening through H1 2026.

Nexon Games develops online and mobile games such as Blue Archive and The First Descendant. Trailing twelve-month revenue is about ₩172B, but operating income is about -₩44B and net income about -₩51B, after a 2025 loss of about -₩62B on revenue of about ₩179B. The shares closed at ₩9,500, down 27.8% over one year and well below the 52-week high of ₩14,150.

What stands out

• Revenue fell 30% in 2025 to about ₩179B after a strong 2024 of about ₩256B, and the trailing figures remain well below that peak.
• Operating margin was -25.5% on a trailing basis, against a 15.1% margin in 2024, so profitability has swung sharply.
• Free cash flow is about -₩64B trailing, while cash is about ₩93B against borrowings of about ₩9B, so the balance sheet looks manageable for now.
• The stock trades at 2.9 times book value and 3.6 times sales, with no P/E because earnings are negative, and pays no dividend.
• Foreign ownership fell from 3.2% to 2.6% over about 60 days, and the 20-day flows show retail investors net sellers of about ₩1.1B while foreign investors were net buyers of about ₩0.8B.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether losses narrow from the trailing level.
• Future filings on game launches or revenue from existing titles, which the provided data does not describe in detail.
• Peer valuations are mixed; the data does not include any analyst ratings or price targets for the company.