PearlAbyss펄어비스

Pearl Abyss reports strong trailing profits from its games, but the share price remains well below its 52-week high.

Pearl Abyss, a Korean video game developer behind Black Desert and EVE Online, reported trailing twelve-month revenue of ₩723B and operating income of ₩282B to H1 2026, after several loss-making years from 2022 to 2025. Its latest title, Crimson Desert, has drawn positive reviews and a Golden Joystick Awards nomination, and the company has announced its first expansion, due for global launch on the 30th. The shares closed at ₩34,350, roughly 56% below the 52-week high of ₩77,400.

What stands out

• Trailing profitability is high: operating margin of 39% and net margin of 37.5%, compared with operating losses in 2023 to 2025 on the annual figures.
• The balance sheet looks conservative on the data given, with liabilities at 22.4% of equity, cash of ₩315B against borrowings of ₩71B, and trailing free cash flow of ₩262B.
• Valuation metrics are modest: P/E of 8, P/B of 2.1, and EV/EBITDA of 5.2, while the DCF fair value model gives a base of ₩14,148, below the current price.
• Foreign ownership fell from 8.1% to 5.8% over the past 60 days, and retail investors were net sellers of about ₩17.8B over the last 20 days while foreign investors were net buyers of about ₩17.4B.
• The stock is up 1.3% over one month but down 2.6% over three months and 1.9% over one year.

What to watch

• The 2026 full-year results, following the advance earnings notice filed on 16 October, and whether the H1 profit level holds given that 2025 was a net loss.
• The global launch of the Crimson Desert expansion on the 30th and how player reception compares with the positive early reviews.
• Foreign shareholding trends and the dividend policy, since the data shows no dividend yield and does not include any outlook for future payouts.