Ghost Studio고스트스튜디오

Ghost Studio's trailing profits are still positive but well below its 2021 peak, while the share price has fallen 12.5% over the past month.

Ghost Studio is a mobile casual game developer with subsidiaries in webtoons, web novels and video content. On trailing twelve-month figures to H1 2026 it reported revenue of ₩79.3B... rather, ₩79.3B is incorrect in scale, so it reported revenue of ₩79.3B and operating income of ₩11.4B, a 14.4% operating margin. The shares closed at ₩9,720 on 16 October 2026, well inside their 52-week range of ₩6,920 to ₩12,460.

What stands out

• Trailing revenue of ₩79.3B is roughly flat against 2025 (₩79.1B) and far below 2021 (₩641.5B), and operating margin has fallen from 38.9% in 2021 to 14.4%.
• Net income of ₩6.4B on trailing figures gives an 8.1% net margin and 6.1% return on equity.
• Cash of ₩12.6B is reported against no borrowings, and liabilities are 8.9% of equity.
• The data shows a series of share buyback decisions and a buyback results report in 2026, plus a 5.7% dividend yield.
• The fair value model gives a base of ₩17 (bear ₩11, bull ₩25) per share using a 7.5% discount rate; the model is an estimate, not a forecast.

What to watch

• Next periodic results and any update to the share buyback programme, since the most recent filing in the data is an amended buyback decision dated 1 September 2026.
• Declining margins and the sharp drop in revenue since 2021, which the data does not explain.
• Foreign ownership, investor flow and short-interest figures are missing from the data, so they cannot be assessed.