Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 5.4x · ROE 11.2%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $450M | $402M | $439M | $483M | $280M | $473M | $1.3B | $260M | $292M | $328M | $37M |
| Enterprise Value | $317M | $-203188795370 | $-228459448610 | $-183598627560 | $-169596816320 | $-93508577120 | $-106129447740 | $196M | $-85759231645 | $-38766929615 | $-13958574808 |
| P/E Ratio → | 10.08 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 | — |
| P/S Ratio | 1.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 1.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 2.60 | 0.00 | 0.01 | 0.00 |
| P/FCF | 9.06 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
| P/OCF | 8.94 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.36 | -0.46 | -0.25 | -0.37 | -0.23 | -0.26 | 0.00 | -0.30 | -0.27 | -0.40 |
| EV / EBITDA | 5.36 | -2.24 | -2.41 | -1.09 | -1.52 | -0.91 | -1.14 | 0.00 | -2.43 | -2.64 | -2.36 |
| EV / EBIT | 6.09 | -2.23 | -2.15 | -1.09 | -1.54 | -0.94 | -1.20 | 0.00 | -2.53 | -2.74 | -3.62 |
| EV / FCF | — | -2.67 | -3.10 | -1.45 | -1.78 | -1.34 | -1.60 | 0.01 | -2.54 | -1.61 | -4.70 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.0% | 35.0% | 38.7% | 33.2% | 42.3% | 45.8% | 41.1% | 26.4% | 26.8% | 33.5% | 59.8% |
| Operating Margin | 14.2% | 14.2% | 17.0% | 22.1% | 22.6% | 23.4% | 21.8% | 13.5% | 11.8% | 10.0% | 16.3% |
| Net Profit Margin | 12.0% | 12.0% | 17.0% | 18.2% | 17.9% | 15.9% | 15.4% | 11.0% | 11.0% | 9.4% | -2.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.2% | 11.2% | 16.5% | 33.3% | 28.8% | 31.1% | 70.7% | 105.4% | 52.6% | 35.3% | -2.4% |
| ROA | 9.4% | 9.4% | 13.4% | 25.8% | 21.6% | 22.2% | 47.2% | 46.0% | 21.8% | 15.9% | -1.5% |
| ROIC | 15.5% | 15.5% | 20.7% | 54.7% | 50.2% | 65.1% | 189.4% | 102410.8% | — | 94.9% | 37.9% |
| ROCE | 13.0% | 13.0% | 16.3% | 39.6% | 35.4% | 44.3% | 96.7% | 122.4% | 51.8% | 32.5% | 15.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 0.02 | 0.02 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.05 | 0.03 | 0.00 | — | — | — |
| Net Debt / Equity | — | -0.32 | -0.40 | -0.40 | -0.51 | -0.38 | -0.61 | -0.64 | -1.14 | -0.89 | -0.45 |
| Net Debt / EBITDA | -2.25 | -2.25 | -2.42 | -1.10 | -1.52 | -0.91 | -1.15 | -0.00 | -2.44 | -2.67 | -2.36 |
| Debt / FCF | — | -2.68 | -3.10 | -1.45 | -1.78 | -1.34 | -1.62 | -0.00 | -2.55 | -1.62 | -4.71 |
| Interest Coverage | 323.48 | 323.48 | 788.76 | 1042.35 | 866.21 | 864.49 | 474.18 | 176.18 | 2824.12 | 1087.54 | — |
Net cash position: cash ($203.6B) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.27 | 7.27 | 6.02 | 5.14 | 3.99 | 4.14 | 2.98 | 2.79 | 1.71 | 1.68 | 2.96 |
| Quick Ratio | 7.27 | 7.27 | 6.02 | 5.14 | 3.99 | 4.09 | 2.95 | 2.79 | 1.69 | 1.63 | 2.89 |
| Cash Ratio | 6.44 | 6.44 | 5.15 | 4.38 | 3.22 | 3.35 | 2.21 | 2.13 | 1.02 | 0.95 | 2.17 |
| Asset Turnover | — | 0.75 | 0.73 | 1.25 | 1.04 | 1.26 | 1.53 | 2379.59 | 1.66 | 1.22 | 0.67 |
| Inventory Turnover | — | — | — | — | — | 70.85 | 106.83 | — | 83.50 | 31.13 | 11.63 |
| Days Sales Outstanding | — | 38.56 | 60.29 | 37.66 | 60.93 | 46.39 | 53.74 | 0.03 | 77.38 | 110.48 | 130.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.9% | 17003.7% | 19364.6% | 27311.7% | 29682.5% | 13931.3% | 4992.3% | 15343.5% | 10786.3% | 4057.1% | — |
| FCF Yield | 11.0% | 18912.4% | 16826.8% | 26197.6% | 34078.9% | 14781.7% | 5267.8% | 9245.5% | 11568.2% | 7332.7% | 8094.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M |
Single IP Revenue Concentration
Based on reported figures, Gravity trades at a P/E of 10.50, which appears to reflect significant market skepticism regarding the long-term viability of its Ragnarok-centric portfolio compared to the broader, more diversified gaming conglomerates like NetEase that command higher valuation multiples in the current market environment.
The current valuation suggests that investors are pricing in a terminal decline for the company's core franchise rather than a sustainable software factory model. This discount warrants further investigation into whether the market is failing to account for the recurring nature of the company's high-ARPU player base.
As reported in financial statements, Gravity's ROIC has trended downward from 12.1% in 2023Q3 to 2.7% in 2025Q2, indicating that the company is struggling to generate meaningful returns on its growing cash pile and reinvested capital within its existing mobile gaming ecosystem.
The compression in return metrics suggests that the company's internal growth projects are failing to meet historical efficiency benchmarks. Investors should monitor whether this decay is a structural consequence of market saturation or a temporary byproduct of increased marketing spend for new title launches.
According to recent SEC filings, Gravity's asset turnover has remained consistently low at 0.17 in 2025Q2, which suggests that the company's massive cash balance is significantly diluting its overall asset utilization efficiency compared to more capital-light, high-growth peers in the electronic gaming sector.
The lack of granular data regarding inventory and payables makes it difficult to assess the true operational velocity of the business. The low turnover ratio appears to be a function of balance sheet hoarding rather than an inherent operational inefficiency in the gaming publishing process.
Based on Gravity's reported figures, the current ratio has remained robust at 5.82 in 2025Q2, providing an exceptionally high liquidity cushion that effectively insulates the company from short-term regulatory shocks or sudden downturns in the mobile gaming market's high-ARPU monetization model.
This liquidity position is clearly defensive, suggesting that management is prioritizing capital preservation over aggressive expansion. While this provides a safety net, it also raises questions about the opportunity cost of holding such significant non-productive assets in a competitive gaming landscape.
The P/E ratio is frequently misapplied to Gravity, as it obscures the company's massive net cash position which represents a significant portion of its market value, thereby distorting the true earnings multiple of the underlying gaming operations and leading to an inaccurate assessment of value.
Analysts should instead utilize an EV/EBITDA metric or an adjusted P/E that subtracts net cash from the market capitalization to better reflect the core business's profitability. Relying on headline P/E ratios likely leads to an overestimation of the company's perceived risk and an underestimation of its cash-generating potential.
Includes 30+ ratios · 24 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Quick answers to the most common questions about buying GRVY stock.
Gravity Co., Ltd.'s current P/E ratio is 10.1x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Gravity Co., Ltd.'s current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.0x.
Gravity Co., Ltd.'s return on equity (ROE) is 11.2%. The historical average is 17.6%.
Based on historical data, Gravity Co., Ltd. is trading at a P/E of 10.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gravity Co., Ltd. has 35.0% gross margin and 14.2% operating margin. Operating margin between 10-20% is typical for established companies.