NCsoft Corp (036570) Fair Value & Analysis
Communication Services · KR · Market cap 4.3T KRW (≈ $3.0B) · ISIN KR7036570000
What is NCsoft Corp really worth?
A solid business, but trading 29% above our fair value of 171,808 KRW.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 23 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from 178,457 KRW to 171,808 KRW (−3.7%) since Jul 17, 2026. Share price −4.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (153,437 KRW to 285,662 KRW) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 135,121 KRW – 878,455 KRW · fair‑value band 153,437 KRW – 285,662 KRW · the 222,000 KRW price screens above the 171,808 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
NCsoft Corp (036570) currently trades at 222,000 KRW, while our model-based Fair Value estimate is 171,808 KRW, implying the stock looks roughly 29.2% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of 326,442 KRW per share, and 8 of the 23 models we run sit above the 222,000 KRW price. Bear case: the Economic Profit group reads lowest at 28,663 KRW, and 15 of the 23 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, NCsoft Corp generated revenue of 1.7T KRW at a net margin of 26.9%. Revenue grew 54.7% year over year. It earns a return on equity of 14.1%. Net debt stands at 44.4B KRW. Fundamentals as of Aug 13, 2026
Our scenario range runs from 153,437 KRW (bear case) to 285,662 KRW (bull case); at 222,000 KRW, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 32% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −46% fair-value upside, at −23%, 036570 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 23 models by family
Widest divergence: Growth Earnings (326,442 KRW) versus Economic Profit (28,663 KRW). Highest evidence: FCF DCF (82).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 35
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NC Corporation, together with its subsidiaries, develops and publishes online games in Korea, Japan, Taiwan, the United States of America, Europe, and Canada. It also engages in software development, call center management, professional baseball team, creation of 3D resources, and mutual fund activities.
Full company description
NC Corporation, together with its subsidiaries, develops and publishes online games in Korea, Japan, Taiwan, the United States of America, Europe, and Canada. It also engages in software development, call center management, professional baseball team, creation of 3D resources, and mutual fund activities. The company was formerly known as NCSOFT Corporation and change its name to NC Corporation in April 2026. NC Corporation was incorporated in 1997 and is headquartered in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NCsoft Corp reported revenue of 1.5T KRW in FY2025 versus 2.3T KRW in FY2021, a compound −10.1%/yr. Reported net income was 347B KRW in FY2025, compounding −3.3%/yr from FY2021.
036570 screens 29% overvalued. Compare with Konami Group →
Peer Group
Electronic Gaming & Multimedia · 150 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Konami Group KNM | £221.05 | £71.97 | −67% |
| NetEase, Inc 9999 | HK$188.80 | HK$263.39 | +40% |
| Electronic Arts Inc EA | $209.70 | $76.57 | −63% |
| Take-Two Interactive Software, Inc TTWO | $233.00 | $60.20 | −74% |
| Roblox Corporation RBLX | $41.29 | $21.20 | −49% |
| Zhejiang Century Huatong Group 002602 | ¥13.90 | ¥14.68 | +6% |
| KRAFTON, Inc 259960 | 234,500 KRW | 356,218 KRW | +52% |
| Giant Network Group 002558 | ¥28.57 | ¥15.50 | −46% |
| International Games System Co 3293 | 762.00 TWD | 568.16 TWD | −25% |
| CD Projekt S.A CDR | 234.40 PLN | 64.48 PLN | −72% |
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