GRAVITY Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data GRAVITY Co., Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016
Revenue	49.6	54.3	45.2	36.6	30.5	42.7
Cost of revenue			33.5	31.3	25.9	24.9
Gross profit	28.7	21.5	11.6	5.23	4.6	17.8
Selling, general and administrative			16.2	11.6	9.82	13.3
Operating income	2.73	-17.4	-15.9	-10.8	-14.7	2.84
Interest expense		0.05	0.04	0.01	0
Interest income	1.59	1.66	1.27	1.04	0.58	0.43
Other non-operating income	-0.08	0.06	1.16	0	0.53	0
Pre-tax income	4.35	-16.6	-13.9	-9.95	-13.4	2.84
Income tax	-6.87	2.43	4.84	9.3	1.16	2.69
Net income to minority interests	-1.87	-7.82	-1.1	-0.08	-0.06	-0.06
Net income	12.9	-11.5	-17.6	-19.2	-14.5	0.21
EBITDA	6.26	-9.55	-8.43	-5.7	-10.7	3.27
EPS, basic	1.85	-1.65	-2.53	-2.76	-2.09	0.03
EPS, diluted	1.85	-1.65	-2.53	-2.76	-2.09	0.03
Shares, basic (weighted)	6.95	6.95	6.95	6.95	6.95	6.95
Shares, diluted (weighted)	6.95	6.95	6.95	6.95	6.95	6.95

Balance sheet

	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016
Cash and equivalents	39.9	34.5	28.6	24.3	20.7	13.9
Short-term investments					9.84	18.3
Receivables	5.56	6.69	5.05	4.73	4.52	9.82
Other current assets			2.52	1.56	0.85	1.53
Total current assets	62	63.9	55.6	46.5	37.4	44.4
Property, plant and equipment	2.36	3.31	2.19	1.11	0.75	0.49
Goodwill	6.45	3.63	1.15	1.11
Intangible assets	13.6	2.84				0.08
Other non-current assets			0.13	0.26	0.07	0.13
Total assets	115	104	83.2	57.8	39.1	45.8
Accounts payable	4.79	4.81	4.15	2.49	2.54	8.34
Accrued liabilities		0.86	0.54	0.72	0.44	0.46
Deferred revenue			5.48	5.25	4.27	8.05
Total current liabilities	10.4	9.76	10.8	8.85	7.53	17.2
Other non-current liabilities	0.23	0.23	0.22	0.21	0.18	0.17
Total liabilities	19.2	19.3	17.8	14	13.5	20.8
Paid-in capital	65.1	70.9	71.1	68.8	64.2	62.4
Retained earnings	17.2	7.24	-10.3	-29.1	-41.7	-40.3
Other comprehensive income	2.63	2.82	1.59	1.39	0.59	0.51
Shareholders' equity	87.9	84.2	65.7	44.3	26.1	25.5
Minority interests	7.62	0.48	-0.32	-0.39	-0.42	-0.47
Total equity	104	85.4	63.3	40.9	24.9	25
Total liabilities and equity	115	104	83.2	57.8	39.1	45.8
Shares outstanding	6.95	6.95	6.95	6.95	6.95	6.95

Cash flow statement

	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016
Net income	11	-19.3	-18.7	-19.3	-14.6	0.15
Depreciation and amortization	3.53	7.84	7.42	5.15	4.07	0.43
Change in receivables	1.24	-1.52	1.57	0.24	0.02	-5.29
Change in payables	-1.18	-0.75	-0.6	-1.56	0.09	1.32
Cash from operations	1.02	-0.68	-3.07	-5.64	-5.11	2.02
Capital expenditures	-1.35	-1.39	-0.59	-0.31	-0.36	-0.15
Purchases of investments				-38	-41.9	-44.4
Cash from investing	-2.41	-4.88	-1.17	3.19	2.22	-8.86
Debt issued		0.33
Debt repaid	-0.15
Cash from financing	-0.15	0.12	-0.59	-0.13	-0.1	-0.01
Exchange rate effect	0.08	-0.17	-0.13	-0.03	0.02	0.05
Net change in cash	-1.46	-5.62
Free cash flow	-0.34	-2.07	-3.66	-5.95	-5.47	1.87

Key metrics

Worked out from the statements above. Latest values use fiscal 2016. Valuation uses the share price of $66.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.6%	Gross profit / revenue.
Operating margin	6.7%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.7%	Pre-tax income / revenue.
Net margin	0.5%	Net income / revenue.
FCF margin	4.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.7%	Cash from operations / revenue.
Effective tax rate	94.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Return on invested capital (ROIC)	26.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	31.1%	Selling, general and administrative expense / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	40.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	286.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-9.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-12.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-56.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-56.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-27.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-21.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-18.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-16.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.58x	Current assets / current liabilities.
Quick ratio	2.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.87x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.5%	Total liabilities / total assets.
Working capital	$27.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$25.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.01x	Revenue / average total assets.
Fixed asset turnover	68.5x	Revenue / average property, plant and equipment.
Receivables turnover	5.95x	Revenue / average receivables.
Days sales outstanding	61 days	365 x average receivables / revenue.
Days payables	80 days	365 x average accounts payable / cost of revenue.
FCF conversion	902.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.03	Net income per basic share, as reported (split-adjusted).
Revenue per share	$6.14	Revenue / diluted weighted shares.
FCF per share	$0.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.29	Cash from operations / diluted weighted shares.
Book value per share	$3.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.65	Tangible book value / shares outstanding.
Cash per share	$4.63	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$462.2M	Share price x shares outstanding.
Enterprise value	$430.0M	Market cap + total debt - cash - short-term investments.
P/E	2,233x	Market cap / net income. Only when net income is positive.
P/S	10.8x	Market cap / revenue.
P/B	18.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	18.2x	Market cap / tangible book value, when positive.
P/FCF	247x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	229x	Market cap / cash from operations, when positive.
EV/Sales	10.1x	Enterprise value / revenue.
EV/EBIT	151x	Enterprise value / operating income, when both are positive.
EV/EBITDA	131x	Enterprise value / EBITDA, when both are positive.
EV/FCF	230x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	0.0%	Net income / market cap (the inverse of P/E).

What was GRAVITY Co., Ltd.'s revenue in fiscal 2016?

GRAVITY Co., Ltd. reported revenue of $42.7M for fiscal 2016, 40% higher than the year before.

Was GRAVITY Co., Ltd. profitable in fiscal 2016?

Yes. Net income was $207.0K, a net margin of 0.5%.

How much free cash flow did GRAVITY Co., Ltd. generate in fiscal 2016?

Cash from operations of $2.0M minus capital expenditures of $148.0K left free cash flow of $1.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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