# NEXON Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/01/01－2025/12/31) (S100XSM4)
> Page: https://vizora.meequs.com/en/company/nexon
> Retrieved: 2026-09-30T17:49:08.904Z

## Company

Nexon, founded in 2002, is a company in Games listed on TSE Prime. It has 9,834 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEXON Co., Ltd. |
| Ticker | 3659 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3659.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木一丁目4番5号 |
| Representative (per filing) | 代表取締役社長 李 政憲 |
| Founded | Dec 2002 |
| Share capital | ¥58.2B |
| Employees (consolidated) | 9,834 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | December |
| Website | www.nexon.co.jp (https://www.nexon.co.jp/) |
| Corporate number | 6010001081280 |
| EDINET | E25850 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XSM4, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.2 | 36 |
| Profitability | 84.1 | 41 |
| Cash conversion | 69.4 | 31 |
| Efficiency | 13.4 | 41 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 92% of Nexon's sales come from Korea, with North America and Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit -0.1%.

## Company structure

- Segment revenue mix: Korea 91.9%、North America 6.4%、Japan 1.3%、China 0.4%
- Revenue → net income: ¥475102000000 → ¥89699000000
- Net income → operating cash flow: ¥89699000000 → ¥171872000000（difference ¥82173000000）
- Main uses of operating cash flow: CapEx ¥9494000000 / dividends ¥24396000000 / buybacks ¥96885000000
- Change in cash: ¥166937000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥475.1B |  |
| Operating income | ¥124B | Margin 26.1% |
| Net income | ¥92.1B | Margin 19.4% |
| Free cash flow | ¥162.4B |  |
| Largest business | Korea | of segment revenue 91.9% |
| Employees (consolidated) | 9,834 |  |
| EPS | ¥114.48 |  |
| Diluted EPS | ¥114.11 |  |
| Book value per share | ¥334.7 |  |
| Equity ratio | 75.0% | Derived from disclosed figures |
| Shares outstanding | 827,160,000 |  |
| Treasury shares | 34,253,200 |  |
| Shareholders | 2,547 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 35.4% | Cash ÷ revenue 105.0% |
| Vs. industry median margin | +20.7 pp | Games |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 4.0× dividends
- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, parent-company salary changed +40% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥293024000000 | ¥475102000000 | +62.1% |
| Operating income | ¥111450000000 | ¥124012000000 | +11.3% |
| Operating margin | 38.0% | 26.1% | -11.9 pp |
| Employees | 6,288 people | 9,834 people | +56.4% |
| Cash and equivalents | ¥252570000000 | ¥498868000000 | +97.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 1.3% |
| 日本 → 事業再編・廃止 | 0.2% |
| 韓国 → 韓国 | 91.7% |
| 中国 → 中国 | 0.4% |
| 中国 → 事業再編・廃止 | 0.6% |
| 北米 → 北米 | 5.8% |
| 新設・再編 → 韓国 | 0.2% |
| 新設・再編 → 北米 | 0.6% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Korea | 5 years | +8.5% | ¥400657000000 | 33.2% | 2 |
| North America | 5 years | +10.7% | ¥28125000000 | 2.5% | 2 |
| Japan | 5 years | +5.0% | ¥5509000000 | -74.4% | 2 |
| China | 5 years | -10.3% | ¥1774000000 | -8.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 475,102 | 100.0% | S100XSM4 |
| Cost of revenue | 193,088 | 40.6% | S100XSM4 |
| Gross profit | 282,014 | 59.4% | S100XSM4 |
| SG&A | 161,928 | 34.1% | S100XSM4 |
| Operating income | 124,012 | 26.1% | S100XSM4 |
| Pretax income | 140,451 | 29.6% | S100XSM4 |
| Income tax | 50,752 | 10.7% | S100XSM4 |
| Net income | 89,699 | 18.9% | S100XSM4 |
| Net income attributable to owners | 92,052 | 19.4% | S100XSM4 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 34 |
| Other operating | -1 |
| Operating income | 26 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 59.4% → Operating margin 26.1% → Net margin 19.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.5%; Core profit growth: -0.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.02×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 446,211 | 475,102 | 28,891 | +6.5% |
| Gross profit | 281,373 | 282,014 | 641 | +0.2% |
| Operating income | 124,176 | 124,012 | -164 | -0.1% |
| Net income attributable to owners | 134,848 | 92,052 | -42,796 | -31.7% |
| Operating cash flow | 100,968 | 171,872 | 70,904 | +70.2% |
| Free cash flow | 93,282 | 162,378 | 69,096 | +74.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 183,128 | — | — | 20,133 | 73,293 | — | S100L1PF |
| FY ending Dec 2017 | 234,929 | — | — | 56,750 | 80,718 | — | S100NQW4 |
| FY ending Dec 2018 | 253,721 | — | — | 107,672 | 118,018 | — | S100QFYL |
| FY ending Dec 2019 | 248,542 | 94,525 | 38.0% | 115,664 | 105,073 | 102,958 | S100L1PF |
| FY ending Dec 2020 | 293,024 | 111,450 | 38.0% | 56,220 | 137,603 | 134,371 | S100NQW4 |
| FY ending Dec 2021 | 274,462 | 91,541 | 33.4% | 114,888 | 105,914 | 91,788 | S100QFYL |
| FY ending Dec 2022 | 353,714 | 103,696 | 29.3% | 100,339 | 130,144 | 124,242 | S100T5FS |
| FY ending Dec 2023 | 423,356 | 134,745 | 31.8% | 70,609 | 128,712 | 122,999 | S100VHMV |
| FY ending Dec 2024 | 446,211 | 124,176 | 27.8% | 134,848 | 100,968 | 93,282 | S100XSM4 |
| FY ending Dec 2025 | 475,102 | 124,012 | 26.1% | 92,052 | 171,872 | 162,378 | S100XSM4 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.3M |
| Operating income per employee (consolidated) | ¥12.6M |
| Net income per employee (consolidated) | ¥9.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,683 | 7,467 | 8,231 | 9,329 | 9,834 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥6.8M | ¥7.3M | ¥9.1M |
| Average age (parent company) | 37.7 years | 37.5 years | 38.1 years | 39.5 years | 40.1 years |
| Average tenure (parent company) | 6.6 years | 6.4 years | 6.7 years | 7.7 years | 8.1 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +6.5%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 5,509 | 1.3% | -4,098 | -74.4% |
| Korea | 400,657 | 91.9% | 132,945 | 33.2% |
| China | 1,774 | 0.4% | -152 | -8.6% |
| North America | 28,125 | 6.4% | 712 | 2.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 1.3% | — | — | -74.4% |
| Korea | 91.9% | 99.5% | 7.6 | 33.2% |
| China | 0.4% | — | — | -8.6% |
| North America | 6.4% | 0.5% | -5.9 | 2.5% |

Loss-making segment (excluded from profit shares): Japan -4,098 JPY mn

Loss-making segment (excluded from profit shares): China -152 JPY mn

Segment → industry: North America → Games / China → Games / Korea → Games / Japan → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 171,872 | 36.2% | S100XSM4 |
| Capital expenditure | 9,494 | 2.0% | S100XSM4 |
| Free cash flow | 162,378 | 34.2% | 算出 |
| Investing cash flow | 102,247 | 21.5% | S100XSM4 |
| Financing cash flow | -118,688 | -25.0% | S100XSM4 |
| Dividends paid | 24,396 | 5.1% | S100XSM4 |
| Share buyback | 96,885 | 20.4% | S100XSM4 |
| Change in cash | 166,937 | 35.1% | S100XSM4 |
| Cash and equivalents | 498,868 | 105.0% | S100XSM4 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 365,239 | 409,368 | 280,515 | 331,931 | 498,868 | S100T5FS, S100VHMV, S100XSM4 |
| Total assets | 986,632 | 1,042,849 | 1,098,103 | 1,256,771 | 1,410,188 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Net assets | 845,893 | 867,546 | 906,575 | 1,030,525 | 1,065,918 | S100T5FS, S100VHMV, S100XSM4 |
| Share capital | 34,255 | 38,972 | 47,510 | 50,797 | 58,191 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Property, plant and equipment | 24,448 | 26,885 | 28,854 | 28,365 | 32,928 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Goodwill | 38,938 | 40,136 | 43,924 | 44,567 | 49,945 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Current assets | 593,717 | 642,029 | 689,506 | 752,273 | 991,846 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Total liabilities | 140,739 | 175,303 | 191,528 | 226,246 | 344,270 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Equity attributable to owners of parent | 836,668 | 858,193 | 896,267 | 1,019,013 | 1,057,544 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Retained earnings | 712,568 | 703,342 | 707,227 | 780,197 | 865,211 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |
| Treasury stock | -17,863 | -16,464 | -45,046 | -49,158 | -93,820 | S100QFYL, S100T5FS, S100VHMV, S100XSM4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XSM4 |
| Property, plant and equipment | 2% | S100XSM4 |
| Intangibles and goodwill | 4% | — |
| Other assets | 59% | S100XSM4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XSM4 |
| Equity | 76% | S100XSM4 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 986,632 | 1,042,849 | 1,098,103 | 1,256,771 | 1,410,188 |
| Equity | 845,893 | 867,546 | 906,575 | 1,030,525 | 1,065,918 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 365,239 | 409,368 | 280,515 | 331,931 | 498,868 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 6.9% | S100XSM4 |
| Fixed assets ÷ total assets | 2.3% | S100XSM4 |
| Goodwill ÷ parent equity | 4.7% | S100XSM4 |

Goodwill over 4 years: 38,938 → 49,945 JPY; total investing cash flow: -71,509 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 35.4% |
| Cash ÷ revenue | 105.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.6% |
| Cash vs. profit gap | 79,820 JPY mn (of net income 86.7%) |
| Shareholder returns / net income | 131.8% |
| Shareholder returns / FCF | 74.7% |
| Shareholder payments — dividends / net income | 26.5% |
| Shareholder payments — dividends / FCF | 15.0% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 59.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 41.9% | 0.28× | 11.6% | 1.18× | 13.7% | S100QFYL |
| 2022 | 28.4% | 0.35× | 9.9% | 1.20× | 11.8% | S100T5FS |
| 2023 | 16.7% | 0.40× | 6.6% | 1.22× | 8.0% | S100VHMV |
| 2024 | 30.2% | 0.38× | 11.5% | 1.23× | 14.1% | S100XSM4 |
| 2025 | 19.4% | 0.36× | 6.9% | 1.28× | 8.9% | S100XSM4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NXC Corporation(常任代理人 当社)(常任代理人 SMBC日興証券株式会社) | Major shareholder | 31.3% | 2025-12-31 |
| NXMH BV(常任代理人 当社)(常任代理人 株式会社みずほ銀行決済営業部)(常任代理人 ゴールドマン・サックス証券株式会社)(常任代理人 野村證券株式会社) | Major shareholder | 14.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 12.4% | 2025-12-31 |
| JP MORGAN CHASE BANK 380752(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 11.2% | 2025-12-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 5.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.4% | 2025-12-31 |
| KOREA SECURITIES DEPOSITORY-SAMSUNG(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.2% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.8% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 reached ¥475.1B, up +6.5% from ¥446.2B, which the company calls a record.
- Costs grew too, so operating income stayed flat at ¥124B against ¥124.2B the year before.
- Net income dropped -31.7% to ¥92.1B from ¥134.8B, mainly because last year's foreign exchange gains did not repeat and equity-method investments were written down.
- Operating cash flow jumped +70.2% to ¥171.9B, helped by more revenue collected in advance (deferred revenue).

### Drivers

- PC Dungeon&Fighter and MapleStory picked up again, and new releases MABINOGI MOBILE, ARC Raiders and MapleStory: Idle RPG added revenue
- Royalties, performance bonuses, advertising and platform fees tied to the new games rose and absorbed most of the extra revenue
- Lower finance income after last year's FX gains, a loss on settling derivatives tied to securities sales, and impairments on equity-method investments pulled net income down

### Risks

- Heavy reliance on Dungeon&Fighter, MapleStory and EA SPORTS FC™, which leaves results exposed to shifting player tastes or server trouble
- Political, economic or geopolitical changes in Korea and China could hit results
- New games or licensed titles may not arrive on schedule, which would slow efforts to widen the lineup

Cited: Annual securities report (FY2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XSM4 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSM4,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VHMV | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHMV,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T5FS | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5FS,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QFYL | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFYL,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NQW4 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQW4,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L1PF | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1PF,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).