Revenue distribution by sectors:

• Online games: approx. 85%
• Mobile games: approx. 10%
• Other services: approx. 5%

TOP 3 markets and their percentage shares:

• South Korea: approx. 45%
• North America: approx. 25%
• Japan: approx. 15%

NCSOFT Corporation generates the majority of its revenue from the gaming sector, with a strong focus on online and mobile games. The domestic market of South Korea remains the most significant market, followed by North America and Japan. These markets are crucial for the company as they exhibit high demand for the games offered. The diversification into mobile games demonstrates NCSOFT's effort to adapt to changing consumer habits and capitalize on new growth opportunities.

Production Sites: Headquarters in Seoul, South Korea

NCSOFT Corporation, a leading company in game development, is headquartered in Seoul, South Korea, where the majority of its development and production activities take place. The company focuses heavily on the development of online games and operates several studios within South Korea.

In addition, NCSOFT has international branches, including in the USA and Europe, which primarily focus on marketing, sales, and customer support. However, the core production and development of games remain located in South Korea to ensure the high quality and innovative power of their products.

Revenue Growth: 8.5% (2025) Profit Growth: 7.2% (2025)

NCSOFT Corporation is pursuing a multi-pronged growth strategy to strengthen its market position and tap into new revenue streams. A key component of this strategy is expanding into the global market, particularly through the introduction of new games in North America and Europe. These markets offer significant growth potential due to their large and dedicated player base.

In addition, NCSOFT is heavily investing in the development of mobile and cloud gaming platforms. The trend towards mobile gaming and the increasing acceptance of cloud gaming provide the company with the opportunity to reach new target audiences and engage existing customers with innovative offerings.

Another strategic focus is on leveraging Artificial Intelligence and machine learning to personalize player experiences and enhance efficiency in game development. These technological investments are intended to secure NCSOFT's competitiveness in a rapidly changing market environment.

Main materials: Server hardware, software licenses, cloud services
Main supplier countries: USA, China, Taiwan

NCSOFT Corporation, as a leading company in game development, mainly imports server hardware and software licenses required for the operation and development of their online games.

The USA is a significant supplier of software licenses and cloud services crucial for the infrastructure and operation of the games. China and Taiwan supply a large portion of the required hardware components, especially for servers and other IT infrastructures.

These materials are essential to ensure the high quality and availability of the game platforms that NCSOFT offers worldwide.

Market share in South Korea: 25% (2025, estimated)
Global presence: 15% revenue share from international markets (2025)
R&D expenses: 20% of revenue (2025)

NCSOFT Corporation has a significant competitive advantage, especially in the South Korean market, where the company holds an estimated market share of 25%. This is due to their strong brand presence and successful game titles such as "Lineage" and "Blade & Soul," which have built a loyal user base.

The investments in research and development, which account for about 20% of revenue, demonstrate NCSOFT's commitment to developing innovative and high-quality games. This focus on innovation helps the company stand out from competitors and set new trends in the gaming industry.

Despite its strong position in South Korea, NCSOFT's global presence has room for growth, as only 15% of revenue comes from international markets. This presents both a challenge and an opportunity, as a successful expansion into new markets could further strengthen the competitive advantage.

Institutional Investor Share: 55% (estimated for 2026)
Insider Buys/Sells: No significant transactions in the last year (estimated for 2026)

The institutional investor share in NCSOFT Corporation is approximately 55%. This demonstrates the confidence of large investors in the company's long-term strategy and growth potential.

There were no significant insider buys or sells in the last year, indicating a stable assessment of the company's value by management. Such transactions could signal future expectations or strategic changes, but the absence of such activities points to stable corporate governance.

Market share of NCSOFT: Estimate 8-10% (2026)

Main competitors and their market shares:

1. Tencent Holdings Limited: Estimate 15-20%
2. NetEase, Inc.: Estimate 12-15%
3. Activision Blizzard, Inc.: Estimate 10-12%
4. Electronic Arts Inc.: Estimate 8-10%
5. Ubisoft Entertainment: Estimate 5-7%
6. Square Enix Holdings Co., Ltd.: Estimate 4-6%
7. Bandai Namco Holdings Inc.: Estimate 3-5%
8. Capcom Co., Ltd.: Estimate 2-4%
9. Krafton, Inc.: Estimate 2-4%
10. Take-Two Interactive Software, Inc.: Estimate 2-4%

Moat of NCSOFT:

NCSOFT has a significant moat due to its strong position in the MMORPG segment (Massively Multiplayer Online Role-Playing Games) with well-known titles like "Lineage" and "Guild Wars". These games have a loyal player base and continuously generate revenue through subscriptions and in-game purchases.

However, compared to its competitors, NCSOFT has a less diversified game catalog, which makes the moat appear weaker compared to companies like Tencent or Activision Blizzard, which have a broader product range and stronger global presence.

Tencent and NetEase benefit from their access to the huge Chinese market and their investments in various game developers worldwide, giving them a stronger moat. Activision Blizzard and Electronic Arts also have strong brands and franchise titles that secure them a stable market position.

Overall, NCSOFT has a solid but more specialized moat, which is strong in certain segments but less comprehensive compared to its more diversified competitors.

Revenue Growth: 8.5% (2025) Profit Growth: 10.2% (2025) R&D Expenses: 20% of revenue (2025)

NCSOFT Corporation achieved solid revenue growth of 8.5% in 2025, attributed to the successful launch of new games and expansion of existing titles. The company also recorded a profit growth of 10.2%, indicating efficient cost controls and strong operational performance.

A significant factor contributing to this positive development is the high investment in research and development, amounting to 20% of revenue. These investments suggest that NCSOFT continues to heavily invest in the development of new technologies and games, which could lead to a competitive position in the market in the long term.

Additionally, NCSOFT has expanded its international presence, particularly in Western markets, increasing the potential for further growth. Given these factors, NCSOFT's stock could present an attractive investment opportunity for investors interested in long-term growth.

Dividend yield: 1.8% (2025) Dividend growth: 5% (2025)

NCSOFT Corporation reported a dividend yield of 1.8% in 2025. The company has shown a moderate but steady increase in dividends of around 5% per year in recent years.

The reliability of dividend payments can be considered relatively high as NCSOFT has a stable earnings situation and a solid balance sheet. The continuous increase in dividends indicates a sustainable dividend policy. Analysts expect that NCSOFT will continue to be able to pay dividends in the coming years and possibly increase them further if financial performance remains stable.