The company maintains a robust financial position with a current ratio of 5.82 and total equity of $595.8B, largely supported by long-term retained earnings accumulation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 686.66B | 698.48B | 653.61B | 546.9B | 421.77B | 306.13B | 246.59B | 134.78M | 160.17B | 108.87B | 48.5B | 43.68B | 50.22B | 57.02B | 65.6B | 61.94B | 76.34B | 82.9B | 72.55B | 72.71B | 84.13B | 108.27B | 38.74B | 18.78B | 7.12B |
| Cash & Short-Term Investments | 581.6B | 618.61B | 559.8B | 465.74B | 340.25B | 247.7B | 182.45B | 102.84M | 95.55B | 61.6B | 35.5B | 36.41B | 42.35B | 47.72B | 52.97B | 46.74B | 61.62B | 72.31B | 60.45B | 62.34B | 77.4B | 84.87B | 24.45B | 7.6B | 0 |
| Cash Only | 215.44B | 203.59B | 228.9B | 184.08B | 169.88B | 99.1B | 110.63B | 68.68M | 86.05B | 39.1B | 14B | 24.91B | 27.85B | 29.72B | 35.47B | 31.74B | 44.12B | 51.33B | 53.17B | 53.62B | 33.68B | 25.6B | 15.85B | 5.87B | 0 |
| Short-Term Investments | 366.16B | 415.02B | 330.91B | 281.65B | 170.37B | 148.6B | 71.82B | 34.16M | 9.5B | 22.5B | 21.5B | 11.5B | 14.5B | 18B | 17.5B | 15B | 17.5B | 20.97B | 7.28B | 8.72B | 43.72B | 59.27B | 8.6B | 1.74B | 0 |
| Accounts Receivable | 83.32B | 59.22B | 82.72B | 74.85B | 77.4B | 52.62B | 59.77B | 27.94M | 60.8B | 42.87B | 12.53B | 5.45B | 5.16B | 6.1B | 6.97B | 12.14B | 8.24B | 5.91B | 6.54B | 4.82B | 2.06B | 4.73B | 7.07B | 7.58B | 5.93B |
| Days Sales Outstanding | 60.06 | 38.56 | 60.29 | 37.66 | 60.93 | 46.39 | 53.74 | 0.03 | 77.38 | 110.48 | 130.81 | 55.77 | 53.25 | 52.49 | 48.94 | 110.17 | 77.18 | 49.06 | 44.9 | 43.73 | 19.28 | 32.71 | 41.47 | 60.11 | 228.13 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 3.16B | 2.24B | 0 | 2.52B | 3.03B | 1.21B | 982M | 975.41M | -308.72M | 679.37M | 2.61B | 857M | 375M | 0 | 0 | 0 | 0 | 2.59B | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 5.15 | 3.42 | - | 4.37 | 11.72 | 31.4 | 11.84 | 11.63 | - | 8.65 | 84.12 | 25.79 | 9.94 | - | - | - | - | 95.03 | - | - |
| Other Current Assets | 3.98B | 6.89B | 2.97B | 3.32B | 791M | 349.8M | -114.3M | 2.3M | 3.34B | 4.31B | 1.13B | 996M | 1.7B | 3.2B | 5.66B | 451.7M | 5.62B | 4.31B | 5.56B | 5.55B | 4.67B | 18.67B | 4.63B | 3.59B | 1.19B |
| Total Non-Current Assets | 35.79B | 44.15B | 32.85B | 31.28B | 22.33B | 21.39B | 18.79B | 16.92M | 13.01B | 7.01B | 3.68B | 2.05B | 13.51B | 29.95B | 40.84B | 56.76B | 49.15B | 19.54B | 23.39B | 24.27B | 32.77B | 35.05B | 21.29B | 12.44B | 4.74B |
| Property, Plant & Equipment | 10.7B | 10.77B | 9.96B | 10.15B | 8.14B | 11.34B | 7.7B | 5.76M | 1.5B | 945.94M | 320.56M | 882M | 708.12M | 912.2M | 1.31B | 1.26B | 2.67B | 2.84B | 5.23B | 7.2B | 8.08B | 11.74B | 14.44B | 6.18B | 2.37B |
| Fixed Asset Turnover | 48.91x | 52.05x | 50.30x | 71.47x | 56.96x | 36.51x | 52.76x | 62646.35x | 191.37x | 149.72x | 109.06x | 40.43x | 49.94x | 46.52x | 39.54x | 31.88x | 14.59x | 15.49x | 10.17x | 5.59x | 4.83x | 4.50x | 4.31x | 7.45x | 4.00x |
| Goodwill | 0 | 7.16B | 0 | 0 | 0 | 28K | 0 | 0 | 0 | 49K | 0 | 0 | 1.21B | 1.21B | 3.86B | 7.48B | 7.99B | 1.21B | 1.45B | 1.45B | 1.38B | 1.44B | 0 | 0 | 0 |
| Intangible Assets | 8.94B | 0 | 7.06B | 6.37B | 3.87B | 3.34B | 3.36B | 1.48M | 1.16B | 1.04B | 132.87M | 132M | 8.76B | 12.71B | 20.41B | 34.69B | 33.84B | 11.24B | 11.15B | 11.69B | 9.91B | 12.62B | 4.05B | 0 | 0 |
| Long-Term Investments | 5.75B | 3.81B | 1.77B | 1.82B | 2.18B | 3.02B | 1.32B | 1.53M | 1.49B | 1.39B | 1.7B | 0 | 1.65B | 1.66B | 3.01B | 21.07B | 1.34B | 1.1B | 2.44B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 7.97B | 15.2B | 8.45B | 6.99B | 2.48B | 1.97B | 2.81B | 1.51M | 1.44B | 599.77M | 601.08M | 1.04B | 1.14B | 5.61B | 7.01B | 5.77B | 3.31B | 3.15B | 3.11B | 3.93B | 13.39B | 9.26B | 2.79B | 6.26B | 2.37B |
| Total Assets | 722.45B | 742.63B | 686.46B | 578.18B | 444.09B | 327.53B | 265.37B | 151.69M | 173.17B | 115.88B | 52.18B | 45.73B | 63.73B | 86.97B | 106.43B | 118.7B | 125.49B | 102.44B | 95.94B | 96.98B | 116.9B | 143.32B | 60.03B | 31.21B | 11.86B |
| Asset Turnover | 0.69x | 0.75x | 0.73x | 1.25x | 1.04x | 1.26x | 1.53x | 2379.59x | 1.66x | 1.22x | 0.67x | 0.78x | 0.55x | 0.49x | 0.49x | 0.34x | 0.31x | 0.43x | 0.55x | 0.42x | 0.33x | 0.37x | 1.04x | 1.48x | 0.80x |
| Asset Growth % | 64.35% | 8.18% | 18.73% | 30.19% | 35.59% | 23.42% | 174840.44% | -99.91% | 49.44% | 122.1% | 14.1% | -28.25% | -26.72% | -18.29% | -10.34% | -5.41% | 22.5% | 6.78% | -1.08% | -17.04% | -18.43% | 138.76% | 92.32% | 163.12% | - |
| Total Current Liabilities | 117.99B | 96.03B | 108.65B | 106.43B | 105.71B | 74B | 82.72B | 48.24M | 93.52B | 64.74B | 16.38B | 8.8B | 9.32B | 10.96B | 10.15B | 9.85B | 14.06B | 8.25B | 8.4B | 10.12B | 15.44B | 19.24B | 9.97B | 9.82B | 7.12B |
| Accounts Payable | 82.02B | 61.92B | 67.93B | 61.78B | 73.55B | 41.2B | 52.69B | 32.42M | 71.93B | 44.41B | 9.72B | 2.97B | 2.71B | 4.37B | 5.12B | 5.55B | 6.64B | 3.21B | 3.09B | 3.58B | 4.34B | 11.75B | 3.62B | 2.64B | 2.37B |
| Days Payables Outstanding | 80.29 | 62.05 | 80.79 | 46.5 | 100.41 | 67.08 | 80.45 | 0.04 | 124.99 | 172.01 | 252.51 | 35.81 | 32.34 | 51.63 | 65.12 | 178.91 | 199.87 | 84.92 | 40.65 | 67.11 | 93.63 | 270.3 | 132.49 | 129.22 | 730 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 583.33M | 0 | 0 | 1.11B | 2.86B | 3.56B |
| Deferred Revenue (Current) | 89.55B | 21.5B | 26.76B | 18.09B | 18.54B | 13.48B | 13.69B | 9.29M | 16.48B | 16.1B | 7.3B | 5B | 5.86B | 6.2B | 4.23B | 5.06B | 5.61B | 3.75B | 3.29B | 3.64B | 5.77B | 5.18B | 4.24B | 2.9B | 1.19B |
| Other Current Liabilities | 0 | 7.97B | 3.21B | 4.25B | 2.91B | 17.83B | 14.98B | 2.54M | 20.56B | 19.3B | -4.3B | 5.32B | 5.82B | 6.55B | 1.11B | -1.24B | 1.81B | 1.29B | 1.47B | 116.1M | 902.16M | 3.33B | -203M | 691.25M | -1.19B |
| Current Ratio | 5.82x | 7.27x | 6.02x | 5.14x | 3.99x | 4.14x | 2.98x | 2.79x | 1.71x | 1.68x | 2.96x | 4.96x | 5.39x | 5.20x | 6.46x | 6.29x | 5.43x | 10.05x | 8.64x | 7.19x | 5.45x | 5.63x | 3.89x | 1.91x | 1.00x |
| Quick Ratio | 5.82x | 7.27x | 6.02x | 5.14x | 3.99x | 4.09x | 2.95x | 2.79x | 1.69x | 1.63x | 2.89x | 4.85x | 5.28x | 5.23x | 6.40x | 6.03x | 5.37x | 10.01x | 8.64x | 7.19x | 5.45x | 5.63x | 3.63x | 1.91x | 1.00x |
| Cash Conversion Cycle | -20.23 | - | - | - | - | -15.53 | -23.29 | - | -43.24 | -49.81 | -90.31 | 31.8 | 32.53 | - | -7.53 | 15.39 | -96.9 | -25.92 | - | - | - | - | 4.01 | - | - |
| Total Non-Current Liabilities | 8.05B | 9.26B | 9.45B | 8.02B | 8.2B | 6.69B | 5.3B | 3.35M | 4.1B | 7.14B | 3.8B | 6.93B | 5.48B | 6.85B | 9.08B | 7.53B | 13.01B | 10.58B | 10.93B | 11.28B | 7.85B | 4.58B | 4.72B | 2.05B | 4.74B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.85B | 1.26B | 3.56B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 5.12B | 3.25B | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 6.26B | 1.74B | 1.29B | 2.38B | 2.83B | -5.12B | -3.25B | 4.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.52B | 2.6B | 272M | 0 | 48.69M | 1.03B | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.88B | 7.12B | 5.58B | 3.85B | 5.34B | 6.59B | 5.3B | 657.73K | 4.1B | 7.14B | 330.82M | 6.93B | 5.48B | 6.85B | 174.25M | -1.44B | 1.42B | 650M | 1.09B | 11.23B | 6.82B | 4.58B | 2.87B | 791.25M | 1.19B |
| Total Liabilities | 126.05B | 105.29B | 118.1B | 114.45B | 113.91B | 80.69B | 88.02B | 51.59M | 97.62B | 71.88B | 20.18B | 15.74B | 14.8B | 17.81B | 19.23B | 17.38B | 27.08B | 18.83B | 19.33B | 21.4B | 23.29B | 23.82B | 14.69B | 11.88B | 11.86B |
| Total Debt | 3.65B | 0 | 0 | 0 | 0 | 5.12B | 3.25B | 4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99M | 0 | 0 | 0 | 0 | 0 | 0 | 3.09B | 4.12B | 7.12B |
| Net Debt | -211.79B | -203.59B | -228.9B | -184.08B | -169.88B | -93.98B | -107.39B | -64.36M | -86.05B | -39.1B | -14B | -24.91B | -27.85B | -29.72B | -35.47B | -31.64B | -44.12B | -51.33B | -53.17B | -53.62B | -33.68B | -25.6B | -12.76B | -1.75B | 7.12B |
| Debt / Equity | 0.01x | - | - | - | - | 0.02x | 0.02x | 0.04x | - | - | - | - | - | - | - | 0.00x | - | - | - | - | - | - | 0.07x | 0.21x | - |
| Debt / EBITDA | 0.04x | - | - | - | - | 0.05x | 0.03x | 0.00x | - | - | - | - | - | - | - | 0.01x | - | - | - | - | - | - | 0.08x | 0.16x | 2.00x |
| Net Debt / EBITDA | -2.31x | -2.25x | -2.42x | -1.10x | -1.52x | -0.91x | -1.15x | -0.00x | -2.44x | -2.67x | -2.36x | - | - | - | -5.38x | -3.47x | -4.70x | -3.04x | -6.43x | - | - | -9.57x | -0.32x | -0.07x | 2.00x |
| Interest Coverage | 28.13x | 323.48x | 788.76x | 1042.35x | 866.21x | 864.49x | 474.18x | 176.18x | 2824.12x | 1087.54x | - | - | - | -355.71x | -319.42x | 87.84x | 259.19x | 317.15x | 187.90x | - | -128.59x | -1.24x | - | 4.81x | - |
| Total Equity | 596.4B | 637.34B | 568.36B | 463.73B | 330.18B | 246.84B | 177.35B | 100.1M | 75.55B | 44B | 31.44B | 29.99B | 48.93B | 69.16B | 87.21B | 110.15B | 98.41B | 83.61B | 76.61B | 75.59B | 93.61B | 119.5B | 45.34B | 19.34B | 0 |
| Equity Growth % | 79.77% | 12.14% | 22.56% | 40.45% | 33.76% | 39.18% | 177062.51% | -99.87% | 71.71% | 39.96% | 4.82% | -38.71% | -29.25% | -20.69% | -20.83% | 11.93% | 17.7% | 9.14% | 1.35% | -19.26% | -21.67% | 163.58% | 134.46% | - | - |
| Book Value per Share | 85826.02 | 91716.82 | 81790.62 | 66733.06 | 47514.75 | 35521.78 | 25521.37 | 14.41 | 10872.48 | 6332.66 | 4524.04 | 4316.08 | 7041.92 | 9952.63 | 12549.56 | 15851.42 | 14162.24 | 12032.12 | 11024.48 | 10877.56 | 13471.51 | 17473.22 | 8170.81 | 3769.85 | - |
| Total Shareholders' Equity | 595.75B | 636.83B | 567.67B | 463.09B | 329.53B | 246.07B | 176.91B | 99.91M | 76.16B | 44.56B | 32B | 30.48B | 48.74B | 68.81B | 86.82B | 101.32B | 87.42B | 83.4B | 76.47B | 75.52B | 93.58B | 119.48B | 45.34B | 19.34B | 0 |
| Common Stock | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3M | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.47B | 3.48B | 3.31B | 3.44B | 2.68B | 3.01B | 1.19B |
| Retained Earnings | 548.7B | 580.86B | 513.42B | 428.5B | 296.48B | 213.32B | 147.37B | 73.21M | 45.4B | 13.96B | -736.6M | -48.76B | -20.03B | -11.42B | 6.54B | 20.83B | 5B | 1.26B | -5.65B | -2.88B | 19.38B | 42.14B | 40.69B | 14.02B | -1.19B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 16.6B | 0 | 0 | 0 | 0 | 2.18B | 0 | 237.4K | 138.43M | -39.68M | 1.06B | 694M | 1.33B | 1.37B | 1.43B | 1.64B | 3.55B | 3.26B | 3.4B | -245.32M | -359.27M | -198.86M | -136M | -1.25M | 0 |
| Minority Interest | 650M | 508.31M | 691M | 641M | 653M | 769.95M | 437.14M | 191.41K | -605.96M | -561.73M | -562M | -491M | 194.79M | 352.93M | 382.57M | 8.82B | 11B | 214M | 137M | 68.35M | 27.5M | 21.98M | 0 | 0 | 0 |
Single IP Revenue Concentration
As reported in financial statements, Gravity's total assets have grown from $474.3B in 2023Q1 to $722.5B by 2025Q2, yet this expansion appears driven by cash accumulation rather than productive capital investment, signaling a potential disconnect between balance sheet growth and the company's underlying operational performance trajectory.
The steady increase in total assets, primarily fueled by cash, suggests that the company is effectively acting as a holding vehicle for retained earnings rather than a growing gaming enterprise. Investors should monitor whether this asset growth reflects a lack of viable reinvestment opportunities within the core Ragnarok franchise.
Based on Gravity's reported figures, the current ratio has consistently remained above 4.0, reaching 5.82 in 2025Q2, which indicates an exceptionally high liquidity position that provides a substantial buffer against potential regulatory shocks or sudden declines in the mobile gaming market's high-ARPU monetization model.
While such a high current ratio demonstrates a fortress-like balance sheet, it may also imply inefficient capital management where excess cash is not being deployed to drive future growth. This liquidity profile suggests the company is well-positioned to weather short-term volatility but lacks an aggressive strategy to utilize its idle capital.
According to recent SEC filings, Gravity's equity base has expanded significantly to $595.8B in 2025Q2, with retained earnings serving as the primary driver of this growth, reflecting a long-term accumulation of profits that have not been returned to shareholders through dividends or buybacks.
The reliance on retained earnings to bolster equity highlights a conservative capital allocation policy that prioritizes balance sheet preservation over shareholder yield. This trend warrants further investigation into whether management intends to deploy this capital for strategic acquisitions or if it will remain stagnant on the balance sheet.
As indicated by the emergence of $21.7B in deferred revenue by 2025Q2, Gravity's balance sheet now reflects unearned income that was previously absent, suggesting that recent accounting changes or new monetization models are shifting how the company recognizes its virtual item sales over time.
The appearance of this liability suggests that a portion of the company's cash position is effectively tied to future performance obligations rather than pure surplus. Analysts should be cautious, as this deferred revenue may mask the true rate of consumption and the underlying health of the player base.
Quick answers to the most common questions about buying GRVY stock.
As of 2025, Gravity Co., Ltd. (GRVY) had total assets of $742.63B including $698.48B in current assets.
Gravity Co., Ltd. (GRVY) carries total debt of $0.0M, offset by $618.61B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gravity Co., Ltd. (GRVY) has total shareholders' equity (book value) of $636.83B ($91716.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gravity Co., Ltd. (GRVY) reported a current ratio of 7.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.