A critical data gap exists, as operating cash flow, free cash flow, and capital expenditure data are uniformly reported as zero for all periods, making it impossible to assess cash conversion efficiency or capital allocation.
Gravity Co., Ltd. (GRVY) cash flow statement — 24-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 0 | 77.12B | 78.56B | 132.43B | 98.28B | 74.18B | 69.86B | 26.37B | 35.97B | 26.14B | 3.07B | -5.98B | -4.97B | -2.1B | 5.7B | 1.18B | 6.42B | 15.97B | 6.95B | -10.63B | -791.27M | 17.74B | 31.53B | 17.05B | -4.74B |
| Operating CF Margin % | - | 13.76% | 15.68% | 18.25% | 21.2% | 17.92% | 17.21% | 7.31% | 12.54% | 18.45% | 8.78% | -16.76% | -14.06% | -4.95% | 10.97% | 2.93% | 16.47% | 36.33% | 13.08% | -26.42% | -2.03% | 33.58% | 50.64% | 37.04% | -50% |
| Operating CF Growth % | 0% | -1.82% | -40.68% | 34.75% | 32.48% | 6.19% | 164.9% | -26.69% | 37.63% | 751.83% | 151.33% | -20.2% | -136.83% | -136.85% | 383.41% | -81.63% | -59.8% | 129.65% | 165.38% | -1243.78% | -104.46% | -43.74% | 84.86% | 459.43% | - |
| Net Income | 59.5B | 68.38B | 84.9B | 132.02B | 83.06B | 65.88B | 62.56B | 39.73B | 31.39B | 13.31B | -736.6M | -17.03B | -20.19B | -17.98B | -14.23B | 12.76B | 4.14B | 3.08B | -2.77B | -23.21B | -21.24B | -3B | 28.21B | 15.92B | 0 |
| Depreciation & Amortization | 0 | 0 | 9.23B | 7.66B | 7.06B | 6.32B | 4.92B | 3.65B | 1.41B | 520M | 236.54M | 4.76B | 5.45B | 6.71B | 5.86B | 4.09B | 2.95B | 5.14B | 8.5B | 7.49B | 7.11B | 5.31B | 3.19B | 1.78B | 1.19B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.51M | 121M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 21.45B | 36.72B | 26.82B | 33.42B | 25.46B | 11.53B | 3.05B | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 560.91M | 5.32B | -559.93M | 7.98B | -6.17B | -2.02B | -1.08B | 0 |
| Other Non-Cash Items | -85.92B | -78.49B | -33.2B | -38.93B | -28.92B | -28.55B | -10.12B | -11.33B | -819.4M | 2B | 3.99B | 5.11B | 1.19B | 5.49B | 13.68B | 4.89B | 1.8B | 5.08B | 1.02B | 10.08B | 1.83B | 4.93B | 1.27B | 1.18B | -2.37B |
| Working Capital Changes | 0 | 87.24B | -3.82B | -5.03B | 10.25B | -2.88B | -12.95B | -17.21B | 6.7B | 12.88B | -424.91M | 1.18B | 8.58B | 3.69B | 381.36M | -20.56B | -2.47B | 2.07B | -5.24B | -5.42B | 3.43B | 16.27B | 876M | -740M | -3.56B |
| Change in Receivables | 0 | 0 | 862M | 2.36B | -38.2B | 5.53B | -29.12B | 30.14B | -18.57B | -27.79B | -6.32B | 24M | -56.95M | 765.22M | 566.08M | 1.44B | -2.31B | -501.11M | -1.39B | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -1.77B | -2.81B | 1.31B | 1.12B | -7.26B | -1.84B | 569M | -41.29M | 556.33M | -364.87M | -11.63B | -875.31M | 263.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -2.88B | -13.84B | 43.9B | -8.51B | 15.51B | -37.15B | 27.32B | 35.05B | 1.58B | 102M | -1.26B | 55.4M | 113.84M | -1.37B | 787.87M | -710.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | -97.96B | -47.03B | -116.58B | -22.34B | -82.47B | -36.05B | -32.53B | 10.82B | -2.98B | -11.25B | 2.6B | 3.1B | -3.64B | -9.53B | -2.79B | -19.81B | -16.18B | -9.03B | 29.35B | 10.52B | -78.21B | -18.36B | -11.46B | -3.56B |
| Capital Expenditures | 0 | -6.41B | -614M | -2.46B | -2.8B | -4.21B | -3.7B | -2.34B | -2.25B | -2.06B | -98.5M | -418M | -593.17M | -2.49B | -5.17B | -6.31B | -6.3B | -3.11B | -5.86B | -9.62B | -2.73B | -14.44B | -11.91B | -5.16B | -2.37B |
| CapEx % of Revenue | 0% | 1.14% | 0.12% | 0.34% | 0.6% | 1.02% | 0.91% | 0.65% | 0.78% | 1.46% | 0.28% | 1.17% | 1.68% | 5.86% | 9.95% | 15.69% | 16.16% | 7.08% | 11.03% | 23.9% | 6.98% | 27.33% | 19.12% | 11.2% | 25% |
| Acquisitions | 0 | 1.52M | 0 | 0 | 0 | 2.46B | 2.62B | 1.36B | 0 | -1.16B | 9.36M | 15M | 1K | -800.04M | 890M | -4.74B | -11.28B | -229M | -6.05B | 0 | 9.12B | -9.1B | 22M | 553.75M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 8.45M | -4.14B | -3.32B | 14.41M | -2.44B | -2.62B | -1.27B | 72.65M | 1.17B | -1.16B | -2M | 188.75M | -434.69M | -3.66B | 5.46B | 9.65B | -2.47B | 2.89B | 1.47B | -1.09B | -4.74B | 1.63B | -3.18B | -1.19B |
| Cash from Financing | 0 | -4.58B | -4.64B | -4.08B | -3.92B | -3.31B | -2.55B | -1.69B | -197.16M | -544K | -5M | -117M | -144M | -619M | 125M | -168M | 275M | -55M | -82M | -438.2M | -725.63M | 69.84B | -2.54B | -335M | 5.93B |
| Debt Issued (Net) | 0 | 0 | -4.53B | -4.08B | -3.92B | -3.65B | -2.89B | -2.03B | -197.16M | 0 | 0 | -117M | -144M | -619M | 125M | -168M | 275M | -55M | -82M | -438.2M | -725.63M | -1.24B | -2.54B | -3.8B | 5.93B |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71.08B | 0 | 3.36B | 0 |
| Dividends Paid | 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 |
| Share Repurchases | 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 |
| Other Financing | 0 | -4.58B | -116M | 0 | 23K | 341.98M | 345.75M | 348M | 0 | 0 | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 0 | -20.38B | 44.82B | 14.21B | 70.77B | -11.53B | 31.2B | -6.62B | 46.96B | 22.38B | -8.16B | -3.47B | -1.88B | -5.74B | -3.83B | -1.69B | -13.39B | -210.04M | -420M | 18.28B | 9B | 9.37B | 10.63B | 5.26B | 5.93B |
| Free Cash Flow | 0 | 76.05B | 73.79B | 126.63B | 95.48B | 69.97B | 66.16B | 24.03B | 33.72B | 24.07B | 2.97B | -6.4B | -5.57B | -4.59B | 530.2M | -5.13B | 120.99M | 12.85B | 1.09B | -20.25B | -3.52B | 3.3B | 19.62B | 11.9B | -7.12B |
| FCF Margin % | 0% | 13.57% | 14.73% | 17.45% | 20.6% | 16.9% | 16.3% | 6.66% | 11.76% | 17% | 8.49% | -17.94% | -15.74% | -10.81% | 1.02% | -12.76% | 0.31% | 29.24% | 2.05% | -50.31% | -9% | 6.25% | 31.52% | 25.85% | -75% |
| FCF Growth % | - | 3.06% | -41.73% | 32.62% | 36.46% | 5.76% | 175.34% | -28.75% | 40.09% | 710.58% | 146.43% | -14.9% | -21.34% | -965.25% | 110.33% | -4341.64% | -99.06% | 1079.04% | 105.38% | -475.79% | -206.59% | -83.18% | 64.89% | 267.19% | - |
| FCF per Share | 0.00 | 10944.63 | 10619.37 | 18223.05 | 13740.63 | 10069.31 | 9520.94 | 3457.82 | 4852.88 | 3464.72 | 427.37 | -920.43 | -801.07 | -660.18 | 76.30 | -738.53 | 17.41 | 1849.44 | 156.86 | -2914.40 | -506.16 | 482.46 | 3536.20 | 2319.90 | -1351.36 |
| FCF Conversion (FCF/Net Income) | 0.00x | 1.14x | 0.93x | 1.00x | 1.18x | 1.12x | 1.11x | 0.66x | 1.14x | 1.96x | -4.17x | 0.35x | 0.25x | 0.12x | -0.40x | 0.08x | 1.55x | 5.18x | -2.51x | 0.46x | 0.04x | -5.92x | 1.12x | 1.07x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 11M | 24M | 55M | 58M | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.19B | 1.28B | 1.34B | 2.37B | 3.73B | 3.83B | 3.75B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GRVY stock.
Gravity Co., Ltd. (GRVY) generated $77.12B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gravity Co., Ltd. (GRVY) generated $76.05B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Gravity Co., Ltd. (GRVY) spent $6.41B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Complete cash flow data unavailability
Earnings Quality Unverifiable Due to Data Gap
The complete absence of operating cash flow data for all ten reported quarters makes it impossible to assess the quality of earnings or the conversion of net income into actual cash generation.
Without operating cash flow figures, the critical relationship between net income and cash generation cannot be analyzed. This prevents any evaluation of accruals, non-cash charges, or the sustainability of reported profits. The data gap represents a fundamental limitation in assessing the company's financial health.
Free Cash Flow Trajectory Completely Obscured
Based on the provided data, free cash flow and its margins are reported as zero for all periods, rendering any analysis of cash generation trends or capital efficiency impossible.
The reported zero values for FCF and FCF margin across all quarters suggest either a data reporting issue or a complete lack of cash generation after capital expenditures. This is inconsistent with the reported net income figures and warrants immediate clarification, as it implies the company may be consuming all operating cash for capital investments or other uses.
Capital Intensity Cannot Be Assessed
With capital expenditure data uniformly reported as zero, it is impossible to determine the company's investment intensity, maintenance versus growth spending, or the replacement rate for its asset base.
The absence of CapEx data prevents analysis of whether the company is investing to sustain operations or pursuing growth. This gap is particularly concerning given the volatile revenue trajectory noted in prior analysis, as it obscures whether recent performance is supported by necessary capital investment or is occurring at the expense of future capacity.
Critical Data Void Undermines Analysis
The most significant challenge to any cash flow analysis is the complete unavailability of operating cash flow, free cash flow, and capital expenditure data for all reported periods.
The provided dataset contains only net income figures, with all other cash flow metrics reported as zero or unavailable. This creates a fundamental disconnect between the income statement and cash flow statement, making it impossible to validate earnings quality, assess capital allocation, or determine the company's true financial flexibility. Investors should treat the reported net income figures with caution until comprehensive cash flow data is disclosed.