Gravity Co., Ltd (GRVY) Cash Flow Statement

NASDAQ: GRVYOperating cash, capex, free cash flow and buybacks.

Where GRVY’s cash came from and went, 2025

December 31, 2025 · South Korean won
Cash from operations
₩77.12B
−1.8% vs 2024
Capital expenditures
₩1.07B
0.2% of revenue
Free cash flow
₩76.05B
13.6% margin
Returned to shareholders
—
Change in cash
−₩20.38B
cash at year-end ₩203.59B
Cash from operations: ₩77.12BCash from operations₩77.12BDrawn from cash: ₩20.38BDrawn from cash₩20.38BCurrency & other: ₩4.97BCurrency & other₩4.97BInvestments (net): ₩90.33BInvestments (net)₩90.33B · 88%Acquisitions & other: ₩6.56BAcquisitions & other₩6.56B · 6%Debt repayment: ₩4.51BDebt repayment₩4.51B · 4%Capital expenditures: ₩1.07BCapital expenditures₩1.07B · 1%₩102.48B
Cash from operations
₩77.12B
Capital expenditures
−₩1.07B
Investments (net)
−₩90.33B
Acquisitions & other
−₩6.56B
Net borrowing (repayment)
−₩4.51B
Currency & other
+₩4.97B
Change in cash
−₩20.38B

Drawn to scale: where the cash came from and how it was used. Hover for values.

GRVY operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

GRVY cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow₩3.07B2016₩77.12B2025+43.1%/yr
Capital expenditures₩98.5M2016₩1.07B2025+30.3%/yr
Free cash flow₩2.97B2016₩76.05B2025+43.4%/yr
Free cash flow margin8.5%201613.6%2025+5.1 pts
Operating cash flow / net income1.9620171.132025−0.84
Stock-based compensation−₩3.72B2017−₩69.13B2021—
Dividends paid₩02016₩02019—
Share buybacks (net)₩02016₩11.0M2019—
Capex / revenue0.3%20160.2%2025−0.1 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GRVY cash flow by activity

OperatingInvestingFinancingChange in cash

GRVY net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

GRVY cash flow statement in South Korean won

2025202420232022202120202019201820172016
Operating activities
Net income₩68.38B₩84.90B₩132.02B₩83.06B₩65.88B₩62.56B₩39.73B₩31.39B₩13.31B−₩736.6M
Depreciation & amortization₩10.82B₩9.23B₩7.66B₩7.06B₩6.32B₩4.92B₩3.65B₩1.41B₩520.0M₩236.5M
Stock-based compensation————−₩69.13B−₩9.22B−₩9.98B−₩5.77B−₩3.72B—
Change in working capital₩87.24B−₩3.82B−₩5.03B₩10.25B−₩2.88B−₩12.95B−₩17.21B₩6.70B₩12.88B−₩424.9M
Other non-cash items−₩89.31B−₩11.76B−₩2.21B−₩2.10B₩74.00B₩24.55B₩10.18B₩2.23B₩3.14B₩3.99B
Cash from operating activities₩77.12B₩78.56B₩132.43B₩98.28B₩74.18B₩69.86B₩26.37B₩35.97B₩26.14B₩3.07B
Investing activities
Capital expenditures−₩1.07B−₩4.76B−₩5.80B−₩2.80B−₩4.21B−₩3.70B−₩2.34B−₩2.25B−₩2.06B−₩98.5M
Investments (net)−₩90.33B−₩47.03B−₩116.58B−₩22.34B−₩82.47B−₩32.36B−₩32.53B₩10.82B−₩2.98B−₩10.67B
Acquisitions & other investing−₩6.56B₩4.76B₩5.80B₩2.80B₩4.21B₩3.0M₩2.34B₩2.25B₩2.06B−₩486.1M
Cash from investing activities−₩97.96B−₩47.03B−₩116.58B−₩22.34B−₩82.47B−₩36.05B−₩32.53B₩10.82B−₩2.98B−₩11.25B
Financing activities
Dividends paid——————₩0₩0₩0₩0
Share repurchases & issuance (net)——————−₩11.0M₩0₩0₩0
Net borrowing (repayment)−₩4.51B−₩4.53B−₩4.08B−₩3.92B−₩3.65B−₩2.89B−₩2.03B−₩197.2M−₩197.2M−₩197.2M
Shares issued₩0₩0₩0₩0₩0₩0₩0₩0₩0₩0
Other financing−₩61.9M−₩116.0M₩0₩23,000₩341.9M₩345.3M₩359.0M₩0₩196.6M₩192.2M
Cash from financing activities−₩4.58B−₩4.64B−₩4.08B−₩3.92B−₩3.31B−₩2.55B−₩1.69B−₩197.2M−₩544,000−₩5.0M
Summary
Net change in cash−₩20.38B₩44.82B₩14.21B₩70.77B−₩11.53B₩31.20B−₩6.62B₩46.96B₩22.38B−₩8.16B
Cash at end of period₩203.59B₩228.90B₩184.08B₩169.88B₩99.10B₩110.63B₩79.43B₩86.05B₩39.10B₩14.00B
Free cash flow₩76.05B₩73.79B₩126.63B₩95.48B₩69.97B₩66.16B₩24.03B₩33.72B₩24.07B₩2.97B
Free cash flow margin13.6%14.7%17.5%20.6%16.9%16.3%6.7%11.8%17.0%8.5%
Capex / revenue0.2%1.0%0.8%0.6%1.0%0.9%0.6%0.8%1.5%0.3%
Operating cash flow / net income1.130.931.001.181.131.120.661.151.96—

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South Korean won as reported; data from EODHD.

GRVY cash generation

In fiscal 2025 (ended December 31, 2025), Gravity generated ₩77.1 billion of cash from operations (down 1.8%) and spent ₩1.1 billion on capital expenditures, leaving free cash flow of ₩76.1 billion, 13.6% of revenue. Cash and equivalents fell by ₩20.4 billion over the year.

Related: GRVY income statement, GRVY balance sheet. See the GRVY stock overview for the latest quote and news.

GRVY cash flow FAQ

What is Gravity's free cash flow?

Gravity's free cash flow was ₩76.1 billion in fiscal 2025: ₩77.1 billion of operating cash flow minus ₩1.1 billion of capital expenditures It was ₩73.8 billion a year earlier..

How much cash does Gravity generate from operations?

Gravity generated ₩77.1 billion of cash from operating activities in fiscal 2025, 1.13 times its net income of ₩68.4 billion.

How much does Gravity spend on capital expenditures?

Gravity spent ₩1.1 billion on capital expenditures in fiscal 2025, 0.2% of revenue, compared with ₩4.8 billion the year before.

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