NAVER Corporation

₩190,200As of Sun 8 Nov 2026, 12:00 UTC

KRX:035420Communication

Country South Korea

PE (Fwd) •••

TSR 10Y CAGR 1.41%

Div yield 1.38%

ROE 6.42%

Internet Content & Information

Beta (5Y) 1.19

PE TTM 14.20

TSR TTM (28.15%)

Mkt cap ₩28.50T

ROIC 6.30%

SE Grade™

—

Value

Quality

Moat

Consensus

Reference

₩230,014

20.93%

(29.96%)

Hold 9|3|3|9|12

TTM

FYE 31 Dec KRW

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

6,073

Revenue₩B

3,944

4,238

4,566

4,830

5,084

5,354

5,777

6,116

6,616

7,223

6,432

7.28%

6.75%

16.78

Revenue growth%

5.62

8.51

6.08

5.15

6.76

8.69

6.97

9.36

8.11

8.70

9.73

8.69

7.54

25.99

Gross margin%

20.63

23.11

21.98

19.97

19.23

18.54

17.38

14.51

11.95

10.05

26.01

14.51

18.88

26.20

Operating margin%

17.21

20.18

21.70

23.81

23.29

23.19

24.35

27.12

24.63

24.92

26.19

24.63

23.55

25.20

Net margin%

15.93

13.22

15.57

12.63

12.61

15.35

15.45

15.10

16.64

19.19

22.33

15.45

15.40

18.45

P/E ratio (avg)x

11.12

11.57

10.48

9.354

8.611

7.494

7.683

8.216

8.975

8.595

9.158

8.216

8.793

31.78

EV/EBITx

10.88

11.45

11.53

10.51

10.60

11.24

10.93

10.31

10.34

9.909

26.66

10.34

10.74

20.23

FCF yield (avg)%

11.40

13.48

14.08

14.12

14.39

16.64

18.64

16.62

19.06

20.77

22.04

18.64

15.50

4.52

FCF margin%

18.12

16.82

15.96

17.38

16.12

13.99

15.08

17.11

17.60

18.32

5.33

17.11

16.96

0.302

FCF / Net incomex

0.223

0.209

0.195

0.188

0.214

0.198

0.224

0.215

0.196

0.188

0.463

0.198

0.204

27.47

ROIC%

8.63

10.42

9.10

9.29

6.97

5.29

7.69

5.87

4.33

3.54

18.91

5.29

7.33

5.13

Return on equity%

7.95

9.23

11.66

13.83

14.91

16.05

17.65

15.90

14.67

13.08

5.44

15.90

14.25

7.34

Return on assets%

24.23

25.24

27.35

26.38

25.50

23.74

23.08

23.90

24.30

2.03

23.90

24.77

5,589

EPS₩

10,850

12,177

11,859

12,354

12,768

12,663

11,863

11,235

10,513

11,070

5,826

(2.81%)

(0.04%)

—

27.07

EPS growth%

25.46

24.15

21.85

22.40

19.95

20.60

21.32

19.37

20.15

20.19

15.51

20.19

20.96

6,722

Bookvalue per sh₩

15,321

13,828

14,231

14,644

12,640

12,479

13,428

13,502

13,973

13,487

18,980

1.31%

(1.29%)

—

14,339

FCF per share₩

9,757

8,824

9,068

9,508

10,067

9,595

9,953

10,976

12,129

10,682

16,287

1.19%

(0.39%)

—

15,403

Dividend per sh₩

17,591

17,576

17,735

20,673

23,306

25,840

30,635

34,282

39,618

41,960

11,152

12.48%

10.53%

—

18.12

Div yield (avg)%

17.81

16.41

16.20

14.37

15.54

17.35

16.31

14.74

14.77

16.52

29.37

16.31

16.26

23.02

Payout ratio%

24.20

27.19

26.39

28.31

28.39

27.57

28.61

28.56

25.59

24.10

29.89

27.57

27.38

151.8

Shares (diluted)M

240.3

280.8

313.5

345.9

394.9

423.3

452.9

476.0

484.0

529.7

154.1

6.05%

10.09%

11.96

Buyback yield%

12.46

10.00

10.52

7.67

5.10

3.20

5.39

7.88

7.11

9.97

25.93

7.11

7.77

0.329

D/E ratiox

0.695

0.824

0.820

0.804

0.809

0.864

0.837

0.980

1.111

1.164

1.501

0.980

0.830

5,653

Enterprise value₩B

7,837

8,443

9,432

9,857

10,915

12,892

14,207

15,071

15,231

16,882

4,290

9.11%

9.97%

2,224

LT debt₩B

4,046

4,640

4,317

4,336

4,894

5,547

6,395

6,682

6,630

6,677

3,429

6.41%

4.36%

Peers (US$21.01B)

Cap (US$)

Kakao Corp.

10.54B

41.48x

KRAFTON, Inc.

7.065B

11.70x

Kakao Pay Corp.

3.226B

49.92x

Reddit, Inc.

18.36B

19.42x

Capital

TTM

10Y

Leveragex

0.334

(1.536)

(0.934)

EBIT/Intx

0.321

0.889

0.599

Own earn%

(93.20)

(25.18)

(16.23)

Sh yield%

30.08

21.88

22.33

Owners

Insiders/Inst%

0.79

27.99

Short interest%

3.55

SBC / revenue%

4.88

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

17–27

$1 testx

—

Incr. ROIC%

NAVER Corporation, together with its subsidiaries, provides online search portal and information services in South Korea and internationally.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

₩7.223T

6.75%

1.00×

Cost of revenue

₩4.641T

6.91%

1.01×

Operating expenses

₩1.725T

6.92%

1.02×