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Overview
Information & Communication

GungHo Online Entertainment,Inc.

GungHo Online Entertainment develops, operates, and distributes online and mobile games, with its flagship title 'Puzzle & Dragons' (Puzzle & Dragons) serving as its primary revenue driver alongside the long-running MMORPG 'Ragnarok Online' franchise. The company serves a global user base through direct distribution and licensing arrangements with regional publishers, monetizing through in-app item purchases, monthly subscriptions, and royalty income. Its portfolio spans smartphone games, PC online games, and console titles across multiple genres including puzzle RPG, MMORPG, and action games.

Market Cap
¥125B
US$799M
EV
¥25.8B
US$164M
Stock¥2,396▼-1.48%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
3.5
x
LTM EV/EBIT
NM
LTM PER
52.2
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-30.8%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Jan 20, 26Strategic Capital, Inc. changed stake (8.51%→9.16%)
2Feb 6, 26Strategic Capital, Inc. changed stake (9.16%→9.54%)
3Feb 16, 26Strategic Capital, Inc. changed stake (9.54%→9.65%)
4Jun 11, 26Strategic Capital, Inc. changed stake (9.65%→10.51%)
5Jul 8, 26Strategic Capital, Inc. changed stake (10.51%→13.67%)
MC → EV Bridge
125BUS$799MMarket Cap0.91BUS$5.76M+ Debt125BUS$794M− Cash5.88BUS$37.5M− Inv. Sec.30.0BUS$191M+ NCI25.8BUS$164MEV
AI Briefing
Puzzle & Dragons franchise still anchors GungHo, but FY25/12 revenue ¥93.2B and OP ¥5.1B (5.4% margin) show steep multi-year erosion from FY23/12's ¥27.9B OP. EBITDA LTM ¥7.5B against ¥125B cash and minimal ¥0.9B debt leaves a net-cash-heavy balance sheet, with EV at just ¥29.7B versus ¥129B market cap. Top holder SON Financial at 19.10% alongside trust-bank and offshore trustee stakes signals a concentrated register as the core IP's monetization momentum fades.
Performance & Balance
Revenue 5Y (¥B)
105US$666M'21/12106US$672M'22/12125US$798M'23/12104US$660M'24/1293.2US$594M'25/12
EBITDA 5Y (¥B)
33.5US$213M'21/1228.4US$181M'22/1228.7US$183M'23/1218.4US$117M'24/126.07US$38.6M'25/12
Net Income 5Y (¥B)
22.9US$146M'21/1219.0US$121M'22/1216.4US$105M'23/1211.2US$71.1M'24/121.41US$8.96M'25/12
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
115US$733M0.51US$3.23M'21/12126US$803M0.49US$3.11M'22/12136US$867M'23/1299.6US$634M0.76US$4.83M'24/12130US$831M0.91US$5.76M'25/12
Shareholders
Top 10 hold 63.8%
as of 2026-06-30 · Source: Annual Securities Report
1
SON Financial LLC
19.10%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
14.99%
3
INTERTRUST TRUSTEES(CAYMAN)LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP (Standing Proxy: Mizuho Bank, Ltd.)
11.39%
4
FAH Co., Ltd.
3.81%
5
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
3.45%
6
Custody Bank of Japan, Ltd. (Trust Account)
2.72%
7
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
2.57%
8
INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST (Standing Proxy: Tachibana Securities Co., Ltd.)
2.48%
9
Kazuki MORISHITA
2.21%
10
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
1.12%
Management
13 officers
Kazuki MORISHITA
Director, Chairman and Chief Development Officer
Apr 1994 Joined Partec Co., Ltd. Jul 1996 Joined Soft Create Co., Ltd. Mar 2000 Director, Dolphin Net Co., Ltd. Dec 2000 Director, Kickers Broadcasting Network Co., Ltd. May 2001 General Manager, E-Service Division, Onsale Co., Ltd. (current name: GungHo Online Entertainment, Inc.) Aug 2002 COO, GungHo Online Entertainment, Inc. Jan 2004 Representative Director, President, GungHo Online Entertainment, Inc. Dec 2005 Director, GameArts Co., Ltd. Mar 2008 Representative Director, President, GameArts Co., Ltd. Feb 2026 Director, Chairman and Chief Development Officer, GungHo Online Entertainment, Inc. (current) Chairman, Director, GameArts Co., Ltd. (current) concurrent: Director, Gravity Co., Ltd. (current)
1973-09-16
Kazuya SAKAI
Representative Director, President, CEO
Apr 1987 Joined Kyushu Sogo Bank, Ltd. (now The Juhachi-Oyo Bank, Ltd.) Jan 1993 Joined Ex-Tools Co., Ltd. Apr 2002 Representative Director, President, Ex-Tools Co., Ltd. Apr 2004 Joined GungHo Online Entertainment, Inc.; CFO, General Manager, Administration Division Mar 2005 Director, GungHo Online Entertainment, Inc. Jan 2006 CFO, General Manager, Administration Division, GungHo Online Entertainment, Inc. Apr 2008 CFO, General Manager, Financial Strategy Division, GungHo Online Entertainment, Inc. Apr 2009 CFO, General Manager, Management Administration Division, GungHo Online Entertainment, Inc. Oct 2009 Managing Executive Officer, GungHo Online Entertainment, Inc. Aug 2010 CFO, General Manager, Finance and Accounting Division, GungHo Online Entertainment, Inc. Jan 2011 CFO, Managing Executive Officer, General Manager, Finance and Accounting Division and Management Administration Division, GungHo Online Entertainment, Inc. Jul 2011 CFO and IRO, Managing Executive Officer, General Manager, Finance and Accounting Division, GungHo Online Entertainment, Inc. Mar 2012 CFO and IRO, General Manager, Finance and Accounting Division, GungHo Online Entertainment, Inc. Apr 2014 CFO, General Manager, Finance and Accounting Division, GungHo Online Entertainment, Inc. Mar 2017 Director, GameArts Co., Ltd. Feb 2026 Representative Director, President, CEO, GungHo Online Entertainment, Inc. (current) Representative Director, President, GameArts Co., Ltd. (current) concurrent: Representative Director, President, GameArts Co., Ltd. Director, Gravity Co., Ltd. Director, GungHo Online Entertainment Asia Pacific Pte. Ltd.
1965-01-28
Yoshinori KITAMURA
Director, General Manager, GV Business Division
Apr 1992 Joined Gakusei Engo Kai Co., Ltd. (now Persol Career Co., Ltd.) Jan 1995 Joined Rothmans Japan K.K. Sep 1999 Joined ICC Co., Ltd. Jan 2002 Joined NC Japan Co., Ltd. Feb 2003 Joined GungHo Online Entertainment, Inc.; General Manager, Marketing Department Jan 2006 General Manager, Marketing Division, GungHo Online Entertainment, Inc. Mar 2006 Director, GungHo Online Entertainment, Inc. (current) Jul 2007 General Manager, International Business Division, GungHo Online Entertainment, Inc. Oct 2009 Managing Executive Officer, General Manager, International Division, GungHo Online Entertainment, Inc. Mar 2012 General Manager, International Division, GungHo Online Entertainment, Inc. Oct 2015 General Manager, GV Business Division, GungHo Online Entertainment, Inc. (current) concurrent: Director, Gravity Co., Ltd. COO and CCO, Gravity Co., Ltd.
1968-06-11
Kohji YOSHIDA
Director, CCO and CCMO, General Manager, Management Administration Division
Apr 1977 Joined Arabian Oil Co., Ltd. May 2000 Joined Nintendo Co., Ltd. Jan 2002 General Manager, General Affairs Department, Nintendo Co., Ltd. Oct 2005 General Manager, General Affairs Division, Nintendo Co., Ltd. Jun 2006 Director, Nintendo Co., Ltd. Apr 2011 Joined GungHo Online Entertainment, Inc.; Acting General Manager, Management Administration Division Jul 2011 CCO and CCMO, General Manager, Management Administration Division, GungHo Online Entertainment, Inc. (current) Mar 2012 Director, GungHo Online Entertainment, Inc. (current) concurrent: Director, Gravity Co., Ltd. Director, GungHo Online Entertainment Asia Pacific Pte. Ltd.
1953-11-27
Akihiko ICHIKAWA
Director, General Manager, Partner Publishing Division
Apr 1992 Joined Yokohama Flügels May 1995 Joined Soft Create Co., Ltd. May 2000 Director, Dolphin Net Co., Ltd. Dec 2000 Joined Kickers Broadcasting Network Co., Ltd. Feb 2002 Joined Bell System 24, Inc. Oct 2004 Joined Median Co., Ltd. Oct 2005 Joined GungHo Online Entertainment, Inc. Mar 2007 Director, GameArts Co., Ltd. Apr 2008 Executive Officer, General Manager, New Business Development Office, GungHo Online Entertainment, Inc. Dec 2009 Executive Officer, General Manager, Mobile and Console Division, Game Business Division, GungHo Online Entertainment, Inc. Jan 2012 Executive Officer, General Manager, 1st Planning and Development Division, Development Division, GungHo Online Entertainment, Inc. Oct 2015 Executive Officer, General Manager, Partner Publishing Division, GungHo Online Entertainment, Inc. (current) Mar 2021 Director, GungHo Online Entertainment, Inc. (current)
1973-05-22
Hidetsugu ONISHI
Director
Apr 1986 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Dec 1999 Investment Officer, Fuji Capital Management Co., Ltd. (now MCP Partners Co., Ltd.) Feb 2002 Director and CFO, Link Theory Holdings Co., Ltd. (now Link Theory Japan Co., Ltd.) Sep 2009 Executive Officer and CFO, Fast Retailing Co., Ltd. Apr 2011 Representative Director, Abergence Co., Ltd. (current) Jun 2011 Co-Representative, Integrity LLC (current) Mar 2016 Director, GungHo Online Entertainment, Inc. (current) Mar 2016 Outside Director, Basic Co., Ltd. Apr 2018 Outside Director (Audit and Supervisory Committee Member), Basic Co., Ltd. (current) May 2019 Outside Audit & Supervisory Board Member, Arclands Sakamoto Co., Ltd. (now Arclands Corporation) Apr 2021 Outside Director, Cube Co., Ltd. (current) May 2022 Outside Director (Audit and Supervisory Committee Member), Arclands Corporation Jan 2024 Outside Director, Classico Co., Ltd. (current) concurrent: Co-Representative, Integrity LLC Representative Director, Abergence Co., Ltd. Outside Director, Cube Co., Ltd.
1964-03-07
Masato OCHI
Standing Audit & Supervisory Board Member
Apr 1987 Joined Ebisho Co., Ltd. Jan 1992 Joined Daiichi Takachiho Co., Ltd. Oct 1995 Joined Soft Create Co., Ltd. May 2000 Director, Dolphin Net Co., Ltd. Dec 2000 Joined Kickers Broadcasting Network Co., Ltd. Feb 2002 Joined Alice Net Co., Ltd. Feb 2004 Joined GungHo Online Entertainment, Inc. Feb 2007 General Manager, 3rd Marketing Division, GungHo Online Entertainment, Inc. Jul 2007 General Manager, Publishing Division, GungHo Online Entertainment, Inc. Apr 2008 Senior Executive Officer, General Manager, Online Business Division, GungHo Online Entertainment, Inc. Oct 2009 Managing Executive Officer, General Manager, Game Business Division, GungHo Online Entertainment, Inc. Mar 2010 Director, GungHo Online Entertainment, Inc. Jul 2010 Managing Executive Officer, General Manager, Game Business Division and Management Administration Division, GungHo Online Entertainment, Inc. Jan 2011 Managing Executive Officer, General Manager, Game Business Division, GungHo Online Entertainment, Inc. Jan 2012 Managing Executive Officer, Senior General Manager, Online Division, GungHo Online Entertainment, Inc. Mar 2012 Senior General Manager, Online Division, GungHo Online Entertainment, Inc. May 2014 General Manager, Systems and CS Division, GungHo Online Entertainment, Inc. Apr 2017 General Manager, CS Division, GungHo Online Entertainment, Inc. Mar 2021 Audit & Supervisory Board Member, GungHo Online Entertainment, Inc. (current) Mar 2021 Audit & Supervisory Board Member, GameArts Co., Ltd. (current) concurrent: Audit & Supervisory Board Member, GameArts Co., Ltd.
1968-12-17
Susumu TANAKA
Director
Apr 1976 Joined Nintendo Co., Ltd. Jul 2012 Deputy General Manager, Business Division, Nintendo Co., Ltd. Jun 2013 Director, General Manager, Business Division, Nintendo Co., Ltd. Jun 2016 Senior Executive Officer, General Manager, Business Division, Nintendo Co., Ltd. Jun 2018 Retired from Nintendo Co., Ltd.; Advisor, Nintendo Co., Ltd. Jun 2019 Retired Mar 2020 Director, GungHo Online Entertainment, Inc. (current)
1953-03-11
Etsuko HARA
Director
Oct 2001 Registered as attorney-at-law (Daini Tokyo Bar Association); joined Anderson Mori & Tomotsune (now Anderson Mori & Tomotsune, Gaikokuho Kyodo Jigyo) Sep 2006 Worked at Allen & Overy Apr 2007 Registered as attorney-at-law in New York State Jan 2011 Partner, Anderson Mori & Tomotsune (now Anderson Mori & Tomotsune, Gaikokuho Kyodo Jigyo) (current) Apr 2012 Member, Japanese Law Translation Promotion Council, Ministry of Justice Apr 2013 Part-time Lecturer, Hitotsubashi University Law School Apr 2019 Associate Professor, Graduate Schools for Law and Politics, The University of Tokyo Apr 2022 Part-time Lecturer, Graduate Schools for Law and Politics, The University of Tokyo (current) Mar 2024 Director, GungHo Online Entertainment, Inc. (current) Jun 2025 Outside Director (Audit Committee Member), Kansai Electric Power Co., Inc. (current) concurrent: Partner Attorney-at-law, Anderson Mori & Tomotsune, Gaikokuho Kyodo Jigyo Outside Director (Audit Committee Member), Kansai Electric Power Co., Inc.
1974-10-18
Hiroyuki UCHIDA
Director
Apr 1996 Joined Nihon Gogo Finance Co., Ltd. (now Jafco Group Co., Ltd.) Apr 2001 Registered as certified public accountant Jan 2006 Joined Fast Retailing Co., Ltd. Sep 2013 Executive Officer, Fast Retailing Co., Ltd. Apr 2024 Registered as certified tax accountant; Representative, Hiroyuki Uchida CPA and Tax Accountant Office (current) Oct 2025 Audit & Supervisory Board Member, Transit Holdings Co., Ltd. (current) Auditor, Ortmos Healthcare Foundation (current) Mar 2026 Director, GungHo Online Entertainment, Inc. (current) concurrent: Representative, Hiroyuki Uchida CPA and Tax Accountant Office
1973-10-10
Emiko MAKI
Director
Oct 2006 Registered as attorney-at-law (Dai-Ichi Tokyo Bar Association); joined Abe, Ikubo & Katayama Jan 2016 Partner Attorney-at-law, Abe, Ikubo & Katayama (current) Dec 2022 Registered as patent attorney Apr 2023 Executive Board Member, Japan Patent Attorneys Association Mar 2025 Retired from Japan Patent Attorneys Association Mar 2026 Director, GungHo Online Entertainment, Inc. (current) concurrent: Partner Attorney-at-law, Abe, Ikubo & Katayama
1958-11-05
Tomohiro YOSHIKAWA
Audit & Supervisory Board Member
Apr 1993 Registered as attorney-at-law (Tokyo Bar Association); joined Kita Kimura Law Office (now Kimura Sogo Law Office) Apr 1998 Established Yoshikawa Law Office; Representative (current) Sep 2000 Outside Audit & Supervisory Board Member, Toshiba Socio Systems Support Corporation (now Toshiba IT Services Corporation) Jun 2015 Outside Audit & Supervisory Board Member, Mitsubishi Kakoki Kaisha, Ltd. Jun 2016 Outside Director (Audit and Supervisory Committee Member), Mitsubishi Kakoki Kaisha, Ltd. (current) Mar 2025 Audit & Supervisory Board Member, GungHo Online Entertainment, Inc. (current) concurrent: Representative, Yoshikawa Law Office Outside Director (Audit and Supervisory Committee Member), Mitsubishi Kakoki Kaisha, Ltd.
1965-10-05
Masataka NEMOTO
Audit & Supervisory Board Member
Dec 2007 Joined Deloitte Tohmatsu Audit (Tokyo office) (now Deloitte Tohmatsu LLC) Dec 2013 Registered as certified public accountant Dec 2014 Left Deloitte Tohmatsu LLC Jan 2015 Registered as certified tax accountant; Representative, Leaders Support Certified Public Accountant Office (current); Representative Partner, Leaders Support Tax Corporation (current) Jun 2018 Outside Director (Audit and Supervisory Committee Member), Jeans Mate Corporation Apr 2021 Outside Audit & Supervisory Board Member, Jeans Mate Corporation Mar 2025 Audit & Supervisory Board Member, GungHo Online Entertainment, Inc. (current) concurrent: Representative, Leaders Support Certified Public Accountant Office Representative Partner, Leaders Support Tax Corporation
1982-06-27
Large Shareholding Reports
Strategic Capital, Inc.
2026-10-13
13.67%→13.67%
Strategic Capital Co., Ltd.
2026-10-06
13.67%→13.67%
Strategic Capital Co., Ltd.
2026-09-16
9.16%→9.54%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Strategic Capital Co., Ltd.
2026-09-16
8.51%→9.16%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Strategic Capital Co., Ltd.
2026-09-16
9.54%→9.65%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Strategic Capital Co., Ltd.
2026-09-15
7.50%→7.50%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Strategic Capital Co., Ltd.
2026-09-15
7.50%→8.51%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Strategic Capital Co., Ltd.
2026-09-15
6.32%→7.50%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Sony Music Entertainment (Japan) Inc.
2026-09-04
22.58%
SON Financial LLC
2026-08-31
14.47%→22.58%
Strategic Capital Co., Ltd.
2026-08-27
13.67%→13.67%
Strategic Capital Co., Ltd.
2026-07-08
10.51%→13.67%
Strategic Capital Co., Ltd.
2026-06-11
9.65%→10.51%
Strategic Capital Co., Ltd.
2026-02-16
9.54%→9.65%
SON Financial
2026-02-12
14.47%→14.47%
Annual report (as of 2026-06-30): 19.10%
Strategic Capital Co., Ltd.
2026-02-06
9.16%→9.54%
Strategic Capital Co., Ltd.
2026-01-20
8.51%→9.16%
SON Financial G.K.
2025-12-05
14.47%→14.47%
Strategic Capital Co., Ltd.
2025-08-07
7.50%→8.51%
Strategic Capital Co., Ltd.
2025-05-12
7.50%→7.50%
Strategic Capital Co., Ltd.
2025-05-08
6.32%→7.50%
Strategic Capital Co., Ltd.
2025-04-16
5.47%→6.32%
Strategic Capital, Inc.
2024-10-16
5.47%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-13
Large Shareholding Report
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EDINET
2026-10-06
Large Shareholding Report
View PDF →
EDINETAmended
2026-09-16
Change Report
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EDINETAmended
2026-09-16
Change Report
View PDF →
EDINETAmended
2026-09-16
Change Report
View PDF →
EDINETAmended
2026-09-15
Change Report
View PDF →
EDINETAmended
2026-09-15
Change Report
View PDF →
EDINETAmended
2026-09-15
Change Report
View PDF →
EDINET
2026-09-04
Large Shareholding Report
View PDF →
EDINET
2026-08-31
Large Shareholding Report
View PDF →
EDINET
2026-08-27
Large Shareholding Report
View PDF →
EDINET
2026-08-07
Semi-Annual Securities Report
Period: Jan 2026 – Jun 2026
View PDF →
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
View PDF →
EDINET
2026-07-08
Large Shareholding Report
View PDF →
EDINET
2026-06-11
Large Shareholding Report
View PDF →
TDnet
2026-05-08
Q1 Earnings Flash
FY ending Dec 2026
View PDF →
EDINETAmended
2026-04-09
Amended Annual Securities Report
Period: Jan 2024 – Dec 2024
View PDF →
EDINETAmended
2026-04-09
Amended Annual Securities Report
Period: Jan 2025 – Dec 2025
View PDF →
EDINETAmended
2026-03-19
Amended Annual Securities Report
Period: Jan 2021 – Dec 2021
View PDF →
EDINETAmended
2026-03-19
Amended Annual Securities Report
Period: Jan 2022 – Dec 2022
View PDF →
EDINETAmended
2026-03-19
Amended Annual Securities Report
Period: Jan 2020 – Dec 2020
View PDF →
EDINET
2026-03-19
Annual Securities Report
Period: Jan 2025 – Dec 2025
View PDF →
EDINETAmended
2026-03-19
Amended Annual Securities Report
Period: Jan 2024 – Dec 2024
View PDF →
EDINETAmended
2026-03-19
Amended Annual Securities Report
Period: Jan 2023 – Dec 2023
View PDF →
EDINET
2026-02-16
Large Shareholding Report
View PDF →
EDINET
2026-02-12
Large Shareholding Report
View PDF →
EDINET
2026-02-06
Large Shareholding Report
View PDF →
EDINET
2026-01-20
Large Shareholding Report
View PDF →
EDINET
2025-12-05
Large Shareholding Report
View PDF →
TDnet
2025-11-07
Q3 Earnings Flash
FY ending Dec 2025
View PDF →
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