NEXON Co Ltd

3659: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nexon's Long-Term Outlook Is Solid Despite Near-Term Challenges for Dungeon & Fighter

Pujance Chan

Jul 7, 2026

Business Strategy and Outlook

Nexon was among the first developers to adopt the free-to-play model in the 1990s. While players can play for free, they are incentivized to spend on in-game items that unlock cosmetics or character/equipment enhancements. To stay profitable in the long term, developers must continually maintain user loyalty and engagement so players keep investing time and money.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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NEXON Co Ltd

Nexon's Long-Term Outlook Is Solid Despite Near-Term Challenges for Dungeon & Fighter

Business Strategy and Outlook

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