PearlAbyss Valuation Multiples

Discover PearlAbyss' revenue and EBITDA valuation multiples and M&A history, alongside public comparables like Playtika, Paradox Interactive, Embracer Group, Modern Times Group and more.

PearlAbyss Overview

About PearlAbyss

PearlAbyss Corp is a game development studio. Its game includes Black Desert Online.


Founded

2010

HQ

South Korea

Employees

N/A

Financials (LTM)

Revenue: $426M
EBITDA: $169M

EV

$1.3B

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PearlAbyss Financials

PearlAbyss reported last 12-month revenue of $426M and EBITDA of $169M.

In the same LTM period, PearlAbyss generated $426M in gross profit, $169M in EBITDA, and $117M in net income.

Revenue (LTM)


PearlAbyss P&L

In the most recent fiscal year, PearlAbyss reported revenue of $249M and EBITDA of $12M.

PearlAbyss is unprofitable as of last fiscal year, with gross margin of 96%, EBITDA margin of 5%, and net margin of (2%).

See analyst estimates for PearlAbyss
LTMLast FY202320242025202620272028
Revenue$426M$249M$218M$224M$239M
Gross Profit$426M$239M$218M$224M$239M
Gross Margin100%96%100%100%100%
EBITDA$169M$12M$40M$72M$12M
EBITDA Margin40%5%18%32%5%
EBIT Margin36%(4%)(5%)(4%)(4%)
Net Profit$117M($6M)$10M$40M($6M)
Net Margin27%(2%)5%18%(2%)

Financial data powered by Morningstar, Inc.

PearlAbyss Stock Performance

PearlAbyss has current market cap of $1.5B, and enterprise value of $1.3B.

Market Cap Evolution


PearlAbyss' stock price is $23.77.

PearlAbyss share price increased by 1.2% in the last 30 days, and decreased by 9.6% in the last year.

PearlAbyss has an EPS (earnings per share) of $-0.09.

See more trading valuation data for PearlAbyss
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$1.3B$1.5B0.1%1.2%-40.0%-9.6%$-0.09

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PearlAbyss Valuation Multiples

PearlAbyss trades at 3.0x EV/Revenue multiple, and 7.6x EV/EBITDA.

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EV / Revenue (LTM)


PearlAbyss Financial Valuation Multiples

As of July 6, 2026, PearlAbyss has market cap of $1.5B and EV of $1.3B.

PearlAbyss has a P/E ratio of 12.5x.

LTMLast FY202320242025202620272028
EV/Revenue3.0x5.1x5.9x5.7x5.3x
EV/EBITDA7.6x102.8x32.0x17.8x102.8x
EV/EBIT8.4x(131.8x)(119.8x)(160.7x)(131.8x)
EV/Gross Profit3.0x5.3x5.9x5.7x5.3x
P/E12.5xn/m146.7x37.0xn/m
EV/FCF10.2x100.3x84.4x(217.2x)100.3x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified PearlAbyss Valuation Multiples

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PearlAbyss Margins & Growth Rates

PearlAbyss grew revenue by 139% and EBITDA by 2481% in the last fiscal year.

In the most recent fiscal year, PearlAbyss reported gross margin of 96%, EBITDA margin of 5%, and net margin of (2%).

See estimated margins and future growth rates for PearlAbyss

PearlAbyss Margins

Last FY202420252026202720282029
Gross Margin96%100%100%100%
EBITDA Margin5%32%5%54%
EBIT Margin(4%)(4%)(4%)52%
Net Margin(2%)18%(2%)39%
FCF Margin5%(3%)5%39%

PearlAbyss Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth139%3%7%148%
Gross Profit Growth148%3%7%148%
EBITDA Growth2481%80%(83%)2481%
EBIT Growth(3270%)(25%)22%(3270%)
Net Profit Growth(4336%)297%(114%)(4336%)
FCF Growth1733%(139%)(317%)1733%

Data powered by FactSet, Inc. and Morningstar, Inc.

PearlAbyss Operational KPIs

PearlAbyss' Rule of 40 is 202% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

PearlAbyss' Rule of X is 425% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for PearlAbyss
LTMLast FY202320242025202620272028
Rule of 4044%202%---
Bessemer Rule of X51%425%---
S&M Expenses to Revenue8%31%30%31%33%
G&A Expenses to Revenue-11%13%10%11%
Opex to Revenue-100%105%104%104%

Data powered by FactSet, Inc. and Morningstar, Inc.

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PearlAbyss Competitors

PearlAbyss competitors include Playtika, Paradox Interactive, Embracer Group, Modern Times Group, Shift Up, Alpha, Hangzhou Shunwang Tech, YOOZOO Games, Xun You Network and Guangxi Xinxunda.

Most PearlAbyss public comparables operate across Gaming - Console & PC.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Playtika1.2x1.2x4.3x4.2x
Paradox Interactive5.3x5.5x8.4x8.8x
Embracer Group0.6x0.6x2.5x2.7x
Modern Times Group1.4x1.4x6.4x6.3x
Shift Up4.6x5.4x5.9x9.1x
Alpha4.7x-57.8x-
Hangzhou Shunwang Tech6.4x5.3x20.8x20.2x
YOOZOO Games7.9x7.7x(118.7x)47.4x

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PearlAbyss VC Funding History

Before going public, PearlAbyss raised $3M in total equity funding, across 1 round.


PearlAbyss Funding Rounds

DateStageInvestorsRaisedValuationRev. MultipleDeal Summary
Oct-14Series AStonebridge Ventures$3M--

Acquisitions by PearlAbyss

PearlAbyss has acquired 2 companies to date.

Last acquisition by PearlAbyss was on May 24th 2021. PearlAbyss acquired Factorial Games for $18M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by PearlAbyss

Factorial Games
CCP Games
Description
Factorial Games is a studio focused on mobile game development and custom software services for clients. Warsaw-based, it creates free-to-play titles in genres like strategy and casual gaming while offering outsourcing for game engines, backend systems, and cross-platform applications to publishers and brands entering the mobile entertainment market.
CCP Games is a Reykjavik-based developer of massively multiplayer online games including EVE Online launched in 2003. The studio operates the EVE universe with player-driven economies and space combat, employing over 400 staff across studios in Iceland, the United States, and China.
HQ CountrySouth KoreaIceland
HQ City
Seoul
Reykjavík
Deal Date24 May 20216 Sep 2018
Valuation$18M$225M
EV/Revenue
EV/EBITDA

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About PearlAbyss

When was PearlAbyss founded?PearlAbyss was founded in 2010.
Where is PearlAbyss headquartered?PearlAbyss is headquartered in South Korea.
Is PearlAbyss publicly listed?Yes, PearlAbyss is a public company listed on Korea Exchange.
What is the stock symbol of PearlAbyss?PearlAbyss trades under 263750 ticker.
When did PearlAbyss go public?PearlAbyss went public in 2017.
Who are competitors of PearlAbyss?PearlAbyss main competitors include Playtika, Paradox Interactive, Embracer Group, Modern Times Group, Shift Up, Alpha, Hangzhou Shunwang Tech, YOOZOO Games, Xun You Network, Guangxi Xinxunda.
What is the current market cap of PearlAbyss?PearlAbyss' current market cap is $1.5B.
What is the current revenue of PearlAbyss?PearlAbyss' last 12 months revenue is $426M.
What is the current revenue growth of PearlAbyss?PearlAbyss revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of PearlAbyss?Current revenue multiple of PearlAbyss is 3.0x.
What is the current EBITDA of PearlAbyss?PearlAbyss' last 12 months EBITDA is $169M.
What is PearlAbyss' EBITDA margin?PearlAbyss' last 12 months EBITDA margin is 40%.
What is the current EV/EBITDA multiple of PearlAbyss?Current EBITDA multiple of PearlAbyss is 7.6x.
What is the current FCF of PearlAbyss?PearlAbyss' last 12 months FCF is $125M.
What is PearlAbyss' FCF margin?PearlAbyss' last 12 months FCF margin is 29%.
What is the current EV/FCF multiple of PearlAbyss?Current FCF multiple of PearlAbyss is 10.2x.
How many companies PearlAbyss has acquired to date?As of July 2026, PearlAbyss has acquired 2 companies.
What was the largest acquisition by PearlAbyss?$225M acquisition of CCP Games on 6th September 2018 was the largest M&A PearlAbyss has done to date.
What companies PearlAbyss acquired?PearlAbyss acquired CCP Games and Factorial Games.
In how many companies PearlAbyss has invested to date?PearlAbyss hasn't invested in any companies yet (or none have been disclosed publicly).

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