Updated Mar 17, 2026 by GungHo Online Entertainment
GungHo has successfully pivoted to a global business model, with overseas sales now accounting for 64.1% of total revenue as of late 2024.
Consolidated net sales declined from 125.3 billion yen in 2023 to 103.6 billion yen in 2024, though the company maintains a strong capital-to-asset ratio of 75.9%.
The Ragnarok IP, managed by subsidiary Gravity Co., Ltd., has scaled significantly, growing from 5 billion yen in annual sales in 2008 to approximately 50 billion yen today.
To sustain the 13-year-old Puzzle & Dragons franchise, the company launched Puzzle & Dragons 0 in May 2025 across 150 countries in 11 languages.
The company is shifting focus toward console and PC development to build Western brand recognition, with key projects including the Lunar Remastered Collection and the redevelopment of Deathverse: Let It Die.
As of February 2025, GungHo updated its shareholder return policy to commit to a consolidated dividend payout ratio of 30% or more alongside share cancellations.
GungHo has successfully pivoted to a global business model, with overseas sales now accounting for 64.1% of total revenue as of late 2024.
Consolidated net sales declined from 125.3 billion yen in 2023 to 103.6 billion yen in 2024, though the company maintains a strong capital-to-asset ratio of 75.9%.
The Ragnarok IP, managed by subsidiary Gravity Co., Ltd., has scaled significantly, growing from 5 billion yen in annual sales in 2008 to approximately 50 billion yen today.
To sustain the 13-year-old Puzzle & Dragons franchise, the company launched Puzzle & Dragons 0 in May 2025 across 150 countries in 11 languages.
The company is shifting focus toward console and PC development to build Western brand recognition, with key projects including the Lunar Remastered Collection and the redevelopment of Deathverse: Let It Die.
As of February 2025, GungHo updated its shareholder return policy to commit to a consolidated dividend payout ratio of 30% or more alongside share cancellations.