NEXON Co Ltd

3659: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nexon’s Broader Portfolio Promotes Durable Revenue Growth as Dungeon & Fighter Declines

Pujance Chan

Nov 11, 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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NEXON Co Ltd

Nexon’s Broader Portfolio Promotes Durable Revenue Growth as Dungeon & Fighter Declines

Business Strategy and Outlook

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