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JONBUR Research · Initiation

Flitto · 300080 · Internet

Flitto: Profits Turn Positive and Shares Rebound, While Valuation Multiples Stay High

Why this report

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Flitto has moved from several years of operating losses to profits, with trailing 12-month revenue of ₩35.3B and an operating margin of 13.8%. The shares are up 47.1% over three months but remain 25.9% lower than a year ago, and they trade at 31.5 times earnings and 9.3 times book value.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a clear turnaround. Revenue grew 77.2% in 2025 to ₩36.0B, and operating income went from a ₩396M loss in 2024 to a ₩6.2B profit in 2025. News headlines on 2026-10-20 report a record Q3 operating profit of about ₩9B and a cumulative nine-month operating profit of ₩10.3B. A preliminary earnings filing was made the same day. These figures come from news reports and are not in the filed financial statements we hold, which run only to H1 2026.

What the data does not settle is durability. Profitability has a short record, with losses in each year from 2021 to 2023. The share price has risen 20.0% in one month and sits at ₩10,750, against a 52-week range of ₩5,510 to ₩20,200. Moves like this can reverse. No valuation model estimate is available.

Business overview

Flitto is listed on KOSDAQ in the Internet sector. It was founded on 2012-08-24 and listed on 2019-07-17. It has 16,531,451 listed shares and a market capitalization of about ₩177.7B. Revenue rose from ₩9.3B in 2021 to ₩36.0B in 2025. Recent filings include several major sales or supply contract reports, with amendments on 2026-09-02 and 2026-10-06 and a new one on 2026-10-12. Headlines mention a real-time interpretation and translation solution used at a New York startup event and at a bookstore. The data does not give a breakdown of revenue by product or customer.

Financial analysis

These figures come from filed financial statements. Trailing 12-month revenue to H1 2026 was ₩35.3B, with operating income of ₩4.9B (13.8% margin) and net income of ₩5.6B (16.0% margin). Return on equity was 37.5%.

In 2025, revenue was ₩36.0B (up 77.2%), operating income ₩6.2B (17.1% margin) and net income ₩6.4B. In 2024, revenue was ₩20.3B with an operating loss of ₩396M. Operating losses were ₩5.1B in 2023, ₩6.6B in 2022 and ₩6.1B in 2021.

Trailing operating income and margin are below 2025 levels, so the trailing numbers have eased slightly from the 2025 peak. The balance sheet is light on debt. Liabilities are 29.0% of equity, borrowings are ₩101M and cash is ₩13.8B. Trailing free cash flow was ₩9.9B.

Valuation

The shares trade at 31.5 times earnings, 9.3 times book value and 5.0 times sales. The dividend yield is 0.0%. Enterprise value is about ₩164.0B, and EV/EBITDA is not available. At the end of 2025 the multiples were 42.9 times earnings and 16.1 times book value, so they are lower now. At the end of 2024 the P/E was 123.0 times.

Among the peers shown, NAVER trades at 13.4 times earnings and 0.9 times book, Kakao at 40.3 and 1.2, NICE Information Service at 11.6 and 2.1, Kinx at 28.6 and 3.2, and Daou Technology at 1.9 and 0.4. Flitto's price-to-book is well above all of them, which is partly explained by its 37.5% return on equity on a small equity base. A model estimate of fair value per share is not available, so there is nothing to compare with the ₩10,750 share price.

Catalysts

  • The preliminary consolidated earnings filing on 2026-10-20 and related news reports show record quarterly operating profit.
  • New and amended major sales or supply contract filings between 2026-09-02 and 2026-10-12 could signal continued revenue.
  • Reports of the product being used at a New York startup event and a Kyobo Bookstore show deployment in new settings.
  • Foreign ownership rose to 9.9% from 5.2% sixty days ago, indicating greater foreign participation.
  • Insider shareholding reports and amended stock option grant notices were filed on 2026-08-28.

Risks

  • Profitability is recent, following losses in 2021 to 2023, so the earnings record is short.
  • Valuation multiples of 31.5 times earnings and 9.3 times book are above those of most listed peers shown.
  • The share price has moved sharply, up 20.0% in one month and 47.1% in three, and the 52-week range runs from ₩5,510 to ₩20,200.
  • A trading halt filing on 2026-06-29 and a big single-day move on 2026-10-20 show that trading can be volatile.
  • Trailing operating margin of 13.8% is below the 17.1% of 2025, and the data does not show what drives revenue or how long contracts last.

Closing view

The data shows a company that has moved from losses to sustained profit, with strong returns, little debt and ample cash. Recent news reports point to record profit in the latest quarter. Against that, the profit history is short, the multiples are high relative to peers and to the company's own earnings base, and the share price has been volatile. No valuation model estimate is available, so the data cannot say whether the current price reflects the improvement. Investors may wish to follow the full quarterly filing and the contract disclosures to judge how lasting the change is.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 21, 2026InitiationStart of coverage (reader request)Flitto: Profits Turn Positive and Shares Rebound, While Valuation Multiples Stay High

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information