DB SecuritiesDB증권

DB Securities shows sharply higher 2025 revenue and a recovering margin, but its trailing free cash flow is deeply negative and leverage is very high.

DB Securities, a KOSPI-listed brokerage and financial group unit, reported trailing revenue of ₩3.3T and net income of ₩107B for the period to H1 2026, with an operating margin of 4.1%. Its 2025 annual results were much stronger than 2024, with revenue up 45.8% and net income of ₩81B. At ₩9,780 per share, the shares trade at about 3.9 times earnings and 0.3 times book value, with liabilities at roughly ten times equity.

What stands out

• Revenue rose from ₩1.32T in 2024 to ₩1.92T in 2025, and operating margin improved from 4.7% to 6.1%, though the trailing margin of 4.1% is below that 2025 level.
• Trailing free cash flow is about -₩918B and borrowings are ₩1.38T against cash of ₩821B, so the balance sheet relies heavily on debt.
• The share price is down 4.1% over one month but up 10.9% over three months and 4.2% over one year, and it sits well below its 52-week high of ₩19,350.
• The fair value model in the pack gives a base value of ₩9,408 with a bear case of ₩1,388 and a bull case of ₩19,821; these are model outputs, not forecasts.
• Recent filings are mostly securities issuance reports and shelf registration documents, and news headlines mention target price changes for other companies rather than DB Securities results.

What to watch

• The next quarterly results, to see whether margins hold near the trailing 4.1% level and whether free cash flow turns positive.
• Changes to the largest shareholder's holdings and insider shareholding reports filed on 20 October 2026.
• Foreign ownership, which fell from 9.7% to 8.8% over about 60 days, and the high debt-to-equity ratio of about 1,006%.