Yangjisa양지사

Yangjisa's shares have rebounded sharply over three months, but the company is still loss-making at the operating line in FY 2025.

Yangjisa, a Seoul-listed stationery and printing maker, posted FY 2025 revenue of ₩55.9B, down 3.9%, with an operating loss of ₩6.1B and a net loss of ₩1.6B. The balance sheet looks conservative, with cash of ₩110.4B against borrowings of ₩10.4B and a low liabilities-to-equity ratio of 9.4%. The share price closed at ₩6,020 on 2026-10-26, well below its 52-week high of ₩9,820 but up 29% over three months.

What stands out

• FY 2025 revenue fell 3.9% to ₩55.9B, and operating margin was -10.9%, a sharp reversal from the small profit in FY 2024.
• Net income in FY 2024 of ₩4.4B was much larger than operating income that year, so the profit then was not driven by core operations; the data does not explain why.
• Free cash flow was positive at ₩1.3B on a trailing basis, while cash of ₩110.4B is far above borrowings of ₩10.4B.
• The stock trades at 0.5 times book value and 1.7 times sales; P/E is not meaningful because earnings are negative, and the dividend yield is 0%.
• Foreign ownership fell from 0.7% to 0.4% over about 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• Upcoming quarterly and half-year filings, to see whether the operating loss narrows from FY 2025 levels.
• Follow-up on the 2026-07-31 filing on a 30% or more change in revenue or profit/loss structure, whose details are not in the data provided.
• The 2026-09-21 filing on the appointment or departure of independent directors, and any further governance changes.