Cafe24카페24

Cafe24 is back to profit with a steady 2025 and first half of 2026, but the shares have fallen about 49% over the past year.

Cafe24 runs an e-commerce platform for sellers, and its trailing twelve-month revenue is about ₩323B with an operating margin of 11.6%. After losses in 2021 to 2023, operating income turned positive in 2024 and reached ₩40B in 2025. The shares closed at ₩18,240, well below the 52-week high of ₩40,600, and sit above the DCF base value of ₩14,124.

What stands out

• Revenue has grown modestly, from ₩278B in 2023 to ₩315B in 2025, with 2025 growth at 4.1%.
• Trailing net income is ₩35.9B, against a net loss of ₩49.9B in 2022, and the balance sheet shows cash of ₩43.3B against borrowings of only ₩0.6B.
• Valuation is about 12.3x earnings and 1.6x book, and the company pays no dividend.
• Recent filings include a half-year report, a buyback trust status report and several 5%+ holding reports.
• Recent news centres on new enterprise, performance-linked and Japan-focused services, and AI shopping tools.

What to watch

• The 2026 full-year results and the next quarterly report, since the trailing figures run only to the first half of 2026.
• Foreign ownership has slipped to 17.7% from 18.4% over 60 days and foreign investors were net sellers over the last 20 days, while institutions were net buyers.
• The DCF base case is below the current price, and the bear case is far lower, so the outcome depends heavily on whether margins hold.