ES Tsoft이스트소프트

ES Tsoft remains loss-making, with trailing operating losses of about ₩16.7B on ₩111.1B revenue and the shares down 67.6% over one year.

ES Tsoft runs AI, software, portal, e-commerce and gaming businesses in Korea and abroad. On the latest trailing figures to H1 2026 it has revenue of ₩111.1B but an operating loss of ₩16.7B, a net loss of ₩13.8B, and liabilities at about 210% of equity. The stock closed at ₩7,070 on 2026-10-16, well below its 52-week high of ₩23,350.

What stands out

• Losses have widened over time: the operating margin went from +11.2% in 2021 to -17.7% in 2025, while revenue grew modestly from ₩89.6B to ₩106.8B.
• Trailing free cash flow is negative at about -₩6.9B, and reported cash of ₩55.5B compares with borrowings of ₩36.5B.
• Valuation metrics that rely on earnings (P/E, EV/EBITDA) are not meaningful here because earnings are negative; P/B is 1.6 and P/S is 0.7.
• Foreign ownership fell from 4.8% to 3.6% over about 60 days, while institutions were net sellers over the last 20 days in the data.
• Recent filings are mostly governance and administrative items, including a shareholders' meeting, independent director changes, a stock option grant notice and an exchangeable bond decision; the data contains no news headlines.

What to watch

• The next periodic results and whether operating losses narrow from the trailing -15% margin.
• Handling of the 4th series exchangeable bonds and the status of the trust-agreement share acquisition, as both were disclosed in the filings.
• Cash burn relative to the ₩55.5B cash balance and ₩36.5B borrowings, since the data shows negative free cash flow.