Openbase오픈베이스

Openbase's trailing profits and sales have grown modestly, but the share price has fallen sharply over the past year.

Openbase, a Korean IT services and network equipment company, reported trailing twelve-month revenue of ₩263.9B to H1 2026 with a net margin of 4.3%. The shares closed at ₩1,779 on 23 October 2026, down 28.7% over one year and well below the 52-week high of ₩4,195. Filings in recent months were mostly shareholding reports and a change of largest shareholder, and no news headlines were available in the data.

What stands out

• Trailing revenue of ₩263.9B and net income of ₩11.4B at H1 2026, up from ₩233.1B revenue and ₩7.3B net income in 2025.
• Annual revenue has risen each year since 2021, with 2025 growth at 3%, though operating margin stayed in a narrow 2.9% to 4.3% range.
• Cash of ₩21.4B against borrowings of ₩9.3B; liabilities are 83.7% of equity and trailing free cash flow was ₩3.6B.
• The data values the stock at a P/E of 4.9 and P/B of 0.6, and the company pays no dividend.
• The discounted cash flow model gives a base value of ₩4,648 against the current ₩1,779, but the bear case is ₩1,707 and the bull case ₩9,886, so the range is very wide.
• Foreign ownership rose from 4.2% to 5.7% over the past 60 days, while retail and institutional investors were net sellers over the last 20 days.

What to watch

• Next quarterly and annual results, and whether margins hold above the 2025 level of 3.4%.
• The change of largest shareholder and further 5%+ holding reports, which could signal ownership shifts.
• The amended annual report for December 2025 filed in August; the data does not explain what was changed.