Hancom With한컴위드

Hancom With's revenue has grown fast on a thin profit margin, and the stock has swung widely over the past year.

Trailing twelve-month revenue to H1 2026 is about ₩690B, with operating income of roughly ₩2.9B (0.4% margin) and net income of about ₩8.8B. The 2025 full year showed revenue of ₩771B, up 72.1%, but the company has been unprofitable in some recent years, and its profile describes security software plus a gold distribution subsidiary and rental income.

What stands out

• Revenue grew sharply in 2025 to ₩771B, but operating margin stayed under 1% and was 0.8% for the year.
• Net income in trailing terms (₩8.8B) is well above operating income, so non-operating items or other factors are doing a lot of the work; the data does not explain this.
• Net income was negative in 2024 (about -₩3.8B) and operating income was negative in 2023, so earnings have been volatile.
• The shares closed at ₩4,180, down 12.6% over one month but up 29.2% over three months, and well below the 52-week high of ₩8,980.
• Balance sheet shows cash of about ₩25B against borrowings of about ₩18.5B, with liabilities at 70.9% of equity; the company pays no dividend.
• The model fair value shown is ₩1,802 base case, well below the current price, though the bull case is far higher; these are model outputs, not forecasts.

What to watch

• Next periodic filings and whether the amended annual report for Dec 2025 changes any reported figures.
• Recent share acquisition and disposal filings and 5%+ holding reports, which show ownership changes.
• Short-term borrowing decisions filed in April 2026, given the debt position and the thin operating margin.