Emro엠로

Emro's trailing revenue is holding up, but the business is barely profitable and its shares have fallen sharply over the past year.

Emro is an AI-based supply chain management software company serving large Korean corporations, with a SaaS procurement system and an overseas push through its Caidentia platform. For the twelve months to H1 2026 it reported revenue of about ₩72.4B, an operating loss of about ₩3.4B, and a small net profit of about ₩0.4B. The share price closed at ₩14,850 on 22 October 2026, down 66.4% over one year and well below its 52-week high of ₩47,150.

What stands out

• Revenue rose from ₩44.1B in 2021 to ₩80.9B in 2025, but operating margin fell from 15.6% to 2.4% over the same period.
• Trailing operating margin is -4.7%, so the small trailing net profit appears to rest on items other than core operations; the data does not explain what they are.
• 2023 showed a large net loss of ₩27.3B, while 2024 net income of ₩18.7B was well above operating income, so reported earnings have been volatile.
• Valuation metrics are high relative to earnings: trailing P/E is about 436 and the DCF base fair value is ₩9,426, below the current price, with bear and bull values of ₩6,016 and ₩15,053.
• Cash of ₩17.7B against no reported borrowings, with liabilities at 17.3% of equity, and foreign ownership fell from 3.9% to 2%.

What to watch

• A major sales or supply contract was filed on 20 October 2026; the filing's terms are not in the data, so its size and effect are unknown.
• The next half-year or annual results and any further amended filings, given recent restatements of the 2025 annual and March 2026 quarterly reports.
• A CEO change was filed in July 2026 and stock option grants were amended; the data does not say how these affect strategy or dilution.