Seoul Auction서울옥션

Seoul Auction is still loss-making on a trailing basis, though its shares are well below their 52-week high and trade near book value.

Seoul Auction runs art auctions and related services in Korea, with revenue also coming from art-backed loans, exhibitions, storage and valuation. Trailing twelve-month revenue to H1 2026 was ₩30.8B, with an operating loss of ₩1.8B and a net loss of ₩9.5B. The share price closed at ₩5,030, about 49% below its 52-week high of ₩9,950.

What stands out

• Trailing revenue of ₩30.8B is well above 2025 full-year revenue of ₩21.3B, but losses remain large relative to sales, with a net margin of -30.9%.
• Borrowings of ₩100.4B exceed cash of ₩16.5B, and liabilities are 119.4% of equity, so debt is a notable feature of the balance sheet.
• Trailing free cash flow was positive at ₩13.8B, even though net income was negative.
• The share price is down 26.1% over one year, and the price-to-book ratio is 0.9; price-to-earnings is not meaningful because earnings are negative.
• The company paid no dividend, and foreign ownership fell from 3.0% to 2.5% over the past 60 days.

What to watch

• The full-year 2026 and third-quarter results, which are not yet in the data, will show whether the operating loss is narrowing.
• Future filings on borrowings and liquidity, given debt above cash.
• Ongoing insider and 5%+ holding reports, which the data lists frequently in recent months; the data does not explain their purpose.