NICE InfraNICE인프라

NICE Infra's trailing revenue has grown but profit is thin, and the shares are down 26% over the past year.

NICE Infra runs unmanned systems across digital finance (ATM outsourcing and VAN services), mobility (unmanned parking, EV charging, cash-in-transit) and kiosks. On trailing figures to H1 2026 it reports revenue of ₩420.9B, operating income of ₩33.4B and net income of ₩10.7B, with debt well above equity at 253% liabilities-to-equity. The shares closed at ₩3,110 on 22 October 2026, near the lower half of their 52-week range of ₩2,840 to ₩4,845.

What stands out

• Revenue rose 13.4% in 2025 to ₩384.0B after a 7.3% fall in 2024, and trailing revenue reached ₩420.9B by H1 2026.
• Operating margin was 7.9% on a trailing basis, up from 5.5% in 2024, but net margin is only 2.5%, so much of the operating profit does not reach shareholders.
• Borrowings of ₩287.0B exceed cash of ₩188.0B, and liabilities are 253% of equity, which is a meaningful leverage level.
• The company's own valuation figures show a trailing P/E of 9.9, P/B of 0.6 and a dividend yield of 4.5%, while the data-based DCF model gives a wide range from ₩1,507 to ₩39,004 with a base of ₩13,003.
• Foreign ownership eased from 2.7% to 2.5% over 60 days, and the latest filings are routine items such as the half-year report, quarterly report and a corporate value-up plan. No recent news headlines were available.

What to watch

• The next quarterly and annual results, to see whether net income keeps pace with the improved operating margin and whether debt levels change.
• Follow-up on the corporate value-up plan and dividend policy, since the 4.5% yield is a key part of the current valuation picture.
• The data does not include analyst forecasts, guidance or specific named risks beyond the debt level, so the outlook beyond reported figures is unclear.