Mega Study메가스터디

Mega Study remains profitable with a low valuation, but revenue has been shrinking from its 2024 peak.

Mega Study is a Korean education and publishing group, with its core business in online and in-person exam-prep courses. Trailing twelve-month revenue is about ₩123.8B with operating income of about ₩19.0B and net income of about ₩29.3B as of H1 2026. The shares trade near ₩12,950, close to the middle of their 52-week range, with a valuation of about 5.3x earnings and 0.5x book value.

What stands out

• Revenue fell 5.2% in 2025 to about ₩127.3B, following a 24.6% jump in 2024, while operating margin eased from 17.7% to 16.1%.
• Trailing net income (₩29.3B) is well above trailing operating income (₩19.0B), so non-operating items or other income contributed to profit; the data does not explain the source.
• The filings show cash of about ₩99.8B against borrowings of ₩26.0B, and trailing free cash flow of about ₩37.0B.
• The data lists a dividend yield of 10.2%, and the filings include a corporate value-up plan from March 2026.
• The DCF-based fair value model gives a base of ₩32,970 with a bear case of ₩25,838 and a bull case of ₩44,734; these are model outputs, not forecasts or targets.
• Foreign ownership eased slightly from 19.0% to 18.6% over the past 60 days, and 20-day flows show net selling by foreign and retail investors.

What to watch

• The next quarterly or annual results, to see whether revenue growth returns after the 2025 decline.
• Follow-up on the value-up plan and dividend policy, which the data does not detail.
• The April 2026 loan-period extension decision and any further changes to borrowings; the data does not describe the terms or reasons.