Tobesoft투비소프트

Tobesoft has returned to profit on a trailing basis, but an August filing flagged an adverse audit opinion tied to capital impairment, so the picture is mixed.

Tobesoft sells enterprise UI/UX development software, centred on its Nexacro Platform, and is expanding into an AI low-code product. Trailing twelve-month revenue to H1 2026 was ₩24.9B, with operating income of ₩2.0B and net income of ₩2.2B, after several years of heavy losses from 2021 to 2024. The stock closed at ₩596, a market cap of ₩7.6B, with a P/E of 3.4 and P/B of 0.3.

What stands out

• Revenue has been shrinking: FY2025 revenue was ₩26.8B, down 4.8%, after a 34.6% fall in 2024, and the filed data does not show a revenue forecast.
• Profitability improved sharply: FY2025 operating income was ₩0.74B and net income ₩0.99B, versus losses of ₩22.9B net in 2024 and ₩16.6B in 2023.
• The August 14 half-year report was accompanied by a filing confirming an adverse audit opinion linked to a capital impairment ratio of 50% or more or equity under ₩1B; an amended half-year report was filed on October 20.
• Balance sheet metrics are modest: trailing cash is ₩1.2B against borrowings of ₩0.5B, liabilities are 51.6% of equity, and trailing free cash flow is reported at ₩4.8B.
• Ownership and trading signals are light: foreign ownership is 1.9% and unchanged over 60 days, with foreign investors net selling about ₩119M and retail investors net buying about ₩99M over the last 20 days. No news headlines were included in the data.

What to watch

• The adverse audit opinion and capital impairment issue: check what the amended half-year report changes and whether the auditor's position is resolved in later filings.
• A lawsuit was filed or ruled on in September 2026; the data does not say what it concerns or how large it could be.
• Upcoming results and whether revenue stabilises after the decline, since the data contains no guidance or consensus estimates.