K Auction케이옥션

K Auction's losses have deepened over the past two years, and its share price is down about a third over the last year.

K Auction, a South Korean art auction and brokerage business listed on KOSDAQ, reported trailing twelve-month revenue of ₩12.6B to H1 2026 but an operating loss of ₩2.5B and a net loss of ₩2.7B. Its 2025 revenue fell 36.9% to ₩12.3B, with a larger operating loss than the year before, and its share price closed at ₩2,660, about 34% lower over one year. The data does not include a valuation based on earnings, since trailing P/E is not meaningful at these losses.

What stands out

• Revenue has dropped sharply from ₩38.3B in 2021 to ₩12.6B on a trailing basis, while the operating result swung from a profit of ₩13.6B in 2021 to losses in each year since 2023.
• Borrowings of ₩77.0B are well above cash of ₩9.7B, and liabilities are 88% of equity, so the balance sheet carries significant debt relative to cash.
• Trailing free cash flow is negative at about -₩0.5B, and return on equity is negative at -2.5%.
• The share price trades at about 0.7 times book value and 5.5 times sales, with no dividend paid.
• Foreign ownership is small at 1.2% and was little changed over the last 60 days; the 20-day investor flow data shows net foreign selling of about ₩42M.

What to watch

• Upcoming half-year and full-year results, and whether operating losses narrow from the trailing figures.
• Further holding reports and the share cancellation and treasury stock items filed in late September, which the data does not explain in detail.
• The debt load of ₩77.0B against limited cash; the data does not state any repayment schedule or refinancing plans.