Yellow Balloon Tour노랑풍선

Yellow Balloon Tour is back in small profit on a trailing basis, but its share price has fallen about 50% over the past year and leverage remains high.

The Korean travel agency and Seoul city bus operator reported trailing twelve-month revenue of ₩112.8B for the half year to June 2026, with operating income of ₩5.1B and net income of ₩1.2B. The shares closed at ₩2,710 on 2026-10-27, near the lower end of their 52-week range of ₩2,660 to ₩7,580, and the market value is about ₩45.6B.

What stands out

• Operating margin is 4.5% on a trailing basis, a recovery from a loss of ₩6.5B in 2024 and a profit of ₩2.2B in 2025, but 2025 net income was still negative at ₩2.8B.
• Liabilities are 152.7% of equity and borrowings total ₩26.4B against cash of ₩23.0B, so the balance sheet is leveraged.
• Trailing free cash flow is ₩12.9B, which is larger than trailing net income of ₩1.2B.
• The company pays no dividend, and its trailing P/E of about 36.8 is high relative to its P/B of 1.1.
• Recent filings include an adjustment of the conversion price on 2026-08-31 and a 5%+ holding report, and foreign ownership fell from 2.6% to 2.1% over the last 60 days.

What to watch

• The next quarterly and annual results, to see whether operating margin holds above zero after the 2025 and 2024 losses.
• The conversion price adjustment and the stock purchase option grant, which could affect the share count and dilution; the data does not give details of the amounts involved.
• Debt levels relative to cash, and seasonal travel demand; the data does not include forecasts or guidance from the company.