Emnet이엠넷

Emnet's shares have fallen about 26% in a year, while its profit has shrunk to a thin margin on lower revenue.

Emnet is a Korean digital marketing agency with a market value of about ₩34.4B and a share price of ₩1,546, near the bottom of its 52-week range of ₩1,516 to ₩2,390. Trailing twelve-month revenue is ₩33.0B with an operating margin of 3.1%, well below its 2021 to 2024 levels. The filings do not explain the gap between its small operating profit and larger net income.

What stands out

• Revenue fell 11.2% in 2025 to ₩32.3B, and operating income dropped to ₩0.27B from ₩4.76B in 2024.
• Trailing twelve-month operating income is ₩1.0B and net income is ₩2.1B, so net income is about double operating income; the filings given do not break down the reason.
• The balance sheet looks conservative: cash is ₩10.8B, borrowings are shown as none, and liabilities are 44.1% of equity.
• Valuation metrics are low: P/E 16.7, P/B 0.4, and a 3.9% dividend yield. The DCF model gives a base value of ₩2,452, a bear case of ₩1,712 and a bull case of ₩3,675; these are model outputs, not forecasts.
• Foreign ownership is steady at 27.6%, down slightly from 27.7% 60 days ago, and recent 20-day investor flows are small.

What to watch

• The next filing in the data is the half-year report from August 2026; the Q3 results date is not in the data.
• Whether the April 2026 corporate value-up plan leads to concrete actions; the plan's details are not in the data.
• Whether operating margin recovers from 0.9% in 2025 and 3.1% trailing, and how the 2025 acquisition of Everance contributes.