e-future이퓨쳐

e-future shows a profitable but thin-margin English education publisher, with trailing operating profit well below 2021–2022 levels.

e-future publishes English teaching materials for young learners in Korea and overseas. On trailing figures to H1 2026, revenue is about ₩10.8T with a 3.6% operating margin, while net income of ₩1.8T is much higher than operating income, so non-operating items matter to the bottom line. The shares closed at ₩5,330, within the 52-week range of ₩3,530 to ₩5,770, and the data shows a 4.7% dividend yield.

What stands out

• Trailing operating income is ₩391B, down from ₩1.8T in 2022 and ₩883B in 2025, and the operating margin has compressed to 3.6%.
• Trailing net income of ₩1.8T is roughly four times operating income, which the data does not explain; the net margin of 16.6% should be read with that in mind.
• Balance sheet looks light: liabilities are 21.4% of equity, cash is ₩12.2T, and borrowings are shown as not available in the data.
• Revenue has been broadly flat, at ₩10.5T to ₩11.1T across 2021 to 2025, with 2025 growth of 1%.
• The company filed a series of buyback trust contract and termination reports in June 2026, and a status report on an acquisition under a trust agreement in September 2026; the data does not say what the purpose or size was.

What to watch

• The Q3 2026 quarterly report and the full-year 2026 results, to see whether operating margin recovers from the 3.6% trailing level.
• Follow-up filings on the share acquisition under the trust agreement, which the data does not explain in detail.
• Foreign ownership has fallen from 1.1% to 0.9% over 60 days, and the 20-day flows show net retail and foreign selling against institutional buying.