Ankey AX엔키AX

Ankey AX returned to a trailing operating profit on a sharp revenue jump, but it still posts a small net loss and its shares have fallen over the past month.

Ankey AX, a Korean webtoon platform and content company, reported trailing twelve-month revenue of ₩55.5B and operating income of ₩6.6B through H1 2026, with a net loss of ₩0.7B. Revenue in 2025 rose about 108% after the merger with Toptoon, a content production firm, and the company holds ₩21.3B in cash against ₩11.6B in borrowings. The shares closed at ₩1,917 on 2026-10-21, down about 44% over one month but up about 75% over three months.

What stands out

• Trailing operating margin is 11.8%, but net margin is -1.3% and ROE is -2.1%, so below-the-line items still leave the company in a loss.
• 2025 annual revenue was ₩48.6B, up 108.2%, while the 2024 and 2023 years had operating losses; 2025 was the first year in this data with a positive operating margin of 7.6%.
• Free cash flow in the trailing period is ₩15.2B, which is well above the reported net loss, though the data does not explain the drivers.
• Market capitalisation is about ₩94.5B and the shares are 4.4 times below their 52-week high of ₩4,400 at the current price of ₩1,917, with the low listed as ₩0.
• Foreign ownership rose from 1.5% to 4.7% over 60 days, while retail investors were net sellers of about ₩1.5B over the last 20 days.
• Filings in August and September 2026 include multiple exchange right exercises, a 5%+ holding report, an extraordinary shareholders' meeting, and a company name change notice.

What to watch

• Upcoming full-year and quarterly results, to see whether operating profit turns into net profit.
• The outcome of the company name change and the extraordinary shareholders' meeting, plus any further exchange right exercises, which could affect share count and ownership.
• The shareholder trading plan report for executives and major shareholders, given the large recent share price swings. No dividend is paid (yield 0%), and no analyst ratings or price targets are included in the data.