Meritz Financial Group메리츠금융지주

Meritz Financial Group is still profitable on a trailing basis, but its shares have fallen about 7% over the past month and sit well below their 52-week high.

Meritz is a Korean financial holding company with insurance, securities and consumer finance arms. Trailing results to H1 2026 show operating income of about ₩3.0T and net income of about ₩2.4T, with ROE of 22.5%. The shares closed at ₩123,500, roughly 18% below the 52-week high of ₩149,800.

What stands out

• Net income was ₩2.41T on a trailing basis, slightly above the ₩2.30T reported for 2025, while 2024 revenue of ₩46.6T fell 20.5% from 2023.
• Liabilities are about 10.6 times equity and borrowings are ₩52.5T, reflecting the leveraged nature of a financial holding structure.
• Trailing free cash flow was negative at about -₩3.3T, and the data gives no revenue figure for 2025 or the trailing period.
• Valuation is P/E 8.6 and P/B 1.8, above several large Korean financial peers such as KB and Shinhan on P/B, while the fair value model gives a base of ₩181,114 (bear ₩144,380, bull ₩228,965); these are model outputs, not forecasts.
• Dividend yield is 0%, and recent filings are mostly insider shareholding reports, a buyback trust contract and its termination, and a debt securities issuance decision.

What to watch

• Upcoming full-year and quarterly results, which will show whether operating income holds near the ₩3T trailing level.
• Further insider shareholding and largest-shareholder filings, plus the outcome of the buyback trust arrangements.
• Negative free cash flow and high leverage, which the data flags as the main financial pressure points.