E-Mart이마트

E-Mart's profits have shrunk sharply and its share price has fallen about 10% over the past year, with heavy debt still a concern.

E-Mart is a large Korean retailer whose TTM operating margin is about 1% and net margin about 0.1%, with revenue near ₩28.8T through H1 2026. Borrowings of about ₩9.5T sit against ₩1.2T of cash, and liabilities are 133.7% of equity. The shares closed at ₩66,600, at the bottom of their 52-week range, with a market cap of about ₩1.8T.

What stands out

• Revenue has been roughly flat for several years, at about ₩29T a year from 2022 to 2025, while net income swung from ₩1.6T in 2021 to a ₩590B loss in 2024.
• The TTM net income of about ₩21B is very thin, so the reported P/E of 86.6 is high relative to earnings and is not a sign of cheapness.
• Price is down 19.5% over three months and 10% over one year, and the 52-week high was ₩136,400.
• Filings in recent months include capital reduction and share cancellation decisions, a share acquisition in another company, and several preliminary earnings releases.
• News covers expansion of the low-price 'Wow Shop' format and quick commerce, plus a report that net debt could exceed ₩13.5T, which the company said it had no plans to address when asked about Starbucks sale reports.

What to watch

• The next full-year or quarterly results, to see whether the thin TTM margins recover.
• Details of the capital reduction and share cancellation, and how they affect shareholders.
• Net debt levels and any asset sales, given the reported ₩13.5T figure and the Starbucks sale reports, which the data does not confirm.