Macromill Embrain엠브레인

Macromill Embrain is back to a small operating loss in FY 2025 after profitable years, while its share price has rallied sharply over the past three months.

The Korean market research company reported revenue of ₩56.2B for FY 2025, up 4.6%, but swung to an operating loss of ₩1.3B and a net loss of ₩0.8B. At ₩1,778 the shares are up 25.7% over one month and 24.1% over three months, yet still down 14.9% over one year and well below the 52-week high of ₩2,200.

What stands out

• Revenue grew 4.6% in FY 2025 after a 2.2% decline in FY 2024, but operating margin fell from 3.1% to -2.2%.
• The balance sheet shows cash of ₩9.5B against borrowings of ₩1.0B, and liabilities equal 65.9% of equity.
• Free cash flow was slightly negative at about -₩36M on a trailing basis.
• The company's internal DCF fair value model gives a base value of ₩2,288, with a bear case of ₩1,174 and a bull case of ₩4,227; these are model outputs, not forecasts or analyst targets.
• Filings in late September 2026 included a share buyback decision, a share cancellation decision, a cash dividend decision (later amended), and a corporate value-up plan, though the data does not state their size or terms.
• Trailing P/B is 1.2 and P/S is 0.6, but P/E is not meaningful because earnings are negative; the dividend yield is 0%.
• Foreign ownership eased from 21.6% to 21.1% over about 60 days, and 20-day net flows were small outflows across foreign, institutional and retail investors.

What to watch

• Next results and whether the company returns to operating profit after the FY 2025 loss.
• Details and execution of the buyback, cancellation and dividend decisions, including the amended dividend filing.
• Details of the corporate value-up plan and any progress on its Mind Magnet and Post AI stakes; the data does not describe these in detail.