Forcs포시에스
189690 · KOSDAQ · ₩189690 · 포시에스
What brokers say about Forcs
Calculated by JONBUR from publicly available broker reports. Reports belong to their publishers. Not financial advice. Includes brokers that publish research publicly; some brokers' reports are client-only and not included.
AI summary of public information
An AI summary of the public information on this company: filed financial statements, filings, prices and news headlines. It doesn't use broker reports; their targets and estimates are shown above.
Forcs remains profitable with a small balance sheet, but revenue growth is modest and the share price has fallen sharply over the past year.
Forcs sells enterprise document and reporting software, including OZ e-Form, OZ Report and the eformsign cloud e-contract platform, mainly to Korean financial institutions, insurers, hospitals and manufacturers. For FY 2025 it reported revenue of ₩32.9B... wait, the figure is ₩32.9B only if rounded from ₩32,888,839,235; in won terms that is about ₩32.9B and it grew 5.1%, while operating income of about ₩4.4B and net income of about ₩4.5B were both below 2024 and 2023 levels. At ₩1,540 the shares are priced at about 9.3 times trailing earnings and 0.6 times book value, with a 3.2% dividend yield, and the stock is down 27.7% over one year.
What stands out
- Revenue has recovered from a 5.9% drop in 2024 to 5.1% growth in 2025, but operating margin has steadily slid from 22.5% in 2022 to 13.4% in 2025.
- Net debt is not a concern on the data given: liabilities are 7.4% of equity, borrowings are not reported, and cash is about ₩11.1B against free cash flow of about ₩6.5B.
- The DCF fair value model gives a base value of ₩3,150, a bear case of ₩2,185 and a bull case of ₩4,723, against a current price of ₩1,540. These are model outputs, not forecasts or targets.
- Foreign ownership fell slightly to 1.5% from 1.6% over 60 days, and net investor flows over 20 days were negative for foreign investors and positive for retail.
- Recent filings include a corporate value-up plan, an annual general meeting, a cash dividend decision and an independent director change, and one news item covers AI contract review for Posco SC.
What to watch
- The next results and filings: the data does not show a scheduled earnings date, and it does not include forward forecasts for revenue or profit.
- Whether the margin decline continues, given that operating income has fallen for three straight years.
- Follow-up on the independent director change and the amended filing, plus the cash dividend and value-up plan details.
Data as of Oct 19, 2026 · written Oct 20, 2026
This is not financial advice.
Also known as: Forcs / 포시에스 / 189690 / KRX:189690
Source: KRX statistical information