T3 Entertainment티쓰리

T3 Entertainment's trailing profits are strong relative to its size, but revenue and free cash flow are less clear-cut.

T3 Entertainment, a Korean games and drone distribution group best known for the rhythm game Audition, reported trailing twelve-month revenue of ₩81.7B and operating income of ₩18.6B through H1 2026, with a 22.8% operating margin. Shares closed at ₩2,910 on 16 October 2026, up 38.2% over one year but down 5.1% over one month and 2.2% over three months. Trailing free cash flow was negative at about ₩-2.5B, and the filings do not explain the reason in the data provided.

What stands out

• Trailing net income of ₩17.2B and a 21% net margin are high, and 2025 full-year operating margin was 24.5%, up from 17.7% in 2024.
• Revenue has grown since 2023 but has not yet returned to the 2022 level of ₩76.2B on an annual basis, and 2025 revenue was ₩69.5B.
• The company is valued at about 9.5x trailing earnings and 1.7x book, with a 4.8% dividend yield, while a base-case DCF in the data gives ₩4,714 per share.
• Cash of ₩30.4B is against no reported borrowings, and liabilities are 12.8% of equity.
• Filings in 2026 include a share buyback decision, treasury stock acquisition reports, and a cash dividend decision with an amendment, while the 20-day investor flows show net selling by both foreign and retail investors.

What to watch

• Whether free cash flow turns positive, since the trailing figure is negative despite high reported profit.
• Follow-up on the share buyback and dividend filings, including the interim dividend record date and payment.
• The share price remains well below its 52-week high of ₩3,795, and the data does not include any news headlines to explain recent moves.