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FSN is loss-making at the net line despite a positive operating margin, and its shares have fallen sharply over the past year.

FSN is a Korean digital marketing and brand platform group, running advertising and media agency services alongside direct-to-consumer brands sold through its own stores and Naver Smart Store. On a trailing basis to H1 2026 it reported revenue of ₩276B and operating income of ₩27B, but a net loss of ₩18B and negative free cash flow. The share price was ₩1,257 on 2026-10-23, down 38.7% over one year.

What stands out

• Trailing revenue of ₩276B is roughly flat versus 2025 (₩272B, up 2.5%), after a large 51.3% jump in 2024.
• Operating margin is 9.8% on a trailing basis, but net income is negative at -₩18B, and 2025 also ended with a net loss of ₩19B.
• Borrowings of ₩11B are covered by cash of ₩34B, though liabilities are 234% of equity and free cash flow is -₩2.9B.
• The model-based fair value figures in the data range widely, from ₩692 (bear) to ₩7,712 (bull), with a base of ₩3,258; the base is well above the current price, but the model is an estimate, not a forecast.
• Recent filings are mostly insider shareholding and 5%+ holding reports, plus a conversion price adjustment on 2026-10-21; the news list is empty.

What to watch

• Next results and whether the trailing net loss narrows, given the gap between positive operating income and net losses.
• Follow-up on the conversion price adjustment and the holding and insider reports, which may indicate share dilution or ownership changes.
• Recent investor flows show foreign selling of about -₩30M over 20 days and no foreign ownership, so liquidity and sentiment are worth monitoring; the data does not give a reason for these moves.