Golfzon골프존

Golfzon's revenue and profit have fallen sharply since 2022, while its shares are down about 44% over the past year and trade near their 52-week low.

Golfzon sells golf simulators and runs screen golf franchises and academies in Korea and overseas. Trailing revenue to H1 2026 is ₩445.4B with operating income of ₩42.2B, well below the 2022 peak. The company holds ₩88.3B in cash against ₩1.4B in borrowings, and recent headlines centre on a reported sale of its Golfzon County unit.

What stands out

• Revenue fell 22.1% in 2025 to ₩483.3B, after falling 9.5% in 2024; operating margin dropped from 24.1% in 2022 to 9.5% on a trailing basis.
• Shares closed at ₩33,750, near the 52-week low of ₩33,400 and far below the high of ₩62,100; the one-year return is -43.7%.
• The data shows a 11.9% dividend yield, a P/E of 10.7 and P/B of 0.5, while the DCF base fair value model is ₩151,386, well above the current price; this is a model output, not a forecast.
• Trailing free cash flow of ₩52.4B is well above trailing net income of ₩19.8B.
• Foreign ownership fell from 19.2% to 14.6% over the last 60 days, and 20-day foreign flows were net selling.

What to watch

• Whether the reported acquisition of Golfzon County proceeds, with an SPA signing targeted for November, according to press reports.
• The filing of the Q3 2026 quarterly report and any further preliminary earnings releases, which the data does not yet show.
• Continued pressure on revenue and margins, as shown by the falling trend in annual results; the data does not describe the specific causes.