Incross인크로스

Incross remains profitable with a high margin, but revenue is roughly flat and the share price has fallen sharply over the past year.

Incross runs digital advertising and commerce platform services in Korea, with a subsidiary, Mindknock, in search advertising. On trailing figures to H1 2026 it reports revenue of about ₩52.1B...

What stands out

• Trailing revenue to H1 2026 is ₩52.1B and operating income is ₩11.6B, an operating margin of 22.3%, compared with 36.8% in 2022 and 41.3% in 2021.
• Revenue has been broadly stable: 2025 revenue was ₩50.5B, up 3.4%, after a 12.2% drop in 2023.
• Trailing free cash flow is ₩17.0B and cash is ₩50.0B; the data shows no borrowings.
• The share price closed at ₩4,920 on 19 Oct 2026, down 28.8% over one year and near the lower end of its 52-week range of ₩4,325 to ₩7,610.
• The DCF fair value model gives a base of ₩21,447, but this is a model output rather than a forecast, and the stock trades far below it on P/E of 5 and P/B of 0.5.

What to watch

• Next quarterly and annual results, to see whether margins hold near 22% after the decline from earlier years.
• Upcoming filings, including the value-up plan referenced in March 2026 and any further disclosures from the company.
• Foreign ownership is 5.9% and foreign investors have been net sellers over the last 20 days, so flows may matter for the share price.