Saltware솔트웨어

Saltware's trailing results sit near break-even, and its shares have fallen 29% over the past year.

Saltware is a Korean IT services firm offering cloud, enterprise software and smart farm products, with trailing twelve-month revenue of ₩70.6B and an operating loss of about ₩0.6B through H1 2026. Its share price is ₩3,390, roughly ₩23B market cap, well below its 52-week high of ₩5,490. Its cash of ₩8.0B exceeds its borrowings of ₩0.54B, but free cash flow over the trailing period was negative at about ₩4.5B.

What stands out

• Revenue grew 10% in 2025 to ₩63.7B, after 17.3% growth in 2024 and 57.4% in 2023, though growth has slowed.
• 2025 operating income was a small ₩0.6B profit after a ₩1.7B operating loss in 2024; net income in 2025 was ₩0.8B.
• Trailing operating margin is -0.8% and ROE is 1.3%, so profitability remains thin.
• Valuation is high on trailing earnings, with a P/E of about 80 versus peers such as Samsung SDS at 24 and LG CNS at 14.6, while P/B is about 1.0.
• Foreign ownership rose slightly to 1.4% from 1.0% over 60 days, and 20-day flows were net foreign selling of about ₩19M.

What to watch

• The full-year 2026 results and the next quarterly report, since the data only covers H1 2026 and the trailing figures are loss-making at the operating level.
• Further filings on the buyback trust arrangement and insider shareholding reports, which were frequent in June 2026.
• Whether free cash flow turns positive, given the negative trailing figure of about ₩4.5B.