Wavus웨이버스

Wavus, a Korean geospatial software firm serving public agencies, shows thin margins and a steep one-year share price fall as of late October 2026.

Wavus is an integrated geospatial information solutions provider that mainly sells systems to central and local government and public agencies. On trailing twelve months to H1 2026 it reported revenue of ₩64.4B, a small operating profit of ₩1.1B and a net profit of ₩1.8B, with free cash flow negative at about ₩-1.9B. The shares closed at ₩3,050 on 2026-10-26, down 42.2% over one year.

What stands out

• Revenue grew strongly in 2025 (up 24.6% to ₩70.2B), but operating margin fell from 10.4% in 2023 to 2.8% in 2025 and 1.7% on a trailing basis.
• Trailing net income (₩1.8B) is well above operating income, and the filings do not explain the gap in the data provided.
• Cash of ₩7.1B is reported with no borrowings listed, and liabilities are 46.3% of equity.
• Trailing ROE is 4.6%, and the company pays no dividend.
• Foreign ownership fell from 2.4% to 0% over the past 60 days, and the 20-day flows show net selling by foreign and retail investors.

What to watch

• A share buyback decision was filed on 2026-10-19; the details are not included in the data provided.
• Full-year 2026 results have not been provided yet, so the trend in margins after H1 2026 is unclear.
• The data include a fair value model range of ₩1,209 to ₩9,375 (base ₩4,119); this is a model output, not a forecast, and it depends heavily on assumptions.