Socar쏘카

Socar's trailing revenue is growing and operating profit is positive, but it still posts a net loss and carries heavy debt.

Socar runs app-based car sharing and subscriptions in South Korean cities, plus parking and bike-sharing platforms. On trailing twelve months to H1 2026 it had revenue of about ₩458.7B, operating income of about ₩28.2B and a net loss of about ₩15.4B. The shares closed at ₩10,000 on 2026-10-27, down 13.5% over one year and well below the 52-week high of ₩21,000.

What stands out

• Operating margin improved to 6.1% on a trailing basis, up from a negative operating margin in 2023 and 2024, though 2025 full-year operating margin was 4.9%.
• The company still reported a net loss in every year shown from 2022 to 2025, and trailing net margin is -3.4%.
• Free cash flow is negative at about -₩62.4B on a trailing basis, while borrowings are about ₩147.4B against cash of about ₩124.1B.
• Liabilities are 209.7% of equity, and trailing ROE is -7.6%.
• Recent filings in late September and early October 2026 cover a share buyback trust contract and its termination, a share cancellation decision, and a largest-shareholder holding change. Foreign ownership fell from 0.4% to 0.3% over 60 days.

What to watch

• Whether operating profit turns into net profit, given the gap between operating income and net loss in the latest data.
• Next results and any further filings on the share cancellation and the largest-shareholder holding change.
• Free cash flow and debt levels, since the data shows negative cash generation and leverage above equity.