BI Matrix비아이매트릭스

BI Matrix returned to a small operating loss over the trailing twelve months, and its shares have fallen about 60% in a year.

BI Matrix is a Korean enterprise software company offering data management, business intelligence, process automation and low-code tools. Trailing twelve-month revenue is about ₩32.5B with an operating loss of about ₩0.6B, though net income is positive at about ₩2.4B. The share price is ₩5,340, near the lower end of its 52-week range of ₩5,200 to ₩14,400.

What stands out

• Revenue has grown modestly, from ₩30.9B in 2024 to ₩31.4B in 2025, after a 19.4% rise in 2024, while operating margin fell from 6.6% in 2024 to 2.8% in 2025.
• Trailing twelve-month operating margin is -2%, and free cash flow is negative at about -₩5.4B, although the company holds about ₩4.7B in cash against ₩1.7B in borrowings.
• Net income is well above operating income in the trailing figures, so the profit gap is not explained in the data provided and may reflect non-operating items.
• The filings list a change in revenue or profit/loss structure of 30% or more, published in February 2026, but its details are not in the data provided.
• The company pays no dividend, and the DCF-based fair value model gives a base value of ₩1,764 against the current price of ₩5,340, a gap the model itself does not explain.
• No recent news headlines were available, and foreign ownership is small at 2.4%.

What to watch

• The next half-year or quarterly filings, to see whether operating profit returns to positive territory and whether negative free cash flow continues.
• Details of the February 2026 filing on the change in revenue or profit/loss structure, which are not in the data provided.
• Continued share price weakness and low foreign and institutional interest, given the recent net outflows shown in the 20-day flow data.