Obzen오브젠

Obzen's trailing revenue has recovered toward ₩37.5B, but it still runs an operating loss and its shares have fallen sharply over the past year.

Obzen is a Korean AI data and customer data platform software company with a small market value of about ₩31.8B at ₩6,760 a share. Trailing twelve-month revenue to H1 2026 was ₩37.5B, with an operating loss of ₩1.9B but a net profit of ₩10.6B, which the filings do not explain in the data provided. The shares are down 48.5% over one year, though up 12.3% over three months.

What stands out

• Trailing operating margin is -5.1%, and the 2025 full year was roughly break-even at the operating line (₩6.4M) after large losses in 2023 and 2024.
• Trailing net income of ₩10.6B is positive despite the operating loss, while 2025 net income was a loss of ₩3.4B; the reason for the swing is not in the data.
• Borrowings of ₩7.2B exceed cash of ₩19.3B net of nothing else; liabilities are 238.9% of equity, and trailing ROE is 85.2%, which is high on a small equity base.
• Valuation metrics are low on the data shown: P/E of 3, P/B of 2.1, and P/S of 0.8, with no dividend.
• Recent filings include an amended annual report and amended audit report for Dec 2025, plus several insider and major-holder share reports and a conversion price adjustment on the 1st series.

What to watch

• The amended annual report and audit report for 2025 may clarify the prior-year figures; check whether further amendments are filed.
• Whether operating results turn sustainably positive, since trailing operating income is still negative.
• Foreign ownership is low at 1.5% and fell from 1.7% over 60 days; the data includes no news headlines to explain recent trading.