SPSoft에스피소프트

SPSoft's trailing profits have held up at a modest level, but the share price has fallen sharply over the past year.

SPSoft, a Korean IT services firm offering cloud and software solutions to companies and public institutions, reported trailing twelve-month revenue of ₩53.3B and operating income of ₩3.8B through the first half of 2026. Its share price closed at ₩3,620 on 2026-10-26, well below its 52-week high of ₩7,290, and its 1-year return was -39.8%. The data does not explain the cause of the decline.

What stands out

• Trailing operating margin is about 7% and net margin about 6.6%, down from 13.5% operating margin in 2023.
• 2025 revenue grew 20.8% to ₩54.5B, but net income of ₩3.8B was largely in line with operating income, while 2024 net income was only ₩0.3B.
• Balance sheet looks light: cash of ₩15.1B against borrowings of about ₩0.1B, and liabilities at 27.4% of equity.
• The company's own discounted cash flow model gives a base value of ₩4,003, below the current price of ₩3,620 only if the share price rises; the current price sits below the model's base case, and the range runs from ₩2,512 to ₩6,500.
• Foreign ownership fell from 2.4% to 1.6% over about 60 days, while foreign investors were net sellers over the last 20 days.
• The recent filings list is routine (half-year report, insider shareholding report, share cancellation decision); no news headlines were included in the data.

What to watch

• The next quarterly or annual results, to see whether margins recover from the trailing 7% level.
• The effect of the share cancellation decision and any further filings on the share count and capital structure.
• Continued foreign selling, and whether the stock holds within its 52-week range of ₩2,520 to ₩7,290.