Capstone Partners캡스톤파트너스

Capstone Partners, a Korean venture capital manager, posted strong profits in the first half of 2026 but its revenue has fallen and the share price is down over the past year.

Capstone Partners raises and manages venture funds that invest in early-stage Korean startups, earning income from fund management and investment exits. Trailing twelve-month revenue is about ₩7.9B with operating income of about ₩3.1B as of H1 2026, after revenue fell 22.9% in 2025. The shares closed at ₩2,320 on 2026-10-26, well below the 52-week high of ₩5,730 but above the low of ₩1,726.

What stands out

• Trailing profitability is high: operating margin of 38.7% and net margin of 36.1%, up from 31.3% and 22.7% in 2025 and 2024.
• Annual revenue fell from ₩9.7B in 2024 to ₩7.5B in 2025, and 2023 was loss-making with a net loss of ₩4.3B.
• Valuation metrics are low: P/E of 11.5, P/B of 0.9 and a 1.3% dividend yield, while ROE is 8.4%.
• Cash of ₩5.9B exceeds borrowings of ₩5.0B, and liabilities are 19.2% of equity.
• Foreign ownership fell from 7.3% to 5.4% over about 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.

What to watch

• The next periodic filing, as the data does not include a scheduled date for results after the half-year report filed 2026-08-14.
• Revenue and performance of venture investment exits, which drive results and are not detailed in the data.
• Recent 5%+ holding reports filed in 2026, which may signal shareholder changes; the filings do not state the purpose or the holders' intentions in the data.