Inspien인스피언

Inspien is a small SAP consulting and security firm whose trailing profits look strong, but its 2025 operating profit fell and the share price is down 41% over the past year.

Inspien is a small KOSDAQ software company with about ₩20.1B of trailing revenue and ₩23.5B of cash, which is larger than its ₩35.9B market value less cash implies. Its 2025 revenue was flat at ₩19.0B and operating income fell to ₩2.4B from ₩3.8B. The company has recently ended a share buyback trust and published a value-up plan, while the share price has fallen sharply over the year.

What stands out

• Trailing twelve-month net income of ₩8.8B is more than double operating income of ₩4.0B, so non-operating items or one-off gains appear to matter a lot; the data does not explain the source.
• Annual revenue was flat in 2025 at ₩19.0B, and operating margin dropped from 19.9% to 12.6%.
• At ₩3,540 the stock trades at about 4.1 times earnings and 0.6 times book value, while the company reports ₩23.5B of cash and ₩1.0B of borrowings.
• The company's own fair-value model gives a base value of ₩6,192, with a range of ₩4,776 to ₩8,506; this is a model output in the data, not a forecast or a rating.
• Foreign ownership eased from 1.9% to 1.6% over 60 days, and the 20-day flows show foreign and institutional net selling with retail buying.
• Recent filings include a termination of the share acquisition trust, an insider shareholding report, a half-year report for June 2026 and a corporate value-up plan. No news headlines were in the data.

What to watch

• Third-quarter 2026 results, which are not yet in the data, and whether operating margin recovers from the 2025 level.
• Whether the trust-based share buyback termination and the value-up plan lead to further capital return or other filings.
• Whether the gap between net income and operating income persists in future filings, and what drives it.