Knowmerce노머스

Knowmerce is profitable on a trailing basis, but its share price has fallen about 64% over the past year.

Knowmerce, a Korean entertainment-technology company built around artist IP, reported trailing twelve-month revenue of ₩75.3B and operating income of ₩11.1B to H1 2026, with a 14.7% operating margin. Revenue is roughly flat against 2025 (₩75.7B), and operating income has fallen from ₩12.3B in 2025, while the share price sits at ₩10,270 against a 52-week high of ₩31,600. The data does not explain the causes of the decline in profit or the share price.

What stands out

• Trailing net income of ₩15.7B is higher than operating income, but the data does not say what drove the difference.
• Trailing operating margin is 14.7%, down from 16.3% in 2025 and 11.9% in 2024.
• The share price is down 64.3% over one year and 7.6% over three months, while it rose 1.3% over one month.
• The company has a buyback trust contract signed on 16 October 2026 and a share cancellation decision in July 2026, plus a convertible bond issue in July and August 2026.
• Cash of ₩6.4B and borrowings of ₩0.9B are both small relative to the company's size, and liabilities are 13.8% of equity.
• Recent 20-day flows show retail investors net selling about ₩1.2B while foreign investors net bought about ₩1.0B; foreign ownership is 2.8%.

What to watch

• The full-year 2026 results and any changes to the trailing margin trend, which has moved down since 2025.
• Details of the convertible bond issue and the buyback trust, including how they affect share count and cash.
• The data shows a DCF fair value range of ₩11,109 to ₩25,180 (base ₩16,352), but the model's assumptions are not described and this is not a forecast.