The BORN Korea더본코리아

The Born Korea is loss-making on a trailing basis after a steep fall in revenue and profit, and its shares are down 42.5% over the past year.

The Born Korea, a franchise operator with more than 25 restaurant brands and overseas locations in 14 countries, reported a trailing twelve-month operating loss of ₩17.2B on revenue of ₩339B to the first half of 2026. Revenue fell 22.2% in 2025 after a profitable 2024, and free cash flow over the trailing period was negative at about -₩45B. The shares closed at ₩14,230 on 2026-10-23, with a market value of about ₩211B.

What stands out

• Revenue fell from ₩464B in 2024 to ₩361B in 2025, and the trailing figure to H1 2026 is ₩339B.
• The company swung from an operating profit of ₩36B in 2024 to operating losses of ₩24B in 2025 and ₩17B on a trailing basis.
• Cash of ₩17.9B is below borrowings of ₩19.8B, and liabilities are 29.6% of equity.
• The model's base-case fair value is ₩4,131 per share, well below the current price; the bear and bull cases are ₩1,314 and ₩9,736. The data does not include analyst price targets.
• Recent headlines focus on overseas expansion of its Saemaeul Restaurant brand, with the company citing 70% sales growth in the US over three years.

What to watch

• The next quarterly and annual filings, to see whether operating losses narrow from the trailing figure of -5.1% margin.
• Cash flow and borrowings, given negative free cash flow and cash below debt.
• Foreign ownership has slipped from 0.7% to 0.6% over 60 days, and a 5%+ holding report was filed on 2026-08-28; the data does not say what it relates to.