M eighty-threeM83

M83 is a loss-making VFX company whose trailing revenue is large but operating and net results are negative, and its shares are down sharply over one year.

M eighty-three is a Korean visual effects provider for films, TV dramas and OTT content, listed on KOSDAQ since August 2024. Trailing twelve-month revenue to H1 2026 was about ₩205.7B, but operating income was about -₩5.2B and free cash flow about -₩13.7B. The shares closed at ₩3,990 on 2026-10-23, roughly 72% below the 52-week high of ₩14,460 and 1.5 times above the low of ₩2,740.

What stands out

• Revenue rose from about ₩58.2B in 2024 to about ₩132.4B in 2025, but the company posted an operating loss of about ₩9.0B in 2025 after a small profit in 2024.
• Trailing margins are negative: operating margin -2.5% and net margin -1.8%, with ROE at -7.9%.
• Liabilities are 154.3% of equity, against cash of about ₩17.8B and borrowings of about ₩1.4B.
• The price-to-book ratio is 0.7 and the price-to-sales ratio is 0.2, while P/E is not meaningful because earnings are negative; no dividend is paid.
• Foreign ownership fell from 2.9% to 1.8% over the past 60 days, and recent filings include several 5%+ holding reports in August 2026. The data contains no news headlines to explain these moves.

What to watch

• The Q3 2026 quarterly report and whether losses narrow from the H1 2026 trailing level.
• The shareholder-meeting results and any further 5%+ holding reports, which could signal ownership changes.
• Cash generation: free cash flow was about -₩13.7B on a trailing basis, so funding needs are worth tracking in future filings.