Fursys is the domestic No. 1 office-furniture company, making desks, chairs, and partitions under the 'Fursys' brand and supplying them to businesses and public institutions. Rather than selling to general consumers, its revenue centers on B2B, filling entire spaces when a company builds a headquarters or fits out an office. With stable finances (a debt ratio of 12% and a current ratio of 370%), a P/B of 0.46x, a dividend yield in the 4% range, and a forward P/E of 12.79x, undervaluation appeal is gathered on the asset, earnings, and dividend sides alike, and a new CEO was appointed at the March 2026 annual general meeting. What stands out lately is that if corporate capital spending and public procurement recover so that office-furniture demand rebounds, its No. 1 share and solid finances feed through to an earnings recovery, whereas because the operating margin has thinned and the core business ran a loss in Q1, it should be viewed while confirming whether demand recovers.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 7.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 5.9% lower than a year earlier.
- ROE is 5.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 1.6%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Fursys Holdings 33.57% (corporate)
Controlling bloc incl. related parties 54.57%
With the controlling bloc holding 55%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Fursys is a company that makes office furniture such as desks, chairs, partitions, and cabinets under the 'Fursys' brand and supplies them to businesses and public institutions.
- It is not a place that sells furniture to general consumers; its revenue centers on B2B (business-to-business), filling entire spaces when a company builds a headquarters or newly fits out an office.
- Furniture for educational and public facilities is supplied to schools and government offices under the 'TIMS' brand.
- Because of this structure, revenue moves with corporate capital-spending conditions and public-procurement schedules, and there is also seasonality in accounting terms whereby revenue concentrates when office relocation and new-build demand cluster.
- Within the furniture sector, it is a company that has long held the No.
- 1 position in office furniture.
- The latest close is ₩27,250 and the market cap is ₩313.4 billion.
- The price sits above its 20-day line (₩26,005) and below its 60-day line (₩30,488).
- With the short- and medium-term trends diverging, direction should be viewed separately.
- The RSI (an indicator comparing upward and downward strength over the past 14 days on a 0-100 scale) is 50.7, a neutral level.
- The one-month change is -2.1%, the three-month change is -29.0%, and it is -45.8% from its 52-week high.
- Its relative strength versus the KOSPI is 4 (1-99, computed from index-relative returns over the past year weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 96% of all stocks by strength.
- Over the past three months it lagged the index by 42.1%.
- Chart reading is best done together with volume and disclosure dates.
- On confirmed 2025 results, the P/E (how many times one year of profit the price represents) is 8.81x and the P/B (how many times net assets the price represents) is 0.52x.
- A P/B well below 1x means the price is set even cheaper than the company's net assets, a range with little burden relative to asset value.
- ROE (how much it earns in a year on equity) is 5.9%, above the sector average; the debt ratio (debt relative to equity) is 12.1% and the current ratio (cash-like assets against debt due within a year) is 370%, a stable financial structure with almost no debt burden.
- The operating margin is 1.6%, meaning core margins have thinned recently, and for a company passing an earnings inflection point, the forward P/E reflecting this year's earnings is closer to the real picture than a trailing P/E computed from the past year's results.
- Fursys's forward P/E is 12.79x, below the sector median, so an undervaluation signal appears on an earnings basis as well as on assets.
- Over five years, revenue has moved sideways without a major trend change, at ₩358.2 billion in 2025, while core profitability has weakened recently.
- Operating profit fell from ₩35.2 billion in 2023 to ₩5.7 billion in 2025 (-73.3% year on year), and in Q1 2026, on revenue of ₩97.6 billion (-5.9% year on year), operating profit or loss was -₩2.1 billion, with the core business running a temporary loss.
- That said, net profit rose 43% from the same period a year earlier as non-operating effects were added.
- This company's forward P/E of 12.79x reflects a flow in which this year's earnings return to a normal track.
- Office-furniture demand recovers in phases when corporate office investment and public procurement pick up, and thanks to its share as the No.
- 1 player and its near-debt-free finances, it has ample capacity to lift earnings again when demand returns.
- That the forward P/E is at almost the same level as the trailing P/E (7.71x) can be read to mean this year's earnings do not sharply break lower versus last year but carry over to a similar or recovering level.
- Over the past year, disclosures have mostly been routine items such as periodic reports (business and quarterly reports), a corporate-governance report, the general meeting and CEO change, and holding-change filings.
- A new CEO was appointed at the March 2026 annual general meeting, and a management change can, over the medium term, alter the business direction or cost structure.
- In June a corporate-governance report was disclosed, allowing a look at the board and shareholder-return status.
- Short-term momentum disclosures such as single-supply and delivery contracts (orders) or treasury-share acquisitions were not separately identified in this period, so for the time being the quarterly earnings flow is the key point to watch.
- Fursys has a clear character as 'the No.
- 1 office-furniture player with solid finances and steady dividends.' Its strengths are stable finances (a debt ratio of 12% and a current ratio of 370%), a P/B of 0.46x cheaper than net assets, a dividend yield in the 4% range, and a forward P/E of 12.79x below the sector median.
- Undervaluation appeal is gathered together on the asset, earnings, and dividend sides alike.
- At the same time, the point to keep in mind is that, since the operating margin has thinned and the core business ran a loss in Q1, it is natural to watch while confirming whether corporate capital-spending conditions and public procurement pick up and office-furniture demand recovers.
- In short, in a phase where demand turns up, its No.
- 1 share and solid finances feed through to an earnings recovery with plenty of room for the undervaluation to be filled, and if the core-demand recovery is slow, dividends and net assets support it in the meantime.
🔎 Valuation vs peers Inconclusive
The comparison is with office- and home-furniture makers for which data is available within the site (figures at the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ace Bed | 6.28x | 0.47x | 7.48% |
| Zinus | — | 0.30x | -2.85% |
(a) Position versus peers: a P/B of 0.52x is similar to Ace Bed (0.48x) and higher than Zinus (0.32x), placing it in the range where furniture stocks broadly trade below net assets. A common backdrop is that the furniture sector itself takes a discount amid weak domestic demand and the construction cycle. (b) Premium/discount: Fursys has a stability-premium factor versus peers through its dividend (3.7%) and near-debt-free finances, but the sharp drop in core operating profit offsets this. (c) Limits of the trailing P/E: 2025 net profit was inflated by non-operating gains, making the trailing P/E of 8.66x look low, but on a seasonality-approximated net profit basis the forward P/E rises to about 12.6x. With core earnings at an inflection point, it is hard to conclude 'cheap,' and until a recovery in core margins is confirmed, it is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩82.2 billion | — | approx. ₩6.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩27,250 and the market capitalization is ₩313.4 billion. The price sits above its 20-day moving average (₩26,005) and below its 60-day moving average (₩30,488). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.7, a neutral level. The one-month change is -2.1%, the three-month change is -29.0%, and the position relative to the 52-week high is -45.8%. Relative strength versus the KOSPI is 4 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 4% of all stocks. Over the past three months it lagged the index by 42.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -42.10% / 6M -61.30% / 12M -73.71%
Key metrics vs whole-market median
Valuation
The P/E of 8.81x is below the whole-market median (13.81x). The P/B of 0.52x is below the whole-market median (1.15x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.9%, above the whole-market average (5.0%). The operating margin is 1.6%. The debt ratio is 12.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $240.5M | $255.6M | $237.4M | -7.13% ↓ slower |
| Operating profit | $23.4M | $14.2M | $3.8M | -73.29% ↓ slower |
| Net profit | $44.3M | $31.6M | $23.6M | -25.44% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $216.4M | $252.7M | $240.5M | $255.6M | $237.4M |
| Operating profit | $19.0M | $21.6M | $23.4M | $14.2M | $3.8M |
| Net profit | $29.9M | $3.9M | $44.3M | $31.6M | $23.6M |
| Revenue CAGR | 4-yr avg 2.34% | ||||
Revenue fell 7.1% year over year (2023 ₩362.9 billion → 2024 ₩385.7 billion → 2025 ₩358.2 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 73.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.3%. The two-year revenue CAGR is -0.7%. In the most recent quarter (Q1 2026), revenue was 5.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.7%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 7.1% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue ₩97.6 billion (-5.9% year on year), operating profit or loss -₩2.1 billion swinging to a loss, net profit +43% on non-operating effects.The core business (operating profit) swinging to a loss is the key short-term variable. The net-profit increase is due to non-operating factors, so whether the core business recovers must be confirmed separately. Source
- 2026-03-19Earnings2025 business report (consolidated) filed — revenue ₩358.2 billion (-7.1%), operating profit ₩5.7 billion (-73.3%), with core profitability weakening sharply.Confirms that annual operating profit fell about 84% over two years. Over the medium term, a recovery in core margins is the premise for the valuation normalizing. Source
- 2026-03-27FilingAnnual general meeting results and CEO change notice disclosure — new CEO appointed.A management change suggests the possibility of shifts in business direction and cost structure over the medium term, but the actual effect needs confirming through later results. Source
- 2026-06-01FilingCorporate-governance report disclosure — board and shareholder-return governance status disclosed.A reference for gauging the sustainability of shareholder-return policies such as dividends. The short-term price impact is limited. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-04OwnershipLargest-shareholder ownership change report
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-07PeriodicAnnual business report (amended)
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-23Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.