Cafe24 is an e-commerce platform that lets individuals, small merchants, and brands build and run their own online stores directly, bundling and renting out tools for store creation, hosting, payments, and marketing in exchange for usage fees and transaction-linked commissions; rather than selling goods itself it supports the D2C model in which sellers own their own branded stores, a structure where commissions follow as transactions grow. Confirmed Q1 results were revenue of ₩75.5 billion, operating profit of ₩6.2 billion, and net profit of ₩6.4 billion, and shareholder returns continued that lift per-share value, such as a treasury-share trust contract and a share-cancellation decision. What stands out lately is that with an ROE of 14.7% it delivers the highest profitability among peers while its P/E on this year's earnings is about 9.3x, below Naver and Kakao, a clear strength, whereas revenue growth has slowed to +4.1% and revenue fell versus the prior quarter, points to keep confirming on the pace of growth.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.0% higher than a year earlier.
- Even versus the prior quarter (Q4 2025), revenue was 13.5% lower.
- ROE is 14.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.8%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Woo Chang-gyun 8.4% (individual)
Controlling bloc incl. related parties 23.3%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Cafe24 is an e-commerce platform company that helps individuals, small merchants, and brands build and run online stores under their own names.
- On top of store creation and hosting (the service of putting a shop online) as the base, it bundles the tools needed to operate — payments, delivery, inventory management, advertising, and marketing — and in return receives usage fees and transaction-linked commissions.
- Rather than an open-market model where sellers list on someone else's marketplace, it supports the D2C (direct-to-consumer) model in which sellers own their own branded store, and it also connects sellers to external sales channels such as Naver and YouTube Shopping.
- In other words, it is not a company that buys and resells goods itself; it rents out the infrastructure that lets countless online stores do business well, and its commissions grow as those transactions grow.
- The latest close is ₩16,390 and the market cap is ₩396.3 billion.
- The price sits below its 20-day line (₩18,081) and its 60-day line (₩21,654).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 35.7, a neutral level.
- The one-month change is -13.2%, the three-month change is -35.0%, and it stands -66.1% below its 52-week high.
- Its relative strength against the KOSDAQ is 26 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 75% of all stocks by strength.
- Over the past three months it lagged the index by 16.7%.
- Chart readings are best viewed alongside trading volume and the dates of disclosures.
- On confirmed 2025 annual figures, the P/E ratio (how many times one year's net profit the price represents) is 10.14x and the P/B (how many times the company's net assets the price represents) is 1.49x.
- ROE (how much is earned in a year on equity) is 14.7%, the highest among peers, and the operating margin is 12.8%.
- The debt ratio (debt relative to equity) is 56.3%, the current ratio 194%, and the interest coverage ratio 48x — a stable financial structure with low debt burden and ample short-term liquidity.
- A P/B of 1.55x looks somewhat high versus net assets, but the highest ROE in the peer set (14.7% against Naver's 7.1%, Kakao's 4.4%, and KG Inicis's 9.6%) supports that premium.
- A company that earns more on the same capital being valued above net assets is naturally seen as a result of profitability rather than a burden.
- More important, the P/E on this year's earnings is about 9.3x, below last year's confirmed figure (10.55x), which suggests the trend of further earnings growth is not fully reflected in the price.
- Five-year revenue rose steadily from ₩276.3 billion in 2021 to ₩314.8 billion in 2025, and operating profit turned from -₩19.9 billion to ₩40.2 billion over the same span (the -₩29.7 billion of 2022 was the trough).
- The recovery in profitability was a far bigger change than top-line growth, and after turning profitable once, it has grown earnings for three straight years.
- In Q1 2026, revenue was ₩75.5 billion (+6.0%), operating profit ₩6.2 billion (+4.7%), and net profit ₩6.4 billion (+20.7%), continuing the pattern of profit rising faster than revenue and profitability stepping up a level.
- The backdrop for earnings drawn this way this year is simple: in a structure where commissions grow with the transactions riding on the platform at no added cost, even single-digit revenue growth swells profit faster.
- On top of that, the D2C seller base and external-channel integrations accumulate, and transaction volume supports it.
- As a result the P/E on this year's earnings is about 9.3x, showing a company that has escaped losses and is growing its earnings.
- That said, an annual revenue growth rate of +4.1%, staying in single digits, is a point that needs confirmation on the pace of growth.
- Recent disclosures cluster on results and shareholder returns.
- The May 7, 2026 preliminary-results fair disclosure and the May 14 quarterly report released confirmed Q1 results (revenue ₩75.5 billion, operating profit ₩6.2 billion, net profit ₩6.4 billion), and shareholder returns that lift per-share value by buying back and retiring shares continued, such as the treasury-share trust contract signed the same May 7 and the share-cancellation decision of March 23.
- Meanwhile, several large-holding reports (ownership-change disclosures) filed in succession since May are a point to keep tracking on major shareholders' stake changes.
- No official company target figures — such as major new orders or future-business and management plans — were confirmed in this period.
- The strengths are clear: profitability that has escaped losses and grown earnings for a third year (an ROE of 14.7%, the highest among peers), a stable balance sheet with low debt burden, and shareholder returns running through treasury-share buybacks and cancellations.
- Thanks to a platform structure where commissions follow as transactions grow, the P/E on this year's earnings is about 9.3x, below Naver and Kakao — the core point being that it sits at a lower valuation while delivering the highest profitability.
- The share price having fallen sharply from its high also eases the entry-price burden.
- Meanwhile, revenue growth slowing to +4.1% and revenue falling versus the prior quarter are points to keep confirming on the pace of growth.
- In sum, this is a zone where, if earnings hold steadily, the lowered valuation and high profitability stand out clearly as strengths, and where, if revenue growth slows further, those strengths may be recognized only slowly.
🔎 Valuation vs peers Inconclusive
Within the e-commerce group that earns commissions from online-selling, payment, and platform infrastructure rather than an open-market listing model, stocks with verifiable on-site figures were compared. Naver, as Korea's largest online-shopping (Smart Store) platform, is the closest in business nature; KG Inicis represents e-commerce payment infrastructure; and Kakao's platform and commerce businesses are viewed together.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NAVER | 14.81x | 1.05x | 7.08% |
| Kakao | 30.24x | 1.32x | 4.36% |
| KG Inicis | 5.38x | 0.52x | 9.60% |
Versus the peer set, Cafe24 sits in the middle on P/E — lower than Naver and higher than KG Inicis — and its P/B is the highest, but so is its ROE, so the net-asset premium is partly explained by profitability. The base diagnostic pointing to 'overvalued' on P/B and the P/E being below the sector median cut against each other. The more important limit is that, coming right after the 2022 turn from loss to profit, last year's confirmed P/E (trailing) does not fully represent future earnings. No official company outlook was confirmed, and the DART seasonality approximation (this year's operating profit of roughly ₩57.8 billion) has low reliability because of the past years mixing loss-making quarters, so it is hard to use as a basis for a firm call. Accordingly, rather than declaring one direction, the verdict is left Inconclusive, to be revisited by whether earnings durability and a revenue reacceleration are confirmed.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩84.6 billion | approx. ₩14.3 billion | approx. ₩23.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩16,390 and the market capitalization is ₩396.3 billion. The price sits below its 20-day moving average (₩18,081) and below its 60-day moving average (₩21,654). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 35.7, a neutral level. The one-month change is -13.2%, the three-month change is -35.0%, and the position relative to the 52-week high is -66.1%. Relative strength versus the KOSDAQ is 26 (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 25% of all stocks. Over the past three months it lagged the index by 16.7%. 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 -16.68% / 6M -37.65% / 12M -64.78%
Key metrics vs sector median
Valuation
The P/E of 10.14x is below the sector median (14.81x). The P/B of 1.49x is above the sector median (1.11x).
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 10.7%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 14.7%, above the sector average (12.0%). The operating margin is 12.8%. The debt ratio is 56.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $179.7M | $200.5M | $208.6M | +4.06% ↓ slower |
| Operating profit | $1.0M | $21.2M | $26.7M | +25.93% ↓ slower |
| Net profit | $6.4M | $17.1M | $25.9M | +51.52% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $183.1M | $185.1M | $179.7M | $200.5M | $208.6M |
| Operating profit | -$13.2M | -$19.7M | $1.0M | $21.2M | $26.7M |
| Net profit | -$12.0M | -$33.0M | $6.4M | $17.1M | $25.9M |
| Revenue CAGR | 4-yr avg 3.31% | ||||
Revenue rose 4.1% year over year (2023 ₩271.1 billion → 2024 ₩302.5 billion → 2025 ₩314.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 25.9% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.3%. The two-year revenue CAGR is 7.8%. In the most recent quarter (Q1 2026), revenue was 6.0% higher than the same period a year earlier. Because quarterly results are relatively even in this industry, revenue also came in 13.5% lower than the prior quarter (Q4 2025), so the recent trend looks soft.
Latest quarterly results Q1 2026 · vs year-ago + prior quarter
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.
- ROE of 14.7% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-07EarningsFair disclosure of preliminary consolidated Q1 2026 results — revenue of about ₩75.5 billion and operating profit of about ₩6.2 billion, up +6.0% and +4.7% year over yearShort term: revenue and operating profit kept modest gains, confirming the profitable trend continued. Medium term: the larger net-profit gain (+20.7%) gives a basis for checking earnings quality each quarter. Source
- 2026-05-07UpdateDecision to sign a treasury-share trust contract — expanding shareholder returns through trust-based buybacksShort term: buybacks reduce shares outstanding, a factor supporting per-share value. Medium term: a signal to confirm whether the policy of spending cash-flow capacity on shareholder returns continues. Source
- 2026-05-14UpdateMarch 2026 quarterly report — confirmed Q1 results (cumulative revenue ₩75.5 billion, operating profit ₩6.2 billion, net profit ₩6.4 billion) and financial position disclosedShort term: the confirmed document for preliminary results fixes figure reliability. Medium term: the primary source for checking whether financial stability (debt ratio 56%, current ratio 194%) holds through the quarter. Source
- 2026-03-23DividendShare-cancellation decision — a shareholder-return measure that retires held treasury shares to reduce shares outstandingShort term: cancellation is a direct return that lifts per-share net assets and per-share earnings. Medium term: buybacks and cancellations running together let one gauge the consistency of capital policy. Source
- 2026-06-04UpdateLarge-holding report (general) — ownership-change disclosures by major shareholders filed in succession since MayShort term: large stake changes can affect supply-and-demand flows, so they need tracking. Medium term: whether governance and the major-shareholder composition change should be watched alongside. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue | ₩75.5 billion | approx. ₩75.5 billion | Confirmed | link |
| Q1 2026 operating profit | ₩6.2 billion | approx. ₩6.2 billion | Confirmed | link |
| 2025 annual revenue | ₩314.8 billion | ₩314.8 billion | Confirmed | link |
| This year's operating-profit seasonality approximation | ₩57.8 billion | — | Unverified | link |
| Latest close | ₩16,390 | — | Unverified | link |
Recent filings
- 2026-06-04OwnershipOwnership-change filing
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-11OwnershipOwnership-change filing
- 2026-05-07TreasuryMaterial-fact report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-04-23OwnershipOwnership-change filing
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Shareholders' meeting notice
- 2026-03-23Disclosure
- 2026-03-17PeriodicAnnual business report
📖 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.