ESTsoft (047560) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
ESTsoft is a long-established maker of PC utility software such as ALZip, ALYac and ALTools, and it has broadened into gaming and artificial-intelligence (AI) services on top of that base. A February 2026 filing confirmed full-year 2025 revenue of ₩106.8 billion, an operating loss of ₩19.0 billion and a net loss of ₩17.7 billion, while Q1 2026 revenue reached ₩31.0 billion (up 22.9% year over year), extending three straight years of top-line growth as the business regains momentum at the revenue line. What stands out lately is that with a recognizable software base plus new AI and gaming ventures, if revenue growth can outrun costs and turn into a profit while debt stays managed, a share price that has fallen about 71% from its 52-week high could become a springboard for recovery; on the other side, the company is still running an operating loss, so earnings-based multiples cannot be used, and a debt ratio of 291% leaves little financial headroom.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Games” (Games, Entertainment & Content), a type typically read first through forward P/E.
Game companies' results hinge on new title launches, so expected future profits explain the share price better than past earnings do. That's why forward P/E — based on projected net income — comes before the trailing figure here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, profitability is currently weak, so this metric is best treated as a rough reference only.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 263.1%).
- The most recent full-year net result was a loss.
- Revenue rose 4.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 22.9% higher than a year earlier.
- ROE is -35.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -17.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jang-jung 19.77% (individual)
Controlling bloc incl. related parties 21.85%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
ESTsoft is classified in the gaming and software sector. It has long operated widely recognized PC utility software such as ALZip, ALYac and ALTools, and has expanded into gaming and artificial-intelligence (AI) services on top of that base. With a market capitalization of ₩83.9 billion it is not a large company, so it is worth watching not only the underlying business trend but also how a single filing can affect earnings and the share count.
The latest close is ₩8,570 and the market capitalization is ₩100.7 billion. The price sits above its 20-day moving average (₩7,796) and below its 60-day moving average (₩9,228). 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 55.1, a neutral level. The one-month change is +6.9%, the three-month change is -39.7%, and the position relative to the 52-week high is -62.6%. Relative strength versus the KOSDAQ is 12 (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 12% of all stocks. Over the past three months it lagged the index by 7.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Full-year 2025 revenue was ₩106.8 billion, with an operating loss of ₩19.0 billion and a net loss of ₩17.7 billion. The operating margin was -17.8%, ROE (how much is earned in a year on equity) was -35.3%, and the debt ratio (debt relative to equity) was 391.4%. Because the company is not yet profitable, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated, and the asset-based P/B (how many times book value the price represents) is 1.96x. A P/B of 1.67x is not unusually high for a lossmaking company, but what decides whether the stock is cheap or expensive right now is less the multiple itself and more whether it can swing from loss to profit. With a large amount of debt relative to equity, interest burden and cash conditions also need to be watched.
Revenue rose for three consecutive years, from ₩92.5 billion in 2023 to ₩102.5 billion in 2024 and ₩106.8 billion in 2025, and Q1 2026 revenue of ₩31.0 billion was up 22.9% from the same period a year earlier. The recovery in the top line is a clear positive signal. The operating result, however, has stayed in the red at -₩8.9 billion in 2023, -₩13.5 billion in 2024 and -₩19.0 billion in 2025, so even as revenue grows the cost structure has kept it from flowing through to profit. The Q1 operating loss of -₩1.7 billion was narrower than the annual figure. The forecast-box 2026 revenue (₩132.2 billion) and Q2 revenue (₩36.0 billion) are not official company or institutional earnings forecasts but approximations of the top line only, derived from confirmed quarterly results and past quarterly weightings; operating- and net-profit forecasts are not provided. In short, this year's key question is whether revenue growth carries through to profit beyond the break-even point.
The filings center on earnings materials. A February 25, 2026 filing on a change of 30% or more (15% for large corporations) in revenue or profit-and-loss structure confirmed full-year revenue of ₩106.8 billion, an operating loss of ₩19.0 billion and a net loss of ₩17.7 billion. Fair-disclosure filings of provisional operating results on a consolidated basis, dated November 11, 2025 and August 11, 2025, showed Q1 2026 revenue of ₩31.0 billion, an operating loss of ₩1.7 billion and a net loss of ₩0.7 billion. Earnings filings are interpreted more accurately by checking whether they point in the same direction as the annual trend and whether one-off factors are mixed in. Whether the revenue recovery and narrowing losses continue in the next quarter's filing is the point to confirm.
The strengths are that the top line has grown for three straight years and rose 22.9% again in Q1 as the upper layer of the business regains momentum, and that the company pairs a recognizable software base such as ALZip and ALYac with new AI and gaming ventures. The share price has fallen 71% from its 52-week high, a level where expectations have already come down considerably. On the other side, the company is still running an operating loss, so earnings-based measures like the P/E cannot be used, and a debt ratio of 291% leaves limited financial headroom. In sum, if revenue growth outruns costs and turns into profit while the debt burden stays managed, today's lower share price could serve as a springboard for recovery; conversely, if the losses drag on or additional fundraising becomes necessary, the position could weaken.
🔎 Valuation vs peers Fairly valued
A peer set of gaming and software names adjacent in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| MDS Tech | 10.26x | 0.56x | 6.66% |
| NuriFlex | — | 0.92x | -9.23% |
| LS Tirauetec | — | 1.69x | -12.04% |
Within gaming and software, the peer set of publicly available data closest in market capitalization was looked at first. The current P/E (how many times one year's earnings the price represents) cannot be determined, and the P/B (how many times book value the price represents) is 1.96x. Because smaller-cap names are heavily affected by earnings swings and fundraising filings, no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the forecast box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩132.2 billion | — | — |
| Next quarter | Q2 2026 | ₩36.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩8,570 and the market capitalization is ₩100.7 billion. The price sits above its 20-day moving average (₩7,796) and below its 60-day moving average (₩9,228). 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 55.1, a neutral level. The one-month change is +6.9%, the three-month change is -39.7%, and the position relative to the 52-week high is -62.6%. Relative strength versus the KOSDAQ is 12 (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 12% of all stocks. Over the past three months it lagged the index by 7.6%. 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 -7.64% / 6M -34.22% / 12M -58.19%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.96x is above the sector median (1.10x).
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.
Profitability & financials
Return on equity (ROE) is -35.3%, below the sector average (1.0%). The operating margin is -17.8%. The debt ratio is 263.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $65.0M | $72.0M | $75.0M | +4.23% ↓ slower |
| Operating profit | -$6.3M | -$9.5M | -$13.3M | — |
| Net profit | -$4.3M | -$8.2M | -$12.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $62.9M | $62.4M | $65.0M | $72.0M | $75.0M |
| Operating profit | $7.1M | -$4.0M | -$6.3M | -$9.5M | -$13.3M |
| Net profit | $3.3M | -$4.3M | -$4.3M | -$8.2M | -$12.5M |
| Revenue CAGR | 4-yr avg 4.49% | ||||
Revenue rose 4.2% year over year (2023 ₩92.5 billion → 2024 ₩102.5 billion → 2025 ₩106.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.5%. The two-year revenue CAGR is 7.5%. In the most recent quarter (Q1 2026), revenue was 22.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 4.2% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-25EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue ₩106.8 billion, operating loss ₩19.0 billion, net loss ₩17.7 billionThis is recent confirmed or provisional earnings data. Read it alongside whether it points in the same direction as the annual trend and whether one-off factors are present. Source
- 2025-11-11EarningsFair-disclosure of provisional operating results on a consolidated basis: Q1 2026 revenue ₩31.0 billion, operating loss ₩1.7 billion, net loss ₩0.7 billionThis is recent confirmed or provisional earnings data. Read it alongside whether it points in the same direction as the annual trend and whether one-off factors are present. Source
- 2025-08-11EarningsFair-disclosure of provisional operating results on a consolidated basis: Q1 2026 revenue ₩31.0 billion, operating loss ₩1.7 billion, net loss ₩0.7 billionThis is recent confirmed or provisional earnings data. Read it alongside whether it points in the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,570 | ₩8,570 | Confirmed | link |
| Latest quarterly results | revenue ₩31.0 billion, operating profit -₩1.7 billion | revenue ₩31.0 billion, operating profit -₩1.7 billion | Confirmed | link |
| Annual results | revenue ₩106.8 billion, operating profit -₩19.0 billion | revenue ₩106.8 billion, operating profit -₩19.0 billion | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩106.8 billion · operating profit -₩19.0 billion · net profit -₩17.7 billion | revenue30%: revenue ₩106.8 billion · operating profit -₩19.0 billion · net profit -₩17.7 billion | Confirmed | link |
| Earnings filing (original text) | 2026 1 revenue ₩31.0 billion · operating profit -₩1.7 billion · net profit -₩0.7 billion | 2026 1 revenue ₩31.0 billion · operating profit -₩1.7 billion · net profit -₩0.7 billion | Confirmed | link |
| Earnings filing (original text) | 2026 1 revenue ₩31.0 billion · operating profit -₩1.7 billion · net profit -₩0.7 billion | 2026 1 revenue ₩31.0 billion · operating profit -₩1.7 billion · net profit -₩0.7 billion | Confirmed | link |
| Basis for the forecast box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-14PeriodicQuarterly report
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Amended filing
- 2026-03-31Amended filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-03Disclosure
- 2026-03-03Shareholders' meeting notice
- 2026-03-03Shareholders' 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.