AhnLab is Korea's leading information-security company, best known for its V3 antivirus, earning across three pillars: antivirus and endpoint-security products, security appliances such as firewalls and detection solutions, and 24-hour remote-monitoring managed security services (MSS) and consulting. Because maintenance, subscription, and monitoring contracts build recurring revenue each year, its business has a built-in stability. Preliminary Q1 results came on April 27 and the confirmed figures in the May 14 quarterly report, and on February 12 it declared a cash dividend of ₩1,400 per share (a yield of about 2.5%, payout ratio 23.2%). What stands out lately is that its recurring-revenue structure, low debt and ample cash, ROE of 14.5%, and a forward P/E of 15.58x that is unremarkable versus peers, together with a price down about 26% from its 52-week high, are strengths; on the other side, revenue growth has slowed to the low single digits, the net-profit surge includes non-operating factors, and the strong fourth-quarter seasonality makes it hard to gauge a full year from first-half figures alone.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 2.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 3.3% higher than a year earlier.
- ROE is 14.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.4%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Ahn Cheol-soo 16.72% (individual)
Controlling bloc incl. related parties 25.71%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- AhnLab is Korea's leading information-security company, best known for its V3 computer antivirus.
- It earns across roughly three pillars.
- First, antivirus and endpoint-security products (the V3 line) that protect personal and corporate PCs and servers from malware; second, security appliances that guard the entry point of corporate and institutional networks (firewalls and unified threat-management appliances such as TrusGuard) plus solutions that analyze and detect threats; and third, managed security services (MSS) and consulting that remotely monitor customer systems around the clock.
- Rather than a sell-once-and-done model, maintenance, subscription, and monitoring contracts build recurring revenue each year, which gives the business its stability.
- With customers centered on financial firms, public institutions, and general enterprises, it is more sensitive to security regulation and incident-response demand than to the broader economy.
- The latest close is ₩53,600 and the market cap is ₩596.4 billion.
- The price sits below its 20-day line (₩54,625) and below its 60-day line (₩59,897).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 39.2, a neutral level.
- The one-month change is -6.6%, the three-month change is -10.4%, and it stands -22.7% off its 52-week high.
- Its relative strength versus the KOSDAQ is 71 (1-99, converting the past year's return relative to the index with heavier weight on recent periods; higher means stronger than the market), placing it in roughly the top 29% for strength among all stocks.
- Over the past three months it outpaced the index by 20.4%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On confirmed full-year (2025) figures, the P/E (how many times a year's earnings the price trades at) is 10.99x, the P/B (how many times net asset value the price is) is 1.60x, ROE (how much is earned in a year on equity) is 14.5%, the operating margin is 12.4%, and the debt ratio (the size of debt relative to equity) is 29.8%.
- With little debt and an ample current ratio of 354% (cash-like assets against debt due within a year), the balance sheet itself is solid.
- One point to note is that the P/E of 10.64x is on a trailing basis, using last year's confirmed earnings.
- 2025 net profit rose 61% year over year, but that included non-operating gains and losses, so a P/E computed on last year's figures looks lower than usual.
- The forward P/E reflecting this year's normalized earnings is 15.58x - higher than last year's trailing but unremarkable next to peer security firms.
- In short, rather than judging cheap or expensive from a single trailing figure, this is a case where the picture sharpens once you also view the forward P/E on normalized earnings.
- A P/B of 1.55x (1.44x forward) is not excessive given profitability of 14.5% ROE.
- Five-year revenue rose steadily from ₩207.3 billion in 2021 to ₩267.7 billion in 2025 (a CAGR of about 6.6%).
- Operating profit grew over the same period from ₩22.9 billion to ₩33.3 billion, and in 2025 in particular it rose 20.2% year over year, a clear recovery.
- Net profit was ₩54.3 billion in 2025, up 61%, but that includes swings in non-operating gains and losses, so the trend is not as smooth as operating profit.
- The most recent quarter, Q1 2026, showed revenue of ₩59.1 billion (+3.3%), operating profit of ₩1.9 billion (+84.3%), and net profit of ₩4.0 billion (+45.0%): top-line growth was slow but the profit improvement was large.
- Given the nature of the security business, budget execution by the public sector and enterprises concentrates in the second half, so profit weighs heavily on the fourth quarter each year, a strong seasonality.
- That is why the first quarter carries a small share, and the forward P/E on this year's normalized earnings, reflecting this business structure and core security demand, works out to 15.58x.
- The key drivers are that recurring revenue such as antivirus and monitoring builds each year to support the earnings base, and that tighter security regulation and rising cyber threats structurally sustain endpoint and monitoring demand.
- That said, the slowing of revenue growth to the low single digits is a factor that limits the breadth of growth.
- Recent disclosures center on regular results, dividends, and the shareholders' meeting.
- On April 27, 2026 the Q1 preliminary operating results came via fair disclosure, and on May 14 the confirmed figures were verified in the quarterly report.
- On February 12 a cash dividend was declared, set at ₩1,400 per share (a yield of about 2.5%, payout ratio 23.2%).
- In March came routine steps such as the annual report filing and the regular shareholders' meeting and director appointments.
- This is a period dominated by routine disclosures rather than separate catalysts such as large orders or new business plans; in the security business, where recurring revenue such as maintenance and monitoring carries a large weight over one-off contracts, it is more appropriate to read the business momentum through quarterly and annual trends.
- The strengths are clear: a recurring-revenue structure running from antivirus to security appliances to monitoring, low debt and ample cash, a healthy ROE of 14.5%, and the earnings recovery that has continued since 2025.
- Within the same security business its profitability is among the best, and the forward P/E of 15.58x on normalized earnings is unremarkable versus peers, while on last year's trailing basis it actually sits low.
- The price is also down 26% from its 52-week high, a less burdensome zone.
- There are cautions to weigh too.
- Revenue growth has slowed to the low single digits, and the net-profit surge includes non-operating factors, so the quality of earnings needs checking each quarter.
- And the strong fourth-quarter concentration makes it hard to gauge a full year from first-half figures alone.
- In sum, when security demand and monitoring subscriptions provide steady support and the second-half profit concentration continues, the strengths in financials, profitability, and valuation come alive; when public and corporate budgets tighten and the top-line slowdown lingers, or when one-off gains fade, the case can weaken.
🔎 Valuation vs peers Fairly valued
Rather than the broad KSIC sector (software), we narrowed to the substance of 'Korean information-security solutions,' comparing listed security firms that handle endpoint and network security and monitoring and for which site data is available.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Genians | 14.55x | 1.75x | 12.05% |
| Raon Secure | 23.25x | 1.46x | 6.29% |
(a) Position versus peers: AhnLab's confirmed P/E of 11.7x is lower than Genians (17.0x) and Raonsecure (27.2x), and its ROE of 14.5% is higher than both (12.0% and 6.3%). Within the same security business its profitability is the best, yet its multiple on last year's earnings sits lowest. (b) Premium/discount: given its brand and financial stability there is room to view it at a discount, but the slowing of revenue growth to the low single digits is a factor pressing the multiple. (c) Limits of trailing and the forward basis: the 11.7x is on last year's confirmed results, when net profit surged 61%, so with an inflection in earnings it is hard to take at face value. Approximating this year from the seasonality of DART's confirmed quarterly results yields annual operating profit of about ₩50.6 billion and net profit of about ₩43.5 billion, and the forward multiple on that basis rises somewhat above last year's (an approximation). Accordingly, rather than concluding one way or the other, it is reasonable to view it in the 'fairly valued' range and reconfirm by whether the second-half profit concentration repeats as it did last year.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩67.8 billion | approx. ₩6.7 billion | approx. ₩7.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩53,600 and the market capitalization is ₩596.4 billion. The price sits below its 20-day moving average (₩54,625) and below its 60-day moving average (₩59,897). 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 39.2, a neutral level. The one-month change is -6.6%, the three-month change is -10.4%, and the position relative to the 52-week high is -22.7%. Relative strength versus the KOSDAQ is 71 (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 71% of all stocks. Over the past three months it outpaced the index by 20.4%. 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 +20.41% / 6M +7.20% / 12M -21.01%
Key metrics vs sector median
Valuation
The P/E of 10.99x is below the sector median (13.30x). The P/B is 1.60x. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.805x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 14.5%, above the sector average (5.0%). The operating margin is 12.4%. The debt ratio is 29.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $158.5M | $172.7M | $177.4M | +2.72% ↓ slower |
| Operating profit | $17.5M | $18.3M | $22.1M | +20.21% ↑ faster |
| Net profit | $23.7M | $22.3M | $36.0M | +61.16% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $137.4M | $151.1M | $158.5M | $172.7M | $177.4M |
| Operating profit | $15.2M | $17.9M | $17.5M | $18.3M | $22.1M |
| Net profit | $27.9M | $9.4M | $23.7M | $22.3M | $36.0M |
| Revenue CAGR | 4-yr avg 6.60% | ||||
Revenue rose 2.7% year over year (2023 ₩239.2 billion → 2024 ₩260.6 billion → 2025 ₩267.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 20.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.6%. The two-year revenue CAGR is 5.8%. In the most recent quarter (Q1 2026), revenue was 3.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 14.5% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 2.7% 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
- 2026-04-27EarningsFair disclosure of Q1 2026 consolidated preliminary operating results - revenue ₩59.1 billion, operating profit ₩1.9 billion, with profit up sharply year over yearA near-term signal of profit improvement, but given the security business's seasonality the first quarter carries a small share, so additional quarters are needed to confirm the annual trend. Source
- 2026-05-14FilingFirst-quarter 2026 report filed - confirmed figures from the preliminary results and the financial position disclosedA primary source over the medium term for verifying the quality of quarterly earnings and cash flow, used to check for any differences from the preliminary results. Source
- 2026-02-12DividendCash and in-kind dividend decision - ₩1,400 per share, payout ratio about 23.2%A signal of stable cash generation and a commitment to shareholder returns; the dividend yield at the current price is about 2.5%. Source
- 2026-03-31FilingResults of the regular shareholders' meeting - approval of financial statements and director appointments among routine agenda itemsThe annual formal step for governance and dividend policy; more meaningful as a governance-review reference than for short-term price impact. Source
- 2026-03-20FilingFiscal 2025 annual report filed - confirmed annual revenue ₩267.7 billion, operating profit ₩33.3 billion, net profit ₩54.3 billionA core source over the medium term for confirming the five-year trend and business-segment mix, and the basis for computing the confirmed annual P/E. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual operating profit | ₩33.3 billion | ₩33.3 billion | Confirmed | link |
| Q1 2026 operating profit | ₩1.9 billion | approx. ₩1.9 billion | Confirmed | link |
| Cash dividend per share | ₩1,400 | ₩1,400 | Confirmed | link |
| 2026 annual operating profit (seasonality approximation) | ₩50.6 billion | — | Unverified | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-04-27EarningsFair-disclosure notice
- 2026-04-27EarningsFair-disclosure notice
- 2026-04-23EarningsEarnings disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-13Disclosure
- 2026-03-13Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-02-12DividendCash/stock dividend decision
📖 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.