Danal processes payments when people buy goods online and in apps and earns fees for doing so, running carrier billing (adding the payment amount to a phone bill), online payment gateway (PG) services that handle card and account payments on behalf of merchants, plus identity verification and its PayCoin business. It posted a net loss of roughly ₩63.7 billion for full-year 2025, but in Q1 2026 it swung to profit with revenue of ₩54.9 billion, operating profit of ₩1.2 billion and net profit of ₩2.4 billion, and the pace of revenue decline narrowed in the quarter. The point to watch is that if the Q1 profit carries into the next quarter and payment transaction volume halts the revenue decline so that earnings grow meaningfully, the appeal of a 1.08x P/B revives — whereas if revenue contraction deepens again or earnings fail to grow enough to justify a forward P/E of about 41x on this year's expected profit, the read weakens.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 245.0%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 13.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 3.2% lower than a year earlier.
- ROE is -21.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Park Seong-chan 11.73% (individual)
Controlling bloc incl. related parties 11.8%
With the controlling bloc holding 12%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Danal processes payments when people buy goods online and in apps, and earns fees in return.
- It has two core businesses.
- The first is carrier billing, where the payment amount is collected by adding it to the customer's phone bill.
- The second is online payment gateway (PG) services, processing card and account payments on behalf of merchants.
- To this it adds identity verification and authentication services and payment-platform businesses such as PayCoin.
- Because most of its revenue comes from fees proportional to the number and size of payments, it is classified under games and software, but in substance it is closer to a payment-infrastructure company whose profit grows as transaction volume rises.
- The latest close is ₩3,980 and market capitalization is ₩301.1 billion.
- The price sits below both the 20-day line (₩4,605) and the 60-day line (₩6,129).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 29.4, close to depressed territory.
- The one-month change is -21.6%, the three-month change is -43.7%, and the position versus the 52-week high is -64.1%.
- Relative strength against the KOSDAQ is 37 (1-99, computed from returns versus the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 64% of all stocks by strength.
- Over the past three months it lagged the index by 27.0%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On confirmed full-year 2025 figures, the P/E ratio (how many times one year's net profit the price represents) cannot be calculated because that year showed a net loss; the P/B (how many times per-share net assets) is 0.99x, ROE (how much it earns in a year on equity) is -21.0%, the operating margin is 1.0%, and the debt ratio (debt against equity) is 245.0%.
- That loss, however, was concentrated in 2025, and in Q1 2026 the company returned to profit with operating profit of ₩1.2 billion and net profit of ₩2.4 billion.
- In other words, the absence of a trailing P/E merely reflects past losses and says nothing about the current earnings trend.
- Because it is at an inflection where profit has just turned positive, the P/E on this year's expected profit comes out high at around 41x, which is not a sign the company has become expensive but a natural result of the earnings base still being small so the multiple prints large.
- The high-looking debt ratio also stems from the payment industry's structure, where settlement funds soon due to merchants are booked as liabilities; only by considering alongside the current ratio of 247% — current assets 2.5 times current liabilities — can the finances be read without exaggeration.
- Revenue fell for a third straight year, from ₩295.5 billion in 2023 to ₩260.9 billion in 2024 and ₩225.4 billion in 2025 (-13.6% year on year in 2025), while operating profit recovered +65.9% from ₩1.4 billion in 2024 to ₩2.3 billion in 2025.
- Net profit was deeply negative in 2025 at -₩63.7 billion.
- The turning point was Q1 2026, when it swung to profit with revenue of ₩54.9 billion (-3.2% year on year), operating profit of ₩1.2 billion and net profit of ₩2.4 billion.
- This turn matters because payment-business profit comes recurringly from transaction volume and fees.
- That the pace of revenue decline narrowed from -13.6% annually to -3.2% in the quarter signals the top-line drop is slowing, and to this is added the core business beginning to earn again.
- This year's expected profit rests on the assumption that this restored core profitability continues, and the result is reflected in a forward P/E of around 41x.
- Still, Q1 operating profit of ₩1.2 billion was smaller than the year-earlier quarter (₩2.3 billion), so it is at the stage of confirming through the next quarter's results whether the recovery becomes a trend rather than a one- or two-quarter affair.
- The 2026 storyline is best followed through disclosures.
- The February 26 filing on a profit/loss change of 30% or more officially confirmed the large full-year 2025 net loss (about -₩63.7 billion), which grounds the loss.
- The March 19 business report confirmed the annual figures (revenue ₩225.4 billion, operating profit ₩2.3 billion, net loss), and the May 15 quarterly report formalized the Q1 swing to profit (revenue ₩54.9 billion, operating profit ₩1.2 billion, net profit ₩2.4 billion).
- In addition, the March 27 annual shareholders' meeting results and the April 9 large-holding report (a filing on a change in stake) allow the earnings trough and changes in governance and supply-demand to be cross-checked directly against the original disclosures.
- The strengths are the fee-revenue structure that recurs from payment transactions, the swing to profit in Q1 2026 after the 2025 loss, and the narrowing pace of revenue decline in the quarter.
- The price is also heavily depressed at -60.6% from the 52-week high with an RSI of 25, and the P/B of 0.99x is lower than the profitable payment peer NHN KCP (1.76x).
- The cautions are that the three-year revenue decline has not fully stopped, that Q1 operating profit was smaller than the year-earlier quarter so the strength of the recovery needs further confirmation, and that the P/E on this year's expected profit is set at 41x — higher than the payment peer range (11-30x) — so earnings must grow enough to justify that multiple.
- In short, if the Q1 profit carries into the next quarter and payment volume halts the revenue decline so earnings grow meaningfully, the stock reads strong; conversely, if revenue contraction deepens again or quarterly earnings wobble, it reads weak.
🔎 Valuation vs peers Inconclusive
Rather than the industry code (software), the peer set was drawn from online payment gateway (PG) and carrier-billing companies whose business substance is the same. Figures are the site's base calculation (on the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NHN KCP | 10.86x | 1.67x | 15.38% |
| KG Financial | 6.47x | 0.42x | 6.54% |
| Hecto Financial | 25.28x | 1.37x | 5.42% |
(a) Position versus peers: within the payment peer group its P/B is in the middle, but its ROE is uniquely negative, so its appeal on asset value alone is offset. (b) Premium/discount: a P/B of 1.25x is discounted versus profitable peers, but that is naturally read as a discount for the 2025 loss and revenue contraction. (c) Limits of trailing figures: 2025 confirmed results were a net loss so there is no P/E, and the Q1 2026 swing to profit puts earnings at an inflection, so last year's numbers struggle to explain current earning power. However, with no numerical official guidance, the forward basis is limited to a seasonality approximation of revenue from DART's confirmed quarterly results (around ₩218.1 billion for the year), and an earnings approximation is not possible; so rather than declaring the stock cheap or expensive, judgment is withheld.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩55.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,980 and the market capitalization is ₩301.1 billion. The price sits below its 20-day moving average (₩4,605) and below its 60-day moving average (₩6,129). 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 29.4, near oversold territory. The one-month change is -21.6%, the three-month change is -43.7%, and the position relative to the 52-week high is -64.1%. Relative strength versus the KOSDAQ is 37 (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 36% of all stocks. Over the past three months it lagged the index by 27.0%. 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 -26.97% / 6M -35.68% / 12M -42.37%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.99x is below the sector median (1.58x).
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 -21.0%, below the sector average (5.0%). The operating margin is 1.0%. The debt ratio is 245.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $195.8M | $172.9M | $149.4M | -13.63% ↓ slower |
| Operating profit | $2.3M | $923,462 | $1.5M | +65.94% ↑ faster |
| Net profit | -$18.5M | $4.8M | -$42.2M | -978.25% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $189.3M | $195.5M | $195.8M | $172.9M | $149.4M |
| Operating profit | $10.6M | -$1.8M | $2.3M | $923,462 | $1.5M |
| Net profit | $37.3M | -$10.1M | -$18.5M | $4.8M | -$42.2M |
| Revenue CAGR | 4-yr avg -5.74% | ||||
Revenue fell 13.6% year over year (2023 ₩295.5 billion → 2024 ₩260.9 billion → 2025 ₩225.4 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit rose 65.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -5.7%. The two-year revenue CAGR is -12.7%. In the most recent quarter (Q1 2026), revenue was 3.2% 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.
Points to watch
- Debt is somewhat higher than equity (debt ratio 245.0%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 13.6% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-02-26EarningsFiling on a full-year 2025 profit/loss change of 30% or more — the company officially confirmed that consolidated net profit swung to a lossNear term, the official basis for the large 2025 net loss (about -₩63.7 billion). Medium term, whether this loss was a one-off factor or a deterioration of the operations themselves must be verified by whether subsequent quarterly profit is sustained. Source
- 2026-03-19Filing2025 business report filed — annual revenue ₩225.4 billion, operating profit ₩2.3 billion, net loss confirmedNear term, the official source for annual confirmed financials. Medium term, with a third straight year of falling revenue alongside a positive operating profit, it is the reference point for judging whether core profitability holds through the top-line slowdown. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue ₩54.9 billion, operating profit ₩1.2 billion, net profit ₩2.4 billion, a swing to profitNear term, official confirmation of the quarterly swing to profit after the loss. Medium term, operating profit fell year on year, so whether the recovery is a trend or a one-off needs confirmation from Q2 results. Source
- 2026-04-09FilingLarge-holding report (short form) filed — a filing on a change in a major holder's stakeNear term, material for checking changes in supply-demand and ownership structure. Medium term, changes in governance or holders can affect voting rights and dividend policy, so checking the original disclosure is useful. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Amended filing
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-02-26EarningsEarnings filing
📖 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.