FnGuide is a financial-data company that repeatedly sells a standardized database of domestic listed companies' financials and results, along with terminals and solutions, to institutions such as asset managers, banks, and securities houses, while also covering fund evaluation and system integration. Because it repeatedly sells a database built once to many customers, it is a subscription-style structure in which costs do not rise much even as revenue grows, and it posted a 2025 operating margin of 30.1%. That same year it recorded revenue of ₩35.4 billion, operating profit of ₩10.7 billion, and net profit of ₩9.9 billion (net profit up 143% year on year), declared a dividend of ₩260 per share, and voluntarily disclosed a corporate value-up plan in March. What stands out lately is that as long as subscription-style revenue and earnings growth continue quarter to quarter, the premium of a 24.97x forward P/E is explained by high profitability and shareholder returns — a strong structure — but if growth clearly slows or demand for data and evaluation cools, that multiple can turn into a burden.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 12.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 16.5% higher than a year earlier.
- Even versus the prior quarter (Q4 2025), revenue was 21.1% higher.
- ROE is 14.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 30.1%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Hwacheon Machinery Works 12.16% (corporate)
Controlling bloc incl. related parties 47.77%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis
- FnGuide develops and provides investment-information and financial-information programs, produces evaluations and related information for collective investment vehicles (funds), and covers system integration (SI) and publishing — a financial-data operator (head office in Magok, Gangseo-gu, Seoul; CEO Lee Ki-tae).
- Its core revenue source is the repeated sale of a standardized database of domestic listed companies' financial statements and results, plus terminals and solutions, to institutions such as asset managers, banks, and securities houses.
- Because it repeatedly sells a database built once to many customers, additional costs do not rise much even as revenue grows, and as a result the operating margin exceeds 30% (30.1% in 2025).
- Unlike manufacturing, it is not swayed by raw materials or inventory, and the steady accumulation of subscription-style revenue defines the character of this business.
- The latest close is ₩23,100 and market capitalization is ₩263.6 billion.
- The price sits below the 20-day line (₩25,802) and below the 60-day line (₩26,792).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge comparing upward and downward force over the last 14 days on a 0-100 scale) is 43.1, a neutral level.
- The one-month change is -7.2%, the three-month change is +25.5%, and the position versus the 52-week high is -29.8%.
- Relative strength against the KOSDAQ is 95 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 4% of all stocks by strength.
- Over the past three months it outpaced the index by 42.2%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- The current P/E (how many times annual earnings the price trades at) is 26.66x and the P/B (how many times book net assets the price is) is 3.82x, both looking higher than the sector medians (P/E about 12x, P/B about 1.5x).
- But it must be viewed alongside the fact that this P/E is on a trailing (last-year confirmed results) basis.
- Because 2024 net profit temporarily dipped before recovering sharply in 2025, a trailing multiple with a down year in the denominator makes the company's current earnings power look more expensive than it is.
- For a company past an earnings inflection, the forward P/E computed on this year's expected earnings (24.97x) gives a more accurate picture, and it is indeed noticeably lower than the trailing figure.
- Profitability is solid — an ROE (how much is earned on equity in a year) of 14.3%, an operating margin of 30.1%, and a net margin of 27.9% — and while the debt ratio (borrowings against equity) is 128%, a current ratio of 2.63x and interest coverage of 6.2x mean both short-term liquidity and interest-servicing capacity are ample.
- In short, the trailing multiple alone looks expensive, but set alongside profitability and the forward basis, that burden eases considerably.
- Over the last three years revenue rose steadily from ₩29.6 billion to ₩31.6 billion to ₩35.4 billion (up 12% year on year, with the pace of increase actually accelerating), and operating profit grew 39.4% from a year earlier, so core earnings expanded faster than revenue.
- In Q1 2026 it recorded revenue up 16.5%, operating profit up 124%, and net profit up 188%.
- The reasons the forward P/E on this year's expected earnings settles at 24.97x are clear.
- First, on top of an operating margin above 30%, when revenue rises by double digits, earnings grow even faster (because revenue rises over fixed costs).
- Second, it is subscription-style revenue that continues once contracted, as with fund evaluation and data terminals, so increased revenue accumulates into the following year.
- Third, revenue rose 21% even versus the immediately preceding quarter (Q4 2025), so the recovery is not a one-quarter flash but continues quarter to quarter.
- With demand, subscription accumulation, and earnings leverage all supporting it, this year's earnings are seen stepping up a level from last year, and the result shows up as a forward multiple lower than the trailing one.
- For reference, there is no confirmed basis that earnings will fall below this year's level from 2027 onward, so there is no material to declare the present a cycle top.
- On March 31, 2026, the company voluntarily disclosed a corporate value-up plan, formalizing its direction for enhancing shareholder value (a so-called value-up disclosure), and held its annual general meeting the same day.
- Earlier, on January 27, an annual profit-and-loss-structure change disclosure reported revenue of ₩35.4 billion, operating profit of ₩10.7 billion, and net profit of ₩9.9 billion (net profit up 143% year on year) and decided a cash dividend of ₩260 per share (a payout ratio of about 29.5%).
- On May 11, the Q1 report reconfirmed the surge in earnings.
- Meanwhile, several disclosures of large shareholdings and of changes in executive and major-shareholder stakes followed over April and May, so shifts in the ownership structure are worth watching.
- The strengths are clear.
- The 30%-plus operating margin of a data business that can be sold repeatedly, earnings growth faster than revenue, a recovery strong enough to carry into Q1, and shareholder-return intent confirmed through a value-up disclosure and cash dividend all come together.
- The trailing P/E and P/B look higher than peers, but that owes much to the 2024 earnings dip in the denominator, and the forward P/E (24.97x) is lower.
- That said, even that forward multiple sits above the peer set (P/E of about 10-18x), so it is true the market is assigning a premium to the company's high profitability and quality of growth.
- This stock is therefore strong in a structure where 'that premium is explained as long as subscription-style revenue and earnings growth continue quarter to quarter,' whereas in a phase where growth clearly slows or demand for data and evaluation cools, the high multiple can act as a burden.
- The essence of profitability, growth, and financial stability is a clear strength, and the valuation layered on top is best viewed together with whether growth continues.
🔎 Valuation vs peers Overvalued
The peer set is information-service operators that create financial, credit, and corporate-information data on listed companies and sell it to institutions (chosen for similarity in data and evaluation businesses).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NICE Information Service | 10.31x | 1.72x | 16.64% |
| Korea Ratings | 18.30x | 3.49x | 19.08% |
| eCredible | 13.33x | 4.02x | 30.15% |
Against the peer set — NICE Information Service (P/E 10.7x), eCredible (13.2x), and Korea Ratings (18.0x) — FnGuide's trailing P/E of 30.6x and P/B of 4.39x are a clear premium. Part of that premium stems from the 30%-plus operating margin and the Q1 earnings surge, and the trailing P/E has a limitation in looking somewhat inflated because it mixes in the 2024 earnings inflection where profit temporarily dipped. On a forward basis reflecting this year's recovery and growth, the multiple falls below the trailing one but still exceeds the top of the peer range. In other words, there is room to justify it if earnings growth continues at the Q1 pace, but on static metrics alone at present, it is judged to be in a range expensive versus peers (avoiding a categorical 'cheap/expensive').
Price history Close · MA20 · MA60
The latest close is ₩23,100 and the market capitalization is ₩263.6 billion. The price sits below its 20-day moving average (₩25,802) and below its 60-day moving average (₩26,792). 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 43.1, a neutral level. The one-month change is -7.2%, the three-month change is +25.5%, and the position relative to the 52-week high is -29.8%. Relative strength versus the KOSDAQ is 95 (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 96% of all stocks. Over the past three months it outpaced the index by 42.2%. 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 +42.18% / 6M +207.32% / 12M +195.15%
Key metrics vs sector median
Valuation
The P/E of 26.66x is above the sector median (11.82x). The P/B of 3.82x is above the sector median (1.38x). 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 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 2.252x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 14.3%, in line with the sector average (14.0%). The operating margin is 30.1%. The debt ratio is 128.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $19.6M | $20.9M | $23.5M | +12.00% ↑ faster |
| Operating profit | $4.0M | $5.1M | $7.1M | +39.42% ↑ faster |
| Net profit | $5.1M | $2.7M | $6.6M | +143.11% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.9M | $18.8M | $19.6M | $20.9M | $23.5M |
| Operating profit | $3.4M | $4.0M | $4.0M | $5.1M | $7.1M |
| Net profit | $3.6M | $5.3M | $5.1M | $2.7M | $6.6M |
| Revenue CAGR | 4-yr avg 8.52% | ||||
Revenue rose 12.0% year over year (2023 ₩29.6 billion → 2024 ₩31.6 billion → 2025 ₩35.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 39.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.5%. The two-year revenue CAGR is 9.4%. In the most recent quarter (Q1 2026), revenue was 16.5% higher than the same period a year earlier. Because quarterly results are relatively even in this industry, revenue also came in 21.1% higher than the prior quarter (Q4 2025), so the recent trend looks solid.
Latest quarterly results Q1 2026 · vs year-ago + prior quarter
Technical indicators
What stands out
- ROE of 14.3% points to solid profitability.
- Revenue grew 12.0% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31FilingCorporate value-up plan (voluntary disclosure) filed — officially disclosing the direction for enhancing shareholder value (value-up)A positive factor forming expectations for improved dividends and capital efficiency over the medium term, though whether it is concretely executed needs checking. Source
- 2026-05-11EarningsQ1 2026 report filed — revenue up 16.5%, operating profit up 124%, net profit up 188% (year on year)A strong signal confirming short-term earnings momentum, though the low prior-year base and the impact of non-operating income should be taken into account. Source
- 2026-01-27DividendCash and in-kind dividend decided — a dividend of ₩260 per share (payout ratio about 29.5%) decided as a returnConfirms a shareholder return grounded in the earnings recovery, consistent with the value-up direction. Source
- 2026-01-27EarningsProfit-and-loss-structure change disclosure (over 30%) — 2025 revenue of ₩35.4 billion, operating profit of ₩10.7 billion, net profit of ₩9.9 billion (net profit up 143% year on year)Officially confirms the recovery from the 2024 earnings dip, a basis for medium-term fundamental improvement. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual results (revenue, operating profit, net profit) | revenue 354· 107· 99 | revenue 354· 107· 99 | Confirmed | link |
| Q1 2026 results (revenue, operating profit, net profit) | revenue 115.1· 46.8· 48.5 | 1 (2026.03) | Confirmed | link |
| 2026 estimated net profit (forward basis) | approx. 124(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-13OwnershipOwnership-change filing
- 2026-05-11PeriodicQuarterly report
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-16OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-09PeriodicAnnual business report
- 2026-03-09Audit report
- 2026-03-09Disclosure
📖 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.