Multicampus (067280) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Multicampus runs employee training on behalf of companies and public institutions, earning fees across three lines: HR consulting and education platforms; its foreign-language assessment subsidiary LTI, which operates OPIc; and a short-form video knowledge service. Full-year 2025 results were revenue of ₩330.8 billion, operating profit of ₩31.9 billion and net profit of ₩26.2 billion, but in Q1 2026, while revenue grew (+6.3%) to ₩80.7 billion, operating profit fell to ₩600 million, an 86% plunge year on year. What stands out most recently is that if earnings recover from the Q1 slump while you collect the dividend, the strengths of an 11.4% ROE, a 37.6% debt ratio, a dividend yield in the 6% range and a P/B of 0.57x come alive; but with revenue easing gently for a second year and earnings momentum weak, the key question is whether next quarter's operating profit returns to a normal path.
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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 “Education” (Retail, Consumer Goods & Food · Leisure, Travel & Education), a type typically read first through P/E.
Education companies tend to earn fairly steady sales and profits on the back of recurring spending such as tuition and subscriptions. That makes price-to-earnings (P/E) — the share price against earnings — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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 ratio, current ratio and interest burden all look healthy.
- Revenue fell 6.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 6.3% higher than a year earlier.
- ROE is 10.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.3%.
- 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 Samsung SDS 62.4% (corporate)
Controlling bloc incl. related parties 62.46%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Multicampus is an education-services company that runs employee training on behalf of companies and institutions. It earns money along three broad lines. First, HR consulting, the development and operation of education content, and the building of corporate online learning platforms form the core of the business. Second, in foreign-language assessment and education, it holds the subsidiary LTI, which operates the speaking test OPIc (an assessment that grades speaking ability in English and other languages) overseas, including in the United States. Third, there is a knowledge service that delivers know-how across a range of fields in short videos of around ten minutes. In short, it is a structure that takes on the whole task of a company teaching and assessing its staff and collects a fee for it. With a market capitalization of ₩131.9 billion, which is not large, it is worth watching not only the business flow but also how each individual disclosure, such as results or dividends, affects the share price.
The latest close is ₩25,150 and the market capitalization is ₩149.1 billion. The price sits above its 20-day moving average (₩24,002) and above its 60-day moving average (₩24,467). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.8, a neutral level. The one-month change is +6.3%, the three-month change is -8.6%, and the position relative to the 52-week high is -26.8%. Relative strength versus the KOSDAQ is 64 (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 64% of all stocks. Over the past three months it outpaced the index by 37.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Last year (2025) it earned revenue of ₩330.8 billion, operating profit of ₩31.9 billion and net profit of ₩26.2 billion. The operating margin is 9.6% and ROE (how much is earned on equity in a year) is 11.4%, profitability above the average for the education sector. The debt ratio (borrowings versus equity) is a low 37.6%, the current ratio is in the 380% range, and interest coverage is over 21x, a stable balance sheet with almost no debt burden. On valuation, the P/E ratio on last year's confirmed earnings (how many times a year's earnings the share price is) is 5.39x and P/B (how many times book value the share price is) is 0.66x, low levels relative to assets and last year's earnings. That said, the forward P/E on this year's expected earnings is higher than on last year's basis. This is not because the metric has become expensive but because this year's earnings bar has been lowered a notch, and it is worth keeping separately in mind that there is a floor of asset value (P/B 0.57x) and a dividend (in the 6% range per year).
Revenue eased gently over the past two years, from ₩358.6 billion in 2023 to ₩352.7 billion in 2024 and ₩330.8 billion in 2025 (-6.2% last year), and operating profit likewise fell from ₩40.3 billion to ₩31.9 billion over the same period. On a multi-year trend, it is in a phase of slowdown and negative growth rather than expansion. By quarter, Q1 2026 revenue was ₩80.7 billion, up +6.3% year on year, showing a recovery signal in the top line, but operating profit came in at just ₩600 million, down -86.4% year on year, a sharp drop. There may be some pre-loaded costs or one-off factors mixed in, so whether it recovers next quarter is the key question. For the full year, revenue of about ₩349.6 billion, operating profit of about ₩3.8 billion, net profit of about ₩8.8 billion and a forward P/E are presented. In other words, the top line holds near last year's level while the earnings bar is lowered to reflect the Q1 weakness. Meanwhile, there is no clear basis for earnings falling further below this year's level from next year, so it is natural to see this year as a year in which earnings are pressed down once and to watch the pace of recovery.
The most recent disclosure is the preliminary Q1 result (fair disclosure) on April 23, 2026, with revenue of ₩80.7 billion, operating profit of ₩600 million and net profit of ₩1.6 billion. The top line grew but profit fell sharply, so whether this is a one-off factor or a trend is something to confirm next quarter. Earlier, on January 27, 2026, an annual results-change disclosure (voluntary disclosure) confirmed 2025 revenue of ₩330.8 billion, operating profit of ₩31.9 billion and net profit of ₩26.2 billion. All these disclosures are results-related, so checking whether the annual and quarterly flows point the same way and whether one-off costs are embedded makes the picture clearer.
This is a company with clear strengths. It has profitability above the education-sector average with an 11.4% ROE, a solid balance sheet with a 37.6% debt ratio and interest coverage in the 20x range, and a high dividend in the 6%-per-year range. The share price, too, is on the cheap side relative to assets and past earnings, at 0.57x book value and around 5x last year's earnings. On the cautious side, the question is the direction of earnings. Revenue has eased gently for a second year, and with Q1 2026 operating profit plunging 86% year on year, this year's forward P/E has risen. In other words, it is a name where 'assets and dividend are cheap but the immediate earnings momentum is weak.' In sum, it is strong from the standpoint of collecting a dividend while confirming that earnings recover from the Q1 slump, and weak from the standpoint of wanting immediate earnings growth. The key points to watch are whether next quarter's operating profit returns from the Q1 trough to a normal path, and whether demand for its core corporate training carries the top-line recovery (+6.3%) forward.
🔎 Valuation vs peers Overvalued
Peers near it by market capitalization within education.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Digital Daesung | 10.80x | 1.77x | 20.10% |
| Megastudy Education | 5.06x | 0.89x | 17.90% |
We looked first at public-data peers close by market capitalization within education. The current P/E ratio (how many times a year's earnings the share price is) is 5.69x and P/B (how many times book value the share price is) is 0.66x. That said, for lower-cap names, earnings swings and financing disclosures have a large impact, so we did not draw firm conclusions from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩349.6 billion | ₩3.8 billion | ₩8.8 billion |
| Next quarter | Q2 2026 | ₩88.8 billion | ₩1.0 billion | ₩2.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩25,150 and the market capitalization is ₩149.1 billion. The price sits above its 20-day moving average (₩24,002) and above its 60-day moving average (₩24,467). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.8, a neutral level. The one-month change is +6.3%, the three-month change is -8.6%, and the position relative to the 52-week high is -26.8%. Relative strength versus the KOSDAQ is 64 (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 64% of all stocks. Over the past three months it outpaced the index by 37.0%. 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 +37.05% / 6M +16.02% / 12M -26.39%
Key metrics Computed vs sector median
Valuation
The P/E of 5.69x is below the sector median (10.80x). The P/B of 0.66x is below the sector median (0.89x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 10.4%, in line with the sector average (10.0%). The operating margin is 8.3%. The debt ratio is 42.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $251.9M | $247.8M | $232.4M | -6.21% ↓ slower |
| Operating profit | $28.3M | $27.3M | $22.4M | -18.08% ↓ slower |
| Net profit | $22.1M | $21.8M | $18.4M | -15.72% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $216.6M | $251.1M | $251.9M | $247.8M | $232.4M |
| Operating profit | $18.6M | $28.8M | $28.3M | $27.3M | $22.4M |
| Net profit | $14.4M | $21.5M | $22.1M | $21.8M | $18.4M |
| Revenue CAGR | 4-yr avg 1.78% | ||||
Revenue fell 6.2% year over year (2023 ₩358.6 billion → 2024 ₩352.7 billion → 2025 ₩330.8 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 18.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.8%. The two-year revenue CAGR is -4.0%. In the most recent quarter (Q1 2026), revenue was 6.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 5.4%, is on the high side.
- ROE of 10.4% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 6.2% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-04-23EarningsPreliminary operating results on a consolidated basis (fair disclosure): Q1 2026 revenue ₩80.7 billion, operating profit ₩600 million, net profit ₩1.6 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual flow and whether any one-off factors are present. Source
- 2026-01-27EarningsChange of less than 30% (15% for large corporations) in revenue or profit structure (voluntary disclosure): annual revenue ₩330.8 billion, operating profit ₩31.9 billion, net profit ₩26.2 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual flow and whether any one-off factors are present. Source
- 2025-10-23EarningsPreliminary operating results on a consolidated basis (fair disclosure): Q1 2026 revenue ₩80.7 billion, operating profit ₩600 million, net profit ₩1.6 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual flow and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩25,150 | ₩25,150 | Confirmed | link |
| Latest quarterly results | revenue ₩80.7 billion, operating profit ₩0.6 billion | revenue ₩80.7 billion, operating profit ₩0.6 billion | Confirmed | link |
| Annual results | revenue ₩330.8 billion, operating profit ₩31.9 billion | revenue ₩330.8 billion, operating profit ₩31.9 billion | Confirmed | link |
| Results disclosure (original text) | 2026 1 revenue ₩80.7 billion · operating profit ₩0.6 billion · net profit ₩1.6 billion | 2026 1 revenue ₩80.7 billion · operating profit ₩0.6 billion · net profit ₩1.6 billion | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩330.8 billion · operating profit ₩31.9 billion · net profit ₩26.2 billion | revenue30%: revenue ₩330.8 billion · operating profit ₩31.9 billion · net profit ₩26.2 billion | Confirmed | link |
| Results disclosure (original text) | 2026 1 revenue ₩80.7 billion · operating profit ₩0.6 billion · net profit ₩1.6 billion | 2026 1 revenue ₩80.7 billion · operating profit ₩0.6 billion · net profit ₩1.6 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-23EarningsFair-disclosure notice
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report (amended)
- 2026-03-16Amended filing
- 2026-03-16Amended filing
- 2026-03-10PeriodicAnnual business report
- 2026-03-03Large-business-group status disclosure
- 2026-02-27Audit 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.