Mirae Asset Venture Investment is a venture capital firm that invests in startups and small and mid-sized venture companies. It earns money along two lines — management and performance fees from running venture funds, and gains from the listing or sale of stakes invested directly with its own capital — so its results hinge heavily on the valuation gains and losses of its holdings and on the timing of exits. In March and April 2026 it decided on contributions to new investment partnerships and acquisitions of stakes in other entities to expand its portfolio, and in May it resolved to cancel shares to lift per-share value by reducing the share count. What stands out most recently is that its scale, backed by the Mirae Asset group's financial muscle and brand, and the 2026 recovery in the venture-investment and IPO markets are tailwinds for the core business, whereas earnings volatility is large — the net-profit gap between good and bad years reaches three to four times — and both trailing and forward P/E sit at around 30x, among the priciest in its cohort.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 2.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 191.4% higher than a year earlier.
- ROE is 8.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 14.6%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Mirae Asset Securities 56% (corporate)
Controlling bloc incl. related parties 68.03%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Mirae Asset Venture Investment is a venture capital (VC) firm that invests in startups and small and mid-sized venture companies.
- Its earnings structure has two main lines.
- One is creating venture funds (investment partnerships), gathering money from outside investors, and earning management and performance fees for running them.
- The other is investing directly in stakes with its own capital and then earning sale and valuation gains when those companies list or are sold.
- As a result, a large part of results hinges on the 'valuation gains and losses' of its holdings and the 'timing of exits.' Investing early in a good company and exiting large sends profit surging, while a frozen market that blocks listings or a drop in the value of holdings sends profit plunging.
- Recently it has been broadening its portfolio around growth themes, such as building up an artificial-intelligence (AI) investment partnership.
- The latest close is ₩15,060 and the market cap is ₩800.0 billion.
- The price sits below its 20-day line (₩21,770) and its 60-day line (₩41,485).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0–100 scale) is 26.4, close to a depressed zone.
- The one-month change is -61.8%, the three-month change is -43.5%, and the stock sits -77.7% below its 52-week high.
- Its relative strength versus the KOSDAQ is 90 (on a 1–99 scale that weights recent one-year returns against the index more heavily toward the recent period; higher means stronger than the market), placing it roughly in the top 9% of all stocks by strength.
- Over the past three months it lagged the index by 30.3%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- For 2025 it posted revenue of ₩239.8 billion, operating profit of ₩35.1 billion, and net profit of ₩30.9 billion.
- ROE (how much is earned on equity in a year) is 8.2%, above the venture-capital average.
- The operating margin is 14.6%.
- Interpreting the metrics requires care, however.
- A VC structurally carries large borrowings to run its funds, so its debt ratio (debt against equity) is hard to judge by the same yardstick as ordinary manufacturers.
- The P/E (how many times a year's profit the share price is) is 25.87x and the P/B (how many times net assets the share price is) is 2.11x.
- There is one trap here.
- A trailing P/E of 30x is based on 2025 net profit, but because VC earnings swing sharply from year to year, a multiple calculated on a single year's profit is hard to trust at face value.
- The company did not separately state a dividend.
- Looking at the three-year trend, earnings volatility is pronounced.
- Net profit plunged from ₩24.5 billion in 2023 to ₩8.6 billion in 2024 (-65%), then jumped sharply again to ₩30.9 billion in 2025 (+261%).
- Revenue grew moderately over the three years (about 5% a year) and is stable, but profit bounces around with exit timing and the valuation of holdings.
- First-quarter 2026 revenue was ₩53.7 billion, up 191% year on year, and net profit of ₩11.2 billion made for a strong start.
- It is favorable that the domestic venture-investment market entered a recovery phase in fund formation and listings (IPOs) in 2026.
- That said, it is hard to simply multiply a strong first quarter by four, because VC profit is inflated by valuation gains in rising markets and given back in corrections.
- Indeed, with the market pulling back in the first half of this year, the second half's valuation gains and losses are unlikely to be as strong as the first quarter's.
- Taking all this together, 2026 net profit can be seen as similar to or slightly above 2025's (₩30.9 billion).
- In that case the current share price is still around 30x even on this year's expected earnings, so even after the sharp fall the valuation burden has not dropped greatly.
- Recent disclosures can be summarized along two axes: the VC core business and shareholder returns.
- In March and April 2026 it decided one after another to acquire stakes and contribution securities in other entities — core-business activity of contributing to new investment partnerships and expanding the portfolio.
- In May it decided to cancel treasury shares.
- A share cancellation is a shareholder-return measure that lifts per-share value by reducing the share count.
- In May, reports on planned stake transactions and ownership positions by executives and major shareholders also followed.
- In June it disclosed its large-business-group status, reconfirming its governance as a Mirae Asset group affiliate.
- The strengths are clear.
- Backed by the Mirae Asset group's financial muscle and brand, it is on the larger side among listed VCs, and the 2026 recovery in the venture-investment and IPO markets is a tailwind for the core business.
- The first-quarter results back up that flow.
- Still, the cautions are distinct.
- First, earnings volatility is large — the net-profit gap between good and bad years reaches three to four times.
- Second, there is the valuation burden: both trailing and forward P/E sit at around 30x, the priciest end of the VC cohort.
- The price has come down on the sharp fall, but the multiple against profit is still high.
- Third, the share price itself has swung sharply this year, leaving sentiment unstable.
- In short, it is strong when a venture-investment boom and successful exits continue, and weak when the market cools, valuation gains and losses are given back, or the premium narrows.
🔎 Valuation vs peers Overvalued
Compared with four domestically listed venture-capital firms on trailing P/E, P/B, and ROE — a true cohort whose business substance (fund management plus direct stake investment and exit) is the same.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Aju IB Investment | 54.88x | 1.71x | 3.12% |
| DSC Investment | 12.34x | 1.69x | 13.73% |
| NAU IB Capital | 21.07x | 1.17x | 5.54% |
| Atinum Investment | 4.00x | 0.49x | 12.27% |
Its position versus peer VCs is clearly on the expensive side. A P/B of 2.5x is the highest of the four compared, and a P/E of 30x is also among the top. In particular, even though its ROE (8.2%) is lower than Atinum Investment's (12.3%) and DSC Investment's (13.7%), its P/B is higher, so the premium relative to profitability is large. This premium can be seen as reflecting the Mirae Asset group backing and scale, plus expectations of a 2026 market recovery. A trailing P/E of 30x has limits given the large earnings swings inherent to VC, but even calculated on 2026 expected earnings the multiple does not drop greatly. Even though the share price has plunged 75% from its high, the valuation burden relative to profit is still among the highest in the cohort.
Price history Close · MA20 · MA60
The latest close is ₩15,060 and the market capitalization is ₩800.0 billion. The price sits below its 20-day moving average (₩21,770) and below its 60-day moving average (₩41,485). 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 26.4, near oversold territory. The one-month change is -61.8%, the three-month change is -43.5%, and the position relative to the 52-week high is -77.7%. Relative strength versus the KOSDAQ is 90 (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 91% of all stocks. Over the past three months it lagged the index by 30.3%. 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 -30.28% / 6M +22.35% / 12M +124.92%
Key metrics vs sector median
Valuation
The P/E of 25.87x is above the sector median (12.68x). The P/B of 2.11x is above the sector median (0.66x).
Profitability & financials
Return on equity (ROE) is 8.2%, above the sector average (6.0%). The operating margin is 14.6%. The debt ratio is 190.8%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $143.9M | $155.0M | $159.0M | +2.56% ↓ slower |
| Operating profit | $21.2M | $10.4M | $23.3M | +123.61% ↑ faster |
| Net profit | $16.3M | $5.7M | $20.5M | +261.46% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $143.9M | $155.0M | $159.0M |
| Operating profit | — | — | $21.2M | $10.4M | $23.3M |
| Net profit | — | — | $16.3M | $5.7M | $20.5M |
| Revenue CAGR | 2-yr avg 5.12% | ||||
Revenue rose 2.6% year over year (2023 ₩217.0 billion → 2024 ₩233.9 billion → 2025 ₩239.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 123.6% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 5.1%. The two-year revenue CAGR is 5.1%. In the most recent quarter (Q1 2026), revenue was 191.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue rose 2.6% 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
- 2026-05-27UpdateDecided to cancel treasury shares (reducing the share count). A shareholder-return measure that lifts per-share value by reducing the number of shares issued.Positive for shareholder value through a lower share count. However, given the high earnings volatility of the business, it is not the key variable driving the share price. Source
- 2026-04-29FilingDecided to acquire shares and contribution securities in other entities (amended filing). Core-business investment activity of contributing to venture funds and expanding the portfolio.A medium-term factor that raises future exit potential through new investment. It will be reflected in future results depending on exit success. Source
- 2026-03-24FilingDecided to acquire shares and contribution securities in other entities. Expansion of venture and startup stake investment and partnership contributions.Expansion of core-business investment. A medium-term factor showing capacity for new investment during the market recovery phase. Source
- 2026-05-15EarningsFirst-quarter 2026 report. Revenue of ₩53.7 billion (+191% year on year) and net profit of ₩11.2 billion for a strong start.Confirms an earnings improvement in the near term. However, given the nature of VC, quarterly profit swings greatly with exit and valuation timing. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit (attributable to controlling interest) | ₩30.9 billion | ₩30.9 billion | Confirmed | link |
| First-quarter 2026 results | revenue ₩53.7 billion·net profit ₩11.2 billion | 2026 1 | Confirmed | link |
| 2026 expected net profit (basis for the forward P/E) | approx. ₩32.0 billion | — | Unverified | link |
Recent filings
- 2026-06-01Large-business-group status disclosure
- 2026-05-27Disclosure
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-04-29Amended filing
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Disclosure
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-13PeriodicAnnual business 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.