Atton (158430) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Atton supplies identity-verification, authentication, and security software to financial companies and enterprises, a business with the recurring-use characteristics typical of software once it becomes embedded. A disclosure on March 19, 2026 confirmed full-year 2025 revenue of ₩67.6 billion, operating profit of ₩10.4 billion, and net profit of ₩1.5 billion, showing that last year's profit had been depressed; in November 2025 the company canceled treasury bonds (its first-series convertible bonds), reducing a potential source of share-count increase; and Q1 2026 profit already exceeded the full prior year, signaling a recovery. What stands out now is that if Q1's profit recovery carries through the remaining quarters, a low forward P/E and a share price near book value (P/B of 0.98x) come into focus together, whereas if quarterly profit turns uneven again as it did in 2025, earnings volatility could become a burden.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Software” (Internet, Platforms & Software), a type typically read first through forward P/E.
Software scales cheaply — once a product is built, serving another customer costs little, so profit can grow quickly as revenue climbs. Early on, though, spending on development and marketing runs ahead of earnings, which makes the forward P/E — based on expected earnings — the better starting point.
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 rose 3.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 12.8% lower than a year earlier.
- ROE is 1.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 13.3%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jong-seo 23.56% (individual)
Controlling bloc incl. related parties 30.76%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis Reading
Atton makes identity-verification, authentication, and security software. Revenue is generated by supplying authentication and security solutions to financial companies and enterprises, with the recurring-use characteristics typical of software once it becomes embedded. With a market capitalization of ₩96.9 billion, it is on the smaller side, so it helps to watch not just the business flow but also the effect each recent disclosure has on profit and share count.
The latest close is ₩4,340 and the market capitalization is ₩106.3 billion. The price sits above its 20-day moving average (₩3,880) and below its 60-day moving average (₩4,962). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.9, a neutral level. The one-month change is +8.8%, the three-month change is -51.8%, and the position relative to the 52-week high is -56.2%. Relative strength versus the KOSDAQ is 27 (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 27% of all stocks. Over the past three months it lagged the index by 22.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Full-year 2025 revenue was ₩67.6 billion, operating profit ₩10.4 billion, and net profit ₩1.5 billion. The operating margin held at 15.3%, a profitability befitting a software company, but with net profit sharply lower year on year, ROE (how much is earned in a year on equity) came in low at 1.6%. Because of this, the P/E (how many times a year's profit the price is) calculated on last year's confirmed profit looks high at 58.14x. That, however, is because 2025's profit was temporarily depressed, and for a company whose profit is turning back up, a recovered-profit basis is closer to the real picture than a single depressed year. The forward P/E computed on that recovered profit is low relative to same-sector peers. The P/B (how many times book value the price is) is 1.07x, placing the share price almost level with the company's net assets, while the debt-to-equity ratio is 46.6% and the current ratio (the degree to which short-term assets cover debt due within a year) is 340%, leaving room in short-term funding. The valuation reads as undervalued.
Revenue rose steadily from ₩55.0 billion in 2023 to ₩65.4 billion in 2024 and ₩67.6 billion in 2025. Operating profit stepped down once, from ₩14.4 billion in 2024 to ₩10.4 billion in 2025, and net profit fell sharply from ₩10.5 billion in 2024 to ₩1.5 billion in 2025. In other words, the top line grew while profit was depressed for a year. Then the trend shifts in 2026: Q1 net profit already reached ₩1.9 billion, exceeding the full-year 2025 net profit of ₩1.5 billion in a single quarter. This reads as an inflection back onto a normal track after a 2025 in which profit had been depressed. The forecast figures capture the picture that last year's profit dip was temporary and that this year's profit is reviving.
Recent disclosures offer clues to the company's direction and to changes in profit and share count. The corporate value-up plan (voluntary disclosure) dated 2026-03-31 is planning material the company itself presented; where it contains figures, it serves as a primary basis for the outlook, and where it does not, it is read as directional material. The 2025-11-07 decision to cancel treasury bonds (first-series convertible bonds) is a decision to eliminate bonds the company held, on the side of reducing a potential source of share-count increase. The 2026-03-19 disclosure of a change in revenue or profit structure confirmed full-year revenue of ₩67.6 billion, operating profit of ₩10.4 billion, and net profit of ₩1.5 billion, letting one confirm both the fact and the extent of 2025's depressed profit.
The strong side is clear. Running a recurring-demand business in authentication and security software, the company's profit, depressed through 2025, already exceeded the full prior year in Q1 2026, signaling a recovery, and the forward P/E on that recovered profit is low relative to the same sector. The P/B, too, is 0.98x, near book value, so there are grounds to read the stock as undervalued on both profit recovery and asset value. The side to watch is the continuity of profit. Because quarterly profit was uneven in 2025, whether Q1's recovery carries through the remaining quarters will shape this year's picture. In short, it is a strong phase when profit recovery is confirmed quarter by quarter and settles in, bringing the low forward P/E and the near-book share price into focus together, and a weak phase if the recovery wobbles again and earnings volatility returns as a burden as it did last year.
🔎 Valuation vs peers Overvalued
A peer set of games and software companies of comparable market capitalization drawn from public data.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| VUNO | — | 2.78x | -16.00% |
| Neptune | — | 0.35x | -12.91% |
| Genians | 18.53x | 2.26x | 14.05% |
Within games and software, a peer set of comparable market capitalization drawn from public data was prioritized. The current P/E (how many times a year's profit the price is) is 68.56x and the P/B (how many times book value the price is) is 1.07x. That said, because smaller-cap names are heavily affected by profit swings and financing disclosures, no firm conclusion was drawn from figures based solely on last year's confirmed results. The forecast box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩61.9 billion | ₩2.7 billion | ₩7.7 billion |
| Next quarter | Q2 2026 | ₩17.1 billion | ₩0.7 billion | ₩2.0 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,340 and the market capitalization is ₩106.3 billion. The price sits above its 20-day moving average (₩3,880) and below its 60-day moving average (₩4,962). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.9, a neutral level. The one-month change is +8.8%, the three-month change is -51.8%, and the position relative to the 52-week high is -56.2%. Relative strength versus the KOSDAQ is 27 (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 27% of all stocks. Over the past three months it lagged the index by 22.3%. 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 -22.34% / 6M -17.53% / 12M -47.58%
Key metrics Computed vs sector median
Valuation
The P/E of 68.56x is above the sector median (11.94x). The P/B of 1.07x is in line with the sector median (1.10x).
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 1.5%, above the sector average (1.0%). The operating margin is 13.3%. The debt ratio is 56.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $38.7M | $46.0M | $47.5M | +3.33% ↓ slower |
| Operating profit | $8.0M | $10.1M | $7.3M | -28.26% ↓ slower |
| Net profit | $6.5M | $7.4M | $1.1M | -85.31% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $30.4M | $31.4M | $38.7M | $46.0M | $47.5M |
| Operating profit | $6.4M | $5.7M | $8.0M | $10.1M | $7.3M |
| Net profit | $871,232 | $11.9M | $6.5M | $7.4M | $1.1M |
| Revenue CAGR | 4-yr avg 11.79% | ||||
Revenue rose 3.3% year over year (2023 ₩55.0 billion → 2024 ₩65.4 billion → 2025 ₩67.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 28.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.8%. The two-year revenue CAGR is 10.8%. In the most recent quarter (Q1 2026), revenue was 12.8% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 3.3% 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
- 2026-03-31UpdateCorporate value-up plan (voluntary disclosure): check the original text of the company's planThis is planning material the company itself presented. Where it contains figures, treat it as a primary basis for the forecast box; where it does not, treat it as directional material only. Source
- 2025-11-07UpdateOther management matters (voluntary disclosure) (decision to cancel treasury bonds (first-series convertible bonds)): check the detailed terms in the original textThis is a disclosure where the purpose of any fund inflow and changes to the share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and links to revenue is the key. Source
- 2026-03-19Earnings[Amended] Change of 30% or more (15% for large corporations) in revenue or profit structure: full-year revenue ₩67.6 billion, operating profit ₩10.4 billion, net profit ₩1.5 billionThis is recent confirmed or preliminary earnings material. Review whether it points the same way as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,340 | ₩4,340 | Confirmed | link |
| Latest quarterly results | revenue ₩14.8 billion, operating profit ₩0.4 billion | revenue ₩14.8 billion, operating profit ₩0.4 billion | Confirmed | link |
| Annual results | revenue ₩67.6 billion, operating profit ₩10.4 billion | revenue ₩67.6 billion, operating profit ₩10.4 billion | Confirmed | link |
| Outlook/plan disclosure (original text) | — | — | Confirmed | link |
| Financing disclosure (original text) | ): see the filing for detailed terms | ): see the filing for detailed terms | Confirmed | link |
| Earnings disclosure (original text) | [amended] revenue30%: revenue ₩67.6 billion · operating profit ₩10.4 billion · net profit ₩1.5 billion | [amended] revenue30%: revenue ₩67.6 billion · operating profit ₩10.4 billion · net profit ₩1.5 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21TreasuryMaterial-fact report
- 2026-04-21Amended filing
- 2026-04-20OwnershipOwnership-change filing
- 2026-04-16Disclosure
- 2026-03-31Disclosure
- 2026-03-30Amended filing
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-19Amended 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.