NAU IB Capital is a venture-capital (VC) firm that supplies funding and management services to early-stage and growth companies and profits by selling its stakes when those companies are acquired or go public. Because when a realization happens is the key driver of results, its structure is realization-centric. Once a realization occurs, profit is thick, with an operating margin in the 25% range, and it returns roughly a third of earnings as dividends (a 36.2% payout ratio), but Q1 2026 — revenue ₩6.7 billion, operating profit ₩300 million, net profit ₩300 million — confirmed a realization gap. What stands out lately is that if the IPOs and sales of the portfolio companies it holds go smoothly, it is strong on thick realization gains and dividends, but in a realization gap earnings drop sharply, so that even with a P/B of 1.22x and a price down more than half from its 52-week high, the P/E at that point looks high — meaning the key is to track which companies it holds and how realizations progress.
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 fell 7.2% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 52.2% lower than a year earlier.
- ROE is 5.5% (total-net basis). It is below the sector average.
- Operating margin is 25.0%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Jeong Ji-wan 35.46% (individual)
Controlling bloc incl. related parties 65.04%
With the controlling bloc holding 65%, control is very secure but the free float is thin.
🔎 In-depth analysis
- By official industry classification NAU IB Capital is a new-technology venture financing company under other financial investment services — in plain terms, a venture-capital (VC) firm.
- It supplies funding and management services to early-stage and growth companies that have technology but are still weak in capital and management conditions, and over time, when those companies are acquired (M&A) or listed on the stock market (IPO), it sells its holdings to recover its investment and books a gain.
- In other words, rather than a business with steady annual inflows, it is a realization-centric structure where realization gains come in depending on when an invested company is listed or sold.
- So the key drivers of results are which funds it holds, which companies are inside them, and when the realization schedule is set.
- Its market cap is not large, so it is worth watching not only the business itself but also the impact each new disclosure has on the balance sheet and share count.
- The recent close is ₩1,283 and the market cap is ₩121.8 billion.
- The price sits below its 20-day line (₩1,483) and its 60-day line (₩1,981).
- Trading below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that compares upward and downward momentum over the past 14 days on a 0-100 scale) is 32.7, a neutral level.
- The price is down 16.6% over one month and 21.5% over three months, and sits 60.3% below its 52-week high.
- Its relative strength versus the KOSDAQ is 71 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 28% of all stocks by strength.
- Over the past three months it has lagged the index by 0.9%.
- Chart readings are best viewed alongside trading volume and the dates on which disclosures occur.
- For full-year 2025, revenue was ₩29.2 billion, operating profit ₩7.3 billion, and net profit ₩5.8 billion.
- With an operating margin of 25.0% and a net margin of 19.8%, the structure leaves thick profit once a realization occurs, and the payout ratio (the share of earnings returned as dividends) of 36.1% means it returns roughly a third of what it earns to shareholders.
- ROE (how much it earns in a year on its equity) is 5.5%, below the industry average.
- The debt ratio of 162.3% looks high at face value, but financial and investment businesses structurally carry large borrowings and interest costs, so it is hard to judge by the same yardstick as ordinary manufacturers.
- The P/E ratio (how many times one year's earnings the price represents) is 21.07x, but this uses a year of light realizations as the denominator.
- For a company like a VC firm whose earnings swing year to year, a P/E computed on a single year's results can look either expensive or cheap, so rather than declaring it burdensome on one absolute value, it should be viewed together with the earnings power when realizations normalize.
- The P/B (how many times book value the price represents) is 1.17x, near book value.
- On an annual view, net profit jumped from ₩1.9 billion in 2023 to ₩7.9 billion in 2024, then came down to ₩5.8 billion in 2025.
- Operating profit likewise surged from ₩2.5 billion in 2023 to ₩9.0 billion in 2024 before easing to ₩7.3 billion in 2025.
- Rather than steady growth in one direction, this is a classic VC pattern in which years crowded with realizations and lean years alternate.
- Q1 2026 came in at revenue ₩6.7 billion, operating profit ₩300 million, and net profit ₩300 million — revenue down 52.2% and operating profit down 96.5% from the same period a year earlier — which is most naturally read as a signal that there were no sizable realizations in the first quarter.
- Because realization-type businesses inherently have large quarter-to-quarter swings, it is hard to extend a single quarter's number straight into a full-year trend.
- The key is when the IPOs and sales of the portfolio companies it holds materialize, and because the company has not published an official figure outlook, this year's annual profit is shown only through the confirmed results and quarterly trend.
- Recent disclosures tie directly to the traits of a realization-type business.
- The March 23, 2026 corporate value-up plan (voluntary disclosure) is planning material the company itself put forward, a starting point for gauging its return direction and capital policy.
- The February 6, 2026 cash and in-kind dividend decision shows whether the flow of actually returning earnings to shareholders — like the 36.1% payout ratio noted above — continues, and it is worth checking together with whether the supporting cash flow holds up.
- The May 15, 2026 quarterly report contained Q1 2026 revenue ₩6.7 billion, operating profit ₩300 million, and net profit ₩300 million, confirming the realization gap in numbers.
- Going forward, realization-related disclosures such as the listing or sale of an invested company become the decisive clue to results.
- NAU IB Capital's strength is that once a realization occurs, profit is thick, with an operating margin in the 25% range, and a return flow is in place that hands roughly a third of that profit back as dividends.
- With a P/B of 1.22x it is not far from book value, and the price has fallen to less than half of its 52-week high, so the market's expectations have already cooled considerably.
- The cautions, by contrast, come from the business structure itself.
- Quarterly and annual profit swing widely depending on when realizations occur, and in a realization gap like Q1 2026, earnings drop sharply so that the P/E computed on that point's results looks high.
- In short, this is a company that is strong on thick realization gains and dividends in phases where the IPOs and sales of its portfolio companies proceed smoothly, and looks weak on annual results and metrics in phases where realizations are delayed or absent.
- So the key to viewing this stock is to track which invested companies it holds and how realizations progress, rather than a single quarter's number or one year's P/E.
🔎 Valuation vs peers Overvalued
Peers close in market cap within the bank and financial sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SV Investment | — | 1.48x | -7.40% |
| Atinum Investment | 4.00x | 0.49x | 12.27% |
| Haesung Industrial | — | 0.28x | -3.36% |
Within the bank and financial sector, peers close in market cap from public data were viewed first. The current P/E ratio (how many times one year's earnings the price represents) is 21.07x and the P/B (how many times book value the price represents) is 1.17x. That said, smaller-cap stocks are heavily affected by earnings swings and financing disclosures, so no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is that an official company outlook could not be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩1,283 and the market capitalization is ₩121.8 billion. The price sits below its 20-day moving average (₩1,483) and below its 60-day moving average (₩1,981). 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 32.7, a neutral level. The one-month change is -16.6%, the three-month change is -21.5%, and the position relative to the 52-week high is -60.3%. Relative strength versus the KOSDAQ is 71 (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 72% of all stocks. Over the past three months it lagged the index by 0.9%. 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 -0.90% / 6M +0.31% / 12M -8.89%
Key metrics vs sector median
Valuation
The P/E of 21.07x is above the sector median (12.68x). The P/B of 1.17x is above the sector median (0.66x).
Profitability & financials
Return on equity (ROE) is 5.5%, in line with the sector average (6.0%). The operating margin is 25.0%. The debt ratio is 162.3%, 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 | $17.7M | $20.8M | $19.3M | -7.20% ↓ slower |
| Operating profit | $1.6M | $6.0M | $4.8M | -18.97% ↓ slower |
| Net profit | $1.3M | $5.3M | $3.8M | -27.08% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $17.7M | $20.8M | $19.3M |
| Operating profit | — | — | $1.6M | $6.0M | $4.8M |
| Net profit | — | — | $1.3M | $5.3M | $3.8M |
| Revenue CAGR | 2-yr avg 4.50% | ||||
Revenue fell 7.2% year over year (2023 ₩26.7 billion → 2024 ₩31.4 billion → 2025 ₩29.2 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 19.0% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 4.5%. The two-year revenue CAGR is 4.5%. In the most recent quarter (Q1 2026), revenue was 52.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 7.2% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-23UpdateCorporate value-up plan (voluntary disclosure): confirm the original text of the company's planPlanning material the company itself put forward. If it contains figures, treat it as a primary basis for the outlook box; if not, treat it only as directional material. Source
- 2026-02-06UpdateCash and in-kind dividend decision: confirm the return termsA disclosure related to cash returns or share-count changes. Check whether earnings power and cash flow support it. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩6.7 billion, operating profit ₩300 million, net profit ₩300 millionRecent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,283 | ₩1,283 | Confirmed | link |
| Latest quarterly results | revenue ₩6.7 billion, operating profit ₩0.3 billion | revenue ₩6.7 billion, operating profit ₩0.3 billion | Confirmed | link |
| Annual results | revenue ₩29.2 billion, operating profit ₩7.3 billion | revenue ₩29.2 billion, operating profit ₩7.3 billion | Confirmed | link |
| Original text of the outlook/plan disclosure | : | : | Confirmed | link |
| Original text of the shareholder-return disclosure | ㆍ: | ㆍ: | Confirmed | link |
| Original text of the results disclosure | (2026.03): 2026 1 revenue ₩6.7 billion · operating profit ₩0.3 billion · net profit ₩0.3 billion | (2026.03): 2026 1 revenue ₩6.7 billion · operating profit ₩0.3 billion · net profit ₩0.3 billion | Confirmed | link |
| Basis of the outlook box | — | — | Unverified | — |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-23Disclosure
- 2026-03-23Shareholders' meeting notice
- 2026-03-13PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-06Shareholders' meeting notice
- 2026-03-05Amended filing
- 2026-03-05Amended filing
- 2026-03-03Disclosure
📖 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.