Neurophet is a software company classified under the game and software sector. With annual revenue still around ₩2.6 billion, it is at an early growth stage, so what products or services generate revenue and whether those transactions recur are what determine the company's value. In June 2026 it signed a ₩0.4 billion supply contract (17.2% of recent annual revenue), and in April a rights offering of ₩16.0 billion for operating funds and a convertible bond issue (conversion price ₩23,014, ₩16.0 billion) were decided together. The key thing to note: revenue has grown for three straight years and this year's ₩16.0 billion raise supports short-term liquidity with a current ratio of 3.6x, but operating and net income are still in the red with the loss widening as well, and Q1 revenue fell year on year — so it needs confirming whether the new contract and raised funds translate into revenue growth and a narrowing loss.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 18.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.9% lower than a year earlier.
- ROE is -115.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -632.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Dong-hyun 15.28% (individual)
Controlling bloc incl. related parties 25.98%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Neurophet is a software company classified under the game and software sector.
- With annual revenue still around ₩2.6 billion, it is at an early growth stage, so it helps to watch not only the business itself but also the effect any single disclosure can have on results and share count.
- What products or services generate revenue, and whether that revenue is a one-off transaction or a recurring one, are the keys that determine the company's value.
- The latest close is ₩8,600 and the market cap is ₩104.9 billion.
- The price sits below both its 20-day (₩10,682) and 60-day (₩15,518) moving averages.
- Trading below both the short- and mid-term averages, the trend looks subdued.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 29.8, near oversold territory.
- The price is down 28.6% over one month and 52.7% over three months, and stands 76.6% below its 52-week high.
- Relative strength versus the KOSDAQ is 15 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 86% by strength among all stocks.
- Over the past three months it has lagged the index by 38.6%.
- Chart readings are best considered alongside trading volume and disclosure dates.
- Recent annual revenue was ₩2.6 billion, with an operating loss of ₩16.5 billion and a net loss of ₩22.4 billion — still in the red.
- The operating margin was -632.8% and ROE (how much is earned in a year on equity) was -115.1%, the profile of a loss-making stage.
- The P/E (how many times one year's earnings the price is) cannot be computed given the loss, so the P/B (how many times book value the price is) of 5.39x is used as a gauge instead.
- Even so, it is hard to declare the stock expensive or cheap on the P/B alone.
- The current ratio (assets convertible to cash against debt due within a year) is 3.6x, giving ample short-term payment capacity, and this year's fresh ₩16.0 billion raise adds further financial headroom.
- The debt ratio (debt against equity) is 138.2%.
- The point at which the loss narrows and swings to profit is the dividing line for judging value.
- Revenue rose for three straight years, from ₩1.6 billion in 2023 to ₩2.2 billion in 2024 and ₩2.6 billion in 2025 (about 29% average annual growth), with the most recent one-year growth at 18.0%.
- The direction of growth itself is intact.
- That said, the pace is gradually easing, and even as revenue grew, the operating loss widened alongside it — from ₩11.8 billion (2023) to ₩16.5 billion (2025) — so top-line growth has not yet translated into earnings.
- Latest-quarter (Q1 2026) revenue was ₩0.5 billion, down 9.9% from the same period a year earlier, with an operating loss of ₩5.8 billion.
- No official full-year outlook figures from the company are confirmed, so it is viewed only through confirmed results and the quarterly trend.
- Growing the top line while not yet showing a narrowing loss is the company's growth challenge.
- On 2026-06-10 a single-sale and supply contract was signed: a contract value of ₩0.4 billion, equal to 17.2% of recent annual revenue.
- Its size and term, and whether this transaction is a one-off or a recurring one, will determine future revenue recognition.
- On 2026-04-10, a rights offering for operating funds (₩16.0 billion) and a convertible bond issue (conversion price ₩23,014, operating funds ₩16.0 billion) were decided together.
- As funds coming into a company that remains loss-making, they help support operations, but newly issued shares and the exercise of conversion rights can raise share count, so it is important to confirm where the funds go and whether they lead to revenue.
- The strengths are that revenue has grown for three straight years, keeping the direction of growth intact, and that alongside a current ratio of 3.6x, this year's ₩16.0 billion raise supports short-term liquidity.
- The stock sits at a level where expectations have cooled considerably — down 74.6% from its 52-week high, with an RSI of 27.4.
- The cautions are just as clear.
- Operating and net income are still in the red, and as revenue grew the loss widened alongside it, so the timing of a swing to profit is not in sight.
- Q1 revenue fell year on year, and the rights offering and convertible bond can raise share count — points to watch together.
- The P/B of 5.86x is simply a figure used in place of the P/E at a loss-making stage, and it is hard to call the stock expensive on that one number.
- In short, if the new contract and raised funds lead to revenue growth and a narrowing loss, it becomes a strong stock; if the loss drags on and only share count grows, it weakens.
🔎 Valuation vs peers Overvalued
A peer set of game and software names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KG Financial | 6.47x | 0.42x | 6.54% |
| Polaris Office | 28.78x | 1.57x | 5.44% |
| GC MediEye | 4.18x | 1.09x | 26.12% |
Within game and software, public-data peers with nearby market capitalization were looked at first. The current P/E (how many times one year's earnings the price is) is not available, and the P/B (how many times book value the price is) is 5.39x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large effect, so no firm conclusion was drawn from last year's confirmed-results metrics alone. As for the outlook box, an official company outlook could not be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩8,600 and the market capitalization is ₩104.9 billion. The price sits below its 20-day moving average (₩10,682) and below its 60-day moving average (₩15,518). 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 29.8, near oversold territory. The one-month change is -28.6%, the three-month change is -52.7%, and the position relative to the 52-week high is -76.6%. Relative strength versus the KOSDAQ is 15 (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 14% of all stocks. Over the past three months it lagged the index by 38.6%. 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 -38.58% / 6M -55.56% / 12M -56.94%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.39x is above the sector median (1.58x).
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 -115.1%, below the sector average (5.0%). The operating margin is -632.8%. The debt ratio is 138.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.0M | $1.5M | $1.7M | +18.00% ↓ slower |
| Operating profit | -$7.8M | -$9.7M | -$11.0M | — |
| Net profit | $3.5M | -$10.0M | -$14.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.0M | $1.5M | $1.7M |
| Operating profit | — | — | -$7.8M | -$9.7M | -$11.0M |
| Net profit | — | — | $3.5M | -$10.0M | -$14.8M |
| Revenue CAGR | 2-yr avg 29.38% | ||||
Revenue rose 18.0% year over year (2023 ₩1.6 billion → 2024 ₩2.2 billion → 2025 ₩2.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 3 years on record, revenue compound annual growth (CAGR) is 29.4%. The two-year revenue CAGR is 29.4%. In the most recent quarter (Q1 2026), revenue was 9.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 18.0% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-10ContractSingle-sale and supply contract signed: contract value ₩0.4 billion, 17.2% of recent revenueThe contract value and term are the key to future revenue recognition. Whether it is a one-off or a recurring transaction shapes the medium-term read. Source
- 2026-04-10UpdateReport on major matters (rights offering decision): operating funds ₩16.0 billionA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the actual investment is executed and links to revenue. Source
- 2026-04-10UpdateReport on major matters (decision to issue convertible bonds): conversion price ₩23,014, operating funds ₩16.0 billionA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the actual investment is executed and links to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,600 | ₩8,600 | Confirmed | link |
| Latest quarterly results | revenue ₩0.5 billion, operating profit -₩5.8 billion | revenue ₩0.5 billion, operating profit -₩5.8 billion | Confirmed | link |
| Annual results | revenue ₩2.6 billion, operating profit -₩16.5 billion | revenue ₩2.6 billion, operating profit -₩16.5 billion | Confirmed | link |
| Contract disclosure (original text) | ㆍapprox. : approx. ₩0.4 billion · revenue 17.2% | ㆍapprox. : approx. ₩0.4 billion · revenue 17.2% | Confirmed | link |
| Financing disclosure (original text) | : ₩16.0 billion | : ₩16.0 billion | Confirmed | link |
| Financing disclosure (original text) | : ₩23,014 · ₩16.0 billion | : ₩23,014 · ₩16.0 billion | Confirmed | link |
| Outlook-box basis | — | — | Unverified | — |
Recent filings
- 2026-06-10Single supply/sales contract
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-20Disclosure
- 2026-04-20Disclosure
- 2026-04-10Material-fact report
- 2026-04-10Material-fact report
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual 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.