S2W (488280) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
S2W is a cybersecurity company whose core is threat intelligence, tracking the dark web and deep web to give advance warning of data leaks and sophisticated intrusion attacks, and it has recently expanded into AI agents that handle security work autonomously. A February 2026 filing confirmed full-year revenue of 10.1 billion won, operating profit of -5.6 billion won, and net profit of -5.3 billion won, and a May quarterly report then confirmed first-quarter revenue of 2.2 billion won, operating profit of -2.3 billion won, and net profit of -2 billion won. What stands out lately is that the net loss shrank quickly from -14.1 billion won in 2024 to -5.3 billion won in 2025 and a current ratio of 636% gives ample short-term liquidity, while both operating and net profit are still in the red and revenue growth has slowed, so it remains to be confirmed whether the new security-AI area carries the narrowing losses through to a turn into the black.
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 “AI & Big Data” (Internet, Platforms & Software · Software), a type typically read first through EV/Sales.
AI and big-data software firms pour money into research and expansion to grow fast, so near-term profits are often thin or negative and earnings-based multiples fall short. That is why EV/Sales — enterprise value measured against revenue — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, profitability is currently weak, so this metric is best treated as a rough reference only.
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
- The most recent full-year net result was a loss.
- Revenue rose 5.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.1% higher than a year earlier.
- ROE is -22.9% (controlling-interest basis). It is below the sector average.
- Operating margin is -55.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Seo Sang-deok 14.62% (individual)
Controlling bloc incl. related parties 23%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
S2W is a company in cybersecurity whose core is threat intelligence (an information service that gathers signs of hacking and leaks circulating externally to give advance warning of risk). Judging from the technical clues the company states directly in its business report, it tracks the dark web and deep web to detect data leaks and handles APT (sophisticated attacks that target a specific organization over a long period to break in) and ASM (an area that inspects the security weak points of assets a company has exposed externally). Recently it has been expanding into AI agents (artificial-intelligence systems designed to carry out assigned work autonomously) that perform this kind of security work on their own. Its market cap is on the smaller side, so it helps to watch not only the progress of the business but also how a single filing can affect earnings and the share count.
The latest close is ₩10,870 and the market capitalization is ₩117.7 billion. The price sits above its 20-day moving average (₩9,654) and below its 60-day moving average (₩15,004). 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 50.5, a neutral level. The one-month change is +5.7%, the three-month change is -60.4%, and the position relative to the 52-week high is -71.1%. 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 43.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent annual revenue is 10.1 billion won, operating profit is -5.6 billion won, and net profit is -5.3 billion won. The operating margin is -55.9% and ROE (how much the company earns in a year on its equity) is -22.9%, so it is still at a stage of not yet turning a profit. The financial structure itself, however, is relatively stable. The current ratio (assets that can be turned into cash within a year versus debt due within a year) is 636%, giving ample short-term liquidity, and the debt ratio (debt versus equity) is around 131.9%. The P/E (how many times one year of earnings the price represents) is not produced because earnings are in the red, and the P/B (how many times book value the price represents) is 5.47x. A loss-making company has no P/E and so its P/B can look high, but for a company like this one, where revenue is rising while losses narrow, it is right to look at the timing of the turn into the black alongside rather than judging cheap or expensive from a single P/B number.
Revenue has grown steadily, from 6.3 billion won in 2023 to 9.6 billion won in 2024 and 10.1 billion won in 2025, roughly 27% average annual growth over two years. The pace, however, slowed from +53% the prior year to +5% this year, and first-quarter 2026 revenue stayed at nearly the same level as the year-earlier period (+0.1%). On the profit side, the net loss shrank sharply from -14.1 billion won in 2024 to -5.3 billion won in 2025, so the direction of narrowing losses is clear. But the first quarter of 2026 again posted operating profit of -2.3 billion won and net profit of -2 billion won, so a turn into the black still needs more time. No official full-year outlook figure from the company can be confirmed, so this material does not slot in estimated earnings and instead shows only the actual confirmed results and the quarterly flow as they are.
Filings are mostly performance material. On 2026-02-25 came a results-change disclosure of full-year revenue of 10.1 billion won, operating profit of -5.6 billion won, and net profit of -5.3 billion won, along with a business-results outlook (fair disclosure) for first-quarter 2026 revenue of 2.2 billion won, operating profit of -2.3 billion won, and net profit of -2 billion won. Then on 2026-05-14 a quarterly report carrying the same first-quarter figures was filed. Reading whether the disclosed figures point the same way as the annual flow, and whether one-off factors are mixed in, helps in gauging the texture of the results.
This is a stock with clear strengths and weaknesses. The strengths are that it has a specialized security business in dark-web tracking and threat intelligence, that revenue trends upward while it has quickly narrowed its losses (net loss of -14.1 billion won in 2024 to -5.3 billion won in 2025), and that a current ratio of 636% gives ample short-term liquidity. The weaknesses are that both operating and net profit are still in the red, that revenue growth has noticeably slowed, and that losses continued again in the first quarter. So if revenue from new areas such as security AI agents revives and the narrowing losses carry through to a turn into the black, it becomes a strong phase; conversely, if the revenue slowdown drags on, it becomes a weak phase. A P/B of 5.11x is a figure whose meaning shifts when earnings turn positive, so the pace of the loss narrowing is the key yardstick for this stock.
🔎 Valuation vs peers Overvalued
A peer set within games and software with market caps close to the company's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Infinitt Healthcare | 9.05x | 1.18x | 13.77% |
| Konan Technology | — | 7.86x | -32.77% |
| GC MediEye | 4.23x | 1.10x | 24.71% |
We looked first at a public-data peer set within games and software with nearby market caps. The current P/E (how many times one year of earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 5.47x. Because smaller-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from metrics based on last year's confirmed results alone. As for the outlook box, an official company outlook cannot be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩10,870 and the market capitalization is ₩117.7 billion. The price sits above its 20-day moving average (₩9,654) and below its 60-day moving average (₩15,004). 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 50.5, a neutral level. The one-month change is +5.7%, the three-month change is -60.4%, and the position relative to the 52-week high is -71.1%. 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 43.9%. 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 -43.93% / 6M -32.31% / 12M -51.14%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.47x is above 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 -22.9%, below the sector average (1.0%). The operating margin is -55.9%. The debt ratio is 38.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.4M | $6.8M | $7.1M | +4.97% ↓ slower |
| Operating profit | -$4.0M | -$3.2M | -$4.0M | — |
| Net profit | -$8.8M | -$9.9M | -$3.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $4.4M | $6.8M | $7.1M |
| Operating profit | — | — | -$4.0M | -$3.2M | -$4.0M |
| Net profit | — | — | -$8.8M | -$9.9M | -$3.7M |
| Revenue CAGR | 2-yr avg 26.88% | ||||
Revenue rose 5.0% year over year (2023 ₩6.3 billion → 2024 ₩9.6 billion → 2025 ₩10.1 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 26.9%. The two-year revenue CAGR is 26.9%. In the most recent quarter (Q1 2026), revenue was 0.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 5.0% 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
- 2026-02-25EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue 10.1 billion won, operating profit -5.6 billion won, net profit -5.3 billion wonRecent confirmed or preliminary results material. Read whether it points the same way as the annual flow and whether one-off factors are present. Source
- 2026-02-25EarningsOutlook for business results on a consolidated basis (fair disclosure): Q1 2026 revenue 2.2 billion won, operating profit -2.3 billion won, net profit -2 billion wonRecent confirmed or preliminary results material. Read whether it points the same way as the annual flow and whether one-off factors are present. Source
- 2026-05-14EarningsQuarterly report (2026.03): Q1 2026 revenue 2.2 billion won, operating profit -2.3 billion won, net profit -2 billion wonRecent confirmed or preliminary results material. Read whether it points the same way as the annual flow and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩10,870 | ₩10,870 | Confirmed | link |
| Latest quarterly results | revenue ₩2.2 billion, operating profit -₩2.3 billion | revenue ₩2.2 billion, operating profit -₩2.3 billion | Confirmed | link |
| Annual results | revenue ₩10.1 billion, operating profit -₩5.6 billion | revenue ₩10.1 billion, operating profit -₩5.6 billion | Confirmed | link |
| Results filing (original text) | revenue30%: revenue ₩10.1 billion · operating profit -₩5.6 billion · net profit -₩5.3 billion | revenue30%: revenue ₩10.1 billion · operating profit -₩5.6 billion · net profit -₩5.3 billion | Confirmed | link |
| Results filing (original text) | 2026 1 revenue ₩2.2 billion · operating profit -₩2.3 billion · net profit -₩2.0 billion | 2026 1 revenue ₩2.2 billion · operating profit -₩2.3 billion · net profit -₩2.0 billion | Confirmed | link |
| Results filing (original text) | (2026.03): 2026 1 revenue ₩2.2 billion · operating profit -₩2.3 billion · net profit -₩2.0 billion | (2026.03): 2026 1 revenue ₩2.2 billion · operating profit -₩2.3 billion · net profit -₩2.0 billion | Confirmed | link |
| Basis of the outlook box | — | — | Unverified | — |
Recent filings Source
- 2026-06-05OwnershipOwnership-change filing
- 2026-05-29Amended filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-07OwnershipOwnership-change filing
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-16OwnershipOfficers'/major-shareholders' holdings report (amended)
📖 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.