PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
InterM is a KOSDAQ-listed company with a long track record in Korea's public address (PA) broadcasting systems market; fiscal 2025 revenue held roughly flat year-on-year, while the operating margin has settled back down after an unusually high 2023 peak.
FY2025 revenue was KRW 60.05bn, almost unchanged from KRW 60.34bn a year earlier, while the operating margin eased to 6.6% from 7.3%.
The operating margin spiked to 21.1% in fiscal 2023 before reverting to a 6-7% range in fiscal 2024 and 2025.
In fiscal 2026's third quarter (April-June 2026), revenue was KRW 19.09bn and operating profit KRW 1.75bn, while owners' net income of KRW 1.90bn exceeded operating profit, suggesting a non-operating contribution.
Equity grew from KRW 31.35bn in 2022 to KRW 42.22bn in 2025, while the debt-to-equity ratio declined from 160.9% to 111.3% over the same period, indicating a gradually improving balance sheet.
The company describes itself as the leading domestic public address broadcasting firm, yet top-line revenue itself has been stagnant in recent years.
Founded in 1983, InterM is an industrial audio and video equipment maker built around two core lines: public address (PA) broadcasting systems and professional sound reinforcement (SR) systems for concerts and events.
The company's own website states that since its founding in 1983 it has been Korea's leading public address broadcasting firm, providing integrated audio, video and communication solutions, and having developed the country's first standardized PA equipment to hold the top market share position.
A brokerage technical report citing the company's own 2021 business filing put InterM's share of the domestic PA broadcasting systems segment at roughly 60%, though this is a dated estimate that may no longer reflect the current market.
The product lineup spans amplifiers, microphones, speakers and emergency broadcast panels, including equipment aligned with fire-safety broadcast standards.
An older disclosure noted that once buildings such as multiplex cinemas were required to install emergency broadcast terminals, InterM launched the CED-0241 terminal compliant with the Civil Defense Basic Act.
Manufacturing is split between domestic plants and a Chinese subsidiary; according to an older filing, the company's wholly owned subsidiary in Dongguan, Guangdong province, produced roughly 500,000 speaker and audio units annually.
Overseas project work has also featured in past filings, including a contract won from Tuvasas, a rolling-stock manufacturer under Turkey's state railway administration, suggesting the company has combined its core domestic public-sector business with occasional overseas project orders.
Competition comes from global brands such as Japan's TOA alongside domestic value-brand suppliers including Sovico, Pascom and Genpro, with demand driven primarily by new construction and renovation projects requiring PA installations.
The company's fiscal year ends in September — its settlement month is September — which is why its quarterly labels do not align with standard calendar quarters.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q3 | ₩15B | ₩1.7B | 11.6% |
| 2025Q4 | ₩18.9B | ₩2.4B | 12.7% |
| 2026Q1 | — | — | — |
| 2026Q2 | — | — | — |
| 2026Q3 | ₩19.1B | ₩1.8B | 9.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩58.7B | ₩3.1B | ₩1B | 5.2% | 3.2% | 160.9% |
| 2023 | ₩51B | ₩10.8B | ₩8.2B | 21.1% | 21.2% | 117.5% |
| 2024 | ₩60.3B | ₩4.4B | ₩2.3B | 7.3% | 5.7% | 113.2% |
| 2025 | ₩60.1B | ₩4B | ₩2B | 6.6% | 4.9% | 111.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Confirmed annual results show revenue falling from KRW 58.68bn in 2022 to KRW 50.96bn in 2023, before recovering to KRW 60.34bn in 2024 and KRW 60.05bn in 2025 — meaning the last two fiscal years have essentially plateaued in the KRW 60bn range.
Operating profit, however, swung sharply: from KRW 3.07bn (a 5.2% margin) in 2022 to KRW 10.77bn (21.1%) in 2023, before falling back to KRW 4.40bn (7.3%) in 2024 and KRW 3.99bn (6.6%) in 2025.
Owners' net income followed a similar pattern — KRW 1.01bn, KRW 8.23bn, KRW 2.31bn and KRW 2.05bn respectively — confirming that fiscal 2023's exceptional profitability was not sustained in subsequent years.
Operating cash flow moved from an outflow of KRW 3.28bn in 2022 to inflows of KRW 4.03bn in 2023, KRW 2.68bn in 2024 and KRW 9.52bn in 2025, with fiscal 2025's cash generation notably outpacing its reported net income.
On a quarterly basis, fiscal 2025's fourth quarter (July-September 2025) delivered revenue of KRW 18.89bn, operating profit of KRW 2.40bn and owners' net income of KRW 1.61bn, a clear improvement from the preceding third quarter (revenue KRW 14.98bn, operating profit KRW 1.74bn, net income KRW 1.20bn).
The subsequent fiscal 2026 third quarter (April-June 2026) held revenue steady at KRW 19.09bn, but the operating margin eased to about 9.2%, while owners' net income of KRW 1.90bn exceeded operating profit, pointing to a likely non-operating contribution.
On the balance sheet, equity climbed steadily from KRW 31.35bn in 2022 to KRW 42.22bn in 2025, while the debt ratio fell from 160.9% to 111.3% over the same span, a broadly improving trend.
Individual results for fiscal 2026's first and second quarters (October 2025-March 2026) are not included in this data set, limiting a full view of the most recent four-quarter trend.
Korea's public address (PA) broadcasting systems market is fundamentally an infrastructure-driven demand pool tied to fire-safety and emergency broadcast regulations covering schools, government buildings, transportation facilities and commercial buildings.
As noted in an earlier filing, buildings used by the general public were required to install in-house broadcast alarm terminals, illustrating how regulation itself generates new demand, with results tending to track construction volumes and the timing of public-sector budget execution.
The competitive landscape includes global brands such as Japan's TOA alongside multiple domestic suppliers such as Sovico, Pascom and Genpro, reflecting persistent price competition.
With its long operating history and in-house manufacturing (domestic plants plus a Chinese subsidiary in Dongguan), InterM appears to sit among the larger-scale players, but the domestic market itself looks mature, making high growth from domestic sales alone difficult to expect.
Overseas business appears to occur on a sporadic, project basis, as illustrated by the earlier contract won from a manufacturer under Turkey's state railway administration, though whether a durable overseas revenue base has since been established is not confirmed by recent disclosures.
Within the KOSDAQ electronics/parts sector, the company's fortunes are more closely tied to construction and public infrastructure cycles than to the semiconductor or display equipment cycles that drive many peers, giving it a somewhat independent demand pattern.
Given the company's September fiscal year-end, the full picture for fiscal 2026 (October 2025-September 2026) will only be complete once the fourth quarter (July-September 2026) is finalized.
No specific revenue or profit guidance, nor any major new order disclosures, were identified through search; the company's website does state that it is upgrading its smart factory using AI with government support, suggesting continued investment aimed at production efficiency.
Based on historical patterns, the company's growth path is likely to remain tied to domestic new-construction and renovation orders, the timing of public-sector budget execution, and occasional overseas project wins, though the current data set does not provide an up-to-date view of that order pipeline.
On the balance sheet side, the continued build-up in equity and decline in the debt ratio are confirmed facts, pointing toward an easing external funding burden.
Still, given that the operating margin in fiscal 2025 and into fiscal 2026 has not returned to its 2023 level, how the company manages profitability during this period of flat revenue will be a key point to watch in coming quarters.
The current share price sits below net asset value per share, meaning the stock trades at a discount to book value.
On the earnings side, fiscal 2023's temporarily elevated profitability has since eased, and price multiples based on more recent-year earnings tend to sit lower than they would have during that 2023 high-profitability episode.
On dividends, no cash dividend was identified for the most recent fiscal year, suggesting that profit has been directed more toward balance-sheet improvement — building equity and lowering the debt ratio — than toward shareholder distributions.
That said, precise figures for the price-to-book level or earnings multiple change daily with the share price, so readers should refer to the real-time figures displayed on screen.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
Equity rose steadily from KRW 31.35bn in 2022 to KRW 42.22bn in 2025, while the debt ratio fell from 160.9% to 111.3% over the same period. Fiscal 2025 operating cash flow of KRW 9.52bn was the largest of the last four fiscal years. This points to a strengthening financial base with reduced reliance on external funding.
Public address and emergency broadcast equipment is often mandatorily required under building and fire-safety codes, creating structural demand tied to new construction and renovation activity.
The company positions itself as the domestic market leader and has accumulated a broad reference base through its long history and in-house manufacturing. This regulation-driven demand tends to persist to some degree regardless of the broader economic cycle.
The company states it is upgrading its smart factory using AI technology with government support. It reportedly maintains in-house manufacturing both domestically and in China (Dongguan), reducing reliance on outside contractors. This provides a foundation for maintaining internal control over cost and quality management.
Revenue was essentially unchanged over the last two fiscal years, at KRW 60.34bn in 2024 and KRW 60.05bn in 2025. Separate from its claimed market-leading position, the fact remains that top-line expansion has not materialized. Given the maturity of the domestic market, high growth appears difficult to expect going forward as well.
The 21.1% operating margin recorded in fiscal 2023 reverted to 7.3% in 2024 and 6.6% in 2025, proving unsustainable. Uncertainty remains over the quality and repeatability of earnings. In fiscal 2026's third quarter, net income exceeded operating profit, indicating earnings can also be swayed by non-operating factors.
In a market mixed with overseas brands such as Japan's TOA and numerous domestic low- to mid-priced companies, price competition is a constant pressure.
A significant portion of demand for PA broadcasting equipment is tied to public-sector orders and budget execution timing across government offices, schools and transportation facilities.
Given the pattern of results concentrating in specific periods of the fiscal year, delays or reductions in budget execution can increase earnings volatility. Changes to relevant regulations or support policies could also affect the underlying demand structure.
With a meaningful share of production carried out through its Chinese subsidiary, the company may be exposed to fluctuations in the yuan-won exchange rate and in component and raw-material prices. Given how sharply the operating margin has swung from year to year, sensitivity to cost structure appears considerable. Specific cost breakdowns were not confirmed through recent disclosures.
The domestic PA broadcasting market appears to have reached a mature stage, with competition from foreign brands and numerous domestic value-oriented suppliers. If revenue stagnation persists, price competition to defend market share could put further pressure on margins.
The overseas revenue base still appears limited, leaving the company relatively dependent on the domestic market.
As a September fiscal year-end company, watch for InterM's fiscal 2026 (October 2025-September 2026) fourth-quarter and full-year results disclosure, to check whether revenue stagnation persists and which direction the operating margin moves.
The fiscal 2027 first-quarter report (October-December 2026) will show whether order and revenue momentum continues into the start of the new fiscal year.
Monitoring DART ad-hoc disclosures for any large supply contracts or overseas project wins can help gauge potential earnings volatility.
Given the September fiscal year-end, the annual general shareholders' meeting typically held around this time may offer further comments on dividend policy or balance-sheet improvement plans worth checking.
InterM is a KOSDAQ-listed company with a long history in Korea's public address (PA) broadcasting systems industry, citing regulation-driven essential equipment demand and in-house manufacturing as core strengths.
Confirmed financials show revenue stagnating in the KRW 60bn range over the last two fiscal years, while fiscal 2023's unusually high operating margin of 21.1% has since reverted to the 6-7% range.
On the balance sheet, equity growth and a declining debt ratio are clearly evident, and fiscal 2025 operating cash flow was the largest of the past four years.
In fiscal 2026's third quarter, net income exceeded operating profit, suggesting a non-operating influence, while detailed figures for the first and second quarters of fiscal 2026 were not available within this data set.
On the industry side, demand tied to public-sector order and budget-execution timing coexists with competition from foreign brands and numerous domestic suppliers.
Overall, the financial base appears to be improving, but whether revenue growth resumes and earnings stability is restored remains the key point to monitor in coming quarters.
Report written 2026-09-05 · Data as of 2026-09-04
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