PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
SBI Investment maintained profitability in 2025 with improved revenue and operating profit, while pursuing a share consolidation and treasury stock cancellation to address delisting risk as portfolio companies advance toward IPOs.
2025 consolidated revenue reached KRW 32.7bn while operating profit was KRW 9.3bn, up 14.0% in revenue but down 20.6% in operating profit year-on-year
Combined operating profit for the first half of 2026 rose sharply from the prior-year period, extending the recovery trend
The company carried out a 2-for-1 share consolidation in April 2026 and later cancelled all 470,000 treasury shares in response to KOSDAQ's new penny-stock delisting rules
Portfolio companies including Rideflux, Selectstar, and Youngkwang YKMC—early-stage investments—are advancing toward KOSDAQ listings
The domestic venture capital market is entering a transitional phase driven by expanded policy funding and expectations of exit market normalization
SBI Investment, founded in 1986, is Korea's first venture capital firm, organized under the Small and Medium Business Startup Support Act and the Venture Investment Promotion Act to form and manage venture investment partnerships.
The firm invests across cutting-edge sectors including materials/parts/equipment, bio/healthcare, media/content, AI, and robotics, and has built a track record of investing in more than 900 companies and helping over 200 companies go public through numerous funds.
Its revenue structure primarily consists of fund management fees, equity-method and valuation gains tied to changes in portfolio company value, and disposal gains realized upon exit.
As a member of Japan's SBI Holdings group, the company differentiates itself by leveraging the group's pan-Asian network to support domestic venture companies expanding overseas.
Recently, portfolio companies invested in from early stages—autonomous-driving AI firm Rideflux, AI data-evaluation firm Selectstar, and semiconductor/display materials firm Youngkwang YKMC—have entered a phase where investment outcomes are becoming visible, with preliminary listing reviews filed or technology assessments passed.
A company representative explained that the priority is "helping promising companies leading industry change build sufficient competitiveness in the market, rather than making the listing itself the goal." The competitive landscape includes other KOSDAQ-listed VCs such as Atinum Investment, Daesung Private Equity, TS Investment, and Q-Capital Partners, most of which are similarly classified as small-cap issues.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.3B | ₩1.1B | 25.4% |
| 2025Q3 | ₩5B | ₩2.1B | 41.7% |
| 2025Q4 | ₩19.9B | ₩5.3B | 26.4% |
| 2026Q1 | ₩8.1B | ₩4.9B | 60.9% |
| 2026Q2 | ₩5.2B | ₩2.6B | 50.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩16.9B | -₩15B | -₩15B | −88.8% | −12.8% | 10.4% |
| 2023 | ₩29.3B | ₩8.5B | ₩8.3B | 29.2% | 6.6% | 5.0% |
| 2024 | ₩28.7B | ₩11.7B | ₩11.4B | 40.9% | 8.3% | 3.1% |
| 2025 | ₩32.7B | ₩9.3B | ₩9.3B | 28.5% | 6.3% | 4.6% |
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
In 2025, consolidated revenue reached KRW 32.7 billion, up 14.0% from KRW 28.7 billion in 2024, while operating profit declined 20.6% to KRW 9.3 billion from KRW 11.7 billion, with the operating margin falling from 40.9% to 28.5%.
Net profit attributable to owners was KRW 9.3 billion, down from KRW 11.4 billion the prior year. Compared with 2023's revenue of KRW 29.3 billion and operating profit of KRW 8.5 billion, the 2025 results show revenue recovery but fluctuating operating margins.
Notably, 2022 saw revenue of KRW 16.9 billion alongside an operating loss of KRW 15.0 billion and a net loss of the same magnitude, meaning the company swung back to profitability from 2023 onward.
On a quarterly basis, fourth-quarter 2025 revenue surged to KRW 19.9 billion, driving operating profit of KRW 5.3 billion and owner net profit of KRW 5.2 billion that anchored the full-year result, while first-quarter 2026 posted revenue of KRW 8.1 billion against an unusually high operating profit of KRW 4.9 billion.
This pattern reflects the venture capital business model, where valuation gains on portfolio stakes or exit-related disposal gains tend to concentrate in specific quarters, producing considerable quarter-to-quarter volatility.
Second-quarter 2026 recorded revenue of KRW 5.2 billion, operating profit of KRW 2.6 billion, and owner net profit of KRW 2.5 billion, bringing the trailing four-quarter (Q3 2025–Q2 2026) owner net profit total to roughly KRW 14.8 billion.
On the cash flow side, 2025 operating cash flow turned negative at KRW -14.5 billion, contrasting with positive figures of KRW 21.0 billion in 2024 and KRW 20.4 billion in 2023, which may reflect increased capital outflows tied to new fund commitments or expanded investment execution.
Korea's venture capital industry endured a difficult period during the 2022-2023 high-rate environment, as pension funds and financial institutions cut back fund commitments, shrinking fundraising and new investment.
Since then, expanded government policy funding and reforms to KOSDAQ listing and delisting rules have coincided with a gradual normalization of the exit market observed from the second half of 2025.
However, in the first half of 2026 the number of newly listed companies fell to roughly half the year-earlier level with proceeds also declining sharply, with observers noting that investment enthusiasm did not last, and mega-deals above KRW 100 billion effectively disappeared from June-July, with new listings in the first half totaling 17, less than half of the prior-year period's 38.
To address the structural over-reliance on IPOs as an exit channel, securities firms and the Korea Financial Investment Association are expanding secondary investment initiatives, with reports that domestic securities firms plan to commit up to KRW 1 trillion in venture secondary investments over the next three years to supplement the IPO-heavy exit structure.
Industry voices anticipate that the role and required capabilities of venture capital firms will rise a level, with systematic deal-sourcing systems, specialized analytical capacity, value-adding functions, and understanding of diverse exit methods becoming core requirements.
Relative to peers, some observers note SBI Investment has not showcased mega-scale portfolio outcomes on the level of SpaceX or Furiosa AI achieved by rivals, suggesting qualitative portfolio differentiation will be a key variable for future reassessment.
The regulatory burden of addressing KOSDAQ's penny-stock rules is also a shared concern across smaller VC peers.
The company's most visible near-term catalyst is the listing progress of its early-stage portfolio companies. Autonomous-driving AI firm Rideflux filed a preliminary KOSDAQ listing review on August 14, 2026, following A-grade ratings from both technology assessment institutions in May.
AI data-evaluation firm Selectstar passed its technology assessment for a KOSDAQ technology-special listing in July and is targeting a preliminary review filing within the year. Semiconductor/display materials firm Youngkwang YKMC also filed for preliminary review in July.
If these listings are completed, disposal gains or valuation reassessments on the related stakes could positively affect results, though the process from preliminary review filing to actual approval and public offering typically takes several months and could be delayed or withdrawn depending on market conditions.
The company completed a 2-for-1 share consolidation in April 2026, reducing total shares outstanding to 81.03 million, and subsequently cancelled all 470,000 treasury shares as part of ongoing measures to address KOSDAQ's penny-stock delisting rules taking effect in July 2026.
On the industry front, expanded policy fund supply including the National Growth Fund and activation of the secondary market are anticipated, which could affect capital turnover speed across the VC sector including SBI Investment as exit channels diversify.
However, further disclosure confirmation is needed regarding the company's own new fund formation scale or specific guidance.
SBI Investment carried out a share consolidation and treasury stock cancellation in April 2026 to reduce shares outstanding, a move that is more about regulatory compliance to maintain listing status than a valuation-driven action.
The stock's level relative to net assets has been discussed in prior media coverage in comparison with the average of KOSDAQ-listed VC peers, and the company itself has acknowledged a perception that its share price appears low relative to its market capitalization.
On the earnings side, the company moved from a loss in 2022 to profitability from 2023 onward, though with considerable quarter-to-quarter volatility, meaning any valuation assessment should account for whether one-off disposal gains are driving a given quarter's results.
On the dividend front, no confirmed dividend disclosure has been identified, making it premature to assess dividend-related metrics.
A VC industry source assessed that "since the essence of value-up is improving earnings power, financial measures like share consolidation have clear limits unless accompanied by fundamental earnings improvement and exit performance." Accordingly, future changes in share-price-related metrics are likely to hinge heavily on whether portfolio companies' IPOs actually materialize and on realized exit performance.
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
Companies invested in from early stages—Rideflux, Selectstar, and Youngkwang YKMC—have shown concrete progress including preliminary listing review filings and passed technology assessments. If these companies successfully list, disposal gains or valuation reassessment gains could be reflected in results.
Rideflux in particular received A-grade ratings from both technology assessment institutions, suggesting a relatively faster listing process.
As policy fund supply expands (including the National Growth Fund) and secondary market activation discussions progress, the overall capital turnover environment for the VC industry could improve.
Moves by securities firms to enter venture secondary investments are also observed, aiming to supplement the IPO-heavy exit structure. If these institutional changes materialize, exit channels for VCs including SBI Investment could diversify.
After posting a loss in 2022, the company returned to profitability from 2023 and continued growing, with 2025 revenue rising 14.0% year-on-year.
First-quarter 2026 showed a notably high operating margin relative to revenue, illustrating periods of particularly strong quarterly results tied to the timing of investment outcome recognition inherent to the VC business model.
The share consolidation and treasury cancellation have been perceived by the market as regulatory-avoidance measures, with the share price continuing to decline even after the consolidation resolution.
A VC industry source noted that such financial measures could have diminished effect without accompanying fundamental earnings improvement and exit performance. If the decline continues after the new shares list, the risk of reverting to penny-stock status could resurface.
Exit market contraction has been observed, with the number of newly listed companies and offering proceeds falling sharply in the first half of 2026 versus the prior-year period. Large investment deals have reportedly disappeared from June-July.
If IPO market weakness persists, listing timelines for SBI Investment's portfolio companies could be delayed or withdrawn.
2025 operating profit fell 20.6% year-on-year and operating margin declined from 40.9% to 28.5%. VC earnings depend heavily on whether disposal gains occur in a given quarter, producing large quarterly swings, and results could decelerate sharply if no disposal gains materialize in coming periods. The 2025 shift to negative operating cash flow also suggests expanded capital outflows.
KOSDAQ's penny-stock delisting rule (effective July 2026) places a stock into managed-issue status if the price stays below KRW 1,000 for 30 consecutive trading days, and proceeds to delisting if the price fails to recover above KRW 1,000 for 45 consecutive days within a subsequent 90-day window.
The company responded with a share consolidation and treasury cancellation, but compliance will depend on future price trends.
Preliminary listing review filings by Rideflux, Selectstar, and Youngkwang YKMC remain under review, and approval could be delayed or listings withdrawn depending on market conditions or review outcomes. Delayed listings would also postpone recognition of related valuation reassessment and disposal gains.
Pension fund and financial institution commitments to venture funds are sensitive to interest rates and economic uncertainty, with actual commitment reductions having occurred during past high-rate periods.
If new fund formation contracts, both management-fee-based income and investment execution scale could decline in tandem.
Confirmed Q3 revenue and operating profit figures should reveal whether the strong first-half trend continues and whether reliance on specific disposal gains persists.
Confirming the approval outcome and timing of the preliminary listing review filed on August 14, 2026 will help assess the potential for related stake revaluation at SBI Investment.
It should be monitored whether the company's targeted filing within the year materializes on schedule or faces delays.
Whether the share price falls below KRW 1,000 for 30 consecutive trading days again after the consolidation is a key indicator directly tied to maintaining listing status.
SBI Investment moved from a loss in 2022 to profitability from 2023 onward and has continued an earnings recovery trend, though 2025 revenue grew year-on-year while operating profit and margin actually declined, reflecting the earnings volatility characteristic of the venture capital business.
First-half 2026 operating profit rose sharply versus the prior-year period, but this appears heavily tied to whether disposal gains were recognized in specific quarters.
The company implemented a share consolidation in April 2026 and later cancelled 470,000 treasury shares in response to KOSDAQ's penny-stock delisting rules, though industry observers note such measures may have limited effect without accompanying fundamental improvement.
At the same time, listing plans for early-stage portfolio companies including Rideflux, Selectstar, and Youngkwang YKMC are becoming more concrete, representing a variable that could affect future earnings and valuation reassessment through actual exits.
Industry-wide, while there are expectations for expanded policy funding and exit market normalization, the sharp year-on-year decline in new listings and offering proceeds in the first half of 2026 leaves uncertainty about the pace and uniformity of any recovery.
Investors should monitor the degree of reliance on quarterly disposal gains, the timeline of portfolio company listings, and the durability of the company's penny-stock regulatory response.
Report written 2026-09-05 · Data as of 2026-09-04
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