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
EyesVision has expanded its scale by absorbing Sejong Telecom's MVNO subscribers and turned profitable on an annual basis in 2025, but quarterly net income attributable to owners continues to swing between gains and losses on one-off items.
2025 consolidated revenue reached KRW 194.4 billion with operating profit of KRW 3.4 billion, and net income attributable to owners swung to KRW 9.6 billion from a loss a year earlier.
Over the trailing four quarters (2025Q3-2026Q2), operating profit stayed mostly positive, but owner net income posted losses in 2025Q4 and 2026Q2, showing sizeable quarter-to-quarter swings.
By acquiring roughly 170,000 MVNO subscribers from Sejong Telecom, the company built a combined subscriber base of about 400,000, becoming one of the largest independent MVNO operators outside the telecom carriers' own subsidiaries.
The government unveiled the 'MVNO 2.0' plan in late July 2026, lowering wholesale rates for some 5G plans and expanding spectrum fee waivers, yet MVNO subscriber porting has recently turned to net outflows, signaling a growth slowdown.
Normalization at subsidiary Mercury has materially influenced consolidated earnings, making it important to track the combined effect of the core business and subsidiary performance together.
EyesVision operates as a specialized telecommunications provider, running prepaid voice card distribution alongside its core MVNO brand 'EyesMobile,' which resells network capacity leased from the major carriers.
Since the second half of 2020 the company has also run an SK Telecom consignment agency service and has expanded into unlocked-phone and used-phone distribution.
Through subsidiaries it also engages in ICT device manufacturing and distribution as well as cosmetics manufacturing and distribution, and at the latest quarter-end it held two consolidated subsidiaries including Mercury.
As a new business line, the company has entered the mobility segment, manufacturing and selling electric motorcycles and battery-swapping stations.
In early 2025 it acquired roughly 170,000 subscribers from Sejong Telecom's MVNO brand 'Snowman' through a business transfer, combining them with its existing postpaid base of about 200,000 to reach a cumulative subscriber base of roughly 400,000.
This ranks among the largest for independent MVNO operators excluding the carriers' own subsidiaries. In terms of ownership structure, EyesVision belongs to the Wizit group, with affiliate ties to companies such as Powernet, T Scientific, Hansol Clean Tech, and Mercury.
The competitive landscape splits between the carriers' own MVNO subsidiaries (SK Telink, KT M Mobile, LG HelloVision, etc.) and independent smaller operators such as Free Telecom, with EyesVision ranking among the larger players within the latter group by subscriber count.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩47.2B | ₩1.5B | 3.2% |
| 2025Q3 | ₩46.6B | ₩1.6B | 3.5% |
| 2025Q4 | ₩64.5B | ₩1.2B | 1.8% |
| 2026Q1 | ₩46.7B | -₩16,678,386 | −0.0% |
| 2026Q2 | ₩53.3B | ₩2.2B | 4.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩191.6B | ₩6.3B | -₩5.8B | 3.3% | −4.7% | 49.9% |
| 2023 | ₩191B | ₩6.8B | -₩2B | 3.6% | −1.5% | 33.9% |
| 2024 | ₩182.8B | ₩1B | -₩1.4B | 0.6% | −1.0% | 24.4% |
| 2025 | ₩194.4B | ₩3.4B | ₩9.6B | 1.7% | 6.0% | 38.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue for 2025 came to KRW 194.38 billion, up from KRW 182.78 billion in 2024, while operating profit rose to KRW 3.38 billion (a 1.7% margin) from KRW 1.02 billion (0.6%) the prior year.
Net income attributable to owners reached KRW 9.62 billion in 2025, reversing losses of KRW -1.38 billion in 2024 and KRW -1.99 billion in 2023.
Still, compared with 2022's revenue of KRW 191.6 billion and operating profit of KRW 6.34 billion (3.3% margin), the operating margin over the past two years has been recovering from a lower base rather than exceeding historical levels.
On a quarterly basis, 2025Q2 posted revenue of KRW 47.2 billion, operating profit of KRW 1.5 billion and owner net income of KRW 2.8 billion; 2025Q3 revenue was KRW 46.6 billion with operating profit of KRW 1.6 billion, yet owner net income jumped to KRW 7.58 billion, a level that appears to reflect a non-recurring item outside normal operations.
In 2025Q4, revenue rose seasonally to KRW 64.5 billion but operating profit was only KRW 1.18 billion and owner net income swung to a loss of KRW -0.99 billion.
In 2026Q1, revenue was KRW 46.7 billion with a slight operating loss of KRW -0.017 billion, yet owner net income remained positive at KRW 0.63 billion; in 2026Q2, revenue rose to KRW 53.3 billion and operating profit improved to KRW 2.22 billion, but owner net income turned to a loss of KRW -3.29 billion again.
This frequent divergence between operating results and owner net income suggests a significant influence from non-operating items, subsidiary-level results, and equity disposal or valuation gains and losses.
On the cash flow side, operating cash flow rose to KRW 9.44 billion in 2025 from KRW 6.18 billion in 2024, but the year-to-year swing has been wide, ranging from KRW -16.65 billion in 2022 to KRW 21.36 billion in 2023.
South Korea's MVNO market has surpassed 10 million subscriber lines and holds roughly 20% subscriber share of the overall mobile market, but its retail revenue share remains around 8%, reflecting the structural limits of a low-price-centered business.
MVNO share of the LTE segment has passed the halfway mark, while its share of the 5G handset market remains around 1%, showing slow progress into higher-value plans.
Following the abolition of the device distribution law in the second half of 2025, the major carriers resumed aggressive marketing, exposing the relative funding disadvantage of MVNO operators, and MVNO number porting slowed before turning to net outflows at one point.
In late July 2026 the government announced the 'MVNO 2.0' initiative, cutting wholesale rates by 1 to 3 percentage points for some revenue-share 5G plans and expanding the spectrum-fee waiver ratio from 50% to 90% to ease cost structures, though industry voices note that the most heavily used LTE 11GB plan was excluded, limiting the policy's practical impact.
The government also proposed creating legal categories for facility-based service-type (partial MVNO) and independent (full MVNO) operators, aiming to foster at least three such players.
On the competitive front, some operators such as Sejong Telecom have exited the MVNO business while others, including EyesVision, have grown through subscriber acquisitions, indicating an ongoing reshuffling within the independent MVNO segment.
In its 2026 first-quarter results announcement, the company attributed the improvement to a combination of proactive subscriber acquisition and a recovery in profitability at subsidiary Mercury, and outlined plans to accelerate AI-based service upgrades and new lifestyle-platform tie-ups to strengthen a sustainable growth framework.
It also stated intentions to keep raising average revenue per subscriber and customer lifetime value by expanding its rate-plan portfolio.
The expanded spectrum-fee waiver and wholesale rate cuts on some 5G plans under the government's 'MVNO 2.0' policy could be a cost-side tailwind, and the phased rollout of the data-relief option is cited as a factor that could help product competitiveness in MVNO plans.
However, with the planned legal formalization of partial and full MVNO operator categories, it remains unclear which position EyesVision will take amid this institutional shift.
Disclosed investment activity, including a stake acquisition in affiliate GTF Holdings, is also ongoing, warranting attention to how non-core investment and affiliate relationships could affect future earnings.
As the Sejong Telecom subscriber transfer becomes fully reflected, the gap between standalone and consolidated revenue, along with the earnings contribution from subsidiary Mercury, remains a key variable for future results.
The current share price trades at a meaningful discount to the company's net asset value, and whether this gap narrows will likely hinge heavily on the direction of upcoming quarterly results, given the recent shift from losses to profit.
Compared with the multi-year run of thin margins and losses before 2025, market participants are watching to see whether the post-2025 profitability represents a structural change or a repetition of one-off gains.
The company has not been paying dividends recently, which limits the shareholder-return appeal, a stance that appears consistent with prioritizing capital for subscriber acquisition and affiliate investments.
Ongoing convertible bond issuance and conversion exercises are a factor that can affect per-share metrics through changes in shares outstanding, and should be weighed alongside any valuation reading.
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 2026-08-23
By acquiring roughly 170,000 MVNO subscribers from Sejong Telecom, the company built a cumulative base of about 400,000, becoming the largest among independent MVNO operators. This scale can support efficiencies in marketing and distribution costs. Absorbing subscribers even as a competitor exited the business highlights a strengthened market position.
2025 consolidated operating profit of KRW 3.4 billion and owner net income of KRW 9.6 billion mark a break from the loss streak of 2023-2024. Normalization at subsidiary Mercury appears to have contributed substantially to the consolidated earnings improvement.
Operating cash flow also rose from KRW 6.2 billion in 2024 to KRW 9.4 billion in 2025, indicating improving cash generation.
Under the government's 'MVNO 2.0' plan, the spectrum-fee waiver ratio for small MVNO operators expands from 50% to 90%, and wholesale rates for some 5G plans will be lowered.
This is expected to generate about KRW 25 billion in annual industry-wide cost savings, which could favorably affect operating margins for smaller operators like EyesVision. The phased introduction of the data-relief option is also cited as a factor that could support product competitiveness.
In two of the trailing four quarters (2025Q4 and 2026Q2), owner net income turned to a loss even though operating profit remained positive. This suggests non-operating items or equity-method and disposal-related factors have a substantial impact on results. Repeated divergence between operating profit and net income could reduce the predictability of earnings.
After the abolition of the device distribution law, renewed marketing competition among the major carriers led MVNO number porting to turn from net gains to net outflows at one point. MVNO share of the 5G handset market remains only around 1%, limiting expansion into higher-value plans. The structural gap between subscriber share and retail revenue share also persists.
As the wholesale rate-setting method shifts to an ex-post regulation and direct negotiation framework, concerns have been raised that small MVNO operators may face a structural disadvantage relative to the carriers in negotiations.
Even under the 'MVNO 2.0' plan, the most heavily used LTE 11GB plan was excluded from rate cuts, drawing criticism that the policy's impact is limited. This implies the anticipated cost-structure improvement may not materialize as quickly as hoped.
EyesVision belongs to the Wizit group with affiliate ties to Powernet, T Scientific, Hansol Clean Tech, and Mercury, and has also disclosed a stake acquisition in affiliate GTF Holdings.
As inter-affiliate transactions and investment relationships grow more complex, non-operating volatility in consolidated results could increase. Investors should continue to monitor affiliate-related disclosures.
The company has continued to raise funds through convertible bond issuance, and new share listings from conversion-right exercises have occurred repeatedly. Adjustments to conversion prices and expanding newly listed share volumes can affect per-share metrics through an increase in shares outstanding. Any additional fundraising would warrant scrutiny of dilution effects.
The shift to ex-post regulation for wholesale rate-setting and the carriers' strategy of opening their distribution networks could pressure the negotiating leverage and marketing competitiveness of smaller MVNO operators.
If the government succeeds in establishing new partial and full MVNO operator categories, the competitive landscape versus traditional resale-based MVNO operators could shift. Much of the policy direction and detailed enforcement decrees remain unfinalized, leaving uncertainty.
The 2026 third-quarter report will show whether operating profit and owner net income diverge again or whether a stable profitable trend continues.
It is worth checking whether the enforcement decree of the Telecommunications Business Act and related wholesale-provision and interconnection notices are finalized, and how the government's goal of designating at least three partial or full MVNO operators is progressing.
Disclosures on new share issuance and changes in shares outstanding from convertible bond conversion exercises should be continuously checked to assess dilution impact.
Follow-up disclosures on the GTF Holdings stake acquisition, the full reflection of the Sejong Telecom subscriber transfer, and the trend in subsidiary Mercury's earnings contribution should be checked.
EyesVision has built the largest subscriber base among independent MVNO operators through the acquisition of Sejong Telecom's MVNO subscribers, and in 2025 it turned profitable on both an operating and owner net income basis, showing a trajectory of earnings improvement.
However, over the trailing four quarters, while operating profit has generally stayed positive, owner net income has frequently flipped sign quarter to quarter, indicating that non-operating factors have a meaningful impact on results.
On the industry side, the government's 'MVNO 2.0' policy offers some cost-relief potential, but renewed marketing competition from the major carriers and a shift of MVNO number porting into net outflows also point to signs of slowing growth.
Affiliate relationships and potential dilution from convertible bond issuance are additional variables worth watching.
Overall, this is a phase where bullish factors such as an expanded subscriber base and a turn to annual profitability coexist with bearish factors such as earnings volatility and industry growth deceleration, and the stability of upcoming quarterly results along with the concrete implementation of policy measures will likely be the key points to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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