PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩66 per share · Prices as of the 2026-10-02 close
BITComputer, whose revenue is centered on hospital information systems, saw sales and operating profit soften in 2025 but margins recover in the first half of 2026, while the company faces the policy variable of telehealth legalization ahead.
2025 consolidated revenue was KRW 36.0 billion, down slightly year-on-year, and operating margin fell from 18.0% to 16.3%.
Operating margin recovered to the high-teens percentage range in the first two quarters of 2026, a marked improvement from 12.7% in Q4 2025.
In December 2025, the National Assembly passed a Medical Service Act amendment on non-face-to-face care, which observers say lays a legal foundation for telemedicine platforms.
Equity has grown for four consecutive years and the debt ratio has fallen to the low-teens percentage range, maintaining a stable financial structure.
Expansion of the 'Baro Doctor' telehealth platform and the 'CLEMR' cloud EMR are cited as key variables for future revenue.
Founded in 1983 and listed on KOSDAQ in 1997, BITComputer is a first-generation Korean software company whose core business is hospital information systems for hospitals and clinics.
It supplies the bitnixHIS hospital information system for large hospitals and the cloud-based CLEMR electronic medical record (EMR) for small and mid-sized clinics, and according to the company it holds a strong market position built on its long track record in this segment.
Its second pillar is digital healthcare and telemedicine; since launching a telemedicine business unit in 2000, it has built telemedicine systems for roughly 1,000 institutions including correctional facilities, military units, deep-sea fishing vessels, and remote overseas hospitals.
Within this segment, its telehealth platform 'Baro Doctor' is designed to integrate in real time with clinics' existing EMR systems and focuses on non-face-to-face care for returning patients.
A third business line is IT training through the Bit Education Center, with the remainder coming from real-estate rental income.
Overseas, the company has experience delivering a project with the Korea International Cooperation Agency (KOICA) to digitalize health insurance review procedures and build a telemedicine platform in Peru.
In the domestic hospital information system market it competes with players such as EZCaretech and Infinitt Healthcare, and in the telehealth platform segment it is cited, along with LifeSemantics, as one of the few operators certified for the Ministry of Food and Drug Safety's u-healthcare gateway.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.2B | ₩1.5B | 18.8% |
| 2025Q3 | ₩8.5B | ₩1.5B | 17.4% |
| 2025Q4 | ₩10.7B | ₩1.4B | 12.7% |
| 2026Q1 | ₩9.6B | ₩1.8B | 18.4% |
| 2026Q2 | ₩9.8B | ₩1.8B | 18.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩35.1B | ₩6.1B | ₩4.9B | 17.5% | 7.8% | 17.7% |
| 2023 | ₩33.5B | ₩6.2B | ₩5.5B | 18.6% | 8.4% | 21.0% |
| 2024 | ₩37.1B | ₩6.7B | ₩7.5B | 18.0% | 10.6% | 13.1% |
| 2025 | ₩36B | ₩5.9B | ₩7.4B | 16.3% | 10.0% | 12.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
BITComputer's consolidated revenue fell from KRW 35.1 billion in 2022 to KRW 33.5 billion in 2023, rose to KRW 37.1 billion in 2024, then declined again slightly to KRW 36.0 billion in 2025 (down 2.9% year-on-year).
Operating profit rose from KRW 6.1 billion in 2022 to KRW 6.2 billion in 2023 and KRW 6.7 billion in 2024, but fell to KRW 5.9 billion in 2025, pushing the operating margin down from 18.0% to 16.3%.
Attributable net income, in contrast, held nearly steady at KRW 7.37 billion in 2025 versus KRW 7.47 billion in 2024, suggesting non-operating items largely offset the decline in operating profit.
Operating cash flow actually rose from KRW 5.2 billion in 2024 to KRW 7.1 billion in 2025, an improvement in earnings quality.
Over the most recent four quarters (Q3 2025 through Q2 2026), quarterly revenue moved KRW 8.45 billion, KRW 10.71 billion, KRW 9.61 billion, and KRW 9.79 billion, peaking in Q4 2025 before holding in the high-nine-billion-won range through the first half of 2026.
Operating margin, however, fell from 17.4% in Q3 2025 to 12.7% in Q4 2025 before recovering to 18.4% in Q1 2026 and 18.6% in Q2 2026.
Indeed, Q1 2026 consolidated results grew 11.8% in revenue, 18.9% in operating profit, and 18.2% in net income year-on-year, driven by expansion of bitnixHIS for mid-to-large hospitals and the CLEMR cloud EMR for smaller clinics.
Equity grew steadily from KRW 62.8 billion in 2022 to KRW 73.7 billion in 2025, while the debt ratio, after briefly rising to 21.0% in 2023, fell to 13.1% in 2024 and 12.1% in 2025, keeping the financial structure stable.
Korea's hospital information system market is in a phase where large-hospital EMR upgrades and cloud migration among small and mid-sized clinics are proceeding simultaneously.
The government is pushing for cloud-native transformation in the public sector, and demand for sovereign cloud emphasizing data sovereignty is expected to spread across public and healthcare segments.
In telehealth, a December 2025 National Assembly amendment to the Medical Service Act is understood to have established a legal foundation for non-face-to-face care, a development cited alongside rising cloud EMR adoption and AI-based diagnostic and predictive demand as factors increasing the value of medical information systems.
However, the telehealth platform market has a history of roughly 50 operators proliferating after the pandemic, and only a small number have obtained the Ministry of Food and Drug Safety's u-healthcare gateway certification required for transmitting patient biometric data, which some analyses suggest could split the competitive landscape between certified and uncertified operators.
In telemedicine systems, the company continues to pair its track record building systems for remote and special institutions domestically—correctional facilities, the military, deep-sea vessels—with development-cooperation projects abroad through agencies such as KOICA.
Competitors include EZCaretech in the large-hospital HIS market and Infinitt Healthcare in imaging information systems, while BITComputer positions its long experience in small-to-mid clinic EMR and telemedicine as its differentiator.
On the regulatory front, how the detailed enforcement decree and reimbursement standards for the December 2025 telehealth-related amendment to the Medical Service Act are finalized is seen as a key point to watch going forward.
The company has designed its 'Baro Doctor' platform, which targets returning patients for non-face-to-face care, to integrate with third-party EMR systems as well as its own, a strategy aimed at lowering the adoption barrier for medical institutions once legalization takes effect.
Domestically, simultaneous expansion of the bitnixHIS hospital information system for mid-to-large hospitals and the CLEMR cloud EMR for smaller clinics is expected to remain the core driver of revenue growth.
Overseas, additional order wins building on past development-cooperation experience, such as the KOICA-backed health insurance review and telemedicine platform project in Peru, are a point of interest.
However, no formal revenue or profit guidance or new large-scale order disclosures have been confirmed, so future results are likely to hinge on renewal and expansion revenue from the existing medical information system customer base and the pace at which telehealth legalization creates new demand.
From the second half of 2026 onward, the actual adoption pace among medical institutions and whether health insurance reimbursement is applied are expected to be key points for recognizing related revenue.
BITComputer's share price relative to net asset value serves as a gauge of whether it trades at a premium or discount, and when compared with the company's five-year average trading multiples (a price-to-earnings ratio around 18 times and a price-to-book ratio around 1.6 times), the current multiple, despite the recent earnings recovery, appears to sit near the lower end of that historical band.
On the dividend front, the company paid a 2025 year-end dividend with a payout ratio of roughly 13.8%, indicating shareholder returns remain a modest share of profit.
That said, the absolute level of valuation multiples or dividend yield depends on the price at the time of purchase, so readers should refer to the real-time figures displayed on screen.
The steady annual growth in equity and the improving, lower debt ratio are background factors worth considering when assessing valuation. The rebound in operating margin from a weak Q4 2025 to a stronger first half of 2026 can be viewed as an indicator supporting the direction of earnings recovery.
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 2026-08-21
The National Assembly's December 2025 passage of a Medical Service Act amendment on non-face-to-face care is seen as establishing a legal foundation for related platform businesses. The company has long accumulated experience with its EMR-integrated 'Baro Doctor' platform and telemedicine system builds.
Once detailed enforcement standards are finalized, expansion of new services leveraging the existing medical institution customer base may become possible.
Equity has grown every year from 2022 to 2025, reaching KRW 73.7 billion, while the debt ratio has fallen to the low-teens percentage range. Operating cash flow also rose to KRW 7.1 billion in 2025 from the prior year, an improvement in earnings quality. Low leverage could underpin future capacity for new investment or shareholder returns.
Operating margin recovered clearly to 18.4% in Q1 2026 and 18.6% in Q2 2026 from 12.7% in Q4 2025. Simultaneous expansion of bitnixHIS for mid-to-large hospitals and CLEMR for smaller clinics is cited as driving the recovery in both revenue and margin. The company's long-standing market position is mentioned as underpinning this trend.
Consolidated revenue fell 2.9% year-on-year in 2025 and operating margin declined from 18.0% to 16.3%. Q4 operating margin dropped as low as 12.7%, showing significant seasonal variation. If this pattern recurs, predictability of annual results could be reduced.
About 50 telehealth platforms emerged in Korea after the pandemic, but many reportedly have not secured a clear profit model. Only a small number of operators hold the Ministry of Food and Drug Safety's u-healthcare gateway certification, so the competitive landscape could shift sharply with regulatory changes. Even after the law takes effect, how health insurance reimbursement is applied could be key to monetization.
As a small-scale operator with annual revenue in the KRW 35-37 billion range, the company shows large swings in quarterly revenue and net margin. Net margin was 27.6% in Q2 2025 but fell to 19.5% in Q3, reflecting fluctuations tied to non-operating items. At this scale, individual projects or one-off factors can have a relatively outsized impact on results.
While the telehealth-related Medical Service Act amendment has passed the National Assembly, detailed enforcement rules and health insurance reimbursement standards do not appear to be finalized yet. If the final implementation details differ from expectations, this could affect the growth pace of the related business. Disagreements among medical groups and patient organizations could also resurface during policy discussions.
The hospital information system market includes competitors such as EZCaretech and Infinitt Healthcare, while the telehealth platform segment has numerous uncertified platforms in addition to certified operators like LifeSemantics. If large IT or platform companies enter the market, share competition could intensify.
As competition in cloud and AI technology investment escalates, the company's relatively small scale could become a burden.
Quarterly revenue and margins show large swings, meaning results can be swayed by the timing of project revenue recognition or non-operating items in a given quarter. If a sharp margin decline like that seen in Q4 2025 recurs, uncertainty around annual forecasts increases.
Changes in the revenue mix from non-core segments such as education and rental businesses could also affect overall results.
Check whether the Q3 2026 results continue the operating margin recovery seen in H1 2026 (high-teens percentage range) and whether the seasonal revenue concentration pattern repeats.
Check how the detailed enforcement decree and health insurance reimbursement standards for the telehealth-related Medical Service Act amendment are finalized, and their impact on the company's 'Baro Doctor' platform.
Check the size and payout ratio of the 2026 year-end dividend and any follow-up disclosures on the ongoing share buyback to gauge the direction of shareholder return policy.
Check whether full-year 2026 revenue and operating margin continued the recovery trend away from the 2025 slowdown, and how segment revenue mix has shifted.
BITComputer is a small-cap KOSDAQ IT company built around hospital information systems (bitnixHIS, CLEMR) as its core, with telemedicine and telehealth services as a second growth driver.
In 2025, revenue and operating margin softened year-on-year, but attributable net income held nearly steady, and operating margin showed signs of recovery, climbing back into the high-teens percentage range in the first half of 2026.
The financial structure has remained stable, with equity growing every year and the debt ratio declining.
The December 2025 National Assembly passage of a telehealth-related Medical Service Act amendment is cited as a variable that could broaden the legal basis for the related business, but details on enforcement rules, health insurance reimbursement, and the competitive landscape with rival platforms still need to be confirmed.
As a small operator, the company shows notable quarter-to-quarter variation in results and a relatively large impact from non-operating items, which is worth factoring in. Any assessment going forward requires continued monitoring of how the enforcement decree is finalized and of upcoming quarterly earnings releases.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.