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
WIZ Corp's core business is highway rest-area and gas-station operations alongside an education subsidiary, and while net profit surged over the past four quarters, the increase appears driven more by non-operating items than by operating profit improvement.
2025 consolidated revenue reached KRW 112.6 billion while operating margin slipped to 2.2% from a year earlier
Owners' net profit in 1Q-2Q 2026 surged to more than three times operating profit
The company diversified in 2023 by acquiring education firms Olympiad Education and Dream One Sys
The 2024 opening of Namhangang Service Area extended the company's footprint from the Honam region into the Jungbu Inland corridor
A 5-to-1 share consolidation resolved in March 2026 took effect in April and the new shares relisted in May 2026
WIZ Corp was established in 1995 and listed on KOSDAQ in 2000; while its original purpose was information system software development and management services, its core revenue source today is highway service-area and gas-station operations.
The company manages four rest areas and gas stations on the Honam Expressway - Jeongeup, Juam-Cheonan, Juam-Suncheon and Suncheon - with revenue mainly generated from gasoline, diesel and LPG sales at the stations.
In May 2024, the company opened Namhangang Service Area near the Namyangpyeong Hi-pass IC on the Jungbu Inland Expressway, featuring digital signage, hologram guides, robot chefs, drone urban air mobility displays and VR experiences, extending its footprint from the Honam-centered region into the greater Seoul and central corridors.
In 2023, to address weakness in the rest-area business caused by the pandemic, the company acquired education firms Olympiad Education (70% stake) and Dream One Sys (85% stake) for a combined KRW 21.5 billion, establishing a new academic education business segment.
As a result, consolidated results now rest on two pillars - highway infrastructure operations and academic education - with the education segment's revenue in disclosures attributed to Olympiad Education and Dream One Sys.
The highway rest-area segment operates under a structure where operating rights are awarded through public competitive bidding run by Korea Expressway Corporation, and the company has stated it was selected based on combined evaluation of rent-rate bids and investment proposals. The company has also been gradually scaling back its legacy, lower-margin IT business segment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩27.6B | ₩1.1B | 3.9% |
| 2025Q3 | ₩30.1B | ₩500M | 1.6% |
| 2025Q4 | ₩29.9B | ₩400M | 1.4% |
| 2026Q1 | ₩27.5B | ₩1.5B | 5.4% |
| 2026Q2 | ₩27.2B | ₩2.2B | 8.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩41.2B | ₩1.4B | ₩2.8B | 3.5% | 3.6% | 11.7% |
| 2023 | ₩56.1B | ₩600M | ₩1.4B | 1.2% | 1.8% | 35.0% |
| 2024 | ₩104.7B | ₩2.8B | ₩300M | 2.7% | 0.4% | 24.9% |
| 2025 | ₩112.6B | ₩2.5B | ₩4.3B | 2.2% | 4.7% | 18.8% |
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
Consolidated revenue in 2025 rose to KRW 112.6 billion from KRW 104.7 billion in 2024, but operating profit fell to KRW 2.49 billion from KRW 2.79 billion, pulling the operating margin down from 2.7% to 2.2%. Owners' net profit, by contrast, jumped to KRW 4.29 billion from KRW 0.35 billion a year earlier.
On a quarterly basis, 3Q2025 (revenue KRW 30.07 billion, operating profit KRW 0.48 billion, owners' net profit KRW 2.19 billion) and 4Q2025 (revenue KRW 29.85 billion, operating profit KRW 0.42 billion, net profit KRW 0.57 billion) both showed low operating profit alongside relatively elevated or volatile net profit.
In 1Q2026 (revenue KRW 27.51 billion, operating profit KRW 1.50 billion, net profit KRW 3.82 billion) and 2Q2026 (revenue KRW 27.21 billion, operating profit KRW 2.22 billion, net profit KRW 7.66 billion), operating profit improved while net profit continued running at more than three times operating profit.
Over the trailing four quarters (3Q2025-2Q2026), cumulative owners' net profit reached KRW 14.24 billion, a level higher than any full prior fiscal year on record.
Given the company's disclosed holdings of listed equity securities classified as fair-value-through-profit-or-loss financial assets exposed to price risk, periods where net profit diverges sharply from operating profit likely reflect meaningful non-operating gains such as financial-asset valuation effects.
In 2023, revenue jumped to KRW 56.07 billion from KRW 41.21 billion the prior year, yet operating profit fell to KRW 0.65 billion, dragging the operating margin down from 3.5% to 1.2%, a pattern consistent with one-off and integration costs tied to the education-subsidiary acquisitions.
The debt ratio rose to 35.0% in 2023 before easing to 24.9% in 2024 and 18.8% in 2025, while operating cash flow declined from KRW 7.26 billion in 2024 to KRW 5.57 billion in 2025.
The highway rest-area and gas-station business operates under lease-type operating-right contracts awarded by Korea Expressway Corporation, with revenue linked to traffic volume and fuel prices and refining margins.
Government carbon-neutrality policy and the shift toward electric vehicles are turning EV charging infrastructure expansion within rest areas into an emerging incremental revenue source.
The competitive landscape mixes large rest areas run by major catering and distribution conglomerates with smaller regional operators such as WIZ Corp.
Having built a long operating track record in the Honam region, WIZ Corp has been pursuing geographic diversification as a niche operator by expanding into the Jungbu Inland corridor since 2024.
The academic education business, in contrast, faces a structural headwind from a shrinking school-age population amid low birth rates, compounded by intensifying competition in the private tutoring market, placing it on a different industry cycle from the rest-area business.
Because the two segments are exposed to different demand drivers, the trajectory of consolidated results can shift depending on each segment's relative contribution.
The company signed a private investment agreement with Korea Expressway Corporation in September 2023 for facility and service development at the Namhangang service area on the Jungbu Inland Expressway, and on that basis opened the Namhangang rest area and adjoining gas stations in May 2024, securing a new operating base.
A key point to watch going forward is whether the company participates in and wins additional public rest-area operating-right tenders.
Because the academic education segment's revenue contribution from Olympiad Education and Dream One Sys is disclosed separately in filings, future disclosures will show whether integration performance and profitability continue to improve.
On the capital-structure side, the board resolved a 5-to-1 share consolidation on March 4, 2026, changing the par value per share from KRW 500 to KRW 2,500 and reducing total shares outstanding from roughly 75.7 million to about 15.1 million, with the new shares relisting on May 7, 2026.
The company stated the move was intended to maintain an appropriate float and support price stability and corporate value.
Since non-operating factors appear to have contributed substantially to the recent surge in quarterly net profit, whether operating profit itself continues to improve remains the key variable for future results.
Reflecting the sharp increase in trailing four-quarter cumulative net profit, the price-to-earnings multiple calculated on that basis sits below the stock's historical trading range.
However, because this profit increase appears to owe substantially more to non-operating factors than to operating profit improvement, whether the resulting multiple can be sustained at the same level going forward is a separate matter requiring confirmation.
The share price trades at a discount to net asset value, a fact worth viewing alongside the declining debt ratio and improving financial structure.
The company has not been paying dividends recently, suggesting shareholder returns have been focused more on business reinvestment and balance-sheet improvement than on cash distribution.
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
Owners' net profit rose sharply to KRW 4.29 billion in 2025 from KRW 0.35 billion the prior year, and in 1Q-2Q 2026 net profit continued running well above operating profit. Trailing four-quarter cumulative net profit reached KRW 14.24 billion, exceeding any prior full year. This can also be read as a sign that the earnings base has broadened following diversification.
The 2024 opening of Namhangang Service Area expanded the company's footprint from the Honam-centered region into the Jungbu Inland corridor, and it is accumulating operating experience with technology-integrated rest areas.
This could serve as a competitive advantage in securing additional rest-area operating rights going forward. Diversification through the education-business acquisition also broadens the revenue base.
The debt ratio declined from 35.0% in 2023 to 24.9% in 2024 and 18.8% in 2025. Owners' equity also grew steadily, from KRW 78.36 billion in 2022 to KRW 91.57 billion in 2025. This stabilizing financial structure could provide room for further investment or new operating-right acquisitions.
The operating margin plunged from 3.5% in 2022 to 1.2% in 2023, and has remained low at 2.7% in 2024 and 2.2% in 2025. While revenue has grown, the pace of operating-profit improvement itself has been modest.
A clear recovery in the profitability of the core rest-area and gas-station operations has not yet been confirmed.
Since 3Q2025, several quarters have shown owners' net profit running several times higher than operating profit. Because the company holds fair-value financial assets such as listed equity securities, its net profit appears structurally exposed to swings tied to equity-market movements.
Should these non-operating factors fade, there is a possibility that the recent net-profit growth pattern may not repeat.
The academic education business is exposed to the long-term structural decline in the school-age population, which could constrain growth. Competition within the private tutoring market is also intense, making profitability improvement at the newly acquired subsidiaries potentially difficult. The dissimilar portfolio of rest-area operations and education services also adds management complexity.
Gas-station revenue is tied to external variables such as international oil prices, refiner margins, and highway traffic volume, exposing it to volatility. In periods of falling fuel prices, revenue itself can contract, and declining traffic volume is a direct hit to sales. Seasonal peak and off-peak variation also affects revenue.
The company holds listed equity securities classified as fair-value-through-profit-or-loss financial assets, which directly affect profit and loss as stock-index levels move.
Since this factor may have contributed to the recent surge in quarterly net profit, there is a corresponding risk that net profit could fall sharply if equity markets move in the opposite direction.
The company has a history of issuing privately placed convertible bonds, including one to fund the 2023 education-business acquisition, along with several prior bonus share issuances and convertible bond issuances.
Should further capital raising or conversion of outstanding convertible bonds occur, existing shareholders could face dilution.
The 3Q2026 quarterly report should be checked to see whether the operating margin continues to improve and how much of net profit stems from non-operating items.
The FY2026 annual and audit reports should be reviewed for the academic education segment's annual revenue contribution and the trend in the debt ratio.
Public tenders for new highway rest-area operating rights issued by Korea Expressway Corporation should be monitored for whether WIZ Corp secures additional contracts.
The impact of fair-value changes in financial assets such as listed equity securities on quarterly net profit should be tracked continuously.
WIZ Corp has diversified beyond its stable core business of highway rest-area and gas-station operations by adding an academic education segment, and expanded its footprint with the 2024 opening of Namhangang Service Area.
Financially, structural improvement is evident in a declining debt ratio and steadily growing equity, but the operating margin itself has largely remained at a low level since 2022.
From the second half of 2025 through the first half of 2026, owners' net profit repeatedly ran well above operating profit, a pattern that appears substantially attributable to non-operating factors such as valuation gains on listed equity securities.
While the trailing four-quarter cumulative net profit exceeding any prior full year is a positive signal, its sustainability appears contingent on whether the core operating profit itself continues to improve.
The 5-to-1 share consolidation resolved in March 2026 was a capital-structure adjustment aimed at float management and is not directly tied to underlying business performance.
Investors will want to watch both the trend in operating margin and the composition of net profit between operating and non-operating sources in upcoming quarterly results.
Report written 2026-09-05 · Data as of 2026-09-04
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