PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩500 per share · Prices as of the 2026-10-02 close
Korea Credit Information, the No.1 player in Korea's debt collection market, extended four straight years of growth with 2025 revenue of KRW 178.0 billion and operating profit of KRW 16.7 billion, while pursuing a new corporate information inquiry business alongside its high-dividend policy.
2025 consolidated revenue reached KRW 178.0 billion with operating profit of KRW 16.7 billion (operating margin 9.4%), marking annual growth in both revenue and profit since 2022.
iM Securities stated in a June 2026 report that the company's debt collection market share stood at approximately 20.4% as of 2025.
In Q1 2026, revenue rose 2.7% and operating profit rose 10.9% year-over-year, while net income fell 3.1% (preliminary, per WiseReport as of June 2026).
The company disclosed a value-up plan in March 2026, targeting a dividend payout ratio of at least 40%.
The company is preparing to obtain a license for a corporate information inquiry business utilizing pseudonymized and anonymized non-financial data.
Korea Credit Information, established in 1991, is a credit information company primarily engaged in debt collection, credit investigation, and civil complaint handling services, and listed on KOSDAQ in 2002.
The vast majority of revenue is generated from the debt collection business, which reportedly accounted for approximately 97% of sales as of Q2 2026, with the consumer lending business making up about 3%.
The debt collection model involves recovering claims assigned by financial institutions, telecom companies and other creditors, recognizing a contracted fee rate on recovered amounts as revenue, with a substantial portion distributed to commissioned collection agents as sales commissions.
The company operates a nationwide network of more than 55 directly-run branches, including coverage of Jeju Island.
Korea's debt collection industry has high entry barriers requiring at least 50% financial institution ownership and minimum capital of KRW 3 billion under Financial Services Commission licensing, keeping the number of licensed operators at around 23 for several years.
Many competitors are affiliates of financial institutions handling mostly captive volume, whereas Korea Credit Information faces fewer business restrictions, giving it access to a more diverse client base.
Subsidiaries include Happy Dream Financial, which engages in real estate-secured lending, and Interaction Korea, related to call-center outsourcing, reflecting a degree of business diversification.
As a new growth avenue, the company is preparing to obtain a license for a corporate information inquiry business leveraging its accumulated non-financial data assets, an attempt to extend its credit information expertise into a new data-driven business line.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩44.9B | ₩4.2B | 9.3% |
| 2025Q3 | ₩45.5B | ₩4.5B | 10.0% |
| 2025Q4 | ₩45B | ₩4.7B | 10.4% |
| 2026Q1 | ₩43.8B | ₩3.7B | 8.4% |
| 2026Q2 | ₩43.3B | ₩3.8B | 8.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩146.8B | ₩12B | ₩10.6B | 8.2% | 27.0% | 122.0% |
| 2023 | ₩158.2B | ₩13.1B | ₩11.8B | 8.3% | 25.8% | 99.8% |
| 2024 | ₩171.3B | ₩15.3B | ₩13.2B | 8.9% | 25.0% | 84.0% |
| 2025 | ₩178B | ₩16.7B | ₩13.3B | 9.4% | 21.1% | 81.5% |
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
Annual revenue rose for four consecutive years, from KRW 146.8 billion in 2022 to KRW 158.2 billion in 2023, KRW 171.3 billion in 2024, and KRW 178.0 billion in 2025.
Operating profit also climbed steadily from KRW 12.0 billion in 2022 to KRW 16.7 billion in 2025, with the operating margin improving from 8.2% in 2022 to 9.4% in 2025.
Net income attributable to owners expanded from KRW 10.6 billion in 2022 to KRW 13.3 billion in 2025, though the increase from KRW 13.2 billion in 2024 to KRW 13.3 billion in 2025 was modest, suggesting net income growth lagged behind the pace of revenue and operating profit gains.
On a quarterly basis, operating profit continued rising through Q3 2025 (KRW 4.5 billion) and Q4 2025 (KRW 4.7 billion), before slowing in Q1 2026 to revenue of KRW 43.8 billion and operating profit of KRW 3.7 billion, with owners' net income falling to KRW 2.7 billion from KRW 3.4 billion in Q4 2025.
Q2 2026 showed revenue of KRW 43.3 billion, operating profit of KRW 3.8 billion, and owners' net income of KRW 3.3 billion, indicating some recovery at the net income line. Trailing four-quarter (Q3 2025 through Q2 2026) owners' net income totaled roughly KRW 13.1 billion, broadly tracking the 2025 annual trajectory.
On the cash flow side, operating cash flow surged from KRW 7.5 billion in 2022 to KRW 20.4 billion in 2024 before easing to KRW 17.5 billion in 2025.
These figures show the company sustaining revenue growth alongside margin improvement, but the gap between net income growth and top-line/operating profit growth in recent periods warrants attention to non-operating items or tax effects.
Korea's debt collection industry operates under a Financial Services Commission licensing regime requiring at least 50% financial institution ownership and minimum capital of KRW 3 billion, which has kept the number of licensed operators at around 23 for an extended period.
In a June 2026 report, iM Securities described the company's business model as a labor-intensive, fee-based structure distinct from capital-leveraged general financial firms, noting that while debt collection is generally viewed as benefiting during economic downturns, actual profit growth tends to peak when the lag between delinquency occurrence and collection mandate assignment coincides with improved recoverability during economic recovery.
This lag dynamic is supported by the fact that revenue growth accelerated not in 2022, when delinquencies worsened amid rising rates, but in the subsequent 2023-2024 period.
In a brand reputation survey as of August 2026, Korea Credit Information ranked first among 23 debt collection brands by reputation index, followed by KB Credit Information and Shinhan Credit Information.
Competitively, many rivals are affiliates of financial institutions relying largely on captive volume, whereas Korea Credit Information faces fewer business restrictions, allowing it to secure a more diverse client base, a structural differentiator.
Given the industry's tendency for results to lag macro indicators such as household debt and corporate delinquency rates, how the current environment of prolonged high rates and rising household debt affects future collection volumes remains a point to monitor.
In its March 2026 value-up plan, the company set a target to maintain a dividend payout ratio of at least 40%, citing policies to preserve high-dividend tax benefits and improve capital efficiency through cost structure optimization and operating expense control.
The disclosure also noted plans to strengthen internal controls and review information security risks.
As a new growth driver, the company is preparing to obtain a license for a corporate information inquiry business using pseudonymized and anonymized non-financial data, an attempt to convert data assets accumulated through its collection operations into a new revenue stream.
Subsidiary Happy Dream Financial is reported to be seeing improved profitability in its real estate-secured lending business.
In a June 2026 report, iM Securities projected that rising leading indicators driven by a strong semiconductor cycle are raising expectations for economic recovery, which could support earnings growth based on accumulated claim volumes and improved recovery rates.
However, the uneven pace of recovery is also evident, as Q1 2026 net income declined year-over-year, meaning the extent to which improved volumes and recovery rates translate into the bottom line remains a point requiring further confirmation.
The company's valuation should be considered alongside its disclosed policy of maintaining a dividend payout ratio of at least 40%. The steady expansion of profit scale amid ongoing earnings improvement provides a fundamental reference point relevant to valuation.
In a June 2026 report, iM Securities assessed that the stock had recently underperformed as actual revenue growth fell short of expectations, and judged that valuation multiples based on its own estimates had declined relative to the company's five-year historical average.
This assessment, however, reflects that brokerage's own view and may differ from broader market perspectives.
The relationship between share price and net asset value should be viewed alongside the company's pattern of steadily growing shareholders' equity each year, while the attractiveness of dividends will depend on how the 40% payout ratio target is actually reflected in future dividend decisions.
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
Revenue and operating profit both increased every year from 2022 through 2025, with the operating margin improving from 8.2% to 9.4%. The company's position as the No.1 market share holder in debt collection appears to be supporting stable claim volume. This multi-year growth trajectory suggests a degree of earnings resilience through industry cycles.
The company disclosed a value-up plan in March 2026 targeting a dividend payout ratio of at least 40%. Policies for cost structure optimization and operating expense control were presented alongside this, which could support expectations for continuity in shareholder return policy. However, whether this target is met needs to be confirmed through actual future dividend decisions.
In a June 2026 report, iM Securities stated that rising leading indicators driven by a strong semiconductor cycle are raising expectations for economic recovery, which could support earnings growth based on accumulated claim volumes and improved recovery rates.
Given the inherent lag between delinquency occurrence and collection in this industry, a similar prior phase (2023-2024) saw revenue growth accelerate.
Net income attributable to owners grew only marginally from KRW 13.2 billion in 2024 to KRW 13.3 billion in 2025, and in Q1 2026 net income fell 3.1% year-over-year even as revenue and operating profit rose (preliminary, per WiseReport as of June 2026). A gap has emerged where net income growth has not fully kept pace with revenue and operating profit growth.
Operating cash flow declined from KRW 20.4 billion in 2024 to KRW 17.5 billion in 2025. That cash flow decreased in a year when revenue and operating profit both increased suggests a need to examine changes in operating assets and liabilities or timing differences in collection settlements.
Debt collection industry results tend to lag economic cycles due to the time gap between delinquency occurrence and collection.
If economic recovery falls short of expectations or is delayed, the timing of improved recovery on accumulated claim volumes could also be pushed back, leaving uncertainty around the pace and magnitude of earnings improvement.
The debt collection business is heavily regulated through Financial Services Commission licensing and statutory obligations governing debt collectors, and any tightening of regulations against illegal collection practices or changes to consumer protection policy could affect business practices and revenue structure.
The new corporate information inquiry business under preparation also requires a separate license and compliance with data usage regulations.
The company's revenue structure relies heavily on commissioned collection agents, so the departure of skilled personnel or intensified competition for talent could directly affect recovery rates and results.
Given the significant weight of labor-related sales commissions, the impact of personnel cost fluctuations on margins also warrants consideration.
Debt collection volumes and recovery rates tend to lag macro conditions such as household debt levels and corporate delinquency rates, so earnings volatility could increase if the economic trajectory diverges from expectations.
Changes in claim assignment policies at financial institutions or shifts in contract terms with major clients are additional factors that could have an impact.
Q3 2026 earnings disclosure will show whether the net income slowdown seen in Q1 2026 persists or whether the recovery trend from Q2 continues.
Progress on the corporate information inquiry business license and the degree of concretization in related new revenue plans should be monitored.
The 2026 annual business report and dividend decision disclosure will be the point to confirm whether the target payout ratio of at least 40% was actually met.
Implementation results of the value-up plan and findings from internal control and information security risk reviews may be disclosed through agenda items or reports at the annual general meeting, warranting confirmation.
Korea Credit Information has maintained its position as the No.1 player in Korea's debt collection market with roughly 20% market share, recording four consecutive years of revenue and operating profit growth since 2022.
While the operating margin gradually improved from the 8% range to the 9% range, growth in net income attributable to owners has shown signs of slowing relative to revenue and operating profit in recent quarters.
The company disclosed a value-up plan in March 2026 targeting a dividend payout ratio of at least 40%, and is preparing to obtain a license for a new corporate information inquiry business as a growth driver.
On the industry side, both a stable competitive landscape supported by high entry barriers and the potential for lagged earnings improvement tied to delinquency-recovery timing gaps are cited factors.
The Q1 2026 net income decline and the deceleration in operating cash flow are points worth watching to see if recovery is reconfirmed in upcoming quarterly results.
Ahead of any investment decision, it would be useful to comprehensively track upcoming quarterly earnings, progress on the new business license, and actual implementation of the dividend policy.
Report written 2026-09-05 · Data as of 2026-09-04
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