PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Webcash's revenue has stayed in the roughly KRW 70-88 billion range for four straight years while net income attributable to owners has been recovering, and the company is now diversifying growth drivers through an AI-agent pivot and a new ERP business.
2025 consolidated revenue was KRW 74.36 billion, operating profit KRW 13.47 billion, and net income attributable to owners KRW 12.46 billion, a sharp improvement in net income year over year.
The business is built on three product lines—In-house Bank, Branch, and Kyungrinara—with a fairly even revenue split of 35.65%, 29.69%, and 34.66% as of Q3 2025.
The company has framed 2026 as the year for tangible results from its AI-agent business and is expanding agent structures across cash management, banking, and management-information domains.
Webcash plans to enter the small-business ERP solutions market in the first half of 2026, aiming for cross-selling synergies with its existing CMS business.
Eugene Investment & Securities set a target price of KRW 13,000 in its March 2026 report, a downward revision from its prior figure.
Founded in 1999, Webcash is a first-generation domestic B2B fintech company that built its foundation in corporate cash management solutions (CMS).
Its core products split into three tiers by customer size: In-house Bank for public institutions and very large enterprises, Branch for mid-sized and large corporates, and Kyungrinara for small and micro businesses.
As of Q3 2025, revenue mix was fairly balanced at 35.65% for In-house Bank, 29.69% for Branch, and 34.66% for Kyungrinara. The company also runs an e-finance system-building business for financial institutions and a B2B solutions/distribution segment.
Webcash expanded beyond its cash-management core into payroll and year-end tax settlement outsourcing through its acquisition of Newgen PNP.
At the group level, Webcash Group also holds the data-platform affiliate Coocon and expense-management solution Bizplay, while another affiliate operates integrated local-currency (regional gift certificate) systems for municipalities, giving the group a public-sector presence as well.
On the competitive front, Douzone Bizon's WEHAGO, Coocon, and NHN KCP all compete in the corporate finance and accounting software market, making defense of market share an ongoing challenge.
More recently, the company has been shifting its strategy from cash management toward AI agents and ERP, planning to enter the small-business ERP solutions market with its 'SERP' product in the first half of 2026.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩18B | ₩3.6B | 20.1% |
| 2025Q4 | ₩18.5B | ₩3B | 16.3% |
| 2026Q1 | ₩17.8B | ₩2.7B | 14.9% |
| 2026Q2 | ₩20.3B | ₩3.3B | 16.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩87.9B | ₩20.6B | ₩11.5B | 23.4% | 11.2% | 25.1% |
| 2023 | ₩73.6B | ₩13.7B | ₩5.6B | 18.6% | 5.4% | 17.8% |
| 2024 | ₩74.2B | ₩13.9B | ₩7.2B | 18.7% | 7.0% | 23.0% |
| 2025 | ₩74.4B | ₩13.5B | ₩12.5B | 18.1% | 11.2% | 18.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
On an annual basis, revenue fell sharply from KRW 87.87 billion in 2022 to KRW 73.58 billion in 2023, then stayed largely flat at KRW 74.18 billion in 2024 and KRW 74.36 billion in 2025—effectively stuck in the KRW 73-75 billion range for three years.
Operating profit followed a similar pattern, declining from KRW 20.60 billion (23.4% operating margin) in 2022 to KRW 13.72 billion (18.6%) in 2023, KRW 13.89 billion (18.7%) in 2024, and KRW 13.47 billion (18.1%) in 2025.
Net income attributable to owners, however, showed a clear recovery, rising from KRW 5.61 billion in 2023 to KRW 7.16 billion in 2024 and KRW 12.46 billion in 2025, improving even as revenue and operating profit stayed flat.
Looking at the most recent four quarters (Q3 2025 through Q2 2026), quarterly revenue moved from KRW 18.00 billion to KRW 18.52 billion, KRW 17.81 billion, and KRW 20.33 billion, with Q2 2026 posting the highest figure in the window.
Operating margin slipped from 20.1% in Q3 2025 to 16.3% in Q4 2025 and 14.9% in Q1 2026, before recovering slightly to 16.4% in Q2 2026.
Notably, in Q4 2025 net income attributable to owners of KRW 4.38 billion exceeded operating profit of KRW 3.02 billion, suggesting a non-operating item lifted the bottom line, likely a one-off factor.
In Q1 and Q2 2026, the gap between operating profit and net income narrowed, indicating a smaller non-operating impact.
On the cash-flow side, operating cash flow rose from KRW 8.59 billion in 2022 and KRW 6.96 billion in 2023 to KRW 15.37 billion in 2024, before easing to KRW 12.71 billion in 2025—not always moving in lockstep with reported net income.
In Korea's B2B fintech and corporate financial software market, Webcash has long held a strong position in corporate cash management solutions (CMS), though competition is increasingly intensifying.
Competitors such as group affiliate Coocon and NHN KCP are expanding fintech businesses built on corporate financial data, making defense of market share an ongoing challenge.
Douzone Bizon directly competes in the CMS space through its WEHAGO corporate finance service, which incorporates virtual accounts and e-wallets to support everything from bill collection to deposits and withdrawals.
Across the industry, there is a growing view that financial AI agents are evolving beyond chatbots into tools that actually execute tasks, and Webcash has aligned with this trend by expanding agent applications into cash management, banking, and management-information domains.
In the public sector, businesses tied to regional gift-certificate (local currency) platforms operated for municipalities are sensitive to government budget decisions, meaning public budget allocations can be a swing factor for revenue.
Tighter fintech regulation from financial authorities and the risk of financial data breaches are commonly cited risks across the industry.
After declaring 2025 as the year of 'AX (AI Transformation),' Webcash unveiled its finance-specialized AI agent 'OPERIA' at the 'Financial AI Agent Conference 2026' held in Seoul on April 23, 2026, and stated it had applied agent structures to key services including Branch Q, rERP Q, and Kyungrinara.
The company set a first-phase target of providing agents free of charge to the 10,000 companies using its mid-to-large corporate cash management service, Branch, and said it is working to embed an OPERIA-based agent into internet banking, with agent banking expected to commercialize as early as 2026 or by 2027 at the latest.
Public and financial-sector expansion examples disclosed include an agent-banking proof of concept with NH NongHyup Bank and a management-information agent pilot with Kwangju Bank.
On the ERP front, Webcash plans to upgrade its small-business management/ERP solution 'SERP' and customized ERP solutions for universities and research institutions during the first half of 2026, presenting this as a core growth strategy to lift revenue from under KRW 100 billion currently to around KRW 200 billion over the medium term.
Eugene Investment & Securities estimated in its December 2025 report that 2025 revenue would reach KRW 77.2 billion (+4.89% year over year) and operating profit KRW 14.5 billion (+5.07%), figures that came in somewhat above the confirmed actual results of KRW 74.36 billion in revenue and KRW 13.47 billion in operating profit.
The Korea IR Association projected in a December 2025 report that Webcash's top-line growth would become more visible in 2026, driven by stable CMS revenue combined with expanded AI transformation and ERP-linked business.
Historical data show the stock traded at an average of roughly 17.9x price-to-earnings and 2.13x price-to-book over a five-year period, and recent trading multiples sit below that band.
The share price is positioned relatively close to per-share net asset value, meaning it does not carry a large premium over book value. Net income has been on a recovery path since 2023 even as revenue growth has stalled, and the current multiple level offers one gauge of how the market is weighing that combination.
The company has continued to pay a cash dividend in its most recent fiscal year, maintaining its shareholder-return policy. Until the AI-agent and ERP businesses begin contributing meaningfully to revenue, current trading multiples may continue to sit below their historical band.
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 2026-09-04
Webcash unveiled OPERIA and applied agent structures to key products including Branch Q, rERP Q, and Kyungrinara, setting a first-phase goal of providing agents free of charge to 10,000 Branch-using companies.
Pilot projects disclosed with NH NongHyup Bank and Kwangju Bank point to potential spread across the financial sector. Agent banking for internet banking is slated to commercialize as early as 2026 or by 2027 at the latest.
The company plans to upgrade its small-business ERP solution 'SERP' and customized ERP for universities and research institutions in the first half of 2026, with the fact that over 60% of Kyungrinara and Branch customers already integrate with third-party ERP systems supporting the realism of the move.
A CMS-ERP bundled cross-selling strategy has the potential to strengthen customer lock-in and raise average revenue per user. This has been presented as a strategy to lift revenue from under KRW 100 billion currently to around KRW 200 billion over the medium term.
Net income attributable to owners improved for two consecutive years, from KRW 5.61 billion in 2023 to KRW 7.16 billion in 2024 and KRW 12.46 billion in 2025. This occurred even as revenue and operating profit stayed flat, suggesting improvements in cost structure or non-operating items.
The sum of net income over the most recent four quarters, around KRW 12.75 billion, supports the annual improvement trend.
Revenue fell sharply from KRW 87.87 billion in 2022 to KRW 73.58 billion in 2023 and has stayed stuck in the KRW 74 billion range in both 2024 and 2025. Operating margin has also remained lower, declining from 23.4% in 2022 to 18.1% in 2025. Top-line stagnation could persist until the AI and ERP businesses translate into visible revenue.
Douzone Bizon's WEHAGO, group affiliate Coocon, and NHN KCP are all expanding competition in the corporate finance and data-solutions market. Douzone Bizon in particular launched tax-and-accounting-focused ERP products such as WEHAGO T ahead of Webcash, suggesting competition will also extend into ERP. Continued market entry by various fintech firms is cited as an ongoing threat.
Eugene Investment & Securities, in lowering its target price, explained that the move reflected not a change in business direction but a realistic view that AI CMS commercialization needs more time before entering a full-scale expansion phase.
If AI CMS diffusion and AI-banking system-integration work in 2026 fail to translate into meaningful top-line growth, expectations for the new businesses could be pushed further out. The ERP market is also at an early entry stage, meaning a lag between initial investment and monetization is possible.
Multiple fintech and software companies—including Douzone Bizon, Coocon, and NHN KCP—operate in the corporate finance and accounting solutions market, creating pressure from price competition and the burden of defending market share. Continued market entry by various fintech firms is also cited as a threat to Webcash's existing CMS business.
Tighter regulation of fintech firms by financial authorities could constrain business expansion, and the risk of financial-data breaches is directly tied to maintaining customer trust. Given Webcash's exposure to public-sector business, changes in government budget policy could also affect revenue.
The AI-agent transformation and ERP market entry are both still at an early stage, and if commercialization and rollout do not proceed on the planned schedule, monetization relative to investment could be delayed.
The AI-banking system-integration business in particular targets financial institutions, where decision-making processes can take longer.
Watch the Q3 2026 earnings release to check whether the AI CMS and ERP businesses are contributing to revenue and how operating margin is trending.
Check whether the company's announced timeline for internet-banking agent-banking commercialization ('as early as 2026, at the latest 2027') is actually being met.
Confirm the actual launch and early customer traction of the 'SERP' ERP solution, which the company planned to enter in the first half of 2026.
Review the full-year 2026 earnings and dividend disclosure to assess whether the net-income recovery trend continued and whether new businesses contributed to annual revenue growth.
Webcash has shown a clear recovery in net income attributable to owners since 2023 even as revenue has stagnated for four straight years, a pattern that appears to reflect balanced support from its three CMS business lines—In-house Bank, Branch, and Kyungrinara.
The company is now trying to reignite stalled top-line growth through two new pillars, an AI-agent transformation and entry into the ERP market, with early results already disclosed through pilot projects with NH NongHyup Bank and Kwangju Bank.
At the same time, as Eugene Investment & Securities noted when lowering its target price, there is a view that full-scale diffusion of AI CMS commercialization will take more time.
On the competitive front, Douzone Bizon, Coocon, and NHN KCP continue to expand competition in the corporate finance and data-solutions market, keeping pressure on Webcash to defend its market share.
From a valuation standpoint, the stock is trading below its five-year average multiple band, and its price sits close to net asset value per share.
Ultimately, the timing and scale of new-business revenue contribution, together with the company's ability to hold share against established competitors, appear to be the key variables that will shape its earnings trajectory going forward.
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.