PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩260 per share · Prices as of the 2026-10-02 close
Revenue from index licensing fees tied to the expanding ETF market has driven operating leverage, with earnings improving for four consecutive quarters.
2025 revenue reached KRW 35.4 billion with operating profit of KRW 10.7 billion, lifting the operating margin to 30.1%.
About 15% of domestically listed ETFs use FnGuide indices as their underlying benchmark, the second-highest share after the Korea Exchange.
Net assets of ETFs tracking the company's proprietary indices have surpassed KRW 70 trillion, expanding the base for index licensing revenue.
The operating margin expanded to 52.7% in the second quarter of 2026, a quarterly high.
The company is pursuing a value-up plan targeting 15% revenue CAGR and a dividend payout ratio above 25%.
FnGuide is a financial information specialist operating three business lines built on domestic capital market data: financial information services, index, and fund evaluation.
The financial information services segment provides research platforms and data feeds to domestic and overseas securities firms and research institutions through FnGuide.com, WiseReport, DataGuide, and QuantiWise, and remained the largest revenue contributor as of the first quarter of 2026.
The index business serves asset managers, securities firms, and pension funds by developing underlying indices for ETFs and ETNs and providing real-time feeds, earning fees proportional to the assets under management (AUM) of index-tracking ETFs.
About 15% of domestically listed ETFs use FnGuide indices as their benchmark, the second-highest share after the Korea Exchange (KRX), with particular strength in thematic ETFs.
The fund evaluation business consists of fund evaluation, which covers public fund grading and asset manager ratings, and institutional consulting, which covers pension fund performance evaluation and asset allocation advisory.
The company pursues a strategy of growing captured AUM by launching an average of about 20 new ETFs per year, and recent growth in semiconductor and Samsung Group-themed ETF AUM has contributed to earnings.
The competitive landscape includes the Korea Exchange, which holds the largest share of the index market, alongside NICE Information Service and Koscom in data and evaluation.
The company is also advancing an AI-driven service overhaul and strengthening finance-specialized large language model capabilities to expand machine-learning-based content.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.6B | ₩2.1B | 27.1% |
| 2025Q3 | ₩8.4B | ₩2.7B | 31.9% |
| 2025Q4 | ₩9.5B | ₩3.8B | 40.2% |
| 2026Q1 | ₩11.5B | ₩4.7B | 40.7% |
| 2026Q2 | ₩14.9B | ₩7.9B | 52.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩28.4B | ₩6.1B | ₩7.9B | 21.4% | 14.2% | 75.6% |
| 2023 | ₩29.6B | ₩6.1B | ₩7.8B | 20.5% | 13.2% | 59.2% |
| 2024 | ₩31.6B | ₩7.6B | ₩4.1B | 24.2% | 6.6% | 37.6% |
| 2025 | ₩35.4B | ₩10.7B | ₩9.9B | 30.1% | 14.3% | 28.3% |
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
Full-year 2025 revenue rose 12.0% year over year to KRW 35.4 billion from KRW 31.6 billion, while operating profit grew 39.4% to KRW 10.7 billion, lifting the operating margin from 24.2% to 30.1%.
Net income attributable to owners jumped 143% to KRW 9.9 billion from KRW 4.1 billion the prior year, a rebound from the 2023-to-2024 stretch when profit fell 47% (from KRW 7.8 billion to KRW 4.1 billion) despite rising operating profit, suggesting non-operating drags had eased.
On a quarterly basis, revenue nearly doubled from KRW 7.6 billion with KRW 2.1 billion in operating profit in the second quarter of 2025 to KRW 14.9 billion with KRW 7.9 billion in operating profit in the second quarter of 2026, with the operating margin expanding sharply from 27.1% to 52.7%.
Quarterly net income attributable to owners climbed from KRW 2.6 billion in the third quarter of 2025 and KRW 2.5 billion in the fourth quarter to KRW 4.8 billion in the first quarter of 2026 and KRW 6.2 billion in the second quarter.
The trailing four-quarter sum of net income attributable to owners (third quarter 2025 through second quarter 2026) reached KRW 16.1 billion, roughly four times the full-year 2024 figure of KRW 4.1 billion.
In the second quarter of 2025, net income attributable to owners (KRW 3.3 billion) exceeded operating profit (KRW 2.1 billion), indicating non-operating items influenced results in certain quarters.
This profitability improvement reflects the index business's characteristic of absorbing most incremental revenue into profit given its largely fixed cost base. On the balance sheet, the debt ratio steadily declined from 75.6% in 2022 to 28.3% in 2025, indicating improved financial stability.
The domestic ETF market's total net assets surpassed KRW 276 trillion as of October 2025 and continue to expand, with ETFs tracking FnGuide-calculated indices accounting for roughly 10%, or more than KRW 30 trillion, of that total.
Net assets of ETFs based on the company's proprietary indices have since exceeded KRW 70 trillion, suggesting the base for index licensing revenue continues to grow alongside the broader market.
Among asset managers, growth is concentrated around Samsung Asset Management's KODEX and Mirae Asset Management's TIGER lineups, and rising AUM in thematic products such as semiconductor and Samsung Group ETFs flows directly into index providers' fee revenue.
Competitively, the Korea Exchange (KRX) holds the largest share of the index market, with FnGuide holding the next-highest share, anchored by strength in thematic ETFs.
In the financial information services market, intensifying competition among securities firms and research institutions sustains demand for rapid information delivery, keeping the underlying demand for data distribution services solid.
Foreign ownership rose from 0.37% in 2023 to 14.76% as of November 2025, a shift interpreted as reflecting confidence in the company's stable dividend policy, low share price volatility, and value-up plan.
In terms of cycle positioning, the company appears to be benefiting from the structural tailwinds of a strong domestic equity market and expanding passive investment.
The company set its 2026 revenue target at 11% to 48% growth over the prior year's KRW 35.4 billion, projecting stable growth in financial information services and fund evaluation alongside continued expansion in the index business.
Hana Securities, in a report dated May 7, 2026, forecast 2026 revenue of KRW 55.0 billion, up 55.4% year over year, and operating profit of KRW 27.0 billion, up 144.9%.
The company disclosed a value-up plan on March 31, 2026, targeting a 15% revenue CAGR and a dividend payout ratio above 25% (maintaining its high-dividend company status), with detailed measures to be supplemented via disclosure in the second quarter of 2026.
The 2025 dividend payout ratio reached 30.01%, exceeding the target, with total dividend payments rising 18.18% year over year to about KRW 2.97 billion.
The index business continues its strategy of expanding AUM in line with an average of 20 new ETF launches per year, and appears to be pursuing portfolio diversification into bond, overseas equity, and digital asset indices.
In financial information services, the company is advancing research platform upgrades and strengthening content competitiveness using finance-specialized large language models and machine learning.
However, the company itself has noted that these projections include forward-looking information subject to change based on market and operating conditions.
The current share price trades near the upper end of the multi-year band it has occupied, and it also carries a notable premium relative to net asset value. This can be read as the market pricing in the index business's structural growth and the clear earnings recovery seen in recent quarters.
On dividends, the company's minimum-dividend-per-share policy and its value-up plan targeting a payout ratio above 25% have strengthened stability, though the dividend yield itself runs below the average for KOSDAQ information service peers.
Having moved through a period of earnings stagnation in 2023-2024 into a clear recovery phase from 2025 onward, how future results justify the current valuation level remains a key point to watch.
Given the characteristics of a small-cap stock, trading multiples also tend to show relatively high volatility in response to shifts in earnings expectations or supply and demand.
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
Net assets of ETFs based on the company's proprietary indices have surpassed KRW 70 trillion, continuing to expand the base for index licensing revenue. Total net assets in the domestic ETF market have also passed KRW 276 trillion, sustaining structural growth that could continue to benefit the index provider. Its strength in thematic ETFs translates into new product launches whenever fresh themes emerge.
The operating margin climbed to 30.1% in 2025 and further expanded to 52.7% in the second quarter of 2026. This reflects the index business's characteristic of absorbing most incremental revenue into profit given a largely fixed cost base. Continuation of this margin expansion trend could translate into a qualitative improvement in earnings growth.
The company disclosed a value-up plan targeting a dividend payout ratio above 25%, and the actual 2025 payout ratio of 30.01% exceeded that target. Foreign ownership rose from 0.37% in 2023 to 14.76% as of November 2025, interpreted as reflecting growing confidence in the stable dividend policy. A minimum-dividend-per-share policy also supports the sustainability of dividend funding.
Index business revenue depends heavily on ETF launches by large asset managers such as Samsung Asset Management and Mirae Asset Management, and on AUM growth in specific themes like semiconductors and the Samsung Group.
If thematic popularity fades or capital flows out of related ETFs, growth in index licensing revenue could slow. There is also a structural burden of continuously identifying new themes and maintaining the pace of product launches.
In the transition from 2023 to 2024, operating profit rose while net income attributable to owners fell sharply, and in the second quarter of 2025, net income exceeded operating profit. This shows that non-operating factors can affect results in specific quarters or years. Quarterly results show relatively wide swings, warranting caution when assessing trends.
As a relatively small-cap stock, trading multiples can be volatile, and price movements may be comparatively sensitive to shifts in supply and demand. The current share price trades near the upper end of its historical band, reflecting a premium relative to net asset value. If future results fall short of expectations, pressure for a valuation adjustment could increase.
In the index calculation market, the Korea Exchange (KRX) retains the largest share, so the company's competitive edge is not absolute. Competition with data and evaluation rivals such as NICE Information Service and Koscom also continues.
A slowdown in ETF market growth or a weakening of ties with specific large asset managers could affect the index business's growth rate.
There have been past instances where net income attributable to owners fell sharply despite rising operating profit, indicating the ongoing possibility of earnings fluctuation from non-operating factors. Quarterly results have also shown relatively wide deviations. This is a point of caution when assessing whether annual guidance will be met.
The 2026 value-up plan includes forward-looking information stating that detailed measures would be supplemented via later disclosure, so actual implementation and timing may differ from the plan.
Whether the dividend payout ratio and revenue growth targets are met remains fluid depending on market and operating conditions. Delays or adjustments to these targets could affect investor confidence.
Around this time, the third-quarter 2026 preliminary results are due for disclosure; it will be worth checking whether the index segment's revenue share and the operating margin sustain the second quarter's 52.7% level.
This is the point to check whether actual full-year results align with the annual guidance presented by Hana Securities (revenue of KRW 55.0 billion, operating profit of KRW 27.0 billion).
It is worth monitoring the pace of further inflows after the company's proprietary-index ETF net assets surpassed KRW 70 trillion, along with news of new thematic ETF launches.
This is when the final 2026 fiscal year dividend decision, whether the payout ratio target of above 25% was met, and detailed progress on the value-up plan should be checked.
FnGuide operates a business structure anchored in three segments—financial information services, index, and fund evaluation—that directly benefits from growth in the domestic ETF market.
Following an operating margin increase to 30.1% in 2025 and further expansion to 52.7% in the second quarter of 2026, operating leverage has become evident, with the trailing four-quarter sum of net income attributable to owners reaching roughly four times the full-year 2024 figure.
However, as seen in the 2023-to-2024 period, there remains potential for earnings fluctuation from non-operating factors, and index business growth depends considerably on AUM trends tied to specific large asset managers and thematic ETFs.
The value-up plan targeting a dividend payout ratio above 25% and the rise in foreign ownership read as positive signals for shareholder returns and market confidence.
The current share price trades near the upper end of its historical band with a premium relative to net asset value, making it a point of interest how future results support that level.
Upcoming third-quarter results, alignment with annual guidance, and the detailed execution of the value-up plan will serve as the next points of reference.
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.