PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,320 per share · Prices as of the 2026-10-02 close
MegaStudy Co., Ltd. (072870) is a separate holding company from listed education firm MegaStudy Edu (215200), running professional exam-prep education, publishing, food service, and golf course leisure businesses, with leisure revenue overtaking education revenue in 2025.
072870 is a distinct listed entity from MegaStudy Edu (215200), operating MegaMD (law/bar exam/dental-medical grad school/real estate license education), MegaStudy Books (publishing), Mega Food (catering), and three golf courses (leisure) as subsidiaries.
In 2025, leisure (golf course) revenue reached 35.0 billion won, accounting for 27.5% of total sales and narrowly overtaking the once-core education business by revenue size.
Consolidated revenue fluctuated from 121.6 billion won in 2022 to 107.8 billion in 2023, 134.3 billion in 2024, and 127.3 billion in 2025, while the operating margin improved from 9.6% in 2023 to 17.7% in 2024 before easing to 16.1% in 2025.
Quarterly operating profit bottomed at 1.5 billion won in Q1 2026 before rebounding to 7.4 billion won in Q2 2026, showing a seasonal pattern.
The debt ratio rose from 18.6% in 2022 to 46.6% in 2025, reflecting borrowing and lease liabilities tied to golf course acquisitions, alongside intercompany loan and guarantee risks.
After spinning off its core secondary-school education business into MegaStudy Edu (215200) in 2015, MegaStudy Co., Ltd. (072870) was reorganized into a holding company operating investment and other businesses, education, publishing, food service, and leisure through its head office and subsidiaries.
The parent company directly runs the investment/advisory/venture-capital segment along with publishing (MegaStudy Books) and food service (Mega Food), while subsidiary MegaMD handles online and offline professional education for law school, bar exam, dental/medical graduate school, and real estate license candidates.
However, this education segment's revenue fell from 121.8 billion won in 2016 to 64.4 billion won in 2022, and has recently barely held above the 30-billion-won level.
Having centered its business on the Pharmacy Education Eligibility Test (PEET) introduced in 2010, the segment shifted toward real estate and professional exam markets after PEET was abolished, but growth never recovered.
Filling this gap has been the golf course leisure business: through subsidiary Mega BMC and its unit MS Leisure, the company acquired three golf courses starting with Gimhae Powell Country Club in 2023, followed by Anseong Powell Country Club and Princess Golf Club.
In 2025, leisure revenue reached 35.0 billion won, or 27.5% of total sales, narrowly surpassing the once-core education business in scale.
The largest shareholder is Chairman Son Joo-eun, and combined with related parties including his sister and CEO Son Eun-jin and brother-in-law Vice Chairman Kim Seong-o, family stakes approach 40%, maintaining a founder-family-centered governance structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩35.9B | ₩8.8B | 24.5% |
| 2025Q3 | ₩34.3B | ₩7B | 20.4% |
| 2025Q4 | ₩28.3B | ₩3.1B | 10.9% |
| 2026Q1 | ₩27.6B | ₩1.5B | 5.6% |
| 2026Q2 | ₩33.7B | ₩7.4B | 21.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩121.6B | ₩12.2B | ₩19.1B | 10.0% | 6.3% | 18.6% |
| 2023 | ₩107.8B | ₩10.4B | ₩20.3B | 9.6% | 6.5% | 41.5% |
| 2024 | ₩134.3B | ₩23.8B | ₩16.1B | 17.7% | 5.1% | 51.4% |
| 2025 | ₩127.3B | ₩20.5B | ₩27.3B | 16.1% | 8.1% | 46.6% |
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
Consolidated revenue fell about 11% from 121.6 billion won in 2022 to 107.8 billion won in 2023, rebounded to 134.3 billion won in 2024, then declined 5.2% to 127.3 billion won in 2025.
Operating profit followed a similar curve: 12.2 billion won in 2022, 10.4 billion won in 2023, 23.8 billion won in 2024, and 20.5 billion won in 2025, with the operating margin rising sharply from 9.6% in 2023 to 17.7% in 2024 before easing to 16.1% in 2025.
Net income attributable to owners moved without a clear direction, at 19.1 billion won in 2022, 20.3 billion won in 2023, 16.1 billion won in 2024, and 27.3 billion won in 2025.
On a quarterly basis, revenue and operating profit peaked at 35.9 billion won and 8.8 billion won in Q2 2025, then declined to 34.3 billion/7.0 billion in Q3, 28.3 billion/3.1 billion in Q4, and bottomed at 27.6 billion won revenue and 1.5 billion won operating profit in Q1 2026.
Revenue and operating profit then rebounded to 33.7 billion won and 7.4 billion won in Q2 2026, repeating a seasonal recovery pattern tied to the golf peak season. Owner net income likewise more than doubled from 4.6 billion won in Q1 2026 to 9.3 billion won in Q2 2026.
On the balance sheet, the debt ratio rose from 18.6% in 2022 to 46.6% in 2025, reflecting increased lease liabilities and borrowings associated with golf course acquisitions.
MegaStudy's business portfolio spans two distinct industry cycles.
The professional exam-prep education market—covering law school admission, the bar exam, and dental/medical graduate school transfers—is inherently small given the limited enrollment quotas involved, and carries structural risk of a market disappearing overnight following a regulatory change, as happened with the abolition of the Pharmacy Education Eligibility Test (PEET).
By contrast, the golf course operating industry saw a surge in green fee and membership demand during the pandemic-era golf boom, but many observers now describe it as entering a maturing phase marked by rising new course supply alongside slowing growth in the number of golfers.
MegaStudy chose golf courses as an asset-backed business with relatively steadier cash flow compared to the academy business, and leisure revenue has indeed overtaken education revenue, rapidly increasing its weight within the group.
However, all three golf courses—Gimhae Powell, Anseong Powell, and Princess Golf Club—were acquired within the past three years, meaning time is still needed to reach a stable operating trajectory, and the business remains in a validation stage relative to peers in terms of scale economics and brand recognition.
No separate company-level earnings guidance has been disclosed, but one confirmable schedule item is the 30-billion-won loan to subsidiary Mega BMC, whose maturity was recently extended to April 27, 2027 at an interest rate of 4.7%.
This loan was used to fund the golf course acquisition, and the put/call option agreement tied to Princess Golf Club carries a performance guarantee from parent MegaStudy, making future option exercise and the resulting funding burden a point to watch.
As operations at the three golf courses stabilize, leisure could account for a growing share of group revenue, but interest expense on acquisition-related debt and fixed costs such as facility maintenance may also rise in tandem.
Given that demand for law school and dental/medical graduate school admission remains structurally capped by limited annual quotas, the core professional education business is more likely to be watched for revenue defense at current levels than for a sharp rebound.
The publishing and food service businesses are expected to continue serving as relatively stable cash generators.
The current share price trades at a level well below the valuation band this stock commanded during its era as an online-lecture growth story, and its price-to-book ratio sits at a discount to net asset value.
The dividend yield, based on the most recent fiscal year, appears to exceed the sector average, suggesting that cash flow generated by asset-backed businesses such as golf courses is partly channeled into shareholder returns.
Owner net income showed a recovery in 2025 versus 2024, but quarterly results reveal a recurring seasonal pattern of a Q1 2026 trough followed by a Q2 2026 rebound, making it difficult to read valuation direction from any single quarter.
The rise in the debt ratio over recent years is another variable to weigh alongside the price-to-net-asset comparison.
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
Through the acquisition of three golf courses, the leisure business has grown quickly into a relatively stable cash-flow generator, accounting for 27.5% of group revenue in 2025.
Green fee and membership revenue can serve as an alternative income source less exposed to the enrollment-decline risk facing the academy business. As mature real assets, the golf courses also contribute tangible property value to the holding company's net asset base.
Owner net income recovered from 16.1 billion won in 2024 to 27.3 billion won in 2025, and the trailing four-quarter window from Q3 2025 through Q2 2026 has continued to show a solid trend.
The dividend yield runs above the sector average, and the cash-generating capacity of asset-backed businesses could continue feeding shareholder returns.
The stock trades at multiples well below its former growth-stock era, and its price-to-book ratio remains at a discount to net asset value. With a small market capitalization, the stock's structure could react more sensitively than larger peers to earnings improvement or asset-revaluation catalysts.
Revenue from the MegaMD-centered professional education business fell from 121.8 billion won in 2016 to 64.4 billion won in 2022 and has recently barely held above the 30-billion-won level.
As shown by the PEET abolition, a single regulatory change can eliminate an entire market, representing a structural risk for this segment.
The debt ratio jumped from 18.6% in 2022 to 46.6% in 2025, and intercompany risks persist, including a 30-billion-won loan to subsidiary Mega BMC and a parent-company performance guarantee tied to the Princess Golf Club put/call option.
As funding pressure from golf course acquisitions continues, exercising the option could trigger additional cash needs.
Related-party holdings, including Chairman Son Joo-eun's stake, approach 40%, and family members hold a majority of board seats. With ongoing intercompany loans and guarantees between affiliates, some observers view the checks-and-balances function from a minority-shareholder perspective as relatively limited.
Law school enrollment quotas, the bar exam system, and dental/medical graduate school transfer regulations can change under government policy, and the abolition of the Pharmacy Education Eligibility Test (PEET) already eliminated a related market in practice. Similar future regulatory changes could directly affect education segment revenue.
The maturity of the 30-billion-won loan to Mega BMC has been extended to April 2027, and the Princess Golf Club option agreement carries a parent-company performance guarantee. If the golf course business fails to generate cash as expected, the burden could fall back on holding company MegaStudy's balance sheet.
In a structure where the founder family holds a majority of board seats and related-party stakes approach 40%, the possibility that intercompany loan and guarantee decisions could conflict with minority shareholder interests cannot be ruled out.
The Q3 report is expected to be filed - check how much golf peak-season revenue is reflected and whether the education segment defends its revenue level.
Monitor any changes to green fee or membership pricing at the three golf courses, or M&A activity such as a potential fourth course acquisition.
Maturity of the 30-billion-won loan to Mega BMC - check whether it is repaid or re-extended, and the associated interest expense burden.
Check for disclosures on the FY2026 year-end dividend and any share buyback or cancellation policy.
MegaStudy Co., Ltd. (072870) is easily confused with listed education firm MegaStudy Edu (215200) but is in fact a separate, small holding company that has added a new golf course leisure axis to its stagnant core businesses of professional exam-prep education (MegaMD), publishing, and food service.
The shift in the center of gravity is confirmed in the financial data, with leisure revenue narrowly overtaking education revenue in 2025.
Annual results fluctuated without a clear direction between 2022 and 2025, and quarterly results likewise showed a seasonal pattern of a Q1 2026 trough followed by a Q2 2026 rebound.
The debt ratio has risen in recent years due to golf course acquisition financing, and intercompany risks such as subsidiary loans and guarantees remain in view.
Given the founder-family-centered governance structure and small market capitalization, intercompany fund flows and governance issues warrant continued attention. Readers should also weigh upcoming, confirmable events such as the Q3 earnings filing and the resolution of the Mega BMC loan maturity.
Report written 2026-09-05 · Data as of 2026-09-04
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