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
UBION swung both operating profit and net profit from loss to gain for full-year 2025, but the most recently disclosed quarter showed losses widening again, making the durability of the turnaround the key question.
Full-year 2025 revenue reached KRW 33.68 billion with operating profit of KRW 1.41 billion (4.2% margin), reversing 2024's operating loss.
2025 operating cash flow reached KRW 4.74 billion, a sharp improvement from the negative flows recorded in 2023 and 2024.
The most recently disclosed quarter (revenue of KRW 8.26 billion, operating loss of KRW 1.51 billion) showed a wider loss than the same period a year earlier.
Centered on its AI education brand DEEPCO, the company has won two concurrent government AI education programs, continuing its new-business expansion.
The debt ratio has swung widely between roughly 148% and 330% across recent years, reflecting notable volatility in balance-sheet stability.
Founded in 2000 and relisted on KOSDAQ in 2022, UBION is an EdTech company built around its learning management system (LMS) brand Coursemos, alongside the certification and vocational training site Wowpass, distance lifelong-education services under the credit bank system, and corporate training services.
Following the rise of generative AI, the company has been shifting its business model toward AIED (AI in Education) and pursuing new EdTech market opportunities.
Its flagship Coursemos platform serves higher-education institutions as its core customer base, while the company also develops and operates distance-education content and corporate employee training programs.
More recently, UBION has leaned on its AI education brand DEEPCO and the DEEPCO MINI autonomous-driving training robot for elementary and secondary classrooms to expand contracts in both public education and corporate training.
In corporate training, the company signed a supply contract with Cheil Worldwide in August 2025 worth roughly KRW 4.0 billion, equivalent to 12.09% of its recent revenue. The company states it aims to extend two decades of domestic e-learning know-how into overseas markets as part of a global expansion push.
Competitively, UBION operates near e-learning peers such as Megastudy Edu and Digital Daesung as well as corporate-training specialists like Multicampus, and it emphasizes an AI-technology-focused positioning relative to its comparatively smaller revenue base.
Given the business structure's heavy reliance on order-based contracts with public and educational institutions, the size and timing of individual contracts have a significant impact on quarterly earnings volatility.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q3 | ₩9.3B | -₩500M | −5.6% |
| 2025Q4 | ₩4.4B | -₩63,379,655 | −1.4% |
| 2026Q1 | — | — | — |
| 2026Q2 | — | — | — |
| 2026Q3 | ₩8.3B | -₩1.5B | −18.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩31.5B | ₩2.3B | ₩2.2B | 7.5% | 49.1% | 330.1% |
| 2023 | ₩31.8B | ₩400M | -₩600M | 1.2% | −6.6% | 148.3% |
| 2024 | ₩33.3B | -₩2B | -₩2.8B | −6.1% | −44.9% | 263.6% |
| 2025 | ₩33.7B | ₩1.4B | ₩1.3B | 4.2% | 17.3% | 194.6% |
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
Annual revenue rose steadily over four straight years, from KRW 31.46 billion in 2022 to KRW 31.83 billion in 2023, KRW 33.28 billion in 2024, and KRW 33.68 billion in 2025.
Operating profit, however, fell sharply from KRW 2.34 billion (7.5% margin) in 2022 to KRW 0.39 billion (1.2%) in 2023, swung to an operating loss of KRW 2.02 billion (-6.1%) in 2024, and then returned to a profit of KRW 1.41 billion (4.2%) in 2025.
Net profit attributable to owners followed a similar path, from a KRW 2.15 billion gain in 2022 to losses of KRW 0.60 billion in 2023 and KRW 2.80 billion in 2024, before turning to a KRW 1.31 billion profit in 2025.
This volatility is mirrored in operating cash flow, which swung from an inflow of KRW 4.16 billion in 2022 to outflows of KRW 0.48 billion in 2023 and KRW 1.61 billion in 2024, before recovering sharply to an inflow of KRW 4.74 billion in 2025.
On a quarterly basis, the third quarter of 2025 posted revenue of KRW 9.28 billion with an operating loss of KRW 0.52 billion and a net loss of KRW 0.39 billion, while the following fourth quarter saw revenue shrink to KRW 4.43 billion but the operating loss narrow to KRW 0.06 billion with a small net profit of KRW 0.03 billion.
The most recently disclosed quarter, however, posted revenue of KRW 8.26 billion alongside an operating loss of KRW 1.51 billion and a net loss of KRW 1.25 billion, a wider loss than the year-earlier period.
This suggests the 2025 full-year profit swing may have depended partly on one-off contract recognition or concentration in specific quarters, underscoring that quarter-to-quarter earnings remain highly volatile.
Owners' equity also fluctuated notably, rising from KRW 4.38 billion in 2022 to KRW 9.14 billion in 2023, falling to KRW 6.24 billion in 2024 as losses were absorbed, and recovering to KRW 7.60 billion in 2025.
South Korea's EdTech market is classified as a growth industry, with domestic market size projected to reach roughly KRW 11 trillion by 2026, driven partly by the government's AI Digital Textbook (AIDT) policy and expanding public AI-education budgets.
However, an audit released by the Board of Audit and Inspection in December 2025 found that only 8.1% of students nationwide used AIDT for 10 days or more, while 60% never logged in at all, raising doubts about the policy's effectiveness.
At the same time, AIDT subscription costs are projected to climb sharply from KRW 336.1 billion in 2025 to KRW 542.1 billion in 2026 and KRW 863.4 billion in 2027, leaving policy continuity and potential budget reviews as an industry-wide source of uncertainty.
For the 2026 school year, AIDT coverage is set to expand into subjects emphasizing inquiry and logical reasoning such as Korean, social studies, and science, with the government's roadmap calling for phased rollout to most subjects by 2028.
UBION positions itself less as an AIDT textbook publisher and more as a supplier of LMS and AI-education platforms to universities, public institutions, and corporations, approaching the market at a different layer than textbook publishers.
Competitively, large education-publishing and e-learning companies are rapidly expanding share on the back of AIDT certification and dominance in the elementary-secondary market, while UBION seeks differentiation through higher-education, corporate-training, and government-project wins.
A structural headwind also exists in the form of a declining school-age population, with the number of elementary, middle, and high school students in Korea projected to fall below 5 million for the first time in 2026, a pressure point for the traditional e-learning demand base.
UBION has been selected in 2026 for both the Ministry of Science and ICT's 'AI Companion Project' and the Ministry of Education's 'Digital Sprout' program, advancing AI education expansion in public schools.
The AI Companion Project, an advanced-education initiative overseen by the Korea Foundation for the Advancement of Science and Creativity, has UBION responsible for the generative-AI track for middle and high schools, while the Digital Sprout program has the company partnering with Dongguk University to expand hands-on AI education using its DEEPCO MINI autonomous-driving training robot.
Both programs share an emphasis on 'physical AI' education that goes beyond screen-based learning to let students build and experiment directly, a fit that observers note aligns with the company's AI-education brand strategy and government policy direction.
In corporate training, a contract with Cheil Worldwide (running from May 2025 to September 2026) remains active, and whether a follow-on contract emerges after its expiration could be a watch point for revenue continuity.
The company states it aims to extend more than two decades of domestic e-learning know-how into global markets, though the specific revenue contribution of overseas operations is not confirmed in available disclosures.
Given that losses widened again in the most recently disclosed quarter after full-year 2025 turned profitable, the timing and scale of revenue recognition from public and corporate projects in coming quarters are likely to be key drivers of earnings direction.
Continued government budget expansion for AI education could support further contract wins, but policy variables such as potential budget reviews of the AIDT program also warrant monitoring.
UBION posted net losses for two consecutive years through 2024 before returning to profit on a full-year basis in 2025, and this directional shift appears to have been a factor supporting market valuation.
However, the renewed widening of losses in the most recently disclosed quarter complicates judgments about the durability of that profit recovery.
A brokerage report from the company's early listing period (2022) cited an average estimated multiple of around 9 times for e-learning and corporate-training peers, offering a historical reference point against which current trading multiples can be compared.
Relative to net asset value, the shares tend to trade at a premium, which may partly reflect market expectations tied to the profit recovery and the company's new AI-education initiatives. The company has not paid dividends in recent years, so no dividend-related metric has been established.
When assessing valuation, it is worth weighing both the directional signal of the full-year profit turnaround and the contrasting signal of renewed quarterly losses.
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
Backed by its DEEPCO and DEEPCO MINI brands, the company won two government AI education programs simultaneously from the Ministry of Science and ICT and the Ministry of Education in 2026.
Amid growing demand for hands-on physical AI education in public schools, observers note the company's brand strategy aligns with government policy direction. Continued government budget expansion could support further similar contract wins.
The company swung from an operating loss of KRW 2.02 billion and net loss of KRW 2.80 billion in 2024 to operating profit of KRW 1.41 billion and net profit of KRW 1.31 billion in 2025. Operating cash flow also improved sharply, from negative KRW 1.61 billion in 2024 to positive KRW 4.74 billion in 2025. This suggests cost-structure efficiency accompanied revenue growth.
Annual revenue rose for four consecutive years from KRW 31.46 billion in 2022 to KRW 33.68 billion in 2025. Corporate training contracts (such as with Cheil Worldwide) and public-sector project wins serve as diversified revenue sources.
The underlying e-learning and EdTech solutions business remains intact, positioning the company to potentially benefit from the growing EdTech market.
Following the full-year 2025 profit turnaround, the most recently disclosed quarter posted revenue of KRW 8.26 billion with an operating loss of KRW 1.51 billion and a net loss of KRW 1.25 billion, wider than the same period a year earlier.
This suggests the annual profit turnaround may have depended partly on contract concentration in specific quarters. It confirms that quarter-to-quarter earnings volatility remains substantial.
The debt ratio fluctuated significantly year to year: 330.1% in 2022, 148.3% in 2023, 263.6% in 2024, and 194.6% in 2025. Owners' equity also moved unevenly, rising from KRW 4.38 billion in 2022 to KRW 9.14 billion in 2023 before falling to KRW 6.24 billion in 2024. This financial volatility is intertwined with the swings in earnings performance.
With a significant share of revenue tied to government AI education programs and public-institution projects, revenue flow can be heavily influenced by policy budget allocations and project selection outcomes.
In the case of the AIDT program, a Board of Audit and Inspection review flagged low usage rates, raising the possibility of future budget reviews. A business structure exposed to policy variables can reduce revenue visibility.
Operating and net profit alternated between gains and losses from 2022 to 2025, and losses widened again in the most recently disclosed quarter. A structure where results concentrate in specific quarters or contracts makes forecasting future quarterly performance difficult. Whether the full-year profit turnaround is sustained needs to be confirmed in coming quarterly results.
A portion of revenue is linked to government AI-education and AIDT-related budget allocations and project selection outcomes. Since a Board of Audit and Inspection review found low AIDT usage rates and raised the possibility of budget reviews, related policy changes could affect revenue. Government project wins require annual renewal and are not guaranteed to continue.
The debt ratio has swung widely between roughly 148% and 330% across recent years, indicating inconsistent balance-sheet stability. Operating cash flow also turned negative in both 2023 and 2024, showing that profit recovery has not always translated directly into improved cash flow. A recurrence of weak performance could strain financial capacity.
The education solution supply contract with Cheil Worldwide (May 2025 to September 2026) reaches its end date; whether a follow-on contract is signed could indicate the continuity of corporate-training revenue.
Third-quarter 2026 results are expected to be disclosed around this time, allowing confirmation of whether the recently reported loss widening is a one-off or a trend.
The actual execution performance and revenue-recognition timing of the Ministry of Science and ICT's AI Companion Project and the Ministry of Education's Digital Sprout program should be tracked to assess their contribution to earnings.
The full-year 2026 results disclosure will be a key point to confirm whether 2025's profit turnaround extends to a second consecutive year or reverts to a loss.
UBION's revenue grew steadily from 2022 through 2025, while operating and net profit alternated between gains and losses before both recovered on a full-year basis in 2025 alongside improved cash flow.
However, the fact that losses widened compared to the year-earlier period in the most recently disclosed quarter leaves questions about the durability of that profit recovery.
On the business side, the company continues to expand through its AI education brand DEEPCO, having won two concurrent government AI education programs, while also securing corporate-training contracts.
On the other hand, wide swings in the debt ratio, revenue visibility concerns tied to dependence on government and public-sector projects, and the possibility of budget reviews for the AIDT policy are risk factors that warrant consideration.
From a valuation standpoint, the shares tend to trade at a premium relative to net asset value, which appears to partly reflect expectations tied to the profit recovery and AI-education business expansion.
Whether the profit turnaround proves sustainable will hinge on upcoming quarterly results and the timing of revenue recognition from government projects. This report contains no buy or sell recommendation and is provided for informational purposes only.
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.