PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩45 per share · Prices as of the 2026-10-02 close
Payment and Moneytree Card profitability is clearly improving, but the security token offering business has moved to an affiliate, materially changing the ownership structure.
2025 consolidated operating profit rose 39% year over year to KRW 18.4 billion, with net profit swinging sharply into the black.
In the first half of 2026, quarterly revenue and operating profit continued to rise sequentially, extending the improvement trend.
The prepaid 'Moneytree Card,' with its dual top-up-and-payment revenue structure, has emerged as a key driver of profitability improvement.
In August 2026 the STO business was transferred to affiliate Galaxia FN, with ITCEN Global becoming the largest shareholder (93.27% stake) while Galaxia Moneytree's stake fell to 6.73%.
The laws institutionalizing security tokens are scheduled to take effect in February 2027, meaning actual commercialization will still take more time.
Founded in 1994 and listed on KOSDAQ in 2007, Galaxia Moneytree is a payment gateway (PG) specialist offering services spanning mobile micropayments, credit cards, and bank transfers.
According to an analysis by the Korea IR Council, the company's 2025 revenue mix was split between electronic payment (PG) services at 74.7% and O2O services, including convenience-store payments, at 25.3%.
The O2O segment covers mobile department store gift certificates, mobile coupons, and convenience-store prepaid payment services, alongside the 'Moneytree' lifestyle finance platform that hosts the prepaid 'Moneytree Card.' The Moneytree Card has expanded its merchant network through initiatives such as a mobile voucher QR mall launch with Shinsegae Department Store, credit card payment services for Weverse, and participation in card-type digital regional gift certificates.
A subsidiary, Galaxia Metaverse, handles NFT and blockchain content, while the security token offering (STO) business the company previously ran directly was transferred to a separate entity, Galaxia FN, in August 2026.
Competitors in the PG space include KG Inicis, NHN KCP, Danal, and Hecto Financial, against whom the company competes for merchants and fee share. The company has pursued a profitability-focused strategy of trimming low-margin merchants while concentrating on quality merchant accounts.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩32.3B | ₩5B | 15.4% |
| 2025Q3 | ₩32.9B | ₩4.8B | 14.6% |
| 2025Q4 | ₩33.3B | ₩4.1B | 12.2% |
| 2026Q1 | ₩35.1B | ₩4.6B | 13.2% |
| 2026Q2 | ₩35.9B | ₩5.6B | 15.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩112.3B | ₩8.6B | ₩5.4B | 7.7% | 4.7% | 193.7% |
| 2023 | ₩132.4B | ₩9.2B | -₩47,085,637 | 7.0% | 0.0% | 218.5% |
| 2024 | ₩128.8B | ₩13.2B | ₩600M | 10.3% | 0.5% | 225.2% |
| 2025 | ₩129.7B | ₩18.4B | ₩8.3B | 14.2% | 7.0% | 236.9% |
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
In 2025, consolidated revenue reached KRW 129.7 billion, a slight increase from KRW 128.8 billion in 2024, while operating profit rose 39% to KRW 18.4 billion and net profit attributable to owners expanded sharply to KRW 8.3 billion from KRW 0.56 billion in 2024.
Operating margin improved steadily from 7.7% in 2022 and 7.0% in 2023 to 10.3% in 2024 and 14.2% in 2025. In 2023, net profit attributable to owners posted a marginal loss (KRW -47 million) before turning positive in 2024 and expanding substantially in 2025.
On a quarterly basis, revenue of KRW 32.3 billion, operating profit of KRW 5.0 billion, and net profit of KRW 3.4 billion in the second quarter of 2025 moderated slightly to revenue of KRW 32.9 billion, operating profit of KRW 4.8 billion, and net profit of KRW 2.6 billion in the third quarter, while the fourth quarter saw revenue of KRW 33.3 billion and operating profit of KRW 4.1 billion but net profit shrank sharply to just KRW 0.14 billion, suggesting a significant drag from non-operating items.
Entering 2026, revenue and operating profit resumed their upward trend, with the first quarter posting revenue of KRW 35.1 billion, operating profit of KRW 4.6 billion, and net profit of KRW 2.3 billion, followed by the second quarter at revenue of KRW 35.9 billion, operating profit of KRW 5.6 billion, and net profit of KRW 3.6 billion.
On the cash flow side, operating cash flow was negative KRW 1.5 billion in 2025 despite improved earnings, and was far more negative at KRW -26.6 billion in 2024, whereas 2022 and 2023 posted positive operating cash flow of KRW 26.6 billion and KRW 20.7 billion respectively, highlighting a notable divergence between reported earnings and cash generation in the most recent two years.
The debt ratio climbed from 193.7% in 2022 to 236.9% in 2025, indicating gradually rising leverage in the balance sheet.
Korea's electronic payment gateway (PG) market has grown steadily alongside the expansion of e-commerce and simple payment services, with the Korea IR Council estimating the company's 10-year revenue compound annual growth rate at 12.6%.
Within the PG business, competition for merchants and fee share continues against KG Inicis, NHN KCP, Danal, and Hecto Financial, and the company has defended profitability through a strategy of trimming low-margin merchants while focusing on quality accounts.
In the security token offering (STO) space, an institutional foundation was established through amended Electronic Securities Act and Capital Markets Act legislation that passed the National Assembly on January 15, 2026 and was promulgated on February 3, but actual enforcement is scheduled for February 4, 2027, meaning the market remains at an early institutionalization stage.
Large securities firms such as KB Securities, Mirae Asset Securities, and NH Investment & Securities have also formed consortiums to build infrastructure in this space, broadening the competitive landscape.
Galaxia Moneytree had pioneered preparations for STOs backed by aircraft engine leasing assets, but since the business was transferred in August 2026 to Galaxia FN, now majority-owned by ITCEN Global, the company's future role in this market is shifting toward a supporting or partnership capacity.
As payment and STO industries converge, the company's relative position can be viewed as a stable incumbent in payment infrastructure alongside a now more limited equity stake in the STO opportunity.
The company has set a goal of reaching KRW 30 billion in monthly Moneytree Card top-ups through expansion of the card business, extending its existing top-up growth trajectory.
The Korea IR Council estimated 2026 annual revenue at KRW 140.8 billion (up 8.5% year over year), operating profit at KRW 20.3 billion (up 10.1%), and operating margin at 14.4% in a report dated March 27, 2026, premised on continued merchant portfolio diversification and Moneytree Card growth.
Following the August 2026 transfer of the STO business to Galaxia FN, the key items to watch going forward are the outcome of the trust beneficiary certificate brokerage license review and whether actual issuance of assets such as aircraft engines materializes.
However, because the licensing entity is now a separate company majority-owned by ITCEN Global, the impact of STO business performance on Galaxia Moneytree's consolidated results may be more limited than before, given its reduced 6.73% stake.
Since the actual enforcement date of the token security legislation is scheduled for February 2027, the pace of subordinate regulations and guideline development will directly affect the timing of Galaxia FN's business rollout.
In the payment business, ongoing collaboration with local governments and public programs, such as Zero Pay merchant expansion and Seoul Love Gift Certificate sales, appears to be sustaining the O2O segment's transaction base.
The company's earnings swung from a loss in 2023 to a profit in 2024 and then expanded substantially in 2025, and this earnings recovery underpins recent valuation metrics.
The market's price-to-book level can be interpreted as reflecting both a premium tied to the earnings recovery phase and expectations around the STO growth business simultaneously.
However, since the STO business's operating entity has been transferred to a separate company and Galaxia Moneytree's stake has been reduced, how much of that new-business expectation will actually translate into equity-method gains remains to be seen.
Dividends are modest on a per-share cash basis, suggesting a profile weighted more toward earnings reinvestment than shareholder distribution.
Samsung Securities, in a December 2025 report, assessed that the payment business's operating margin had reached an industry-leading level but did not issue an investment rating or target price.
Valuation assessment should weigh both the durability of margin improvement in the payment segment and the realistic scope of benefit from the STO business restructuring.
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
Operating margin has risen steadily from 7.7% in 2022 to 14.2% in 2025. Stabilization of credit card merchant transactions and expansion of Moneytree Card top-up amounts have been cited as key drivers of the improved cost and revenue structure.
Revenue and operating profit continued to increase sequentially through the first half of 2026, extending this improvement.
The Moneytree Card generates revenue from both top-ups and payments, and the company has set a goal of reaching KRW 30 billion in monthly top-ups through this product. Card revenue reportedly grew sharply in both 2024 and 2025. Its merchant channels have also expanded to include department store mobile vouchers and Weverse payments.
Since its founding in 1994 and listing in 2007, the company has built up a payment infrastructure business with a wide merchant and channel network. Its strategy of trimming low-margin merchants while focusing on quality accounts has contributed to recent years' earnings recovery.
Collaboration with local governments and public programs, such as Zero Pay and regional gift certificates, also supports its transaction base.
In August 2026, the STO business was transferred to subsidiary Galaxia FN, with ITCEN Global becoming the largest shareholder at a 93.27% stake while Galaxia Moneytree's stake fell to 6.73%.
This means the performance of the aircraft engine STO and other new businesses the company had pioneered may no longer be fully reflected in consolidated results. If STO-related market expectations were already priced in, how this ownership change is reassessed remains a point to watch.
Operating cash flow was negative KRW 1.5 billion in 2025 despite improved earnings, and was far worse at KRW -26.6 billion in 2024. The debt ratio also rose from 193.7% in 2022 to 236.9% in 2025.
Fourth-quarter results showed a pattern of net profit falling sharply relative to operating profit, suggesting volatility from non-operating items.
The actual enforcement date of the amended token security legislation is scheduled for February 2027, leaving more than a year of preparation time.
Subordinate regulations and guidelines, originally targeted for release in July 2026, are reportedly delayed, raising the possibility that actual commercialization could be pushed back further. Competitors in the payment business are also preparing similar new ventures, which could dilute any first-mover advantage.
The amended Electronic Securities Act and Capital Markets Act for institutionalizing security tokens passed the National Assembly in January 2026, but actual enforcement is scheduled for February 2027.
Subordinate regulations and guidelines have reportedly been delayed, leaving uncertainty around the STO business timeline. Additional requirements imposed during the licensing review could push back the business launch further.
With ITCEN Global becoming the largest shareholder of STO entity Galaxia FN, Galaxia Moneytree's stake has been reduced to 6.73%. Even if the STO business scales up going forward, its contribution to consolidated results or equity-method gains may be limited in proportion to that stake. Further ownership changes amid coordination among shareholders cannot be ruled out.
Competition for merchants and fees continues in the PG market against KG Inicis, NHN KCP, Danal, and Hecto Financial. Continued trimming of low-margin merchants could limit revenue growth, while conversely expanding the merchant base could reignite margin pressure.
Earnings volatility from non-operating items, as seen in the sharp net profit decline in the fourth quarter, is also worth noting.
Third-quarter (2026Q3) earnings disclosure will be a point to check whether the revenue and operating profit growth and margin improvement seen in the first half continue.
A point to check whether the KRW 30 billion monthly Moneytree Card top-up target is achieved and to monitor the progress of Galaxia FN's trust beneficiary certificate brokerage license review.
The actual enforcement date of the amended Electronic Securities Act and Capital Markets Act, marking the formal institutionalization of the token security business and a point to check whether conditions are in place for Galaxia FN to launch operations.
A point to check whether full-year 2026 results align with the Korea IR Council's estimates of KRW 140.8 billion in revenue and KRW 20.3 billion in operating profit, and to assess the impact of the STO business restructuring on equity-method earnings.
Galaxia Moneytree has shown a steady earnings recovery centered on its electronic payment and Moneytree Card businesses since bottoming out in 2023, with operating margin improving consistently.
The continued sequential growth in revenue and operating profit through the first half of 2026 suggests this trend remains intact.
However, the STO business that the company had long positioned as a new growth driver was transferred to affiliate Galaxia FN in August 2026, with ITCEN Global becoming the largest shareholder and Galaxia Moneytree's stake falling sharply to 6.73%.
This means that even if the STO market develops going forward, the extent to which its results flow into consolidated earnings may be limited. At the same time, the actual enforcement of the related legislation is scheduled for February 2027, meaning real commercialization of the new business will still take more time.
Watching both the durability of margin improvement in the payment segment and the practical impact of the STO restructuring will be central to future assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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