PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
EzCaretech has restored profitability on the strength of its position in Korea's large-hospital HIS market and is now targeting its first-ever KRW 100 billion in annual revenue after a new Saudi Arabian contract win.
FY2025 revenue reached KRW 72.64 billion with operating profit of KRW 2.21 billion, extending a two-year run of profitability.
In July 2026 the company signed a hospital information system supply contract worth roughly KRW 10.05 billion with Saudi Arabia's Care Medical Group.
The debt ratio fell sharply from 73.5% in 2023 to 33.0% in 2025, marking a notable improvement in balance-sheet structure.
Quarterly results remain volatile depending on project revenue recognition timing, including an operating loss of KRW 1.10 billion in the fourth quarter of 2025.
The company has set a goal of surpassing KRW 100 billion in annual revenue for the first time this year, based on expanded domestic and overseas order intake.
EzCaretech is a healthcare IT specialist that develops, builds, and operates hospital information systems (HIS) and electronic medical records (EMR) in-house, with core businesses spanning hospital system integration (SI), system management (SM), and hospital IT consulting.
In Korea, the company has built a long track record in the large and tertiary hospital market, pursuing an AI transformation (AX) strategy that embeds artificial intelligence directly into its HIS platform to serve security-sensitive large hospital clients.
Overseas, EzCaretech entered the Middle East in 2014 through a consortium with Seoul National University Bundang Hospital and SK Telecom to supply HIS to six hospitals under Saudi Arabia's National Guard Health Affairs (MNG-HA), and has since expanded into the United Arab Emirates, now counting 11 hospitals in the Middle East as clients.
More than half of its 20 global customer hospitals are located in the Middle East, underscoring the region's weight in its overseas business.
In July 2026, EzCaretech signed a roughly KRW 10.05 billion contract for its BESTCare 2.0A system—covering licensing, implementation, and maintenance—with Saudi private hospital group Care Medical Group, with the counterparty being its affiliate Saudi Korean Health Informatics Company.
In Korea's EMR market, competitors including Ubcare (rebranding as GC MediAI), Bit Computer, and EZIS Healthcare are all racing to build AI-driven medical platforms, each pursuing distinct strategic priorities.
While Ubcare focuses on integrating data ecosystems and Bit Computer emphasizes clinician workflow convenience, EzCaretech is concentrating on AI-based clinical decision support and administrative automation drawn from clinical data partnerships with tertiary hospitals such as Seoul National University Hospital, alongside an AI-based revenue cycle management (RCM) solution aimed at Middle East and U.S. expansion.
Amid simultaneous replacement demand for next-generation HIS at large domestic hospitals and expanding digital healthcare policy abroad, the company is pursuing a strategy of growing both steady domestic build-type HIS business and new overseas orders.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩15.9B | ₩100M | 0.7% |
| 2025Q2 | ₩17.1B | ₩2.1B | 12.4% |
| 2025Q3 | ₩19.8B | ₩1.1B | 5.4% |
| 2025Q4 | ₩19.8B | -₩1.1B | −5.5% |
| 2026Q1 | ₩20.5B | ₩300M | 1.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩92.1B | ₩600M | -₩3.2B | 0.6% | −10.1% | 75.1% |
| 2023 | ₩73.2B | -₩4.1B | -₩9.6B | −5.6% | −28.1% | 73.5% |
| 2024 | ₩67.9B | ₩200M | ₩1.2B | 0.3% | 3.5% | 34.7% |
| 2025 | ₩72.6B | ₩2.2B | ₩2.3B | 3.0% | 6.3% | 33.0% |
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
EzCaretech's annual revenue declined from KRW 92.07 billion in 2022 to KRW 73.19 billion in 2023 and KRW 67.94 billion in 2024, before rebounding to KRW 72.64 billion in 2025.
On profitability, the company posted a sizable operating loss of KRW 4.12 billion and net loss of KRW 9.59 billion in 2023, before swinging to operating profit of KRW 236 million and net profit of KRW 1.21 billion in 2024, with profits expanding further in 2025 to operating income of KRW 2.21 billion and net income of KRW 2.29 billion.
Operating margin improved gradually over the same period, from -5.6% in 2023 to 0.3% in 2024 and 3.0% in 2025. Balance-sheet structure improved in tandem, with the debt ratio falling from 75.1% in 2022 and 73.5% in 2023 to 34.7% in 2024 and 33.0% in 2025.
Quarterly results show pronounced volatility: after posting revenue of KRW 15.92 billion and a net loss of KRW 0.09 billion in the first quarter of 2025, the company swung sharply to revenue of KRW 17.11 billion, operating profit of KRW 2.13 billion, and net profit of KRW 2.39 billion in the second quarter, followed by a third-quarter profit of revenue KRW 19.78 billion, operating income KRW 1.06 billion, and net income KRW 1.52 billion.
However, the fourth quarter of 2025 reverted to losses—an operating loss of KRW 1.10 billion and net loss of KRW 1.53 billion—despite revenue of KRW 19.83 billion, illustrating how the timing of revenue recognition on build-type projects heavily influences quarterly results.
In the most recent quarter, the first quarter of 2026, the company returned to profit with revenue of KRW 20.45 billion, operating income of KRW 276 million, and net income of KRW 723 million.
Summing the trailing four quarters (second quarter of 2025 through first quarter of 2026), revenue totals approximately KRW 77.17 billion and net income attributable to owners approximately KRW 3.11 billion, suggesting continued annual-level profitability despite the quarter-to-quarter swings.
According to various market research estimates, the global hospital information system (HIS) market is projected to expand at a solid annual growth rate in the high single digits, with the Asia-Pacific region expected to grow relatively faster on the back of expanding hospital infrastructure and digitalization policies.
The global market remains fragmented, characterized by numerous smaller companies entering and introducing new technologies, with partnerships and collaboration considered particularly important.
In Korea, legal barriers such as personal data protection regulations and restrictions on telemedicine are seen as slowing the broader rollout of digital healthcare services, though replacement demand for next-generation HIS at large hospitals and government digital healthcare policy continue to advance gradually.
In Korea's EMR/HIS market, companies including Ubcare (rebranding as GC MediAI), Bit Computer, EZIS Healthcare, and EzCaretech are reshaping the competitive landscape around AI-driven intelligent medical platforms, with industry observers noting that the ultimate battleground lies in proving how effectively AI can control clinicians' administrative risk and deliver economic benefits to hospitals.
Overseas, Middle Eastern countries including Saudi Arabia and the United Arab Emirates are pursuing state-led hospital digital transformation (DX), creating opportunities for Korean HIS vendors, and EzCaretech already counts 11 hospitals as customers in the region.
That said, overseas business remains exposed to local government and hospital decision-making processes and currency fluctuations, with instances of project kickoff delays occurring even after contracts are signed.
The company has stated that a green light has turned on for achieving its first-ever KRW 100 billion annual revenue milestone this year, aided by winning multiple next-generation HIS build projects at major domestic general hospitals plus an additional Saudi Arabian contract worth roughly KRW 10 billion.
The July 2026 contract with Care Medical Group specifies an 18-month implementation period from the kickoff date, with a corrective disclosure planned once the specific project start date is confirmed—making the timing of future revenue recognition worth monitoring.
Earlier, in November 2025, led by CEO Hong Woo-sun, the company signed a strategic memorandum of understanding with Lean Business Services, a healthcare affiliate of Saudi Arabia's Public Investment Fund (PIF); as Lean Business Services pursues digital transformation across roughly 200 affiliated hospitals, there is anticipation that a partnership could lead to further BESTCare 2.0 supply contracts.
Domestically, the company has completed construction of a nine-national-hospital system (MEDIRO) that is transitioning into operations and management revenue, and new business with its core overseas client, Saudi Arabia's National Guard Health Affairs (MNG-HA), is reported to be ongoing.
Management has said it plans to strengthen local subsidiary capabilities and focus on winning new overseas business to raise profitability abroad, citing expanding digital healthcare policy in Saudi Arabia and Japan along with improving conditions in the U.S. market as factors that could support future performance.
How much and when this domestic and overseas order pipeline converts into actual revenue will be a key variable determining whether the annual target is met.
EzCaretech emerged from a large 2023 loss to post consecutive profits in 2024 and 2025, and profitability has been sustained on a trailing four-quarter basis as well.
The valuation multiple the market assigns can be interpreted as reflecting both this earnings recovery trend and expectations for future revenue expansion. Relative to net assets, the stock trades above the company's self-calculated book value per share, indicating a premium has formed relative to book value.
As the company has not paid dividends in recent fiscal years, earnings improvement and overseas order momentum—rather than dividend appeal—are the key variables shaping investment assessments.
Given its relatively small market capitalization, it is also worth noting that the market's valuation assessment can move sensitively in response to individual order disclosures or quarterly earnings releases.
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
With expanded next-generation HIS orders at large domestic hospitals plus a new Saudi contract, the company has set a goal of surpassing KRW 100 billion in annual revenue for the first time. Earnings momentum has recovered, swinging from a large 2023 loss to consecutive profits in 2024 and 2025. The debt ratio also improved, falling from the 70% range to the 30% range.
After reopening the Saudi market for the first time in four years, the company signed its first private hospital supply contract, and the region already counts 11 hospitals as customers.
A memorandum of understanding with PIF-affiliated Lean Business Services raises the possibility of further supply opportunities across a roughly 200-hospital network. The Middle East remains a core hub, accounting for more than half of the company's overseas customer hospitals.
The company is targeting the security-sensitive large hospital market with a strategy of directly embedding AI into its hospital information system, and has unveiled AI-based clinical decision support technology using clinical data from tertiary hospital partnerships.
Its long track record with large hospitals provides a base that could lead to further replacement and expansion demand. It has also secured an AI-based revenue cycle management (RCM) solution aimed at overseas expansion into the U.S. and Middle East.
Given the nature of build-type projects, quarterly profit and loss swing significantly depending on revenue recognition timing. After consecutive profits in the second and third quarters of 2025, the company reverted to an operating loss of KRW 1.10 billion in the fourth quarter even as revenue held steady. Such volatility makes it difficult to draw annual conclusions from any single quarter's results.
The company itself has cited temporary revenue softness caused by delays in contracts with some Middle Eastern hospitals. The Care Medical Group contract also has yet to confirm a specific project start date, with a corrective disclosure still pending.
Overseas business remains exposed to local decision-making processes and currency fluctuations, which can create a lag between contract signing and actual revenue recognition.
The 2025 operating margin of 3.0% indicates that absolute profit levels remain modest. In Korea's EMR/HIS market, Ubcare (GC MediAI), Bit Computer, and EZIS Healthcare are simultaneously competing on AI platforms, intensifying pressure to differentiate. Restrictive domestic telemedicine regulation also remains a constraint on new business expansion.
Build-type HIS business is structured such that revenue and profit concentrate in specific quarters depending on inspection and delivery timing. This can produce recurring alternation between quarterly profits and losses, and whether the annual target is met depends heavily on second-half project progress.
Projects such as the Care Medical Group contract, whose start date has not yet been finalized, add uncertainty to revenue recognition timing.
Saudi Arabian contracts are denominated in Saudi Riyal and are affected by currency fluctuations when converted to Korean won. Given past instances of contract delays with some Middle Eastern hospitals, the possibility of kickoff delays or payment schedule changes on new contracts cannot be ruled out.
Progress on these projects is also structurally dependent on local government and hospital decision-making processes.
In Korea, personal data protection regulations and restrictions on telemedicine mean new digital healthcare business lines take time to scale. Multiple competitors in the EMR/HIS market are simultaneously pursuing AI platform competition, and failure to differentiate could intensify price and order competition.
Given the business's heavy reliance on large hospitals, schedule changes at specific major clients or projects can also have a relatively outsized impact on results.
Expected timing for the release of fiscal 2026 second-quarter (July–September) results, when it will be worth checking whether the new Saudi contract has begun contributing to revenue and whether operating margin improvement continues.
A corrective disclosure is planned once the specific project start date for the Care Medical Group contract is confirmed, and this disclosure should be checked to determine the actual timing of revenue recognition.
Expected timing for the release of fiscal 2026 third-quarter (October–December) results, which will provide data to gauge the pace of progress in the fourth quarter toward the annual revenue target of KRW 100 billion.
Whether the memorandum of understanding with PIF-affiliated Lean Business Services leads to actual follow-on supply contracts should be monitored continuously through disclosures.
Continued disclosures of tender results and new orders for next-generation HIS replacement at domestic tertiary hospitals will serve as an indicator of whether the domestic business's growth is sustained.
EzCaretech has improved its financial structure through consecutive profits in 2024 and 2025 and a lower debt ratio following a large 2023 loss, and extended its profitable run into the first quarter of 2026.
Domestically, next-generation HIS orders at large hospitals continue, while overseas the company reopened the Saudi market after four years and signed its first private hospital supply contract, laying groundwork for expanded Middle East business.
Building on this momentum, the company has set a goal of surpassing KRW 100 billion in annual revenue for the first time this year, though quarterly results have shown large swings depending on project recognition timing, making achievement of this target heavily dependent on second-half progress.
The new Saudi contract's specific start date remains unconfirmed, leaving uncertainty around revenue recognition timing, while multiple competitors in Korea's EMR/HIS market are simultaneously pursuing AI platform competition, adding pressure to differentiate.
On balance, positive factors such as earnings recovery and overseas order momentum coexist with negative factors including earnings volatility and a history of overseas contract delays, warranting continued tracking of upcoming quarterly results and new contract kickoff disclosures.
Report written 2026-09-05 · Data as of 2026-09-04
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