PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩220 per share · Prices as of the 2026-10-02 close
Visang Education posted record revenue and returned to profit in 2025 on higher textbook unit prices tied to the revised 2022 curriculum, but a shrinking school-age population and the government's scaled-back AI digital textbook policy remain overhangs.
2025 consolidated revenue reached KRW 268.8 billion and operating profit KRW 21.6 billion, up 9.1% and 111.5% year on year respectively, marking a record high.
First-quarter 2026 operating profit rose 83.3% year on year to KRW 35.0 billion, but the company swung back to an operating loss in the second quarter, underscoring pronounced quarterly seasonality.
The publishing segment accounted for 66.9% of 2025 consolidated revenue and drove earnings, while the T-Learning segment saw revenue decline but narrowed its losses.
The company secured a state-designated elementary integrated-subject textbook supply contract for 2026-2028 worth KRW 59.6 billion, stabilizing part of its future revenue base.
The government has recast AI digital textbooks as 'AI educational materials' and shifted toward dispersed budgeting, leaving the monetization timeline for related investments still uncertain.
Visang Education is a leading domestic textbook publisher serving preschool through high school students, operating in textbook and workbook publishing, smart learning, academy franchising, and edtech platform businesses.
The business is organized into publishing, T-Learning (combining learning and teaching), and global operations.
The core of the publishing segment is print and AI digital textbooks for elementary through high school, along with supplementary teaching-support platforms such as Vivasam, Hankkeut, Otwo, and Concept Plus Type.
The T-Learning segment centers on the smart workbook brand OnlyOne, covering early-childhood institutions and academy franchising, and the company has been restructuring this segment toward profitability rather than expansion, cutting costly mass-media advertising.
Consolidated subsidiaries include Visang Campus, which runs test-prep academies, Visang Textbook, which publishes textbooks and English materials, and a Vietnam local entity.
The company launched its AI-based Interactive Class System (ICS) in April 2023, and its proprietary platform AllviA is being piloted in 18 countries including those in Latin America, Vietnam, and the UK, alongside efforts to expand exports of the Korean-language learning platform Master K.
Competitors include IscreamMedia, the industry's leading textbook player by profit, Mirae N, whose earnings declined despite revenue growth, and workbook-focused Daekyo and Woongjin Thinkbig, with performance gaps widening depending on each company's business model.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩44B | -₩9.5B | −21.6% |
| 2025Q3 | ₩42.9B | -₩14.4B | −33.5% |
| 2025Q4 | ₩94.4B | ₩26.4B | 28.0% |
| 2026Q1 | ₩104.2B | ₩35B | 33.6% |
| 2026Q2 | ₩52.6B | -₩900M | −1.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩253B | ₩3.5B | -₩1B | 1.4% | −0.5% | 56.8% |
| 2023 | ₩252.4B | -₩5.8B | -₩12.4B | −2.3% | −6.8% | 100.1% |
| 2024 | ₩246.5B | ₩10.2B | -₩2.9B | 4.1% | −1.6% | 118.5% |
| 2025 | ₩268.8B | ₩21.6B | ₩21.3B | 8.0% | 10.7% | 100.0% |
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 in 2025 reached KRW 268.78 billion, up 9.1% from KRW 246.46 billion in 2024, while operating profit rose to KRW 21.62 billion, an 8.0% operating margin and more than double the KRW 10.22 billion recorded in 2024.
Owner-attributable net profit came to KRW 21.29 billion, reversing a KRW 2.90 billion net loss in 2024.
This followed a clear rebound from 2023, when the company posted an operating loss of KRW 5.81 billion (a -2.3% margin) and a net loss of KRW 12.36 billion, with the rate increase and expanded adoption of textbooks under the revised 2022 curriculum cited as the key drivers.
Quarterly results show pronounced seasonality: operating losses of KRW 9.51 billion and KRW 14.37 billion were recorded in the second and third quarters of 2025 respectively, reflecting R&D and SG&A cost burdens, while operating profit surged to KRW 26.39 billion and KRW 35.04 billion in the textbook-adoption-heavy fourth quarter of 2025 and first quarter of 2026.
First-quarter 2026 operating profit rose 83.3% year on year, but the company swung back into an operating loss of KRW 0.86 billion on revenue of KRW 52.57 billion in the second quarter of 2026.
Owner-attributable net profit for that quarter nonetheless remained modestly positive at KRW 0.88 billion, suggesting non-operating items partly offset the operating shortfall.
Summed across the four quarters from the third quarter of 2025 through the second quarter of 2026, both revenue and net profit maintained a profitable trajectory on an annualized basis, though the wide quarter-to-quarter swings make it difficult to read a trend from any single quarter alone.
The domestic education industry faces structural pressure from a shrinking school-age population. In 2026, the number of elementary, middle, and high school students fell below five million for the first time, to 4.837 million, and is projected to decline further to 3.81 million by 2031.
Against this backdrop, textbook-related publishers benefited from unit-price increases tied to the revised 2022 curriculum, boosting both revenue and profit, while traditional workbook operators Daekyo and Woongjin Thinkbig saw performance deteriorate amid member attrition and restructuring costs.
Woongjin Thinkbig posted its first-ever annual loss in 2025, with revenue of KRW 797.4 billion and an operating loss of KRW 10.5 billion, while Daekyo also saw revenue decline and its operating loss widen.
Among the three major textbook publishers, IscreamMedia led in profit scale, with operating profit growing steadily from KRW 34.0 billion to KRW 46.1 billion to KRW 61.7 billion between 2023 and 2025, while Mirae N's profit actually declined due to increased R&D spending on AI digital textbook production and weaker subsidiary performance.
The government has renamed AI digital textbooks (AIDT) as "AI educational materials" and shifted its budgeting approach away from nationwide rollout toward dispersed investment and pilot-school verification, leaving uncertainty across the industry over the timing of returns on related investment.
Korea's edtech market is projected to grow to roughly KRW 11 trillion in 2026, but the sector's heavy reliance on public education budgets makes it highly sensitive to policy shifts.
The revised 2022 curriculum is being phased in stage by stage: first and second grade elementary in 2024, third and fourth grade elementary plus first-year middle and high school in 2025, fifth and sixth grade elementary plus second-year middle and high school in 2026, and third-year middle and high school in 2027.
Because the grade-level rollout is staggered, Visang Education's publishing revenue and profitability are understood to be positioned for a relatively stable trajectory through 2027.
The company has already secured a contract, worth KRW 59.6 billion, to supply state-designated elementary integrated-subject textbooks through the Public Procurement Service from 2026 through 2028.
Beyond publishing, the T-Learning and global platform businesses are cited as the next growth drivers, with the T-Learning segment, centered on the OnlyOne smart workbook, continuing to be restructured toward profitability rather than scale.
In its AI educational-material business, the company has stated it is focusing on "field-level stabilization" and "user-centered refinement,
Visang Education's share price relative to net assets has generally sat within a low trading-multiple range formed over the past several years, and around 2022 one brokerage analysis noted the price-to-book ratio approaching a historical low near the 0.3x level.
On the earnings side, the direction is clear: from an operating and net loss in 2023 to a return to profit in 2024 and an expanded profit scale in 2025.
Net profit has also remained positive on a trailing four-quarter basis (third quarter of 2025 through second quarter of 2026), reflecting an improved earnings structure compared with the earlier loss-making period.
That said, the wide quarter-to-quarter swings make it difficult to draw firm valuation conclusions from any single quarter's results. Dividends are tied to annual earnings performance, so payout capacity has shifted along with the expansion in profit scale.
Whether the current market capitalization relative to shareholders' equity represents a low or high trading level is a matter for individual investor judgment.
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
Higher textbook unit prices and expanded adoption tied to the revised 2022 curriculum drove both revenue and operating profit to record highs in 2025. The improvement continued into the first quarter of 2026, with operating profit up 83.3% year on year.
Because the grade-level rollout is staggered through 2027, the related revenue and profitability could be sustained for some time.
The company has secured a contract to supply state-designated elementary integrated-subject textbooks from 2026 through 2028, worth KRW 59.6 billion in total. This provides a degree of revenue visibility for a set period even amid a shrinking school-age population.
State-designated textbooks are also relatively less exposed to adoption competition compared with authorized textbooks.
Even amid the declining school-age population, workbook-focused peers such as Woongjin Thinkbig and Daekyo suffered losses or widening losses in 2025, while Visang Education improved both revenue and operating profit.
Its textbook-heavy business structure is cited as the basis for this differentiation, alongside parallel efforts to secure new growth drivers through the global AllviA platform and the restructuring of the T-Learning business.
The government has recast AI digital textbooks (AIDT) as "AI educational materials" and shifted its budgeting approach from nationwide rollout to dispersed investment and pilot-school verification.
In an audit released in December 2025, Korea's Board of Audit and Inspection found that only 8.1% of students on average used AIDT for ten days or more, while 60% never logged in at all. This raises uncertainty over the timing of returns on the company's related development spending.
The number of elementary, middle, and high school students in Korea fell below five million for the first time in 2026, to 4.837 million, and is projected to decline further to 3.81 million by 2031.
This could exert medium- to long-term downward pressure on both textbook adoption volumes and the smart-learning membership base. If unit-price increases fail to offset the decline in student numbers, the sustainability of revenue growth could be tested.
Quarterly earnings show wide swings depending on publishing-business seasonality and the timing of R&D expenditure.
Operating losses of KRW 9.51 billion and KRW 14.37 billion were posted in the second and third quarters of 2025, respectively, followed by large operating profits in the fourth quarter and the first quarter of 2026, before swinging back to an operating loss in the second quarter of 2026. This volatility makes it difficult to read a trend from short-term results alone.
The AI digital textbook policy has been renamed and its budgeting approach scaled back and restructured, meaning related revenue and investment-recovery prospects are heavily dependent on policy direction.
The possibility of abrupt shifts in education policy following changes in government or budget deliberation outcomes adds to this uncertainty.
The decline in the school-age population is a structural, long-term trend, and textbook price increases alone may not guarantee sustained revenue growth. T-Learning segment revenue has also trended lower year on year, and a delay in the growth transition of new businesses could weigh on earnings.
R&D and SG&A spending related to AI digital textbooks and AI courseware tends to concentrate in specific quarters, amplifying earnings volatility. If recovery of development costs is delayed, questions could arise over the sustainability of profitability improvements.
The third-quarter 2026 report should reveal the trend in revenue and operating profit as well as segment-level profit and loss changes in publishing and T-Learning.
The Ministry of Education's 2027 budget deliberation process is expected to confirm the direction of funding allocated to AI digital textbooks (AI educational materials), which could influence related revenue prospects.
The final stage of the revised 2022 curriculum, covering third-year middle and high school textbooks, is scheduled for 2027, making it worth monitoring the scale and timing of development spending ahead of that rollout.
It is worth confirming whether the KRW 59.6 billion state-designated elementary integrated-subject textbook supply contract proceeds as planned, including the annual delivery volume and revenue recognition.
Visang Education achieved record revenue and a return to profit in 2025, driven by higher textbook unit prices and expanded adoption under the revised 2022 curriculum, and continued its earnings improvement into the first quarter of 2026.
However, the company recorded operating losses in off-peak periods such as the second and third quarters of 2025 and the second quarter of 2026, reflecting significant quarter-to-quarter volatility that makes it difficult to draw conclusions from annual results alone.
The staggered rollout of the revised curriculum through 2027 and the secured state textbook supply contract provide a degree of visibility for the revenue base.
On the other hand, the school-age population continues its structural decline, falling below five million in 2026, while the government's AI digital textbook policy has been renamed and its budgeting scaled back and restructured, adding uncertainty over the timing of returns on related investment.
The T-Learning segment has narrowed its losses but still shows declining revenue, meaning its transition into a new growth driver remains a work in progress.
Investors should continue to monitor upcoming quarterly results together with the Ministry of Education's budget and policy direction and the progress of the state textbook supply contract.
Report written 2026-09-05 · Data as of 2026-09-04
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