PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩250 per share · Prices as of the 2026-10-02 close
After two tender offers left the controlling shareholder with an 85% stake but no delisting, earnings remain caught between a soft domestic golf market and unresolved governance issues.
Two tender offers at 6,700 won per share between June and September 2026 raised the stake of SJ Investment Holdings and affiliates to 85.21% of voting shares, but the second offer closed with zero shares tendered.
US activist fund Terton Capital refused to tender and filed complaints with the Financial Supervisory Service, arguing the offer price fell far short of book value.
Consolidated 2025 revenue was 354.3 billion won and operating profit was 28.0 billion won (7.9% operating margin), marking a third straight annual decline since 2022.
After a net loss in the fourth quarter of 2025, the company returned to profit in the first quarter of 2026 and posted 9.2 billion won in net profit in the second quarter, reflecting sizable quarter-to-quarter swings.
Golfzon County, a key affiliate, is being marketed for sale by its controlling shareholder MBK Partners, keeping attention on the fate of Golfzon Holdings' 31.58% stake.
Golfzon Holdings was established in 2000 and listed on KOSDAQ in 2011 as a pure holding company, deriving revenue mainly from brand royalties, management advisory fees, rental income, and equity-method gains.
Its key subsidiaries include Golfzon County, which operates golf courses, and Golfzon Commerce, which handles golf equipment distribution, while it also holds a stake in Golfzon Co. (215000), the screen-golf simulator business.
Golfzon Commerce runs the Golfzon Market and TrueFit offline stores nationwide along with the Golping online mall for equipment distribution, and the golf course operation business is described as an industry leader running multiple courses.
Golfzon County's controlling shareholder is private equity firm MBK Partners with roughly a 68% stake, while Golfzon Holdings holds a 31.58% stake as the second-largest shareholder.
Golfzon Holdings' standalone revenue fell from 101.0 billion won in 2022 to 39.4 billion won in 2025, reflecting a shrinking base for the holding company's own royalty and advisory income.
The equipment distribution business has tried to secure price competitiveness through overseas brand distribution rights and private-label products amid slow economic growth and intense price competition among rivals.
The golf course operation segment is understood to be pursuing economies of scale through strategic acquisitions and leases alongside expansion of digital-based new services.
In terms of group governance, the controlling shareholder is Kim Won-il, former CEO and eldest son of Golfzon founder Kim Young-chan, who has expanded control over Golfzon Holdings through his personal investment vehicle One&Partners and its subsidiary SJ Investment Holdings.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩104.9B | ₩15.1B | 14.4% |
| 2025Q3 | ₩100.6B | ₩9.7B | 9.7% |
| 2025Q4 | ₩78.7B | ₩600M | 0.8% |
| 2026Q1 | ₩69.5B | ₩2.6B | 3.8% |
| 2026Q2 | ₩105.8B | ₩14.4B | 13.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩488.8B | ₩94.4B | ₩86.9B | 19.3% | 12.8% | 47.2% |
| 2023 | ₩427.1B | ₩53.1B | ₩37.6B | 12.4% | 5.3% | 45.5% |
| 2024 | ₩386.2B | ₩39.4B | ₩43.6B | 10.2% | 5.9% | 40.7% |
| 2025 | ₩354.3B | ₩28B | ₩24B | 7.9% | 3.2% | 41.3% |
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 declined for three straight years, from 488.8 billion won in 2022 to 427.1 billion won in 2023, 386.2 billion won in 2024, and 354.3 billion won in 2025. Operating margin steadily narrowed as well, from 19.3% in 2022 to 12.4% in 2023, 10.2% in 2024, and 7.9% in 2025.
Net profit attributable to owners fell sharply from 86.9 billion won in 2022 to 37.6 billion won in 2023, rebounded to 43.6 billion won in 2024, then declined again to 24.0 billion won in 2025.
On a quarterly basis, net profit of 10.7 billion won in the second quarter of 2025 and 8.0 billion won in the third quarter was followed by a net loss of 3.2 billion won in the fourth quarter.
The first quarter of 2026 showed pronounced seasonal softness with revenue of 69.5 billion won, operating profit of 2.6 billion won, and net profit of 1.6 billion won, before the second quarter recovered to revenue of 105.8 billion won, operating profit of 14.4 billion won, and net profit of 9.2 billion won.
This quarterly volatility suggests overlapping seasonality between the equipment distribution business and the peak/off-peak structure of golf course operations.
Equity attributable to owners rose steadily from 681.1 billion won in 2022 to 744.8 billion won in 2025, while the debt ratio improved from 47.2% to 41.3% over the same period, pointing to gains on the balance-sheet stability side.
Operating cash flow peaked at 25.6 billion won in 2024 before easing to 10.0 billion won in 2025, but remained positive throughout the period.
South Korea's golf industry is assessed to have entered a growth plateau after pandemic-driven special demand faded. Declining golf course utilization and slowing new-business start-up demand are weighing on downstream businesses such as screen golf and equipment distribution, and affiliate Golfzon Co.
(215000) cited slowing new-store growth and the exhaustion of new-product replacement demand as factors behind its first-quarter 2026 revenue decline.
Overseas operations are reported to be comparatively resilient, with Golfzon Co. said to be continuing growth in store counts and revenue across the United States, Japan, and China.
A notable feature of the golf course operation industry is the significant presence of private equity, exemplified by the fact that MBK Partners is the controlling shareholder of Golfzon County.
Reports indicate MBK Partners has distributed an information memorandum to market Golfzon County for sale, raising the possibility of restructuring within the domestic public-access golf course operation industry.
The equipment distribution business is understood to face structural pressure from weak consumer spending amid slow growth and high prices, as well as intensifying price competition among rivals.
Against this backdrop, Golfzon Holdings, as a pure holding company, has an asset-value structure heavily dependent on subsidiary performance, equity stakes, and the outcome of the Golfzon County sale process.
As of early September 2026, SJ Investment Holdings stated that following the conclusion of the two tender offers, it is not currently considering follow-up procedures such as an additional tender offer or a comprehensive share swap for delisting purposes.
Instead, it laid out a plan to focus on strengthening Golfzon Holdings' business competitiveness and management fundamentals, while noting that unfavorable industry conditions for the company are expected to persist for a considerable period.
This suggests that, rather than immediately reviving the delisting push, business restructuring may take priority under a controlling shareholder structure holding an 85.21% stake.
That said, the original tender offer filing already referenced mechanisms for handling residual shares such as cleanup trading, off-market purchases, and comprehensive share swaps, so a resumption of such procedures cannot be ruled out if industry or share-price conditions change.
The outcome of the complaint Terton Capital filed with the Financial Supervisory Service, along with legal questions over whether the board fulfilled its fiduciary duties, appears not yet resolved.
Some observers note that if the sale of Golfzon County actually proceeds, it could trigger changes in capital policy such as a disposal of Golfzon Holdings' 31.58% stake or an expanded dividend.
The recurring seasonal pattern of a weaker first quarter and stronger second quarter in the domestic business suggests future quarterly results may continue to show a similar swing structure.
Golfzon Holdings has recently been at the center of controversy over the gap between its market price and net asset value during the controlling shareholder's tender offer process.
The market raised concerns that the tender offer price was considerably below the company's disclosed book value per share, a factor that appears linked to the outcome in which the second tender offer received no tenders.
This is understood to relate to the fact that the on-market trading price was already above the tender offer price presented.
As a pure holding company, the stock has long been subject to holding-company discount discussions, since its valuation often hinges on the gap between the market price and underlying asset values such as subsidiary equity stakes and owned real estate.
Given that net profit has swung between growth and decline in recent years, how any future subsidiary sale or governance change affects the assessment of underlying asset value remains a point worth watching.
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
The two tender offers raised the combined stake of the controlling shareholder and affiliates to 85.21%, further consolidating management control.
SJ Investment Holdings stated it has no plans for an additional tender offer and laid out a focus on strengthening business competitiveness and management fundamentals going forward, suggesting the uncertainty surrounding delisting could ease for now.
Equity attributable to owners grew from 681.1 billion won in 2022 to 744.8 billion won in 2025, while the debt ratio fell from 47.2% to 41.3% over the same period. Operating cash flow remained positive across all four years.
This shows that despite declining revenue and profit, the balance sheet has stayed on a relatively stable trajectory.
After a net loss in the fourth quarter of 2025, the company returned to profit in the first quarter of 2026 and showed a clear recovery in the second quarter with revenue of 105.8 billion won, operating profit of 14.4 billion won, and net profit of 9.2 billion won. This can be interpreted as earnings normalizing after passing through a seasonal trough.
Consolidated revenue fell from 488.8 billion won in 2022 to 354.3 billion won in 2025, while operating margin declined from 19.3% to 7.9% over the same period, showing structural pressure on overall earnings from softening domestic golf and leisure spending along with intensifying competition.
Terton Capital refused to tender its shares and filed a complaint with the Financial Supervisory Service, arguing the tender offer price was far below the company's asset value, while also raising questions about whether the board fulfilled its fiduciary duties. These legal and administrative issues remain unresolved, leaving room for procedural uncertainty to resurface.
After a net loss in the fourth quarter of 2025, revenue and operating profit remained sharply lower in the first quarter of 2026 compared with prior quarters.
The seasonality of the equipment distribution business overlapping with the peak and off-peak structure of golf course usage is producing wide swings in quarterly results.
Even after the second tender offer ended with zero shares tendered, the disposition of the remaining roughly 15% stake has not been finalized.
While the company stated it has no plans for further procedures, the original tender offer filing already referenced mechanisms such as off-market purchases and comprehensive share swaps, leaving open the possibility that procedures affecting minority shareholder interests could resume if circumstances change.
Declining domestic golf course utilization, slowing demand for new business start-ups, and intensifying price competition among rivals are weighing on group-wide revenue and profitability.
If weak consumer sentiment persists, additional earnings pressure could emerge in both the equipment distribution and golf course operation segments.
Golfzon County's controlling shareholder MBK Partners is reportedly pursuing a sale, leaving uncertainty over the fate of Golfzon Holdings' 31.58% stake. In addition, fluctuations in the earnings of listed affiliate Golfzon Co. (215000) can affect Golfzon Holdings' profit and loss through equity-method gains.
Check the third-quarter 2026 consolidated preliminary results to assess whether the domestic business is recovering and how margins trend after the seasonal trough.
Monitor the Financial Supervisory Service's handling of Terton Capital's complaint and whether a request for an amended tender offer filing is issued.
Monitor whether SJ Investment Holdings revives procedures to clean up the remaining stake, such as an additional tender offer, off-market purchases, or a comprehensive share swap.
Monitor the progress of MBK Partners' sale process for Golfzon County and the direction taken regarding Golfzon Holdings' 31.58% stake.
Golfzon Holdings, as a pure holding company, has a multi-pronged business structure spanning golf course operation, equipment distribution, and equity-method gains from its screen golf affiliate, and its revenue and operating margin have steadily declined over recent years.
After a net loss in the fourth quarter of 2025, quarterly results showed renewed recovery in the first half of 2026, while balance-sheet metrics such as growing equity and a declining debt ratio have been relatively favorable.
Over the past six months, however, the dominant story for this stock has been less about earnings and more about the controlling shareholder's attempted voluntary delisting and the governance dispute surrounding it.
Two tender offers raised the combined stake of the controlling shareholder and affiliates to 85.21%, but the second offer closed with zero shares tendered, leaving delisting incomplete, and the company has stated it currently has no plans for further procedures.
The legal issues raised by Terton Capital's complaint to the Financial Supervisory Service and questions over the board's fiduciary duties remain unresolved.
Going forward, the pace of domestic industry recovery, the progress of the Golfzon County sale, and the evolution of the governance issue surrounding the treatment of the remaining stake are all factors that warrant continued observation.
Report written 2026-09-05 · Data as of 2026-09-04
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