PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩226 per share · Prices as of the 2026-10-02 close
NICE D&B is one of five licensed private commercial credit bureaus in Korea, maintaining a stable revenue base but showing pronounced seasonal earnings concentration in the second quarter.
FY2025 revenue reached KRW 91.36bn with operating profit of KRW 15.43bn (16.9% margin), the highest revenue among the past four years
Net profit attributable to owners over the latest four quarters (Q3 2025-Q2 2026) reached KRW 14.75bn, exceeding the full-year FY2025 figure
Operating margin spikes to around 33% in the second quarter in both 2025 and 2026, reflecting a recurring seasonal pattern
One of five licensed private corporate credit rating firms in Korea and the sole domestic member of the D&B Worldwide Network
Diversifying into new businesses including technology grading for KOSDAQ tech-specialty listings and public-institution safety grading advisory
NICE D&B is a corporate credit information specialist established in 2002 as a joint venture between NICE Holdings and the U.S.-based D&B Corporation.
The company solidified its position as a corporate credit rating institution after obtaining a credit inquiry and investigation license from the Financial Supervisory Service in 2005.
As the sole domestic member of the D&B Worldwide Network, the company operates two core pillars: an overseas company-information business that generates and provides corporate credit data across numerous countries, and a domestic corporate credit information business.
It has expanded into supplier evaluation, supply-chain risk management consulting, ESG-related assessment, and technology grading services for companies preparing for KOSDAQ technology-specialty listings.
The company has also been exploring new service models in partnership with Deloitte Consulting Korea, including corporate information management, data standardization, and enhanced supply-chain risk management solutions.
Korea's credit information industry is an oligopolistic structure limited to a handful of privately licensed operators, including NICE D&B, Seoul Credit Rating & Information, eCredible, Korea Credit Data, and NICE Information Service, alongside policy finance institutions such as the Korea Technology Finance Corporation and Korea Credit Guarantee Fund.
Its client base spans financial institutions seeking credit inquiries, large corporations managing suppliers, public institutions conducting procurement qualification reviews, and, more recently, unlisted companies pursuing technology-specialty listings.
Recent examples confirmed include a technology grade (T-3) assigned to a drone software company and credit rating adjustments for semiconductor and energy-sector firms.
In August 2026, the company co-hosted a seminar with the Korea Safety Culture Society on responding to the public-institution safety grading system and AI-based safety management strategy, signaling efforts to expand into new consulting areas.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩30.1B | ₩10B | 33.3% |
| 2025Q3 | ₩22.4B | ₩3.5B | 15.5% |
| 2025Q4 | ₩21.2B | ₩1.3B | 6.2% |
| 2026Q1 | ₩18.3B | ₩1.3B | 6.9% |
| 2026Q2 | ₩32B | ₩11.1B | 34.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩92.2B | ₩15.5B | ₩13.7B | 16.8% | 16.3% | 27.0% |
| 2023 | ₩87.9B | ₩14.2B | ₩10.4B | 16.1% | 11.4% | 23.8% |
| 2024 | ₩89.7B | ₩15.8B | ₩13.7B | 17.6% | 13.5% | 23.4% |
| 2025 | ₩91.4B | ₩15.4B | ₩12.9B | 16.9% | 11.2% | 19.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
On an annual basis, revenue declined from KRW 92.19bn in 2022 to KRW 87.91bn in 2023, then recovered for two consecutive years to KRW 89.66bn in 2024 and KRW 91.36bn in 2025, marking the highest level among the past four years.
Operating profit fell from KRW 15.50bn (16.8% margin) in 2022 to KRW 14.19bn (16.1%) in 2023, improved to KRW 15.78bn (17.6%) in 2024, then edged down to KRW 15.43bn (16.9%) in 2025, oscillating within a 16-18% band.
Net profit attributable to owners dropped sharply from KRW 13.70bn in 2022 to KRW 10.38bn in 2023, recovered to KRW 13.66bn in 2024, then declined again modestly to KRW 12.92bn in 2025.
Quarterly data reveal pronounced seasonality: in Q2 2025, revenue of KRW 30.13bn and operating profit of KRW 10.03bn (roughly 33.3% margin) show earnings heavily concentrated, whereas the following three quarters-Q3 2025 at KRW 22.37bn/KRW 3.47bn, Q4 2025 at KRW 21.17bn/KRW 1.30bn, and Q1 2026 at KRW 18.35bn/KRW 1.26bn-saw operating margins fall sharply to a 6-16% range.
In Q2 2026, revenue of KRW 31.99bn and operating profit of KRW 11.08bn (about 34.6% margin) repeated a similarly concentrated pattern seen a year earlier.
As a result, cumulative net profit attributable to owners over the latest four quarters (Q3 2025 through Q2 2026) reached KRW 14.75bn, recovering to a level above the full FY2025 figure of KRW 12.92bn.
This quarter-to-quarter variance appears to stem from business characteristics in which revenue and profit are recognized intensively at specific points in the year, suggesting that annual cumulative figures should be weighed alongside quarterly data when assessing earnings direction.
On the cash flow side, operating cash flow remained relatively steady between the mid-KRW 15bn range and KRW 17.7bn each year from 2022 to 2025, indicating that cash generation capacity held up comparatively well despite fluctuations in net profit.
Korea's corporate credit information and rating industry is a regulated business limited to a small number of privately licensed operators approved by the Financial Services Commission along with policy finance institutions, maintaining an oligopolistic structure with high barriers to new entry.
Downstream demand combines a baseline that is largely independent of the business cycle-financial institutions' credit and transaction screening, large corporations' supplier management, and public institutions' procurement qualification reviews-with growth-oriented demand tied to the number of KOSDAQ technology-specialty listings, new company formation, and expanding supply-chain risk management needs.
Recently, consulting-type new businesses such as ESG assessment, supply-chain risk monitoring, and support for the public-institution safety grading system have emerged as sources of added value, and the company's collaboration with Deloitte Consulting and its seminar with the Korea Safety Culture Society can be seen as part of this trend.
Competitively, NICE D&B holds a differentiated position in overseas company information through its status as the sole domestic member of the D&B Worldwide Network, while in domestic corporate credit rating it competes with affiliate NICE Information Service as well as Seoul Credit Rating & Information, eCredible, and Korea Credit Data.
In the technology grading segment, the company participates in technology-specialty listing reviews alongside policy finance institutions such as the Korea Technology Finance Corporation, meaning fluctuations in the number of KOSDAQ technology-specialty listings can affect related order intake.
Given the regulated nature of the industry overall, gradual demand growth and expansion of value-added services characterize the sector more than rapid revenue growth, which is consistent with the company's revenue fluctuating within an KRW 87.9bn-92.19bn range over the past four years.
Based on confirmed facts, the company is pursuing expansion into consulting-type new businesses on top of its stable existing credit information and company information operations.
In August 2026, it co-hosted a seminar with the Korea Safety Culture Society on responding to the public-institution safety grading system and AI-based safety management strategy, signaling a move to broaden market touchpoints in safety-grading review support and safety culture consulting.
It has also confirmed plans to continue developing new service models through collaboration with Deloitte Consulting Korea, including building corporate information management and data standardization frameworks and enhancing supply-chain risk management consulting and solutions.
In the technology grading segment, evaluations for companies pursuing KOSDAQ technology-specialty listings continue, with a recent example being a T-3 grade assigned to a drone software company, indicating sustained related demand.
However, since these new businesses have not yet been disclosed as separate financial line items, it is difficult to gauge their specific contribution to revenue or profit.
Given the recurring seasonal variance in quarterly results, it is also worth noting the possibility that upcoming third- and fourth-quarter results could again show lower margins relative to the second quarter.
The company's next regular earnings disclosure and any additional contract or order news related to its new businesses will likely be key checkpoints for gauging future business direction.
The company's shares trade at a relatively low multiple of net asset value, suggesting the market assigns a comparatively conservative valuation relative to the scale of its book assets.
On the earnings side, after bottoming in net profit in 2023, the company recovered in 2024 and pulled back slightly in 2025, but on a cumulative basis over the latest four quarters, profit has recovered to a level above the full FY2025 figure.
On the dividend side, the company has a history of paying annual cash dividends, and whether this shareholder return policy continues can be confirmed through the next fiscal year-end dividend decision disclosure.
Given its relatively small market capitalization, trading liquidity may be limited, a factor worth considering when interpreting valuation metrics.
Overall, the picture combines earnings recovery and a low multiple relative to net assets on one hand, with stalled revenue growth and quarterly earnings variance on the other.
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 2026-08-23
After net profit attributable to owners fell to KRW 10.38bn in 2023, it recovered to KRW 13.66bn in 2024, and cumulative profit over the latest four quarters rose to KRW 14.75bn, exceeding the FY2025 annual figure. Operating margin has also remained relatively stable in the 16-18% range.
This suggests the recurring revenue structure of the license-based credit information business contributes to earnings stability.
Only a handful of privately licensed corporate credit information operators exist in Korea, including NICE D&B, which holds a differentiated position as the country's sole member of the D&B Worldwide Network. This license-based barrier to entry makes it difficult for new competitors to emerge. Exclusive network access in the overseas company information segment is also cited as a competitive advantage.
The company is expanding into technology grading for technology-specialty listings, consulting on public-institution safety grading response, and enhanced supply-chain risk management solutions through collaboration with Deloitte Consulting.
While these new businesses have not yet appeared as separate financial figures, they represent attempts to seek growth drivers beyond the existing license-based business.
From 2022 to 2025, annual revenue fluctuated within an KRW 87.9bn-92.19bn range without showing clear top-line growth. The FY2025 revenue of KRW 91.36bn is the highest among the past four years but still falls short of the KRW 92.19bn recorded in 2022. This suggests that rapid revenue expansion may be limited given the nature of the license-based business.
In both 2025 and 2026, operating margin spiked to the low-30% range in the second quarter, while the third, fourth, and first quarters saw margins drop sharply to a 6-16% range.
This seasonality appears to stem from a structure in which revenue and profit are recognized intensively at specific points, making it difficult to judge annual trends from quarterly figures alone.
The company is classified as a relatively small-cap stock, with total shares outstanding at around 15.4 million. This small-cap characteristic can lead to constrained trading liquidity, information asymmetry, and greater volatility in valuation metrics.
The credit information business requires licensing from the Financial Services Commission, meaning amendments to the Credit Information Act or changes in licensing conditions could directly affect operations.
The potential expansion of services by policy finance institutions or the issuance of new licenses could also become a variable in the competitive landscape over the long term.
In the domestic corporate credit rating market, the company competes with affiliate NICE Information Service as well as Seoul Credit Rating & Information, eCredible, and Korea Credit Data, while in the technology grading segment it also competes with policy finance institutions such as the Korea Technology Finance Corporation. Pricing policies or service expansion by these competitors could affect the company's market share.
If companies rated by NICE D&B for credit or technology grades experience deteriorating performance or insolvency, questions could arise in the market regarding the accuracy and reliability of its assessments.
Indeed, several recent cases have been confirmed in which the credit ratings of certain rated companies were downgraded multiple times, which could add to the burden of managing overall credibility in the rating business.
Q3 2026 earnings are expected to be disclosed around this time, and it will be worth checking whether the margin again declines following the seasonal profit concentration seen in the second quarter.
Following the August 2026 seminar with the Korea Safety Culture Society, subsequent disclosures or news should be checked to see whether this leads to actual consulting contracts or revenue recognition related to the public-institution safety grading system.
This is the point to check whether the annual cash dividend policy continues, via the year-end dividend decision disclosure for fiscal year 2026.
Changes in the number of companies pursuing technology-specialty listings and related technology grading order intake could serve as a leading indicator of growth in the company's new business segment.
NICE D&B, one of five licensed private corporate credit information firms in Korea, maintains a stable business foundation based on its oligopolistic position as the country's sole member of the D&B Worldwide Network.
Annual revenue over the past four years fluctuated within an KRW 87.9bn-92.19bn range, reaching a high of KRW 91.36bn in 2025, though clear top-line expansion has not been confirmed.
Net profit attributable to owners recovered from a 2023 low of KRW 10.38bn, rising to KRW 14.75bn on a cumulative basis over the latest four quarters, but a recurring seasonal pattern persists in which profit concentrates in the second quarter while margins fall sharply in other quarters.
The company is pursuing new businesses including technology grading for technology-specialty listings, consulting for public-institution safety grading response, and supply-chain risk management solutions through collaboration with Deloitte Consulting, though these have not yet shown a separate financial contribution in disclosures.
While the regulated nature of the industry creates high barriers to entry, factors such as competition from rivals and policy finance institutions, and the potential for credit risk transfer from rated companies, also warrant attention.
Upcoming quarterly results, news on new business contracts, and whether the dividend policy continues are likely to be key variables in assessing the company's future trajectory. This report is for informational purposes only and does not constitute a recommendation to buy or sell any security.
Report written 2026-09-05 · Data as of 2026-09-04
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