PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
Secuve posted improved revenue, operating profit, and net income in 2025 versus the prior year, marking a profit recovery, but results show pronounced seasonality with earnings concentrated in the fourth quarter and sharply weaker first quarters.
2025 consolidated revenue reached KRW 13.44bn (+11.3% YoY), operating profit KRW 4.31bn (+26.1%), and owner net income KRW 4.70bn (+55.2%), with all three metrics improving
Q4 2025 operating profit of KRW 3.38bn accounted for roughly 78% of full-year operating profit, confirming strong seasonal concentration in a single quarter
Q1 2026 operating profit fell to roughly KRW 0.07bn before recovering to KRW 0.40bn in Q2 2026, which represented a large year-on-year increase
The debt ratio stood at a very low 6.7% at end-2025, while treasury share cancellations and a 5-for-1 share consolidation reshaped the capital structure over the past two years
The most recent quarterly report states there are no long-term supply contracts on hand, underscoring limited forward revenue visibility
Secuve was established in 2000 to develop, supply, and sell information security technology and products, and listed on KOSDAQ in 2011. The company is headquartered in Guro-gu, Seoul, and its largest shareholder, Chairman Hong Ki-yung, holds a 26.78% stake, rising to 32.41% including related parties.
Its product lineup spans file and folder access control systems, handwritten signature authentication, biometric-based electronic signature authentication, ransomware detection and response solutions, and container-based cloud access control systems.
Specific offerings include the Secuve TOS server security product, the VTOS container cloud security solution, the AlGriffin real-time ransomware detection and blocking tool, the SecuSign M biometric and multimodal authentication product, and the SecuSign electronic contract service.
The company holds a total of 89 patents across Korea, the United States, Japan, China, and Europe, underpinning technical differentiation in access control, authentication, and ransomware detection.
Within the information security industry, Secuve competes with peers such as Raonsecure, Korea Information Certificate Authority, and Fasoo in the authentication and security solutions market, operating a technology-driven business model in which it directly develops, sells, and maintains its own solutions.
The most recent quarterly report states there are no long-term supply contracts on hand, suggesting revenue is recognized on a project, license, and maintenance-contract basis.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.3B | ₩100M | 4.5% |
| 2025Q3 | ₩2.7B | ₩600M | 20.9% |
| 2025Q4 | ₩5.8B | ₩3.4B | 58.0% |
| 2026Q1 | ₩2.3B | ₩6,936,631 | 0.3% |
| 2026Q2 | ₩2.7B | ₩400M | 14.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩13.7B | ₩5.3B | ₩4.8B | 38.7% | 11.6% | 11.9% |
| 2023 | ₩14.4B | ₩4.5B | ₩5.8B | 30.8% | 12.9% | 9.1% |
| 2024 | ₩12.1B | ₩3.4B | ₩3B | 28.3% | 6.6% | 5.7% |
| 2025 | ₩13.4B | ₩4.3B | ₩4.7B | 32.1% | 9.5% | 6.7% |
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
Consolidated revenue in 2025 reached KRW 13.438bn, up 11.3% from KRW 12.076bn the prior year, while operating profit rose sharply to KRW 4.314bn (32.1% operating margin) from KRW 3.421bn (28.3%), and owner net income increased 55.2% to KRW 4.699bn from KRW 3.027bn.
This followed a decline from KRW 14.446bn in 2023 and KRW 13.703bn in 2022 down to KRW 12.076bn in 2024, before rebounding in 2025, with the operating margin similarly falling from 38.7% in 2022 to 30.8% in 2023 and 28.3% in 2024 before recovering to 32.1% in 2025, confirming a profit recovery.
Quarterly patterns show pronounced seasonality: Q4 2025 revenue of KRW 5.819bn represented roughly 43% of full-year revenue in a single quarter, and operating profit of KRW 3.376bn accounted for about 78% of the full-year total.
By contrast, Q2 2025 and Q1 2026 were comparatively weak, with operating profit falling to KRW 0.101bn and just KRW 0.007bn, respectively.
According to WiseReport, Q1 2026 revenue on a standalone (non-consolidated) basis fell 13.0% year-on-year while operating profit dropped 97.4%, consistent in direction with the consolidated weakness.
However, Q2 2026 showed revenue of KRW 2.717bn, operating profit of KRW 0.396bn, and owner net income of KRW 0.568bn, all clearly higher than the year-earlier Q2 2025 figures of KRW 2.251bn, KRW 0.101bn, and KRW 0.274bn, respectively.
This quarterly variability appears linked to the seasonality typical of the information security industry, where budget execution timing at public-sector and financial clients drives concentrated year-end demand.
The information security industry is classified as a high-value-added growth sector and a nationally strategic industry for responding to cyber threats and crises, with security demand expected to persist over the medium to long term amid the spread of smart mobile devices, big data, fintech, and the Internet of Things.
The most recent quarterly report stated that expanded enforcement of the Personal Information Protection Act and strengthened electronic financial supervisory regulations are expected to drive continued expansion of the information security product market.
At the same time, the report noted that the industry is subject to economic cycles, and that budget cuts by companies and institutions during downturns could slow growth, reflecting a two-sided demand outlook.
Secuve has a long operating history in server security, access control, and authentication, and is positioned alongside comparable domestic firms such as Raonsecure, Korea Information Certificate Authority, Fasoo, and Neoreigne.
The company's model of directly developing, selling, and maintaining its own solutions combines recurring license revenue with upfront development investment, and the firm reportedly maintains a high proportion of research and development staff.
Given the industry's likely reliance on public-sector and financial clients, a recurring pattern of seasonal demand concentration tied to year-end budget execution is evident.
The company's most recent quarterly report indicates no long-term supply contracts on hand, meaning future revenue trajectories will need to be confirmed through the accumulation of individual project, license, and maintenance agreements.
While the 2025 revenue and profit recovery and the year-on-year improvement in Q2 2026 are positive signals, the possibility of a repeat of the sharp Q1 2026 weakness cannot be ruled out, warranting continued monitoring of quarterly volatility.
The company has stated a policy of focusing on upgrading its core technologies in server security, privileged account management and access control, ransomware response, and biometric handwritten signature authentication, aiming to secure domestic market leadership while strengthening overseas competitiveness.
On the capital structure side, a 5-for-1 share consolidation in May 2025 followed by treasury share cancellations sharply reduced total shares outstanding, and whether such shareholder value management activities continue remains a point to watch.
If regulatory tightening trends such as the Personal Information Protection Act and electronic financial supervisory regulations persist, they could provide a structural underpinning for security demand, though a potential risk of reduced public and corporate security budgets during economic slowdowns also coexists.
No specific new product launch schedule or major contract disclosure has been confirmed at this time, requiring future verification through additional filings.
The current share price trades at a discount to net asset value, with the price-to-book ratio sitting below 1x.
On an earnings basis, using the sum of the trailing four quarters of net income, the stock sits in a mid-single-digit earnings multiple range, distinct from the higher multiples often associated with growth expectations in the security software sector.
The company paid a cash dividend at its most recent fiscal year-end, with dividend size appearing to track the year's net income level. The trajectory of operating margin—falling from 38.7% in 2022 to 28.3% in 2024 before recovering to 32.1% in 2025—offers a useful directional reference for profitability.
That said, given the large quarter-to-quarter earnings variability and the absence of disclosed long-term supply contracts, a multiple observed at any single point in time provides limited insight into the sustainability of the business's earning power.
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
Revenue, operating profit, and net income all improved by double digits or more in 2025 versus the prior year, and Q2 2026 also showed a clear year-on-year increase across all three metrics. Operating margin also improved from 28.3% in 2024 to 32.1% in 2025, marking a positive shift in profitability direction. Excluding the seasonal Q1 trough, recent quarterly trends support a recovery narrative.
The debt ratio stood at a very low 6.7% at end-2025, having remained in the single-to-low-double-digit percentage range throughout 2022–2025. Over the same period, operating cash flow reached KRW 6.325bn in 2025, exceeding net income and indicating solid cash generation. This financial soundness can be viewed as reducing the need for external financing.
The company holds a diverse product portfolio spanning server security, access control, biometric and handwritten signature authentication, ransomware detection and blocking, and electronic contracts, backed by 89 patents across Korea, the United States, Japan, China, and Europe.
Expanded enforcement of the Personal Information Protection Act and strengthened electronic financial supervisory regulations are cited as structural drivers of information security product market expansion. Product diversification can help reduce dependence on any single customer segment or product line.
Q4 2025 operating profit of KRW 3.376bn represented roughly 78% of full-year operating profit concentrated in a single quarter, while Q1 2026 operating profit collapsed to just KRW 0.007bn. According to WiseReport, Q1 2026 standalone revenue fell 13.0% year-on-year and operating profit fell 97.4%. Such swings make it difficult to draw annual conclusions from any single quarter's results.
The most recent quarterly report states there are no long-term supply contracts on hand, suggesting revenue is likely recognized on an individual project or license basis. This makes it difficult to anticipate revenue flows for upcoming quarters in advance. The filing also lists no material management contracts.
Regulatory filings state that the information security industry is affected by economic cycles, and that budget cuts by companies and institutions during downturns could reduce growth rates.
Given a revenue structure likely weighted toward public-sector and financial clients, results may be sensitive to changes in the timing and scale of budget execution. The 16.4% revenue decline in 2024 versus 2023 illustrates this sensitivity.
A recurring pattern has emerged in which a substantial portion of annual operating profit concentrates in the fourth quarter while first-quarter results contract sharply. This can introduce distortions when annualizing or simply comparing quarterly results. Whether this concentration pattern persists going forward remains to be observed.
Because the most recent quarterly report states there are no long-term supply contracts on hand, forward revenue predictability is limited. High reliance on public-sector and financial-industry budgets, if present, could expose results to shifts in policy and budget-setting timing.
Uncertainty around revenue concentration exists given the lack of disclosed reliance on any single major customer.
Largest shareholder Chairman Hong Ki-yung and related parties together hold 32.41% of shares, indicating an ownership structure concentrated among a specific individual and related parties. This is a factor to consider in aligning interests with minority shareholders and in the exercise of voting rights.
The capital structure changes seen over the past two years, including the share consolidation and treasury share cancellations, also warrant continued monitoring.
Filing of the Q3 2026 quarterly report and confirmation of results — worth checking whether the Q3 trend follows the annual seasonality pattern after a weak Q1 and recovering Q2.
Disclosure of the 2026 annual (audited) business report — a chance to confirm the degree of Q4 earnings concentration, whether the annual profit recovery continued, and whether the cash dividend policy was maintained.
Any new disclosures on long-term supply contracts or material management agreements — since the current filing states no contracts are on hand, it is worth monitoring for new contract or order announcements.
Developments in information-security-related regulation such as the Personal Information Protection Act and electronic financial supervisory rules — continued tightening would be a relevant reference point for the structural demand backdrop of the industry.
Secuve showed a profit recovery in 2025 with revenue, operating profit, and net income all improving from the prior year, and Q2 2026 also confirmed a clear year-on-year improvement.
However, the fact that roughly 78% of operating profit concentrated in the single Q4 2025 quarter, while Q1 2026 operating profit nearly vanished, means quarter-to-quarter variability is a central variable in interpreting results.
On the balance sheet side, the debt ratio is very low at 6.7% and operating cash flow exceeded net income, indicating relative stability, alongside capital structure changes over the past two years via share consolidation and treasury share cancellations.
The most recent quarterly report states there are no long-term supply contracts on hand, making forward revenue difficult to anticipate, and the ownership concentration among the largest shareholder and related parties (32.41%) is also a governance factor worth monitoring.
The information security industry carries both a structural demand driver from tightening personal information protection and electronic financial regulations, and cyclical sensitivity to budget cuts during economic downturns.
Overall, both the direction of profit recovery and the degree of quarterly volatility warrant re-confirmation through upcoming quarterly and annual disclosures.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.