PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩500 per share · Prices as of the 2026-10-02 close
Sidiz has posted four consecutive quarters of improving net profit since Q3 2025 and turned operating income positive in Q1 2026, yet annual revenue has stagnated or declined for three straight years since 2022, underscoring a structural growth challenge.
Q1 2026 operating profit of KRW 1.5 billion and net profit of KRW 2.8 billion marked the strongest quarter in the recent five-quarter window, signaling a clear profit recovery.
Full-year 2025 revenue of KRW 195.7 billion fell from KRW 208.4 billion in 2024, while the operating loss widened to KRW 6.68 billion, marking a fourth consecutive year of operating losses.
The company has diversified its lineup with the new home-office focused 'LIGHT WORK' category and 'MUUVE' product (January 2026) and an upgraded 'GX' gaming chair (April 2026).
While parent Persys Group pursues overseas expansion in Vietnam and the United States, Sidiz's own overseas unit (Sidiz China) has reportedly continued to post losses.
The shares trade at a level below net asset value, while the company has maintained a track record of annual dividend payments.
Sidiz is an ergonomics-focused chair brand under Persys Group, the leading office furniture group in Korea. Parent company Persys operates a value-chain structure that manufactures and supplies products to affiliate brands including Sidiz and iloom.
Sidiz's core products are office chairs (T50, T55, T80 series), and it has recently expanded into the home-office focused 'LIGHT WORK' line (Linie, Ega, Button, MUUVE) and the 'GX' gaming chair.
Distribution runs through both B2B channels (corporate and public procurement) and online B2C, within a domestic office furniture market where direct B2B transactions dominate. In gaming, the company has maintained a multi-year marketing partnership with global esports organization Gen.G.
Overseas, it operates a China subsidiary that has yet to become a meaningful profit contributor. Competitors include domestic furniture makers such as Coas and Hyundai Livart, alongside international brands, with Persys Group reported to hold a leading share of the office furniture market. The company experienced a pandemic-era home-office demand boom that has since normalized.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩45.6B | -₩3.9B | −8.5% |
| 2025Q3 | ₩46.5B | -₩1.9B | −4.0% |
| 2025Q4 | ₩48.5B | -₩600M | −1.3% |
| 2026Q1 | ₩54.5B | ₩1.5B | 2.8% |
| 2026Q2 | ₩48.2B | -₩32,974,524 | −0.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩243.3B | ₩40,885,780 | ₩2.5B | 0.0% | 4.0% | 34.1% |
| 2023 | ₩200.1B | -₩1.9B | ₩2.4B | −1.0% | 3.8% | 46.8% |
| 2024 | ₩208.4B | -₩3.4B | ₩900M | −1.6% | 1.4% | 50.5% |
| 2025 | ₩195.7B | -₩6.7B | -₩2.3B | −3.4% | −3.6% | 56.1% |
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, 2022 revenue of KRW 243.3 billion came with a slim operating profit of KRW 41 million, but 2023 saw revenue fall to KRW 200.1 billion with an operating loss of KRW 1.93 billion, followed by 2024 revenue of KRW 208.4 billion and a widened operating loss of KRW 3.36 billion, continuing a pattern of declining sales and expanding losses.
In 2025, revenue fell again to KRW 195.7 billion, the operating loss widened further to KRW 6.68 billion, and net profit turned negative at KRW -2.26 billion for the first time in four years. Quarterly data, however, show a clear reversal signal.
After bottoming in Q2 2025 with an operating loss of KRW 3.89 billion and net loss of KRW 3.32 billion, losses steadily narrowed to an operating loss of KRW 1.85 billion and net loss of KRW 0.26 billion in Q3, then an operating loss of KRW 0.62 billion with net profit of KRW 0.69 billion in Q4.
Q1 2026 delivered the best quarter in the recent five-quarter window, with revenue of KRW 54.45 billion, operating profit of KRW 1.50 billion, and net profit of KRW 2.80 billion, while Q2 2026 revenue of KRW 48.22 billion came with a near-breakeven operating loss of KRW 33 million and net profit of KRW 0.62 billion.
Cumulative net profit over the trailing four quarters (Q3 2025 through Q2 2026) reached KRW 3.85 billion, confirming a shift away from the full-year loss pattern.
Operating cash flow remained positive every year from 2022 to 2025, ranging from roughly KRW 7.6 billion to KRW 11.7 billion, indicating that cash generation held up even as reported earnings swung into losses.
Korea's office furniture market is generally classified as a mature industry with long replacement cycles and high sensitivity to economic conditions. Parent company Persys Group is regarded as having a strong domestic market position in office furniture, with Coas and Hyundai Livart cited as key competitors.
B2B direct-transaction channels account for a large share of the market, and suppliers meeting green-certification and public-procurement requirements hold an advantage.
Recently, tightened regulatory scrutiny of bid collusion has led to reorganization of distribution and franchise arrangements, creating some channel friction.
On the raw-material side, resin prices face downward pressure from new capacity additions while certain specialty resins have seen price increases, keeping cost management a persistent challenge.
The spread of hybrid work has elevated demand for flexible office and home-office furniture as a new growth axis, a trend aligned with Sidiz's newly created 'LIGHT WORK' category. In the gaming chair segment, demand has remained steady alongside the continued growth of the esports industry.
In 2026, Sidiz has continued product diversification, launching the 'MUUVE' product under its home-office focused 'LIGHT WORK' category and, in April, an upgraded version of the 'GX' gaming chair.
The company cited the growing sophistication of esports environments and rising related demand as the rationale for the upgraded GX. The upcoming Aichi-Nagoya Asian Games in September, where esports is included as a medal event, is a notable calendar item for potential exposure of the gaming chair lineup.
Parent Persys Group has positioned overseas expansion in Vietnam and the United States as a core pillar of its group-wide transition strategy, but this effort is centered mainly on the Persys and iloom brands, and Sidiz's China subsidiary has reportedly continued to post losses, meaning a clear turnaround timeline for the overseas segment has not yet been established.
Given that quarterly earnings have shown improvement since the second half of 2025, whether this trend persists will be a key focus in upcoming quarterly disclosures. No separate company revenue guidance or capacity-expansion plan was officially confirmed as of the time of this research.
The current share price trades below the company's net asset value, suggesting the market is assigning a discount relative to book value.
On the earnings side, the trend reversed from a full-year net loss in 2025 to four consecutive quarters of net profit starting in Q4 2025, a directional shift worth watching in terms of how the market reflects the earnings recovery.
Dividend payments have continued on an annual basis, indicating that shareholder returns were not interrupted even in a year when profit shrank.
That said, revenue itself has shown a stagnant-to-declining structural pattern since 2022, so the durability of the earnings recovery should be assessed alongside whether the revenue base can expand.
For any specific valuation targets or assessments, readers are encouraged to consult separate sources such as brokerage research.
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 bottoming at a net loss of KRW 3.32 billion in Q2 2025, losses steadily narrowed through Q3, Q4, and into Q1-Q2 2026 with a shift to profit. Q1 2026 in particular delivered the strongest recent quarter, with operating profit of KRW 1.50 billion and net profit of KRW 2.80 billion.
Trailing four-quarter net profit totaled KRW 3.85 billion, confirming a move away from the full-year loss pattern.
The company launched the home-office focused 'LIGHT WORK' category and new 'MUUVE' product, targeting living-space demand beyond traditional office chairs. The upgraded 'GX' gaming chair addresses esports-related demand, supported by an ongoing marketing partnership with Gen.G. This category expansion can be read as reducing reliance on a single office-chair revenue stream.
Operating cash flow remained positive every year from 2022 to 2025, ranging between roughly KRW 7.6 billion and KRW 11.7 billion. This indicates a cash buffer existed even in years when the income statement showed an operating or net loss.
The debt ratio rose from 34.1% in 2022 to 56.1% in 2025, though the absolute level remains within a range not typically considered excessive.
Annual revenue fell from KRW 243.3 billion in 2022 to KRW 200.1 billion in 2023, KRW 208.4 billion in 2024, and KRW 195.7 billion in 2025, failing to recover to 2022 levels for three straight years.
The office furniture industry itself is classified as a mature market with long replacement cycles and high economic sensitivity, a structural growth constraint. The revenue base appears to have contracted as pandemic-era home-office demand normalized.
According to media reports, Sidiz's overseas subsidiary (Sidiz China) has continued to post losses, contrasting with another group overseas unit (Persys Vietnam).
Because the group's overseas expansion strategy is centered mainly on the Persys and iloom brands, the timing of a turnaround for Sidiz's own overseas business remains uncertain. This could remain a persistent drag on consolidated results.
The company posted an operating loss every year from 2023 through 2025, with the loss widening from KRW 1.93 billion in 2023 to KRW 6.68 billion in 2025. While net profit has shown quarterly recovery, operating profit itself has not yet turned positive on a full-year basis.
Without improvements to cost management and SG&A structure alongside a revenue recovery, the durability of any operating-profit improvement is difficult to assume.
Office furniture has a long replacement cycle and high economic sensitivity, meaning order intake depends heavily on corporate and public-sector budget execution. An economic slowdown could reduce corporate office investment and public procurement budgets, constraining revenue recovery.
Fluctuations in resin (plastic) and wood prices used in chair manufacturing can translate into cost pressure. Rising prices for certain specialty resins and tightened wood-sourcing regulations have been cited as factors complicating bill-of-materials cost management.
Tightened domestic regulation of bid collusion in built-in and system furniture has increased financial and legal risk for suppliers, and some companies have had to restructure distribution and franchise arrangements following corrective orders. Such regulatory shifts could create short-term friction for a revenue structure centered on B2B channels.
During this window, esports will be held as a medal event at the Aichi-Nagoya Asian Games, an opportunity to observe exposure and marketing effects for the 'GX' gaming chair lineup.
This is the expected timing for the Q3 2026 quarterly report, when it will be important to check whether the profit-turnaround trend seen in Q1-Q2 continues into the third quarter.
This is the time to check for board resolutions or disclosures on the year-end dividend, to see whether the company's track record of annual dividend payments continues.
It will be worth monitoring whether follow-up disclosures related to Persys Group's governance restructuring and generational leadership transition affect Sidiz's management or capital policy.
Sidiz has shown four consecutive quarters of improving net profit since bottoming in Q2 2025, with stable profit flow in Q1 and Q2 2026.
In contrast, annual revenue has remained in a stagnant-to-declining structural pattern since 2022, and operating profit posted losses for four consecutive years from 2023 through 2025.
Product diversification into home-office and gaming categories is a potential driver of revenue-base expansion, but persistent losses at the overseas subsidiary remain a lingering burden.
Positive operating cash flow maintained every year and a consistent dividend track record are notable reference points for financial stability.
The upcoming Q3 earnings, marketing effects during the Asian Games esports period, and year-end dividend disclosure will be important checkpoints for assessing the trajectory ahead. This report contains no buy or sell recommendation and is provided for informational purposes only.
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.