PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Prices as of the 2026-10-02 close
Embrain's 2025 consolidated revenue rose year on year, but operating profit swung into a loss, and quarterly results alternated sharply between profit and loss.
2025 consolidated revenue rose to KRW 56.16 billion, but operating profit swung to a loss of about KRW 1.26 billion.
Q2 2025 posted strong profit with revenue of KRW 21.83 billion and operating profit of KRW 2.54 billion, but Q3 revenue plunged to KRW 6.39 billion with an operating loss of about KRW 2.46 billion.
In January 2026, the Korea Exchange reclassified Embrain from the investment-alert list to the mid-sized company division.
In September 2026 the company launched a new data analytics service, 'CALI,' combining search, purchase-behavior, and survey data, in an effort to diversify its business.
The debt ratio rose from 36.5% in 2023 to 65.9% in 2025, while operating cash flow fell from about KRW 9.4 billion in 2022 to about KRW 1.5 billion in 2025, marking a clear shift in financial metrics.
Embrain (corporate name Macromill Embrain) was founded in 1998 as Korea Panel Research, took investment from Japan-listed Macromill in 2012 and merged with Macromill Korea to adopt its current name, and listed on KOSDAQ in 2020.
The company runs three core business lines -- online research, offline research, and deep-data services -- built on Korea's largest survey panel of roughly 1.79 million members. Online research, which is faster and less costly than offline surveys, is described as the segment that has kept growing even in downturns.
The company has five subsidiaries including Embrain Public and Mindmagnet, extending its reach into opinion polling, content, and data analytics.
According to an older technical analysis report, the company had served more than 1,000 client companies annually with about 5,000 projects, suggesting a business model built on recurring, project-based revenue from a broad client base.
In Korea's market research and polling industry, large competitors such as Hankook Research exist, with Hankook Research described as the country's largest marketing and opinion-research firm.
In September 2026, Embrain launched a new market analysis service called 'CALI,' which combines search, purchase-behavior, and consumer-research data, signaling an effort to move beyond traditional surveys into data-tech territory.
Overall, the company appears to be layering data-analytics services on top of its traditional panel-infrastructure strength to seek additional value.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2024Q4 | ₩12.3B | -₩400M | −3.1% |
| 2025Q1 | ₩13.6B | ₩300M | 2.5% |
| 2025Q2 | ₩21.8B | ₩2.5B | 11.6% |
| 2025Q3 | ₩6.4B | -₩2.5B | −38.5% |
| 2025Q4 | ₩14.3B | -₩1.7B | −11.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩51.3B | ₩7.4B | ₩6B | 14.4% | 20.3% | 54.7% |
| 2023 | ₩54.9B | ₩4.7B | ₩3.8B | 8.6% | 12.3% | 36.5% |
| 2024 | ₩53.7B | ₩1.7B | ₩1.4B | 3.1% | 5.0% | 62.4% |
| 2025 | ₩56.2B | -₩1.3B | -₩800M | −2.2% | −3.2% | 65.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-29
Embrain's consolidated revenue was KRW 51.27 billion in 2022, KRW 54.94 billion in 2023, KRW 53.71 billion in 2024, and KRW 56.16 billion in 2025 -- fluctuating but generally holding in the mid-to-high KRW 50 billion range. The bigger issue is profitability.
Operating profit fell from KRW 7.40 billion in 2022 (14.4% margin) to KRW 4.71 billion in 2023 (8.6%) and KRW 1.68 billion in 2024 (3.1%), before turning into an operating loss of KRW 1.26 billion in 2025.
Net profit attributable to owners likewise shrank from KRW 5.98 billion in 2022 to KRW 1.41 billion in 2024, then flipped to a net loss of KRW 0.84 billion in 2025.
Quarterly figures show pronounced volatility: Q4 2024 posted revenue of KRW 12.32 billion with an operating loss of KRW 0.38 billion, while Q1 2025 turned slightly profitable with revenue of KRW 13.63 billion and operating profit of KRW 0.34 billion.
Q2 2025 revenue jumped to KRW 21.83 billion, delivering a clear operating profit of KRW 2.54 billion and owners' net profit of KRW 2.00 billion, but Q3 revenue collapsed to KRW 6.39 billion, producing an operating loss of KRW 2.46 billion and a net loss of KRW 1.78 billion, with losses continuing into Q4 (revenue KRW 14.31 billion, operating loss KRW 1.67 billion, net loss KRW 1.30 billion).
This wide quarter-to-quarter swing likely reflects a business model in which project-based revenue is concentrated in specific quarters while fixed costs such as labor remain relatively high.
On the financial side, operating cash flow fell from KRW 9.42 billion in 2022 to KRW 1.53 billion in 2025, and the debt ratio rose from 36.5% in 2023 to 65.9% in 2025, showing that the profitability decline has weighed on both cash generation and the overall balance sheet.
Korea's marketing research and opinion-polling industry has been reorganizing around the growing share of online surveys, and Embrain is described as holding the country's largest panel infrastructure, running online research, offline research, and deep-data businesses on a base of roughly 1.79 million panel members.
The industry view is that online research has kept growing even during economic slowdowns because it takes less time and costs less than offline surveys.
Looking globally, the online survey software market is estimated at about USD 8.21 billion in 2026 and is projected to grow at a compound annual rate of 11.73% through 2035, indicating that the broader research industry continues shifting toward digital, data-driven tools.
On the domestic competitive front, Hankook Research is cited as Korea's largest marketing and opinion-research firm, and several large and mid-sized research companies as well as Korean units of global research firms compete in the market.
The industry tends to see large swings in quarterly revenue depending on when client marketing budgets are executed and individual projects are commissioned, and Embrain's own quarterly volatility in 2025 is likely related to this broader industry characteristic.
During economic slowdowns, companies may cut marketing and research budgets, meaning the industry's fortunes are tied in part to the macroeconomic cycle.
At the same time, attempts to combine search and purchase-behavior data with traditional surveys are increasing across the industry, making integrated data services an emerging axis of competition.
In September 2026 the company launched a new service called 'CALI,' consisting of 'CALI Discovery,' which uses search and social data, and 'CALI Impact,' which combines actual purchase-behavior and research data, while also holding a related webinar, signaling a move to expand its service portfolio into data analytics.
The service focuses on integrating search, purchase, and research data to diagnose the market performance of brands, promotions, and new products, which can be read as an attempt to layer value-added services on top of the traditional survey-based revenue base.
On the governance and market-status front, the Korea Exchange disclosed in January 2026 that it would reclassify Embrain from the investment-alert list to the mid-sized company division, indicating that some of the prior alert-related risk has been resolved.
That said, this is information more recent than the period confirmed by disclosures (through Q4 2025); according to FnGuide company data (as queried in September 2026), Q1 2026 consolidated revenue reportedly rose 8.3% year on year with operating profit and net profit both increasing by triple-digit percentages, but this should be treated as preliminary information ahead of formal confirmation in regular disclosures.
The company's subsidiary count also appears to have grown to five recently, suggesting continued business expansion through polling, content, and data subsidiaries.
The next regular disclosure, the Q3 2026 quarterly report, is generally due within 45 days of quarter-end under Korean capital markets law, and whether revenue and profit at that point repeat the same kind of quarterly swings seen in 2025 will be a key point to watch.
Because 2025 turned into a net loss, trailing four-quarter net income sits in negative territory, which limits how meaningfully a price-to-earnings ratio can be interpreted at this point.
Relative to shareholders' equity, the share price appears to trade below net asset value, which can be read as reflecting the profit contraction and rising debt ratio seen since 2023.
There is a history of the price-to-earnings ratio trading in the double digits during past profitable periods, but with profits shrinking and then turning to losses, that comparison basis itself has become less stable.
On the dividend front, since recent net income turned negative, dividend capacity is an area that warrants confirmation, and a recovery in earnings could be a precondition for any future shareholder-return policy.
Ultimately, the current valuation appears to be forming in a zone where two conflicting signals -- revenue growth and profitability deterioration -- coexist.
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 2026-09-29
2025 consolidated revenue rose to KRW 56.16 billion from KRW 53.71 billion in 2024, maintaining a mid-to-high KRW 50 billion revenue base since 2022. Online research is regarded as a business that has kept growing even in slowdowns, thanks to its shorter survey timelines and lower cost structure versus offline surveys.
Infrastructure built on Korea's largest survey panel of roughly 1.79 million members can serve as a foundation for winning new clients and projects.
The 'CALI' service launched in September 2026 integrates search, purchase-behavior, and research data to diagnose the performance of brands, promotions, and new products, attempting to create value beyond traditional surveys.
This kind of integrated data service aligns with the double-digit average annual growth seen in the global online survey software market. The subsidiary count growing to five also supports the company's diversification attempts across polling, content, and data businesses.
In January 2026, the Korea Exchange disclosed that it would reclassify Embrain from the investment-alert list to the mid-sized company division. This suggests that some of the investment-alert-related risk previously attached to the company has been resolved.
The reclassification can be interpreted as the market's formal reassessment of the company's financial and operational status.
The operating margin fell from 14.4% in 2022 to 8.6% in 2023 and 3.1% in 2024, before turning negative at -2.2% in 2025. Net profit attributable to owners also flipped from KRW 5.98 billion in 2022 to a net loss of KRW 0.84 billion in 2025.
A structure where revenue rises while profit falls suggests a need to examine the cost structure or project-level profitability.
Q2 2025 posted a clear operating profit of KRW 2.54 billion, but Q3 swung sharply into an operating loss of KRW 2.46 billion, with the loss continuing into Q4 at KRW 1.67 billion.
Revenue also plunged from KRW 21.83 billion in Q2 to KRW 6.39 billion in Q3 -- less than a third -- reflecting very large quarter-to-quarter swings. This volatility raises the uncertainty involved in forecasting results.
The debt ratio rose noticeably from 36.5% in 2023 to 65.9% in 2025, and operating cash flow fell sharply from KRW 9.42 billion in 2022 to KRW 1.53 billion in 2025. Equity attributable to owners also declined from KRW 30.59 billion in 2023 to KRW 26.11 billion in 2025.
This shows that the profitability decline is affecting both cash-generating capacity and the overall capital buffer.
Given the project-based revenue structure, revenue has repeatedly concentrated in certain quarters and dropped sharply in others from Q4 2024 through Q4 2025. In a business with a relatively high proportion of fixed costs, a revenue decline can quickly translate into a wider operating loss. This volatility can reduce the accuracy of annual earnings forecasts.
With the debt ratio rising from 36.5% in 2023 to 65.9% in 2025 and operating cash flow continuing to decline, the profit decline could weigh on funding capacity or financial flexibility. Equity attributable to owners has also declined for three consecutive years since 2023. If the recovery in profitability is delayed, the burden of managing the balance sheet could increase.
The company has a history of being designated an investment-alert issue, and although its classification changed to the mid-sized company division in January 2026, the possibility that its status could change again in a future regular review cannot be ruled out.
Its market capitalization is very small, categorizing it as a micro-cap stock with potentially limited liquidity. The tendency for small-cap stocks to see amplified price volatility is also worth noting.
The statutory filing deadline (within 45 days of quarter-end) for the Q3 2026 quarterly report arrives. It will be worth checking whether the same kind of quarterly revenue and profit swings seen in 2025 recur.
This is the statutory filing deadline for the FY2026 annual report and audit report. It is a point to check whether the company returns to annual profitability, the audit opinion, and changes in financial stability metrics such as the debt ratio.
The Korea Exchange's regular review period for market-division and investment-alert classification comes around again. It will be worth checking whether the mid-sized company division status assigned in January 2026 is maintained.
This is a point to check whether the revenue contribution and scale of the new 'CALI' service show up in disclosure materials. Whether the data analytics service translates into actual earnings improvement will be a key point to watch.
From 2022 through 2025, Embrain maintained its revenue scale in the mid-to-high KRW 50 billion range, preserving its top-line size, but it went through four years of clearly deteriorating profitability, with the operating margin falling from 14.4% to -2.2%.
In 2025 in particular, quarterly volatility was pronounced, with a large profit in Q2 alternating with consecutive losses in Q3 and Q4, a pattern that also showed up in balance-sheet changes such as a rising debt ratio and declining operating cash flow.
The reclassification from the investment-alert list to the mid-sized company division in January 2026 and the launch of the 'CALI' data analytics service in September 2026 are facts indicating the company is simultaneously attempting risk management and business diversification.
However, this report's confirmed financial coverage extends only through Q4 2025, and the subsequently reported signs of improvement in Q1 2026 results should be treated as preliminary information pending confirmation in regular disclosures.
Investors may want to watch the upcoming Q3 and annual regular disclosures to see whether revenue growth translates into a profitability recovery and whether financial stability metrics improve.
This report is an informational resource based on confirmed disclosed financial figures and publicly available news and materials, and does not include a buy or sell opinion on any specific security.
Report written 2026-09-30 · Data as of 2026-09-29
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.