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
Opasnet is a network integration (NI) specialist whose 2025 consolidated revenue and operating profit grew markedly, though quarterly results swing sharply depending on the completion timing of large projects.
2025 consolidated revenue of KRW 233.3 billion and operating profit of KRW 14.0 billion rose 21.0% and 31.9% year on year, respectively.
Quarterly results swing widely, with revenue falling to KRW 42.8 billion in Q3 2025 before surging to KRW 87.9 billion in Q4 2025.
Revenue and operating profit both declined year on year in Q1-Q2 2026, though net profit showed a sequential recovery in Q2.
The company is diversifying through new telecom and public-sector business units and the addition of a Splunk business specialist group.
The debt ratio has declined from 237.7% in 2022 to 129.7% in 2025, indicating improving financial structure.
Founded in 2004, Opasnet is a network integration (NI) specialist whose core business is procuring equipment and designing, building, and operating network systems tailored to client environments. Its major customers include SK Group affiliates, Samsung Electronics, KB Kookmin Card, Nexon, and Coupang.
Beyond traditional network integration, the company has expanded into healthcare and AI-based infrastructure construction. It recently added a Splunk business specialist group following Cisco Systems' acquisition of Splunk, broadening its IT service scope.
The company has also established new business units dedicated to the telecom and public sectors, targeting large telecom carriers such as KT and SK Broadband where it previously lacked supply rights.
It opened a customer-dedicated data center for technology verification, solution integration, and customer demonstrations to strengthen its digital transformation support capabilities.
The domestic system integration (SI) and NI market is fairly fragmented, with mid-to-small IT service firms such as ITCEN, Ssangyong Information & Communications, Linkgenesis, and Daishin Information & Communications, alongside large SI players such as Samsung SDS and Hanwha Systems.
Within this landscape, Opasnet has positioned itself as a specialist with accumulated expertise in network equipment supply, solutions, and system integration know-how.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩58.2B | ₩5.6B | 9.6% |
| 2025Q3 | ₩42.8B | ₩3.4B | 7.9% |
| 2025Q4 | ₩87.9B | ₩4.5B | 5.2% |
| 2026Q1 | ₩38.1B | ₩1.4B | 3.7% |
| 2026Q2 | ₩47.3B | ₩1.9B | 4.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩170.6B | ₩8.5B | ₩6.1B | 5.0% | 17.2% | 237.7% |
| 2023 | ₩225B | ₩14B | ₩10.5B | 6.2% | 22.7% | 169.7% |
| 2024 | ₩192.9B | ₩10.7B | ₩9.5B | 5.5% | 17.7% | 152.5% |
| 2025 | ₩233.3B | ₩14B | ₩12.7B | 6.0% | 19.6% | 129.7% |
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
In 2025, consolidated revenue reached KRW 233.29 billion and operating profit KRW 14.04 billion, up 21.0% and 31.9% year on year respectively, while net profit attributable to owners rose 32.7% to KRW 12.66 billion.
The operating margin improved from 5.0% in 2022 to 6.2% in 2023, dipped to 5.5% in 2024, and recovered to 6.0% in 2025.
On a quarterly basis, revenue of KRW 58.16 billion and operating profit of KRW 5.58 billion in Q2 2025 marked a strong quarter, but revenue fell to KRW 42.83 billion and operating profit to KRW 3.36 billion in Q3 2025 before surging again to KRW 87.95 billion in revenue and KRW 4.54 billion in operating profit in Q4 2025, reflecting the project-based nature of revenue recognition concentrated around completion and inspection milestones.
In 2026, Q1 revenue was KRW 38.09 billion with operating profit of KRW 1.41 billion, and Q2 revenue was KRW 47.34 billion with operating profit of KRW 1.94 billion — both down from the same period a year earlier.
Net profit attributable to owners, however, rose sequentially from KRW 1.85 billion in Q1 2026 to KRW 3.64 billion in Q2 2026.
Operating cash flow improved from negative KRW 35.25 billion in 2022 to KRW 27.84 billion in 2023, KRW 11.36 billion in 2024, and KRW 31.66 billion in 2025, indicating strengthening cash generation. The debt ratio also declined steadily from 237.7% in 2022 to 129.7% in 2025, reflecting improved balance sheet stability.
The domestic IT service and network integration (NI) market is growing on the back of expanding AI- and cloud-centered ICT infrastructure investment.
Opasnet's 2025 performance improvement aligns with the view that revenue increased due to expanded network construction business and maintenance service execution amid growth of the AI- and cloud-centered ICT market.
There is also an assessment that profitability improved through cost management via independently operated business divisions and orders for high-value-added projects.
The trend of large telecom carriers expanding investment in AI-based data center and network infrastructure could translate into business opportunities for NI specialists.
However, the market remains competitive, with large SI firms such as Samsung SDS and Hanwha Systems alongside numerous mid-to-small players such as ITCEN, Ssangyong Information & Communications, Linkgenesis, and Daishin Information & Communications, meaning securing supply rights and price competition determine outcomes.
Opasnet is seeking to broaden its channel beyond its existing SK Group and Samsung Electronics customer base to new telecom carriers such as KT and SK Broadband, and whether this succeeds is a key point to watch for future revenue diversification.
There is also a view that AI infrastructure- and digital service-centered business is expected to align with market investment trends and strengthen a sustainable earnings base, though this remains a market outlook whose realization requires further confirmation.
The company is expanding into large telecom carrier channels it previously lacked through the establishment of new business units.
A company representative stated that to strengthen business capabilities, it recruited experienced professionals from the industry and established new business units, adding that the new units are actively pursuing sales strategies targeting major telecom carriers such as KT and SK Broadband, where Opasnet previously lacked supply rights.
The company also forecast that these large telecom operators, including existing customer SKT, are competitively investing in AI-based IT infrastructure, and the benefits of stable, large-scale projects are expected to concentrate from the second half of this year.
On diversification, it explained that Opasnet's business areas, in addition to existing network integration (NI), healthcare, and AI-based infrastructure construction, have been further strengthened in IT service supply scope by the recent addition of a Splunk business specialist group following Cisco Systems' acquisition of Splunk.
There is also mention that through its customer-dedicated data center, it is conducting technology verification, solution integration, and customer demonstrations to enhance expertise, and expanding internal systems to broaden new technology verification and support digital transformation.
However, the actual timing and scale of revenue contribution from these new channels and business units have not yet been quantified in disclosures, requiring confirmation through future quarterly results and order announcements.
The company's earlier achievement of record-high first-half revenue of KRW 102.5 billion and operating profit of KRW 6.1 billion refers to the first half of 2025, and whether this growth trajectory continues will depend on the performance of the new business units.
Opasnet's revenue and operating profit generally trended upward from 2022 through 2025, and in 2025 both equity and net profit expanded from the prior year, broadening its capital base.
The stock trades at a modest premium relative to net asset value, and its earnings-based multiple has fluctuated within the trading range observed over roughly the past year.
The company continues to pay cash dividends, though the dividend yield level is not particularly notable within the KOSDAQ IT service sector, where payouts vary widely across names.
Given that Q1-Q2 2026 results slowed compared with the same period a year earlier, valuation metrics going forward may shift depending on whether second-half earnings recover.
Investors may wish to focus less on absolute figures at a single point in time and more on the trend of quarterly results and the revenue contribution of the new business units.
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
2025 consolidated revenue rose 21.0% year on year to KRW 233.3 billion, with operating profit up 31.9% to KRW 14.0 billion. The operating margin also improved from 5.5% in 2024 to 6.0% in 2025.
Operating cash flow jumped to KRW 31.7 billion in 2025 from KRW 11.4 billion in 2024, strengthening the conversion of profit into cash, which is interpreted as reflecting diversification and orders for higher-value-added projects.
The company has established new telecom and public-sector business units to pursue channels at large telecom carriers such as KT and SK Broadband, where it previously lacked supply rights.
The addition of a Splunk business specialist group following Cisco Systems' acquisition of Splunk has also broadened its IT service scope. Existing areas such as healthcare and AI-based infrastructure construction continue in parallel, moving the company toward reduced dependence on any single customer or industry.
The debt ratio has steadily declined from 237.7% in 2022 to 129.7% in 2025, improving financial stability. Operating cash flow also turned from negative KRW 35.2 billion in 2022 to consistently positive figures from 2023 through 2025.
Owners' equity expanded from KRW 35.3 billion in 2022 to KRW 64.7 billion in 2025, strengthening the capital base.
Because revenue is concentrated in specific quarters, results are highly variable. Revenue fell to KRW 42.8 billion in Q3 2025, surged to KRW 87.9 billion in Q4 2025, then dropped again to KRW 38.1 billion in Q1 2026. This volatility makes it difficult for investors to judge trends from a single quarter's results.
Revenue and operating profit both declined year on year in Q1-Q2 2026. In particular, Q2 2026 operating profit of KRW 1.94 billion fell sharply from KRW 5.58 billion in Q2 2025. Fixed costs have risen from investment in new business units, and revenue recovery has not yet fully offset this.
Revenue is heavily reliant on a small number of large customer groups such as SK Group and Samsung Electronics. If expansion into new telecom carrier channels does not succeed, dependence on existing customer groups could persist. Changes in large customers' investment plans or project delays can directly affect results.
Because revenue is concentrated around the completion and inspection timing of large projects, results in a given quarter may fall short of expectations or be deferred. The timing and scale of revenue contribution from the new telecom and public-sector business units have not yet been specifically disclosed.
If fixed cost increases from diversification outpace the speed of revenue recovery, margins could face short-term pressure.
The domestic SI/NI market is competitive, with large firms such as Samsung SDS and Hanwha Systems alongside numerous mid-to-small IT service companies. If Opasnet does not succeed in securing supply rights with new telecom carriers such as KT and SK Broadband, expected growth momentum could be delayed. Intensifying price competition could also pressure profitability.
IT infrastructure investment by companies and public institutions can be affected by the economic and interest rate environment. An economic slowdown or reduced investment by large customers could negatively affect order intake and revenue timing.
Although the debt ratio has improved, it remains above 100%, warranting continued monitoring of financial soundness.
The Q3 2026 (July-September) quarterly report is due for disclosure. Q3 is typically when revenue concentrates, making it an early indicator of whether second-half recovery materializes.
Since Q4 2025 revenue of KRW 87.9 billion was the largest of the year, it will be important to check whether Q4 2026 results recover to a comparable level year on year.
It will be worth confirming through disclosures and news reports whether the new telecom and public-sector business units secure supply rights and generate revenue contribution from KT and SK Broadband.
It will be worth checking through related disclosures and order announcements whether the scale and timing of large telecom carriers' AI infrastructure investment execution translates into actual orders for Opasnet.
Opasnet showed a clear annual recovery in 2025, with consolidated revenue and operating profit up 21.0% and 31.9% respectively, alongside an improving financial structure reflected in a lower debt ratio and stronger operating cash flow.
However, because revenue is concentrated in specific periods, quarterly results diverged sharply between Q3 and Q4 2025 and Q1 2026, and both revenue and operating profit declined year on year in Q1-Q2 2026.
The company is pursuing diversification through new telecom and public-sector business units and the addition of a Splunk business group, attempting to expand into new telecom carrier channels such as KT and SK Broadband, but the actual timing and scale of revenue contribution from these new initiatives have not yet been specified in disclosures.
Investors may want to weigh the annual growth trend against quarterly volatility and the progress of the new business units. This report is for informational purposes only and does not constitute a buy or sell recommendation.
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.