PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
JiranSecurity's core mail, document, and mobile security business is showing clear profitability gains, but expanding losses at subsidiary SSR continue to weigh on consolidated results.
2025 consolidated revenue rose to KRW38.9 billion (+13.8% year over year) and operating profit to KRW2.5 billion (+73.4%), with net income turning positive.
In the first half of 2026, standalone operating margin jumped from 2.2% to 20.5%, but expanding losses at subsidiary SSR kept consolidated operating profit in the red.
The company won an AI-OCR-integrated mail security upgrade project for Woori Bank, Woori Card, and Woori Bank Vietnam, addressing AI-driven security demand in the financial sector.
Quarterly results show significant volatility, with revenue and profit repeatedly concentrated in the fourth quarter when public and corporate budgets are executed.
The company currently pays no cash dividend, and the shares trade below net asset value.
JiranSecurity is a security-focused software company spun off from Jiran Software's security business division in 2014, organizing its business around mail security, document security, mobile security, and emerging-technology convergence security.
Its flagship products include the integrated email security solution SpamSniper, the document centralization solution DocuONE, the secure file server OfficeHard, and the enterprise mobility management solution MobileKeeper, each of which the company describes on its corporate website as holding the leading market position in its category.
In 2017 the company diversified by acquiring security consulting firm SSR and big-data analytics firm Mobigen, and SSR remains a KOSDAQ-listed subsidiary in which JiranSecurity holds a de facto controlling stake.
As of the first half of 2026, mail, document, and mobile security products accounted for a rising 75.6% of consolidated revenue, up from 65.4%, with the remainder coming from the security solutions and consulting segment led by SSR.
Its customer base spans finance (Woori Bank, Woori Card), education (Daekyo), and public institutions, and the company has recently expanded into AI-based optical character recognition (OCR) integrated with mail security to address unstructured-data security demand from financial institutions.
The competitive landscape includes domestic security software peers such as Hansack, SandsLab, Winstec, Soosan INT, and FASOO, many of which post double-digit operating margins, underscoring that profitability improvement remains an ongoing challenge for JiranSecurity.
Separately, unlisted parent Jiran Software absorbed Jiran Data and Next Intelligence.AI in 2026 to reposition as a 'Secure AI Office' platform company, though this integration did not include JiranSecurity or SSR.
The successful transition to a subscription (SaaS) model has helped the company break out of the revenue plateau that persisted since its 2014 spin-off, marking a notable structural shift.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.9B | ₩100M | 1.5% |
| 2025Q3 | ₩8.3B | -₩1.2B | −14.6% |
| 2025Q4 | ₩14.4B | ₩4.3B | 30.0% |
| 2026Q1 | ₩7.2B | -₩1.4B | −19.0% |
| 2026Q2 | ₩10B | ₩1B | 9.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩65.4B | ₩1.9B | ₩1.5B | 2.9% | 3.4% | 61.9% |
| 2023 | ₩35.3B | ₩1.8B | ₩11.8B | 5.2% | 22.5% | 32.8% |
| 2024 | ₩34.1B | ₩1.4B | -₩1.3B | 4.0% | −2.8% | 33.7% |
| 2025 | ₩38.9B | ₩2.5B | ₩1.8B | 6.4% | 3.6% | 32.5% |
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
Confirmed annual figures show consolidated revenue contracting from KRW65.4 billion in 2022 to KRW35.3 billion in 2023 and KRW34.1 billion in 2024, before rebounding to KRW38.9 billion in 2025.
Operating profit stayed low at KRW1.9 billion in 2022, KRW1.8 billion in 2023, and KRW1.4 billion in 2024, before improving to KRW2.5 billion in 2025.
The net income pattern is more complex: in 2023 net income attributable to owners reached KRW11.8 billion, far exceeding operating profit of KRW1.8 billion, while in 2024 owners' net income swung to a loss of KRW1.3 billion.
In 2025, total consolidated net income was KRW0.9 billion while owners' net income was actually higher at KRW1.8 billion, indicating losses attributable to non-controlling interests.
Recent quarterly trends show revenue of KRW8.9 billion and operating profit of KRW0.1 billion in the second quarter of 2025, followed by a decline to KRW8.3 billion in revenue and an operating loss of KRW1.2 billion in the third quarter.
Revenue then surged to KRW14.4 billion with operating profit of KRW4.3 billion in the fourth quarter, showing clear seasonal concentration, before reverting to a KRW7.2 billion revenue and KRW1.4 billion operating loss pattern in the first quarter of 2026.
In the second quarter of 2026, revenue rose to KRW10.0 billion with operating profit improving to KRW1.0 billion, driven by growth in the standalone security products business.
Indeed, first-half 2026 consolidated revenue reached KRW17.2 billion (+5.9% year over year) with an operating loss of KRW0.39 billion (narrowed from KRW0.61 billion), while on a standalone basis revenue was KRW7.7 billion (+33.6%) with operating profit of KRW1.58 billion, lifting the standalone operating margin from 2.2% to 20.5%; meanwhile SSR's first-half revenue fell to KRW4.1 billion with its operating loss widening to KRW1.9 billion, preventing the consolidated entity from turning profitable.
The domestic information security software market is segmented by area—email, document, and mobile—and JiranSecurity claims leading positions in each through SpamSniper, DocuONE, and MobileKeeper.
Across the industry, the shift from on-premises solutions to a subscription (SaaS) model has continued, a transition during which many companies experienced temporary revenue plateaus.
More recently, the spread of generative AI has heightened the need for companies to guard against 'shadow AI' risks—where confidential or personal information leaks into external prompts—spurring competition to combine AI-based detection and masking functions with mail and document security solutions.
Competitors including Hansack, SandsLab, Winstec, Soosan INT, and FASOO reportedly post double-digit operating margins, making JiranSecurity's single-digit profitability comparatively low within the sector.
Because public-sector budget execution tends to concentrate at year-end, security software companies commonly show revenue and profit clustering in the fourth quarter.
The IT infrastructure vulnerability diagnosis and penetration-testing consulting market that subsidiary SSR operates in is considered a relatively lower-margin, more competitive area given its labor-intensive nature.
In June 2026, the company secured a project to integrate AI-based OCR into its mail data loss prevention (DLP) solution 'Mail Screen' for Woori Bank, Woori Card, and Woori Bank Vietnam, adding a new reference case addressing AI security demand in the financial sector.
The project draws on AI-OCR technology from affiliate Jiran Data, and the company hopes it can serve as a foundation for expanding into similar financial-sector projects.
Given the sharp improvement in the standalone security products business's operating margin in the first half of 2026, whether this trend continues into the second half is a key point to watch.
However, whether the consolidated entity turns profitable still hinges on whether SSR's losses narrow, and the company has continued to increase its stake in SSR through open-market purchases.
Parent Jiran Software's absorption of Jiran Data and NI into a 'Secure AI Office' platform reflects the group's AI strategy direction, but since this integration did not include JiranSecurity or SSR, the two companies may continue on separate business trajectories.
As the fourth quarter typically sees concentrated public and corporate budget execution, historical patterns suggest a substantial portion of annual results will again be determined during that period.
JiranSecurity turned from a net loss in 2024 to a profit in 2025, and in 2026 its standalone operating margin has shown a clear improvement trend. The shares trade below net asset value, which can be read as reflecting the structural burden of subsidiary SSR's losses continuing to erode consolidated results.
Compared with many peers in the security software sector that post double-digit operating margins, JiranSecurity's profitability remains on the lower side, a gap that tends to be discussed alongside its valuation. The company currently pays no cash dividend, limiting the appeal of shareholder returns through dividends.
Given the large historical swings in quarterly results, profit metrics calculated over the trailing four quarters should also be considered sensitive to seasonal factors in any single quarter.
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
In the first half of 2026, standalone operating margin jumped from 2.2% to 20.5%, and standalone operating profit rose to roughly 18 times the year-earlier level.
Revenue from mail, document, and mobile security products grew 22.4% to KRW13.0 billion in the first half, lifting its share of consolidated revenue from 65.4% to 75.6%. This is attributed to the successful transition to a subscription (SaaS) model and rising new security demand.
In June 2026, the company won a mail security upgrade project integrating AI-based OCR for Woori Bank, Woori Card, and Woori Bank Vietnam. Combining AI-OCR technology from affiliate Jiran Data, this provides a new reference case that could potentially expand into similar projects.
SpamSniper, DocuONE, and MobileKeeper are cited as products holding the leading market position in each security segment, with major reference clients such as Daekyo.
Standalone revenue, which had plateaued since the 2014 spin-off, surpassed KRW25 billion for the first time in 2025, seen as marking a growth inflection point.
SSR's first-half 2026 revenue fell to KRW4.1 billion from KRW5.5 billion a year earlier, with its operating loss widening from KRW0.7 billion to KRW1.9 billion. Revenue in SSR's core security solutions and consulting segments also declined 18.4% and 45.6%, respectively, deepening losses. As a result, despite standalone profitability, JiranSecurity could not escape a consolidated operating loss.
The 2025 consolidated operating margin of 6.15% is low compared with domestic security and software peers that typically post margins in the 10-20% range. This gap, combined with subsidiary weakness, has been repeatedly flagged as an ongoing profitability challenge for the company.
Quarterly results swing sharply, with operating losses in the third quarter of 2025 and first quarter of 2026 contrasting with an operating profit surge to KRW4.3 billion in the fourth quarter of 2025.
Seasonal concentration of public and corporate budget execution at year-end is cited as a key driver of this volatility.
If SSR's losses persist or widen, the burden on consolidated results could continue. The company has continued to purchase SSR shares on the open market, which may be interpreted as strengthening control to improve SSR's performance, but also implies additional capital commitment.
Numerous security software companies including Hansack, SandsLab, Winstec, Soosan INT, and FASOO compete in the market, many posting higher operating margins. Competition around AI-based security features is also intensifying, which could increase pricing and technology competition pressure.
Unlisted parent Jiran Software absorbed Jiran Data and NI to reposition as an 'AI Office' platform company, but this integration excluded JiranSecurity and SSR. How business scope and resource allocation within the group evolve going forward could affect JiranSecurity's business direction.
Third-quarter results are expected around this time; check whether the standalone security products business sustains its operating margin improvement and whether SSR's losses narrow.
Watch for continued disclosures on additional SSR share purchases and SSR's own earnings announcements.
Confirm the scale and timing of revenue recognition from the Woori Bank/Woori Card AI-OCR-integrated mail security project.
Check for any change in dividend policy at the 2026 fiscal year audit report and annual shareholders' meeting.
JiranSecurity showed signs of recovery in 2025 with revenue and operating profit improving together and net income turning positive, and in the first half of 2026 its standalone operating margin jumped into the 20% range, underscoring strengthening competitiveness in its core business.
However, subsidiary SSR's losses actually widened in the first half, keeping the consolidated entity in an operating loss, which is why the core business and the subsidiary need to be evaluated separately when assessing this company.
The AI-OCR-integrated mail security project won from Woori Bank and other financial institutions is a notable new growth axis, but its revenue contribution has not yet been confirmed.
Quarterly results show substantial volatility with profit repeatedly concentrated in the fourth quarter, making it difficult to draw annual conclusions from any single quarter's figures.
The company currently pays no dividend and its shares trade below net asset value, which can be seen as partly reflecting SSR-related risk.
Going forward, third-quarter results, whether SSR's losses narrow, and the revenue contribution from new AI security business will likely be key variables in assessing this company's direction.
Report written 2026-09-17 · Data as of 2026-09-16
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