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
SoftCamp achieved a turnaround with revenue growth and a swing to operating profit in 2025, but quarterly earnings volatility has persisted into 2026 even as the company expands into zero trust and supply chain security.
Consolidated 2025 revenue reached KRW 25.72 billion with operating profit of KRW 2.98 billion, ending two consecutive years of operating losses.
The company posted another operating loss of KRW 1.13 billion in the first quarter of 2026 before returning to a KRW 0.50 billion operating profit in the second quarter, underscoring continued quarterly swings.
SoftCamp signed a zero-trust document security MOU with DSTI and joined a government-led Korean zero trust open platform project, broadening its business scope.
The debt ratio eased from 237.5% in 2024 to 173.3% in 2025, showing some improvement in financial structure.
The company pays no cash dividends, and as a small-cap Kosdaq security stock it remains exposed to limited liquidity and theme-driven trading.
SoftCamp is a cybersecurity specialist that has grown around document rights management (DRM) technology to address security challenges across industries. More recently, the company has expanded beyond document security into zero trust security and supply chain security.
Its key products include document security solutions, area security solutions, document centralization solutions, and inbound-file management tools.
Under its zero trust strategy, SoftCamp combines DRM with remote browser isolation (RBI) technology and recently launched the RBI platform 'ShieldWeb' to target web-access control demand in the financial sector.
In August 2026, the company signed an MOU with IT infrastructure firm DSTI for a joint zero-trust-based document security business, pushing into new public, financial, and retail markets.
Following the easing of network separation rules, demand for tiered controls by data classification has grown, spreading an approach that protects the document and data itself, especially across the public and financial sectors.
SoftCamp also participates as a technology implementation and verification partner, alongside SandsLab and Hunesion, in a government-led Korean zero trust open platform project. The company has additionally signed an agreement with the Inmirae Strategy Institute to pursue the defense market.
In terms of competitive positioning, SoftCamp is counted alongside AhnLab, SK Shieldus, and CyberONE as a leading firm that has commercialized standardized security software.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.1B | ₩200M | 3.0% |
| 2025Q3 | ₩6.6B | ₩800M | 11.7% |
| 2025Q4 | ₩10B | ₩2.7B | 26.6% |
| 2026Q1 | ₩4.6B | -₩1.1B | −24.8% |
| 2026Q2 | ₩7B | ₩500M | 7.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩19B | ₩1.3B | ₩900M | 7.1% | 5.3% | 94.1% |
| 2023 | ₩18.5B | -₩2.6B | -₩5.8B | −13.9% | −51.2% | 111.2% |
| 2024 | ₩16.9B | -₩1.8B | ₩200M | −10.8% | 1.9% | 237.5% |
| 2025 | ₩25.7B | ₩3B | ₩3.8B | 11.6% | 24.5% | 173.3% |
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 2025 revenue climbed to KRW 25.72 billion from KRW 16.89 billion a year earlier, and operating profit reached KRW 2.98 billion, marking a swing to profit after consecutive operating losses of KRW 2.57 billion in 2023 and KRW 1.83 billion in 2024.
Net income attributable to owners also expanded to KRW 3.78 billion, well above the KRW 0.22 billion recorded in 2024. The operating margin came in at 11.6%, above the 7.1% seen in 2022, indicating a recovery in profitability after several years of losses.
The company attributed the improvement to accelerating cloud migration and rising security investment tied to expanding inter-company system integration. Quarterly trends, however, have been uneven.
In the second quarter of 2025, revenue was KRW 5.09 billion with a modest operating profit of KRW 0.15 billion, yet net income attributable to owners showed a loss of KRW 0.23 billion; this was followed by the third quarter (revenue KRW 6.64 billion, operating profit KRW 0.77 billion, net income KRW 0.61 billion) and fourth quarter (revenue KRW 9.98 billion, operating profit KRW 2.66 billion, net income KRW 3.55 billion), both showing sharp gains.
However, the first quarter of 2026 saw revenue fall to KRW 4.58 billion with an operating loss of KRW 1.13 billion and a net loss of KRW 1.21 billion, returning to the red, before the second quarter swung back to an operating profit of KRW 0.50 billion on revenue of KRW 7.0 billion—though net income attributable to owners of KRW 3.12 billion far exceeded operating profit, suggesting non-operating items contributed significantly to the improvement.
Combined net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) totaled roughly KRW 6.07 billion, while the debt ratio, which rose from 94.1% in 2022 to 237.5% in 2024, eased to 173.3% in 2025.
Domestic zero trust policy discussions gained momentum after the launch of the 'Zero Trust and Supply Chain Security Forum' in October 2022.
In July 2023, the Ministry of Science and ICT, the Korea Internet and Security Agency, and the Korea Zero Trust Forum jointly published 'Zero Trust Guideline 1.0,' followed by 'Guideline 2.0' in December 2024.
Overseas, the United States' Executive Order 14028 and the European Union's NIS2 have also institutionalized zero trust adoption, rapidly establishing global standards.
Domestically, however, there are concerns that a structure centered on individual point solutions increases vendor lock-in and operational complexity, widening the gap with global markets amid domestically focused competition.
To address these gaps, the government is pursuing a national project led by SGA Solutions, which SoftCamp has joined as a technology verification partner. In terms of competitive positioning, AhnLab, SK Shieldus, and CyberONE are counted alongside SoftCamp as major players in the standardized security software market.
The easing of network separation rules is increasing demand for tiered controls by data classification, raising interest in document and data protection solutions across the public and financial sectors.
The company is broadening its sales channels into the public, financial, and retail markets through its MOU with DSTI.
The government-led Korean zero trust open platform project is set to proceed in phases—establishing the architecture and core components in 2026, moving to verification in 2027, securing large-scale operational performance in 2028, and commercializing a cloud-based ZTaaS model in 2029.
SoftCamp is also pursuing new channels and products, including an agreement targeting the defense market and the launch of the RBI platform 'ShieldWeb.' On September 8, 2026, the KCSCON 2026 conference, a leading domestic cybersecurity event, will be held and could feature product or partnership messaging from the company.
Around the same time, an information security solution conference focused on 'AI security solutions' is also scheduled. However, disclosures have not yet confirmed when or to what extent these partnerships and the national project will translate into actual revenue.
The company has stated it plans to strengthen its security capabilities as connections with partners expand and to advance data-centric security and zero trust strategy as core growth pillars.
Reflecting the 2025 swing to operating profit and expanded net income, SoftCamp's earnings-based price multiple trades in a range well below levels seen during its earlier loss-making years.
However, given the swing from a first-quarter 2026 loss back to a second-quarter profit, that multiple remains sensitive to the timing of quarterly results. The price-to-book ratio sits at a level that maintains a modest premium over net asset value.
The company currently pays no cash dividends, channeling shareholder returns toward business reinvestment rather than payouts. It is also worth noting that limited liquidity and theme-driven trading, typical of small-cap Kosdaq security stocks, can cause valuation metrics to swing considerably over short periods.
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 reached KRW 25.72 billion and operating profit KRW 2.98 billion in 2025, marking a swing to profit after consecutive operating losses in 2023 and 2024.
Net income attributable to owners also jumped to KRW 3.78 billion, and the second quarter of 2026 continued the trend with revenue of KRW 7.0 billion and operating profit of KRW 0.50 billion. Operating cash flow also held at a stable KRW 2.51 billion in 2025.
SoftCamp signed an MOU with DSTI for a joint zero-trust-based document security business, expanding its push into public, financial, and retail markets.
The company also joined a government-led Korean zero trust open platform project alongside SandsLab and Hunesion as a technology implementation and verification partner, with the initiative running in phases from 2026 through 2029.
The ongoing development of zero trust guidelines and related institutional frameworks at home and abroad creates conditions that could support demand for related security offerings.
The debt ratio, which had risen to 237.5% in 2024, eased to 173.3% in 2025. Total equity also increased from KRW 11.65 billion in 2024 to KRW 15.42 billion in 2025. Financial flexibility appears to be gradually building alongside the earnings recovery.
In the first quarter of 2026, revenue fell to KRW 4.58 billion with an operating loss of KRW 1.13 billion and a net loss of KRW 1.21 billion, breaking the profit streak.
While the second quarter returned to an operating profit of KRW 0.50 billion, net income attributable to owners of KRW 3.12 billion far exceeded operating profit, suggesting a considerable reliance on non-operating items. Quarterly results continue to swing depending on the timing of large contract revenue recognition.
The core document security (DRM) market previously went through a saturation phase during which the company's revenue contracted. Competitors such as AhnLab and SK Shieldus are also expanding into zero trust and supply chain security, intensifying competition.
If SoftCamp fails to sustain differentiation in the standardized security software market, growth momentum could slow.
The company does not pay cash dividends, channeling shareholder returns entirely into business reinvestment. As a small-cap Kosdaq security stock, short-term supply and demand can shift sharply around policy themes such as work-hour reform debates, which can amplify share price volatility. With relatively limited liquidity, price swings around earnings releases or news events may be more pronounced.
Revenue is heavily influenced by the timing of contract signing and recognition for large public and financial-sector projects, so delays in budget execution or order schedules can cause sharp swings in specific quarters.
The timing and scale at which the DSTI MOU or the government-led project translate into actual revenue have not yet been confirmed.
The debt ratio eased to 173.3% in 2025 but remains elevated compared with 94.1% in 2022.
Should operating losses recur as seen in the first quarter of 2026, financial burden could rise again, and repeated quarters with a large gap between operating profit and net income would warrant closer scrutiny of earnings quality.
As a small-cap Kosdaq stock, trading volume and liquidity are limited, and supply and demand can shift abruptly around policy themes or short-term news. Under its no-dividend policy, the share price may react more sensitively to earnings results and event-driven news.
Check whether SoftCamp makes any product or partnership announcements at the 14th Korea Cybersecurity Conference (KCSCON 2026).
Watch for any new AI security solution unveiled at the '2026 Information Security Solution Conference.'
Check the preliminary third-quarter earnings release to see whether the second-quarter recovery continues and whether the gap between operating profit and net income reappears.
Monitor whether the DSTI MOU and the Korean zero trust open platform project translate into actual orders or revenue.
Continue tracking the specific implementation schedule and budget allocation for network separation easing and zero trust transition policies in the public and financial sectors.
SoftCamp emerged from its 2023-2024 slump with revenue growth and a swing to operating profit in 2025, but a return to loss in the first quarter of 2026 showed that quarterly volatility persists.
The company continues to broaden its scope from core document security (DRM) into zero trust and supply chain security, evidenced by its DSTI MOU and participation in a government-led national project.
The debt ratio has improved but remains elevated relative to historical levels, and the recurring gap between operating profit and net income in certain quarters warrants ongoing scrutiny of earnings quality. The company pays no cash dividends, focusing on business reinvestment over shareholder returns.
Limited liquidity and theme-driven trading, characteristic of small-cap Kosdaq security stocks, remain factors that can amplify share price volatility. Going forward, third-quarter results, progress on the national project, and whether the DSTI partnership translates into actual revenue will be key variables to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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