PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
iQuest is transitioning from a cloud ERP provider centered on 'Eolmaeyo' toward an AI management platform company, and while its 2025 operating margin improved to 9.8%, the recent surge in quarterly net profit owes heavily to non-operating investment-related factors.
2025 consolidated revenue reached KRW 43.56bn with operating profit of KRW 4.28bn, lifting operating margin to 9.8% from 8.4% a year earlier
Owner net profit jumped to KRW 4.41bn in 1Q2026 even as operating profit was only KRW 0.63bn, pointing to a divergence in earnings quality
The company continues an inorganic growth strategy via subsidiary Depocus, while standalone growth of its core 'Eolmaeyo' product has been comparatively modest
The firm has rolled out a series of AI-based new products including automated bookkeeping, an AI chatbot, and an AI logistics app, expanding its business model toward an AI management platform
The company is diversifying into fintech by expanding embedded-finance partnerships with NH Nonghyup Bank, KB Kookmin Bank, and Shinhan Bank
iQuest, founded in 1996, is a B2B software company built around its cloud-based ERP solution 'Eolmaeyo,' serving small business owners and SMEs as its core customer base.
The company generates revenue through both subscription software and build-type ERP deployments, with customer growth and retention directly affecting profitability.
Its flagship product, Eolmaeyo, has historically accounted for a significant share of consolidated revenue, and the product lineup has since expanded to include the HR platform 'HR365,' e-contract service 'Sign365,' the collaboration-enabled 'Eolmaeyo Works,' and the mobile app 'Eolma365' for small merchants.
In 2022, iQuest acquired a 52.14% stake in B2B consulting firm Depocus for KRW 9.2bn, folding it in as a consolidated subsidiary; Depocus specializes in business intelligence such as trade-area and sales analysis, along with ERP implementation consulting.
Prior to the Depocus acquisition, iQuest's SAP license-based build-type business had slowed and struggled to compete against established build-type ERP players such as Douzone Bizon and Youngrimwon Softlab.
More recently, the company has launched a series of AI-driven products—AI-based automated bookkeeping, a ChatGPT-based chatbot, an AI subsidy-matching app, and an AI logistics app—as it transforms its existing ERP capabilities into an integrated AI management platform.
It has also expanded embedded-finance partnerships with major banks including NH Nonghyup Bank, KB Kookmin Bank, and Shinhan Bank, offering account inquiry and fund transfer services within its platform.
In the competitive landscape, Douzone Bizon holds dominant share in the SME ERP and accounting software market, while iQuest pursues a niche position through small-business-focused SaaS and diversification into AI-driven new products.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.6B | ₩1B | 9.8% |
| 2025Q3 | ₩11.8B | ₩900M | 7.9% |
| 2025Q4 | ₩11.4B | ₩1.3B | 11.2% |
| 2026Q1 | ₩10.5B | ₩600M | 6.0% |
| 2026Q2 | ₩10.3B | ₩900M | 8.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩26.4B | ₩4.4B | ₩2.9B | 16.5% | 6.6% | 19.6% |
| 2023 | ₩40.1B | ₩3.6B | ₩3.2B | 9.0% | 6.9% | 17.4% |
| 2024 | ₩40.6B | ₩3.4B | ₩3.8B | 8.4% | 7.9% | 14.9% |
| 2025 | ₩43.6B | ₩4.3B | ₩5.6B | 9.8% | 10.6% | 87.5% |
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
iQuest's consolidated revenue rose steadily from KRW 26.37bn in 2022 to KRW 40.08bn in 2023, KRW 40.64bn in 2024, and KRW 43.56bn in 2025. Operating margin, however, declined from 16.5% in 2022 to 9.0% in 2023 and 8.4% in 2024, before recovering modestly to 9.8% in 2025.
Owner net profit climbed from KRW 2.87bn in 2022 to KRW 3.17bn in 2023, KRW 3.77bn in 2024, and then jumped to KRW 5.61bn in 2025, extending a recovery trend.
On a quarterly basis, revenue of KRW 11.78bn and operating profit of KRW 0.93bn in 3Q2025 expanded to revenue of KRW 11.44bn, operating profit of KRW 1.28bn, and owner net profit of KRW 1.68bn in 4Q2025.
In 1Q2026, revenue was KRW 10.52bn and operating profit fell quarter-on-quarter to KRW 0.63bn, yet owner net profit surged to KRW 4.41bn, a result attributable in large part to non-operating factors including investment-asset-related gains.
In 2Q2026, revenue of KRW 10.35bn, operating profit of KRW 0.87bn, and owner net profit of KRW 1.14bn were recorded, with net profit moderating from the first quarter but still elevated relative to prior-year quarters.
Over the trailing four quarters (3Q2025 through 2Q2026), cumulative revenue reached KRW 44.09bn, operating profit KRW 3.71bn, and owner net profit KRW 8.05bn, showing net profit growth notably outpacing that of revenue and operating profit.
This surge in net income reflects a combination of temporary costs from subsidiary Depocus's AI investment and organizational restructuring alongside gains from investment asset management, making it a key point to watch whether future growth becomes more consistently operating-profit-driven.
In Korea's SME ERP and accounting software market, Douzone Bizon maintains a dominant position across both build-type and cloud segments, while players such as Youngrimwon Softlab also compete in the build-type space.
The mobile business-management app market targeting small merchants and sole proprietors is relatively less competitive, allowing iQuest to continue pursuing a niche strategy through products like Eolma365.
Policy support such as the cloud service diffusion program run by the Ministry of Science and ICT and the National IT Industry Promotion Agency has helped underpin software firms' cloud transitions.
Across the industry, generative-AI-powered automation is spreading broadly into ERP, HR, and e-contract functions, and iQuest is responding to this trend with features such as AI-based automated bookkeeping and AI chatbots.
In embedded fintech, commercial banks show demand for partnerships with B2B software firms to expand touchpoints with corporate customers, and iQuest's expanding bank partnerships align with this industry trend.
That said, small-cap KOSDAQ IT/software stocks broadly tend to exhibit significant volatility in liquidity and valuation, a characteristic common across the sector.
Since the start of 2026, iQuest has been expanding its AI management platform lineup with a string of new product launches, including 'Eolmaeyo Works,' the AI subsidy-matching app 'Bojogae,' and the AI logistics app '4.0 Logistics Management.' The company has also upgraded existing products in parallel, adding a form-design feature called 'Forms' to its integrated e-contract solution Sign365 and equipping HR365 with AI-based recruitment management functions.
Collaboration with the financial sector continues to expand, with iQuest signing a partnership on digital convergence services with Shinhan Bank following earlier agreements with NH Nonghyup Bank and KB Kookmin Bank, aiming to integrate account inquiry and fund transfer functions within its platform.
The company has stated plans to gradually broaden its service scope to include AI chatbot-based consulting, tax and labor support, and integrated management analysis services.
Subsidiary Depocus is said to be finishing its phase of AI R&D investment and organizational restructuring, with the company indicating that ramping revenue from large projects could contribute to earnings improvement going forward.
However, the actual revenue contribution from these new products and businesses has not yet been quantitatively confirmed, warranting verification through subsequent quarterly and semi-annual disclosures.
Following its 2022 KOSDAQ listing, iQuest went through a period of earnings stagnation during which media reports noted its price-to-book ratio falling into a range discounted to net asset value.
More recently, as owner net profit has shown a recovery trend, earnings-based trading multiples have also shifted from prior levels, though a substantial portion of recent quarterly profit reflects non-operating investment gains and other one-off factors, warranting caution in valuation interpretation based on those figures.
On dividends, the company has a history of year-end cash dividends, though the per-share dividend for the most recent fiscal year requires separate confirmation based on disclosures. The debt ratio rose sharply from 14.9% in 2024 to 87.5% in 2025, a change in financial structure that also merits attention.
Overall, valuation of this stock sits at a point where the sustainability of earnings improvement, the recurrence (or not) of one-off gains, and shifts in financial structure need to be read together.
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
Operating margin improved to 9.8% in 2025 from 8.4% a year earlier, and owner net profit expanded over multiple years from KRW 2.87bn in 2022 to KRW 5.61bn in 2025, indicating a multi-year earnings recovery.
Revenue also grew for four consecutive years, from KRW 26.37bn in 2022 to KRW 43.56bn in 2025, showing both top-line and profitability improving together. Whether this trend continues going forward is a key point to watch.
The company has launched a series of new AI-based products—automated bookkeeping, a ChatGPT-based chatbot, an AI subsidy-matching app, and an AI logistics app—expanding its existing ERP-centered business into an AI management platform.
The product portfolio has also diversified with HR365, Sign365, and Eolmaeyo Works, reducing reliance on any single product. This product diversification could serve as a foundation for expanding the customer base.
iQuest has signed a series of partnership agreements with NH Nonghyup Bank, KB Kookmin Bank, and Shinhan Bank, integrating embedded finance services within its platform.
This has secured a channel to offer financial functions such as account inquiry and fund/payroll transfers as an add-on for existing ERP and HR customers. The expanding bank partnerships open up potential for new revenue streams.
According to media reports, iQuest's standalone revenue had been stagnant for several years, and revenue from its SAP license-based build-type business had actually declined. There is an assessment that consolidated earnings growth has depended substantially on the consolidation effect of subsidiary Depocus. Organic growth from the core product alone appears comparatively slower.
Owner net profit surged to KRW 4.41bn in 1Q2026, yet operating profit for the same period actually fell to KRW 0.63bn from the prior quarter.
This suggests non-operating factors, including investment-asset-related gains, drove the increase in net profit, and it remains uncertain whether such factors will recur each quarter. If the earnings structure does not shift toward an operating-profit-centered basis, questions about earnings quality may persist.
In Korea's SME ERP and accounting software market, Douzone Bizon and Youngrimwon Softlab maintain strong positions in the build-type segment, making it structurally difficult for iQuest to expand share there.
There is also a history of underperformance in its SAP license-based business, leaving concerns about competitiveness in winning large build-type project contracts. This is part of the backdrop supporting the company's need to diversify into new businesses.
The debt ratio rose sharply from 14.9% in 2024 to 87.5% in 2025, reflecting a significant change in financial structure within a short period. The detailed background behind the increase in liabilities, repayment schedules, and changes in interest burden need to be continuously verified through future disclosures. Expanded leverage could reduce financial buffer capacity at a time when earnings volatility is elevated.
Owner net profit has swung widely across recent quarters, ranging from KRW 0.81bn to KRW 4.41bn, reflecting substantial volatility. Much of this swing appears attributable to non-operating factors such as investment-asset-related gains, which makes it difficult to forecast future results or assess a clear trend. If one-off gains fade, there is also a possibility that net profit levels could revert lower.
As a small-cap KOSDAQ stock with a small market capitalization, iQuest can exhibit relatively high trading liquidity risk and share price volatility.
In addition, a substantial portion of its earnings is concentrated in subsidiary Depocus and the core product Eolmaeyo, meaning weakness in a specific business segment could have an outsized effect on overall consolidated results.
The fact that new businesses are still at an early stage in terms of revenue contribution also means business concentration risk has not been fully mitigated.
The 3Q2026 earnings disclosure is expected, offering a point to check whether operating profit recovers from the 2Q level and whether non-operating investment gains recur.
It will be necessary to confirm whether newly launched products such as the AI logistics app and AI subsidy-matching app show concrete revenue contribution in upcoming quarterly and annual disclosures.
Annual disclosures should be checked to gauge whether subsidiary Depocus achieves an earnings turnaround as large-project revenue is reflected, and the extent of recovery in its operating profit.
Follow-up disclosures or news reports should be monitored to confirm whether embedded finance partnerships with NH Nonghyup Bank, KB Kookmin Bank, and Shinhan Bank translate into quantifiable outcomes such as user numbers or transaction volumes.
Regarding the background behind the debt ratio rising sharply to 87.5% in 2025, it is worth examining how the composition of liabilities and repayment plans evolve in subsequent financial statements.
iQuest is pursuing a transition from a cloud ERP provider centered on Eolmaeyo toward an AI management platform company, and 2025 showed revenue and operating margin improving together.
However, the surge in owner net profit from 1Q2026 onward is heavily influenced by non-operating factors related to investment assets, presenting a somewhat different picture from operating-profit-driven growth.
Organic growth of the core product remains comparatively modest, and much of the expansion in consolidated results owes to the consolidation effect of subsidiary Depocus and diversification into new businesses.
The debt ratio rising sharply from 14.9% in 2024 to 87.5% in 2025 is a notable change in financial structure worth watching. New AI products and expanding bank partnerships provide grounds for business model diversification, but their revenue contribution remains at an early, not yet quantitatively confirmed stage.
Overall, this stock appears to be at a point where the sustainability of earnings recovery, the recurrence of one-off gains, and changes in financial structure all need to be examined together.
Report written 2026-09-05 · Data as of 2026-09-04
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