PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
After a sharp revenue and profit decline in 2025, SV Investment showed a rebound signal in Q1 2026 with improvements across revenue, operating profit, and net income attributable to owners.
FY2025 annual revenue was KRW 21.07bn with an operating loss of KRW 6.05bn and a net loss attributable to owners of KRW 5.23bn, reversing from profit in FY2024
In Q1 2026, revenue reached KRW 9.15bn with operating profit of KRW 1.57bn and net income attributable to owners of KRW 0.78bn, marking the first simultaneous operating and net profit in five quarters
Repeated exercises of conversion rights on the fourth-series convertible bonds in late April 2026 increased total shares outstanding, creating a dilution factor
The company decided not to pay a dividend for FY2025, breaking a dividend streak that had continued since fiscal year 2019
In June 2026, the company newly disclosed a corporate value-up plan to the Korea Exchange, outlining a direction toward strengthened portfolio management
SV Investment is a venture capital firm that pools capital from pension funds and financial institutions to invest in growth-stage small and mid-sized venture companies, operating numerous investment partnerships across biotech/healthcare, ICT, and cultural content sectors.
As the general partner (GP) of these partnerships, the company earns partnership management fees and generates partnership income and investment operating income by realizing gains through equity sales or IPOs after enhancing portfolio company value.
According to past disclosures, the firm has expanded into both venture partnerships and private equity (PE) operations, broadening into larger deal sourcing. Notable past portfolio names cited include Big Hit, Bridge Biotherapeutics, IGAWorks, and Yestech.
As of the first half of 2026, total assets under management (AUM) stood at approximately KRW 1.9674 trillion, ranking among the top tier (around 7th) of domestic venture capital firms.
Competitors include Company K Partners, Lindeman Asia Investment, Now IB Capital, and TS Investment, all compared within the KOSDAQ-listed venture capital sector. The largest shareholder is CEO Park Sung-ho, who has historically held roughly a 16.43% stake.
Given the nature of the VC business, fair-value revaluations of portfolio holdings and equity-method gains or losses from partnerships flow directly into earnings, producing significant profit volatility.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩6.5B | -₩1.3B | −20.6% |
| 2025Q2 | ₩4.3B | -₩300M | −6.2% |
| 2025Q3 | ₩4.6B | -₩1.4B | −31.2% |
| 2025Q4 | ₩5.6B | -₩3B | −53.4% |
| 2026Q1 | ₩9.1B | ₩1.6B | 17.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩25.4B | ₩4.5B | ₩3.4B | 17.9% | 4.9% | 10.3% |
| 2024 | ₩29.7B | ₩6.3B | ₩4.3B | 21.3% | 5.7% | 26.8% |
| 2025 | ₩21.1B | -₩6.1B | -₩5.2B | −28.7% | −7.4% | 31.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
SV Investment's earnings showed a clear directional shift from 2023 through 2025.
In 2023, revenue was KRW 25.36bn with operating profit of KRW 4.54bn (17.9% operating margin) and net income attributable to owners of KRW 3.45bn; both profit scale and margin improved in 2024, with revenue of KRW 29.75bn, operating profit of KRW 6.33bn (21.3% margin), and owner net income of KRW 4.29bn.
In 2025, however, revenue fell to KRW 21.07bn while the company posted an operating loss of KRW 6.05bn and a net loss attributable to owners of KRW 5.23bn, with the operating margin deteriorating to -28.7%, reversing from the prior year's profit into a loss.
On a quarterly basis, Q1 2025 revenue was KRW 6.51bn with an operating loss of KRW 1.34bn, yet owner net income was still slightly positive at KRW 0.12bn; but Q2 2025 (revenue KRW 4.32bn, operating loss KRW 0.27bn, net loss KRW 0.31bn) and Q3 2025 (revenue KRW 4.59bn, operating loss KRW 1.44bn, net loss KRW 1.20bn) both showed losses at the operating and net levels.
Q4 2025 saw the operating loss widen to KRW 3.01bn and the net loss expand to KRW 3.84bn on revenue of KRW 5.64bn, becoming the primary driver of the year's overall loss.
By contrast, Q1 2026 revenue rose to KRW 9.15bn, the highest of the past five quarters, with operating profit of KRW 1.57bn and owner net income of KRW 0.78bn, marking a simultaneous return to profit at both the operating and net levels.
On a cash-flow basis, operating cash flow was negative in 2023 (-KRW 6.85bn), 2024 (-KRW 8.19bn), and 2025 (-KRW 1.51bn), reflecting the VC industry characteristic where unrealized fair-value gains and losses weigh more heavily than realized cash flows.
The debt ratio rose gradually from 10.3% in 2023 to 26.8% in 2024 and 31.1% in 2025, though it remains low relative to the financial sector average.
Analysts note that Korea's venture capital industry re-entered an expansionary phase in 2026, with fund formation, investment, and exit activity moving in tandem.
Additional supply of policy-driven capital, including the National Growth Fund, along with regulatory refinements, is improving fund-raising conditions, and the IPO market momentum said to have reignited since the third quarter of 2025 is expected to continue into 2026.
However, this recovery is characterized less by scale expansion than by a transitional phase in which VCs' core competitiveness—particularly actual cash-distribution performance (DPI)—is becoming the key evaluation criterion.
On the investment side, capital is expected to increasingly concentrate in select core sectors such as artificial intelligence, biotech, and semiconductors, along with companies that have proven track records, deepening a bifurcated funding structure.
Within the domestic listed VC sector, SV Investment ranks among the upper tier by AUM, but shares the industry-wide characteristic of high earnings volatility with peers such as Company K Partners and Lindeman Asia Investment.
On the policy front, the Korea Exchange has been refining measures to encourage low-PBR companies to enhance corporate value, and as the market capitalization share of value-up disclosure participants expands, attention is also turning to whether listed VCs will further concretize their shareholder return policies.
The company newly disclosed a corporate value-up plan to the Korea Exchange in June 2026, outlining a direction toward sourcing quality investment assets and strengthening portfolio management.
The Q1 2026 improvement across revenue, operating profit, and owner net income provides a benchmark for gauging whether the recovery will continue in subsequent quarters.
However, given that three of the four quarters in 2025 (Q2 through Q4) posted losses, whether a single profitable quarter translates into sustained improvement will need to be confirmed through upcoming quarterly disclosures.
The company decided not to pay a dividend for FY2025, breaking the streak that had continued since fiscal year 2019, and whether an earnings recovery leads to a resumption of dividends remains a point to watch.
Successive exercises of conversion rights on the fourth-series convertible bonds in late April 2026 resulted in new share issuances, acting as a dilution factor via the increase in total shares outstanding.
Industry-wide expectations for a recovery in the IPO and M&A markets persist, making it a key variable for future earnings whether the company's partnership portfolio companies actually enter an exit phase.
SV Investment's earnings trajectory moved from profit in 2024 to a loss in 2025 and back into profitable territory in Q1 2026, a directional shift that should be factored into any valuation interpretation.
Relative to net asset value, the stock has historically traded at levels above the average for peer venture capital firms, which is interpreted as reflecting the VC industry's characteristic valuation approach that incorporates growth expectations and potential exit value from portfolio companies.
On the dividend front, it is worth noting that the company decided not to pay a dividend for FY2025, marking a change from the multi-year shareholder-return pattern it had maintained previously.
Given that the company remained in a loss position on a profit-and-loss basis for an extended stretch, traditional multiple comparisons based on per-share earnings metrics have limited applicability.
The increase in shares outstanding from convertible bond conversions remains a variable that will produce a dilution effect in future per-share metric calculations.
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 2026-09-05
Q1 2026 revenue reached KRW 9.15bn with operating profit of KRW 1.57bn and owner net income of KRW 0.78bn, marking the first simultaneous operating and net profit in five quarters. This can be interpreted as the first signal of emerging from the loss phase that persisted from Q2 through Q4 of 2025. Whether the next quarter sustains this trend is the key point to confirm.
Total AUM grew to approximately KRW 1.9674 trillion as of the first half of 2026, ranking 7th among domestic venture capital firms, up one spot from 8th at the end of the prior year.
A track record of forming partnerships across biotech/healthcare, ICT, and cultural content sectors underpins this expansion in managed scale.
The company newly disclosed a corporate value-up plan to the Korea Exchange in June 2026, outlining a direction toward sourcing quality investment assets and strengthening portfolio management.
This came amid a broader trend in which the market capitalization share of value-up disclosure participants expanded to 85.5% of the overall market. Whether the company is included in the Korea Value-Up Index or related ETFs is also a factor to watch going forward.
FY2025 revenue fell to KRW 21.07bn from KRW 29.75bn a year earlier, with the operating margin deteriorating to -28.7% and the company posting an operating loss of KRW 6.05bn and a net loss attributable to owners of KRW 5.23bn.
This marked a sharp reversal from FY2024's profitability (21.3% operating margin, KRW 4.29bn net income). The bulk of this loss was concentrated in Q4 2025 (operating loss of KRW 3.01bn, net loss of KRW 3.84bn).
The company decided not to pay a dividend for FY2025, breaking the annual dividend streak that had continued from fiscal year 2019 through fiscal year 2024. Because the company had previously maintained dividends even in loss-making years, this decision is viewed as unusual. Whether earnings recover will likely determine the timing of any dividend resumption.
Successive exercises of conversion rights on the fourth-series convertible bonds in late April 2026 resulted in numerous new share issuances at a conversion price of KRW 1,460, increasing total shares outstanding by more than 6% from the prior level in the process.
This acts as a dilution factor for existing shareholders. If any remaining convertible bond balance exists, the possibility of further dilution cannot be ruled out.
Given the nature of the VC business, fair-value revaluation changes in portfolio companies and partnership equity stakes flow directly into profit and loss, producing significant earnings volatility.
The swing in operating margin from 17.9% to 21.3% between 2023 and 2024 and then sharply down to -28.7% in 2025 relates to this characteristic. Valuation gains and losses may continue to fluctuate substantially depending on market conditions going forward.
Partnership income and investment operating income depend heavily on the success of exit activities such as portfolio company IPOs or equity sales. While a recovery in the IPO and M&A markets is anticipated, the actual timing and scale of exits could be delayed or reduced depending on market conditions.
The fact that operating cash flow remained negative in 2023, 2024, and 2025 may also relate to delays in realizing exits.
Continued exercise of convertible bond conversion rights creates a structural dilution risk as total shares outstanding keep increasing. The debt ratio has also trended upward, from 10.3% in 2023 to 31.1% in 2025, warranting attention to changes in the capital structure. The impact on shareholder value could vary depending on the method of any future capital raising.
Check the Q3 2026 report to see whether earnings after Q2 2026 continue the profit-turnaround trend seen in Q1.
Monitor whether any remaining balance of the fourth-series convertible bonds exists and, if further conversions occur, the resulting increase in total shares outstanding.
Watch for follow-up disclosures on the implementation of the June-disclosed corporate value-up plan and whether a dividend resumption is announced.
Check for the Korea Value-Up Index rebalancing and related ETF inclusion decisions, as well as concrete details of KOSDAQ market confidence-enhancement policies.
Monitor exit-related news, such as IPOs or mergers and acquisitions, involving key portfolio companies held by the company's investment partnerships.
SV Investment's earnings improvement trend from 2024 reversed into a revenue decline, operating loss, and net loss in 2025, before showing renewed improvement in revenue, operating profit, and owner net income together in Q1 2026.
Whether this trend continues into subsequent quarters is the key point to observe on the earnings front. At the same time, the multi-year dividend streak was interrupted at the FY2025 settlement, and a dilution factor has emerged from the increase in shares outstanding due to convertible bond conversions.
On the industry side, Korea's VC sector is assessed to have re-entered an expansionary phase amid expanded policy funding and expectations for a recovery in the IPO and M&A markets, making the actual exit performance of the company's portfolio a key variable for future earnings.
The company disclosed a new corporate value-up plan in June 2026, outlining a direction toward sourcing quality investment assets and strengthening portfolio management.
Investors will want to monitor upcoming quarterly earnings, the remaining convertible bond balance, and the concrete implementation of the value-up plan together.
Report written 2026-09-05 · Data as of 2026-09-04
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