PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
INSPIEN has maintained a leading position in Korea's SAP-linked integration and security solution market, and after revenue growth accompanied by margin compression in 2025, the company has shown a return to profitability in the first half of 2026.
Consolidated 2025 revenue reached KRW 20.0 billion (+5.2% YoY), while operating margin fell to 12.7%, down from 25.1% in 2023.
The company posted an operating loss in Q2 2025 but swung to a large profit in Q4, showing a pronounced seasonal pattern of weak first half, strong second half.
Both Q1 and Q2 2026 maintained operating profit, and Q2 net income expanded well beyond operating profit, suggesting non-operating items were a factor.
The company has secured patents for EDI-related data mapping technology in both the US and Europe, seeking to expand its global SaaS business.
The debt ratio has fallen to a single-digit percentage, indicating clearly improved financial stability since the listing.
INSPIEN was founded in 2009 and listed on KOSDAQ in 2024 as an IT solutions company specialized in the SAP ecosystem.
The business is organized around three units: the Consulting Division (EAI implementation and maintenance), the Solution Division (SAP security and personal data protection solutions), and the Service Division (EDI SaaS).
The Consulting Division provides EAI implementation and operational maintenance services that integrate diverse applications and systems within enterprises, while the Solution Division handles access control, encryption, and monitoring functions to protect information assets and prevent personal data leaks within SAP systems.
The Service Division is responsible for EDI SaaS services that electronically exchange business documents and data between companies, an area the company is expanding through its subsidiary BtoBC&I.
The company holds multiple patents related to its SAP EAI solutions and is reported to hold the leading domestic market share in SAP EAI consulting. Its customer base spans manufacturing, finance, services, and the public sector, reportedly comprising around 230 companies centered on large enterprises.
Recently, the company has diversified its product lineup by launching an AI-based integrated security operations solution and 'Retail-X,' an integrated order management platform for the retail sector.
Its competitive position rests on its established standing within the SAP ecosystem, though the business model carries a notable dependence on the SAP platform itself.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4B | -₩400M | −10.4% |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩7.7B | ₩3.2B | 41.4% |
| 2026Q1 | ₩4B | ₩200M | 4.8% |
| 2026Q2 | ₩4.8B | ₩1B | 22.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩16.1B | ₩4B | ₩5.1B | 25.1% | 26.7% | 31.1% |
| 2024 | ₩19B | ₩3.8B | ₩4.2B | 19.9% | 8.0% | 10.3% |
| 2025 | ₩20B | ₩2.5B | ₩2.7B | 12.7% | 4.8% | 8.8% |
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
Consolidated revenue for 2025 came to KRW 20,022 million, a modest increase from KRW 19,035 million in 2024, continuing a steady two-year expansion from KRW 16,083 million in 2023.
However, operating profit declined for a second consecutive year to KRW 2,550 million in 2025, down from KRW 3,784 million in 2024 and KRW 4,033 million in 2023, with the operating margin falling clearly from 25.1% in 2023 to 19.9% in 2024 and 12.7% in 2025.
Net income also contracted to KRW 2,676 million in 2025 from KRW 4,210 million in 2024 and KRW 5,056 million in 2023.
On a quarterly basis, Q2 2025 showed clear first-half weakness with revenue of KRW 4,028 million, an operating loss of KRW 417 million, and a net loss of KRW 1,822 million, before swinging sharply to profit in Q4 with revenue of KRW 7,684 million, operating profit of KRW 3,178 million, and net income of KRW 2,400 million, reconfirming the company's weak-first-half, strong-second-half seasonality.
Moving into 2026, Q1 maintained profitability with revenue of KRW 3,983 million, operating profit of KRW 192 million, and net income of KRW 767 million, while Q2 revenue rose to KRW 4,760 million with operating profit of KRW 1,050 million, and net income expanded sharply to KRW 3,879 million, well beyond operating profit, suggesting non-operating factors were at play.
On financial stability, the debt ratio declined from 31.1% in 2023 to 10.3% in 2024 and 8.8% in 2025, a shift largely attributable to the expansion of equity following IPO proceeds (from KRW 18.9 billion in 2023 to KRW 52.7 billion in 2024 and KRW 56.0 billion in 2025).
Operating cash flow improved to KRW 5.0 billion in 2025 from KRW 2.5 billion in 2024, though it has not fully recovered to the KRW 4.8 billion level seen in 2023.
INSPIEN's core markets—EAI implementation, security solutions, and EDI services—are all centered on the SAP ecosystem, with its partner status with SAP, the world's leading ERP vendor, forming the foundation of its business structure.
According to industry sources, SAP's legacy on-premises integration solution, SAP PO, is scheduled to be discontinued by the end of 2027, requiring roughly 200 domestic companies using it to migrate to next-generation solutions such as SAP IS, with the related market estimated at around KRW 60 billion.
This migration demand has been viewed as potentially favorable for an established player in the SAP PO market.
Following the SK Telecom hacking incident in April 2025, heightened attention to personal data protection and SAP ERP security brought industry focus to INSPIEN, which is reported to hold the leading market share in SAP ERP encryption and access control.
In the EDI market, steady demand for electronic document exchange between domestic and overseas companies continues alongside an ongoing shift toward cloud-based SaaS, with the company reported to hold a leading position in the domestic EDI SaaS market as well.
Broadly, tightening personal data protection regulation acts as a structural factor supporting demand for security solutions.
That said, the market's dependence on the specific SAP platform ecosystem and a customer pool concentrated among large domestic enterprises are cited as factors that could constrain the ceiling for growth.
The company maintained operating profit in both quarters of the first half of 2026, showing signs of breaking away from the margin decline seen through 2025.
It recently completed patent registration with the US Patent and Trademark Office for its EDI data mapping technology, the 'Application Integration Program Mapping DSL,' and stated that it plans to use this as a springboard to expand overseas partnerships and its global SaaS-based EDI business.
It has reportedly gone on to secure related core technology patents in Europe as well, accelerating its push into global EDI business expansion.
On the product front, the company unveiled a new AI-based, operator-centric integrated security operations solution and launched 'Retail-X,' an integrated order management platform for retail and logistics built on its EAI/EDI data connectivity technology, broadening its business scope.
Whether migration-related project orders continue through the scheduled end of SAP PO service at the close of 2027 remains a key mid-to-long-term variable for earnings.
The company has also moved to expand infrastructure, including acquiring a building and land in Geumcheon-gu, Seoul, for the stated purpose of building long-term growth infrastructure for existing and new businesses.
That said, specific guidance on the timing and scale of revenue contribution from these new businesses and overseas expansion has not yet been disclosed, warranting confirmation through future IR materials and quarterly results.
The current share price trades below per-share net asset value, which can be read as a discount relative to net assets.
The operating margin, which exceeded 20% in 2023, declined for two consecutive years through 2025 before showing renewed improvement in the first half of 2026, and the durability of this earnings recovery is likely to be a key variable in how valuation is interpreted going forward.
Given the stock's history of considerable price volatility since listing, the historical trading band has also been relatively wide. The company has a track record of paying annual cash dividends, and whether this policy continues may be linked to the pace of earnings recovery.
The low liquidity and theme-driven demand flows typical of small-cap KOSDAQ stocks are also factors worth considering when interpreting valuation.
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
After posting an operating loss in Q2 2025, the company swung to a large operating profit in Q4, and both quarters of the first half of 2026 maintained operating profitability. Q2 net income significantly exceeding operating profit can also be read as a signal of improving performance.
However, whether the return to profit reflects one-off factors or structural improvement requires confirmation over additional quarters.
The company is reported to hold the leading domestic market share in SAP EAI consulting and is also seen as a market leader in SAP ERP security solutions.
Following the SK Telecom hacking incident in 2025, heightened social attention to personal data protection and ERP security brought industry focus to its technology capabilities. Migration demand expected to arise from the scheduled end of SAP PO service at the close of 2027 is also cited as a favorable factor.
The company completed patent registration for EDI data mapping technology with the US Patent and Trademark Office and secured additional related core technology patents in Europe. It has stated plans to leverage this to expand overseas partnerships and its global SaaS-based EDI business.
However, the revenue contribution from overseas business has not yet been specifically disclosed and requires further confirmation.
Operating margin declined for three consecutive years, from 25.1% in 2023 to 19.9% in 2024 and 12.7% in 2025.
One-off items such as R&D expenses, stock compensation costs, and listing-related expenses are said to be factors, but whether the improvement seen in the first half of 2026 continues requires confirmation over additional quarters. A recurring pattern of revenue growth outpacing profit growth could weigh on valuation.
The company shows a clear weak-first-half, strong-second-half seasonal pattern, posting an operating and net loss in Q2 2025 before swinging to a large profit in Q4. This lowers earnings predictability given the project-based timing of revenue recognition.
The fact that Q2 2026 net income expanded well beyond operating profit is also an area requiring further explanation regarding non-operating factors.
With total shares outstanding at roughly 10.14 million, floating supply is limited, and theme-driven demand swings tied to specific events can appear relatively pronounced. This is a factor that can drive price movements disconnected from earnings fundamentals.
Since most of the business is dependent on the SAP ecosystem, changes in SAP's policies, licensing terms, or the pace of cloud migration can directly affect performance. There is also a possibility that migration demand tied to the end of SAP PO service may not materialize as quickly as expected.
Numerous competitors exist in the domestic and overseas EAI, security solutions, and EDI markets, and the entry of global SaaS providers into Korea or expansion by large IT service companies could reshape the competitive landscape. Competition with local players is also unavoidable as the company expands overseas.
Quarterly revenue and profit swings are significant, and when net income greatly exceeds operating profit as seen in Q2 2026, there may be a lack of transparent explanation regarding non-operating income factors. This raises uncertainty in interpreting and forecasting earnings.
Q3 2026 earnings disclosure - worth checking whether the weak-first-half, strong-second-half seasonal pattern repeats and whether the first-half return to profit continues.
Worth monitoring market reaction and order wins for the new AI-based security operations solution at domestic information security conferences.
Trend of client migration project orders following the end of SAP PO service - worth tracking progress given the related market is estimated at around KRW 60 billion.
Worth confirming progress on expanding overseas EDI SaaS partnerships based on US and European patents, and whether this translates into actual revenue contribution.
INSPIEN operates three business pillars—EAI, security solutions, and EDI—built on the SAP ecosystem, and appears to hold an established position in related domestic markets.
Revenue grew steadily through 2025, but operating margin declined for three consecutive years, and a pronounced weak-first-half, strong-second-half seasonal pattern was evident on a quarterly basis.
In the first half of 2026, the company maintained operating profit in both quarters, an early sign of earnings recovery, though the fact that Q2 net income significantly exceeded operating profit warrants further explanation.
Global EDI SaaS expansion prompted by securing US and European patents, along with domestic migration demand from the end of SAP PO service, are cited as mid-to-long-term growth factors, but the specific timing of their revenue contribution has not yet been confirmed.
Financial stability appears solid on the back of a low debt ratio, and the company has a track record of paying annual cash dividends.
That said, the low liquidity and theme-driven demand typical of a small-cap KOSDAQ stock, along with structural dependence on the SAP platform, are factors that should be weighed together.
Going forward, tracking quarterly earnings and the progress of new business initiatives will be necessary to confirm whether the earnings recovery proves durable.
Report written 2026-09-05 · Data as of 2026-09-04
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