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053800KOSDAQ

Ahnlab

75,300
-2,400 (-3.09%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Ahnlab was established in 1995 and is listed on the KOSDAQ market. The company is headquartered in Seongnam, Gyeonggi-do, and operates with six affiliated companies.

The company provides integrated security solutions and services. Its business segments include the V3 antivirus product line, network security equipment, and mobile security solutions. It also offers security consulting and monitoring services to government and corporate clients, while expanding operations into Japan and China through its affiliates.

Business overview as filed

당사는 글로벌 통합보안 기업으로서 세계 수준의 기술력으로 개발한 솔루션과 전문적인 서비스 체계를 갖춘 기업입니다. 또한 컨설팅-솔루션-관제 등 시큐리티 라이프 사이클 상의 기술과 서비스를 자체 역량으로 제공하는 국내 유일의 통합보안업체입니다.

솔루션 분야는 국내 최장수 소프트웨어 브랜드이자 안티바이러스 솔루션의 대명사인 V3 제품군을 비롯해 온라인 보안 서비스, 모바일 보안 솔루션, 네트워크 보안 장비 등 정보 네트워크 환경에 적합한 보안 솔루션을 개발 공급하고 있습니다. 모든 솔루션은 긴급 대응 조직인 ASEC(시큐리티대응센터)과 CERT(컴퓨터침해사고대응센터)에 의해 24시간 365일 악성코드와 해킹을 실시간 예방/차단합니다.

서비스 분야는 보안 컨설팅과 보안 관제 등이 있습니다. 보안 컨설팅은 정부 지정 정보보호컨설팅전문업체로서 보안에 취약한 부분이 있는지 점검 및 대응책을 제시합니다. 보안관제는 기업 IT 인프라가 중단 없이 지속적으로 운용될 수 있도록 해킹을 비롯한 네트워크 침해 사고 여부를 24시간 모니터링 및 대응하는 서비스입니다.

당사는 세계적 기술력을 보유한, 국내 보안 업계에서 가장 오랜 역사와 가장 큰 규모를 가진 업체입니다. 세계적으로 정보보안 시장이 형성되기 시작한 1988년부터 쌓은 정보보안 노하우를 기반으로 시장을 개척해왔으며, 설립 이래 꾸준한 매출 성장을 보여 국내 보안 업계 선두를 유지하는 한편 역동적으로 글로벌 시장에 진출해 성공 사례를 만들어가고 있습니다.

또한, 계열회사를 통하여 일본, 중국의 보안사업을 시행하고 있습니다. 일본의 경우 모바일 보안 솔루션을 집중적으로 전개하고 있고, 중국에서는 수많은 제조업체가 산재해 있는 점을 감안해 생산라인 보안(EPS/트러스라인)과 네트워크 보안(트러스가드)에 주력하고 있습니다.

당사는 제31기 연결 포괄손익계산서 기준 267,657백만원의 매출을 기록하였으며, 유형별 매출액은 다음 표와 같습니다.

Company overview

가. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 중소기업 등 해당 여부

라. 회사의 명칭지배회사의 명칭은『주식회사 안랩』이라고 표기합니다. 영문으로 Ahnlab.Inc라고 표기합니다.마. 설립일자지배회사는 1995년 3월 18일에 설립되었으며 2001년 9월 11일 한국거래소 코스닥시장에 주식을 상장하였습니다.바. 본사의 주소 등- 주 소 : 경기도 성남시 분당구 판교역로 220- 전화번호 : 031-722-8000- 홈페이지 : http://www.ahnlab.com

사. 주요사업의 내용지배회사는 글로벌 통합보안 기업으로서 세계 수준의 기술력으로 개발한 솔루션과 전문적인 서비스 체계를 갖춘 기업입니다. 안티바이러스 솔루션의 대명사인 V3 제품군을 비롯해 정보 네트워크 환경에 적합한 보안 솔루션을 개발 공급하고 있으며, 긴급대응조직인 ASEC/CERT에 의해 24시간 365일 악성코드 및 해킹을 실시간 예방/차단하고, 컨설팅-솔루션-관제 등 시큐리티 라이프 사이클 상의 기술과 서비스를 자체 역량으로 제공하는 국내 유일의 통합보안업체입니다.아. 계열회사에 관한 사항지배회사는 2025년 12월 31일 현재 당사를 제외하고 6개의 계열회사를 가지고 있습니다. 종속회사의 개요는 'II.사업의 내용'을 참조해 주시기 바랍니다.자. 기업집단에 소속된 회사

차. 신용평가에 관한 사항연결실체는 신용평가전문기관으로부터 신용평가를 받고 있지 않습니다.

카. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.61%
[2.58%, 5.59%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 25.4% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.35
Beta [0.25, 0.44] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.079%[-0.157%, +0.314%]
R squared
0.25
Observations
252
Trading-time corrected beta
0.45[0.33, 0.58]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M1,3451,4291,5031,5981,6701,7822,0732,2802,3922,6062,6772,786
Revenue growth%—6.275.166.364.496.7016.329.994.928.932.72—
Operating incomeKRW 100M120152167177184200229270264277333361
Operating income growth%—27.449.835.734.088.4314.7817.69-2.094.7720.21—
Net incomeKRW 100M119146163228191185420142347324515458
Net income growth%—22.6411.3740.34-16.21-3.47127.50-66.28144.82-6.6558.96—
Attributable to ownersKRW 100M——163228191186422142358337543498
Attributable to minoritiesKRW 100M—————-1-10-11-13-28-40
Operating margin%8.9010.6711.1411.0811.0311.2111.0611.8411.0510.6212.4312.95
Net margin%8.8610.2310.8314.3011.4610.3720.286.2214.5112.4319.2416.44
ROE%——8.8511.759.318.5816.815.5512.729.2114.5313.31
ROA%6.126.817.289.337.366.5812.434.119.246.9710.568.90
Debt ratio%20.6124.7521.6125.9126.5229.2332.7933.0331.8526.0029.5837.29
Current ratio%370.02331.03380.94308.69330.99342.88297.12324.44240.93254.48353.92299.41
Quick ratio%359.54318.19373.40305.40325.98336.22289.10312.74233.41247.63347.40286.37
Reserve ratio%3,420.093,619.173,817.914,065.604,283.794,492.175,153.165,244.205,750.436,884.447,651.887,651.02
Free cash flowKRW 100M152192206261171323267296325265609—
FCF margin%11.2913.4213.7316.3610.2718.1312.9012.9713.6010.1722.77—
OCF conversion%157.89166.33149.54137.60118.44202.7175.77236.47112.6796.80124.67—
Capex to revenue%2.713.602.473.313.312.892.471.742.751.871.22—
Receivable daysdays—49.547.044.350.349.351.557.555.760.159.1—
Inventory daysdays—42.443.627.023.833.840.161.152.7—9.3—
Payable daysdays—195.0214.6213.7206.8191.3199.3241.5216.0—46.7—
Cash conversion cycledays—-103.1-124.1-142.4-132.7-108.2-107.7-122.9-107.6—21.7—
EPSKRW1,3721,6831,8742,6302,2042,1384,8541,6314,1253,7635,7144,472
PERx—34.3428.6617.6429.7235.6420.3740.9016.7017.5910.5211.74
BPSKRW——18,36419,41320,53921,61825,05125,51428,13132,86733,57033,596
PBRx——2.922.393.193.523.952.612.452.011.791.56
Dividend per shareKRW5007008009009009001,1001,1001,3001,3001,400—
Payout ratio%36.4441.5942.6934.2240.8342.1022.6667.4431.5234.5524.50—

Consolidated basis

Profit flowKRW 100M

Revenue
2,392
Gross profit
1,873
Cost of sales
519
SG&A expenses
1,609
Operating income
264
Non-operating income
151
Profit before tax
416
Net income
347
Income tax expense
68

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
1,9462,1462,2362,4482,6022,8083,3823,4503,7544,6474,876
3334263975045456358358579079591,113
1,6131,7201,8391,9442,0572,1732,5472,5932,8473,6883,763

Income statement

20152016201720182019202020212022202320242025
1,3451,4291,5031,5981,6701,7822,0732,2802,3922,6062,677
120152167177184200229270264277333
137163189254218215503165416408609
119146163228191185420142347324515
Basic earnings per shareKRW1,3721,6831,8742,6302,2042,1384,8541,6314,1253,7635,714
Diluted earnings per shareKRW1,3721,6831,8742,6302,2042,1384,8541,6314,1253,7635,714
122149179229191185421142346326516

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement119146163228191185420142347324515
Total adjustments to operating cash flowcomputed6997818635190-10219344-10127
188*243243314227375319335391314642
-33-299-280-82-255-310-85-219-327-586-63
-24*-43-61-69-81-90-98-101-101487-453
Cash at beginning of periodKRW 100M256388290190353244216353367329545
388290190353244216353367329545671
Net change in cash and cash equivalentsKRW 100M132-98-100163-108-2813714-38217126

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 31대주회계법인2025-12-31
2024적정의견Term 30대주회계법인2025-12-31
2023적정의견Term 29대주회계법인2025-12-31
2022적정Term 28안진회계법인2022-12-31
2021적정Term 27안진회계법인2022-12-31
2020적정Term 26안진회계법인2022-12-31
2019적정Term 25삼일회계법인2019-12-31
2018적정Term 24삼일회계법인2019-12-31
2017적정Term 23삼일회계법인2019-12-31
2016적정Term 22삼일회계법인2016-12-31
2015적정Term 21삼일회계법인2016-12-31
2014적정Term 20삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.34
%
%
Cost of equity6.08%
Weighted average cost of capital6.08%
Initial growth11.0%
Effective tax rate15.5%
Base fiscal year2025
Current priceKRW75,300

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model34,977-53.5%
Dividend discount model DDM42,943-43.0%
Discounted cash flow FCFF174,052+131.1%
Discounted cash flow FCFE168,011+123.1%
Residual income model RIM128,195+70.2%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.34 × 5.00% = 6.08%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(14.53% × (1 − 24.50%), 0) = 10.97%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,400 × (1 + 2.00%) / (6.08% − 2.00%) = 1,428 / 0.0408 = 34,977 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,400, g_1 = 10.97%, g_T = 2.00%, r = 6.08%

YearGrowthDividend KRWDiscount factorPresent value KRW
110.97%1,5540.94271,464
28.73%1,6890.88861,501
36.48%1,7990.83771,507
44.24%1,8750.78961,481
52.00%1,9130.74441,424
Terminal value2.00%47,7820.744435,567
Total42,943

P_0 = 42,943 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 33,570 KRW, ROE = 14.53%, payout ratio = 24.50%, r = 6.08%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
133,5704,8782,0422,8360.94272,673
237,2535,4132,2663,1470.88862,796
341,3396,0072,5153,4920.83772,925
445,8746,6652,7903,8750.78963,060
550,9067,3973,0964,3000.74443,201
Terminal value107,4360.744479,970

P_0 = 33,570 + 14,655 + 79,970 = 128,195 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 642.0 − 32.6 + 0.0 × (1 − 15.47%) = 609.5 KRW hundred million

Weighted average cost of capital

E = 8,378.3, D = 2.1 KRW hundred million; equity weight = 99.97%, debt weight = 0.03%; cost of debt k_d = 4.40%

WACC = 99.97% × 6.08% + 0.03% × 4.40% × (1 − 15.47%) = 6.08%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
110.97%676.30.9427637.5
28.73%735.30.8886653.4
36.48%783.00.8377655.9
44.24%816.20.7896644.5
52.00%832.60.7444619.7
Terminal value2.00%20,803.60.744415,485.6
Total18,696.8

Firm value = 18,696.8; less borrowings 2.1; plus cash 671.3 → 19,365.9 KRW hundred million

P_0 = 19,365.9 KRW hundred million ÷ 11,126,506 (shares) = 174,052 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 642.0 − 32.6 + 0.0 (net borrowing) = 609.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
110.97%676.30.9427637.5
28.73%735.30.8886653.4
36.48%783.00.8377655.9
44.24%816.20.7896644.5
52.00%832.50.7444619.7
Terminal value2.00%20,800.20.744415,482.7
Total18,693.7

P_0 = 18,693.7 KRW hundred million ÷ 11,126,506 (shares) = 168,011 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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