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AhnLab

053800.KQ
57
Software - Infrastructure · Technology
Price
₩76800.00
-900.00 (-1.16%)
Market Cap
₩690.31B
Exchange
KOSDAQ
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
11/30
Growth
Mixed
9/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Mixed
4/10
Ownership
Good
10/15
Dividends
Good
3/5

57 of 100 counted points = Winston Score 57.

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Share count rising — dilution

+28.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.7M (2021) → 11.1M (2025)

§Winston Score History

The full picture

AhnLab is a South Korean cybersecurity company that makes antivirus software, firewalls, and network security products. Its customers include individual consumers, businesses, and government agencies across South Korea. It is one of the most recognized cybersecurity brands in South Korea and has been a dominant player in the country's endpoint security market for decades.

AhnLab earns revenue by selling software licenses, subscriptions, and managed security services. The company operates primarily in South Korea, with some presence in other Asian markets. Its strong brand recognition and deep relationships with Korean enterprises and government clients give it a durable competitive position domestically. The key growth opportunity lies in expanding cloud-based security services and pushing into international markets, though intense global competition from larger cybersecurity firms remains a significant risk.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-42.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₩72.1B/ year

→ Flat (+1% vs prior year)

26.9% of revenue

1.8x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

55.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₩379.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

AhnLab is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
35.6%
Modest — 35.6% gross margin
Profit after running costs
Operating Margin
7.5%
Modest — 7.5% operating margin
Return on the money invested
ROCE
9.6%
Below par — 9.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+2.9%
Nearly flat sales (+2.9% YoY)
Profit growth
EPS YoY
+2.5%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
127%
Turns 127% of profit into real cash
Spare cash per sale
FCF Margin
20.4%
Converts sales into free cash efficiently (20.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
315.79x
Comfortably covers interest (315.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.4x
Fair value — P/E 16.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.69%
Small dividend — 1.69% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+33.3%
Dividend growing fast (33.3% YoY)

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