AhnLab

053800.KQ

Software - Infrastructure · Technology

Price

₩58100.00

-1000.00 (-1.69%)

Market Cap

₩522.22B

Exchange

KOSDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 2, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Strong

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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

For growth stock investors

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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)

12.4x

Attractive valuation — P/E 12.4

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

2.24%

Moderate income — 2.24% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+33.3%

Dividend growing fast (33.3% YoY)

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