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NEORIGIN Co. Ltd (094860) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of NEORIGIN Co. Ltd stock KRW 1,071, price KRW 1,385, that is 22.6% below the price, quality 40 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology KR · ISIN KR7094860004

NC NEORIGIN Co. Ltd logo Thin data Nov 10, 2026

NEORIGIN Co. Ltd

094860 · KQ
Expensive, weak quality

Our calculation puts a fair price 23% below what the stock costs today.

Low debt
Quality 40/100
Mixed Growth (revenue 5y +26.8 %/yr in KRW)
Fair value 1,071 KRW · Overvalued
Loss-making · -9.8% net margin (TTM)
Negative free cash flow
Trails peers (2/9)
Narrow moat 8/100 · thin data
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

7,927 KRW 834.00 KRW Fair Value 1,071 KRW May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range 834.00 KRW – 7,927 KRW · fair‑value band 803.58 KRW – 1,339 KRW · the 1,385 KRW price screens above the 1,071 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

NEORIGIN Co., Ltd. provides network security solutions for public and educational institutes in Korea and internationally.

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The company offers security solutions, including TESS TMS and TESS TMS V6.0, which are cyber threat management systems; TESS AIRTMS, a wireless intrusion prevention system; and TESS TMX, a threat management system for measurement and overall management.

It also provides security risk management system for enterprises. The company was formerly known as KORNIC GLORY Co., Ltd. and changed its name to NEORIGIN Co., Ltd. in March 2021. NEORIGIN Co., Ltd. was founded in 2007 and is based in Seoul, South Korea.

Stock analysis

NEORIGIN Co. Ltd (094860) currently trades at 1,385 KRW, while our estimate is 1,071 KRW, 23% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 803.58 KRW (bear) to 1,339 KRW (bull), the price of 1,385 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 40/100 (below-average quality), in the Technology sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

NEORIGIN Co. Ltd reported revenue of 31.0B KRW in FY2025 versus 20.6B KRW in FY2021, a compound +10.7%/yr. Reported net income was −11.1B KRW in FY2025.

Key figures

Market cap 77.7B KRW (≈ $58.3M) Micro · P/S ratio 2.46 · Net margin −9.8% · Return on equity −2,094% · Return on assets (EBIT) −9.0% (5-year average) · Operating margin −9.7% · Revenue (TTM) 31.6B KRW · Revenue growth (YoY) +277%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 23% below its 52-week high and 52% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −2% fair-value upside, at −23%, 094860 screens richer than that median.

Fair Value

Bear 803.58 KRW Fair Value 1,071 KRW Bull 1,339 KRW
Price 1,385 KRW · Downside -22.6%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 40/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 17
How much profit the company makes from its sales and capital
Quality Growth 29
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 71
Debt, balance sheet and risk of trouble
Investment 98
Does it invest with discipline instead of growing at any price?
Low Volatility 39
How calm the share price moves, does not count
Price momentum 52
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 55
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 30/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−11.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.8%
Start year 2020 (pandemic). Over 10 years: +9.6% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−18.7% (2020) → −14.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

094860 screens overvalued: fair value 23% below the price. Compare with Gabia Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software & IT Services · 37 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −22.6% · Below median
Profitability
Return on assets −27.8% · Bottom 25%
Net margin (12 months) −9.8% · Bottom 25%
Operating margin (12 months) −9.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 276.8% · Top 25%

Valuation Multiplesvs Software & IT Services median · lower = cheaper

P/B 3.43× · Priciest 25%
P/S (12 months) 2.46× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)3 · sector 30
FUTURE (revenue growth)100 · sector 37
PAST (return on equity)0 · sector 100
HEALTH (low debt)100 · sector 99
DIVIDEND (yield)0 · sector 23

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software & IT Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
AfreecaTV Co 067160 38,250 KRW 114,750 KRW +200% vs 094860
NEOWIZ 095660 17,540 KRW 46,407 KRW +165% vs 094860
Hancom Inc 030520 14,610 KRW 35,240 KRW +141% vs 094860
Wemade Co 112040 14,260 KRW 32,519 KRW +128% vs 094860
KINX, Inc 093320 175,000 KRW 171,192 KRW −2% vs 094860
Wemade Max Co 101730 3,715 KRW 3,350 KRW −10% vs 094860
DAEA TI Co 045390 2,555 KRW 2,051 KRW −20% vs 094860
GalaxiaMoneytree Co 094480 4,150 KRW 2,939 KRW −29% vs 094860
Webzen Inc 069080 12,350 KRW 8,568 KRW −31% vs 094860
Gabia Inc 079940 49,400 KRW 29,631 KRW −40% vs 094860

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NEORIGIN Co. Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "NEORIGIN Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/094860

Frequently asked questions

Is NEORIGIN Co. Ltd (094860) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 1,071 KRW versus a price of 1,385 KRW, about 23% lower (overvalued).
What is the fair value of 094860?
Our estimate for NEORIGIN Co. Ltd is 1,071 KRW (as of Nov 10, 2026), built from audited fundamentals. The current price: 1,385 KRW.
What is the quality score of 094860?
NEORIGIN Co. Ltd has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NEORIGIN Co. Ltd (094860)?
Our calculated price target is the estimate of 1,071 KRW (as of Nov 10, 2026). Cautious scenario 803.58 KRW, optimistic scenario 1,339 KRW. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the NEORIGIN Co. Ltd stock forecast for 2026?
Our estimate puts fair value at 1,071 KRW, about 23% lower versus a price of 1,385 KRW (overvalued). Cautious scenario 803.58 KRW, optimistic scenario 1,339 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of NEORIGIN Co. Ltd (094860)?
NEORIGIN Co. Ltd reported trailing-twelve-month revenue of about 31.6B KRW (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of NEORIGIN Co. Ltd (094860)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NEORIGIN Co. Ltd it is 1,071 KRW per share (as of Nov 10, 2026), against a price of 1,385 KRW.
Is NEORIGIN Co. Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 094860 trades above its calculated fair value: price 1,385 KRW, fair value 1,071 KRW, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 094860?
No. The price is what the market pays today (1,385 KRW); the fair value is what the company's own numbers justify (1,071 KRW). For NEORIGIN Co. Ltd the two are 313.57 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NEORIGIN Co. Ltd worth?
The market values NEORIGIN Co. Ltd at about 77.7B KRW (market capitalisation, as of Nov 10, 2026). Per share that is 1,385 KRW; our models calculate a fair value of 1,071 KRW per share.
What do the bullish and bearish scenarios say about 094860?
Our models span a range for NEORIGIN Co. Ltd: cautious scenario 803.58 KRW, base 1,071 KRW, optimistic 1,339 KRW per share (as of Nov 10, 2026, price 1,385 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 094860 from its 52-week high?
NEORIGIN Co. Ltd trades at 1,385 KRW, about 23% below its 52-week high of 1,805 KRW and 52% above the low of 913.00 KRW (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 1,071 KRW is for.
Which stocks are comparable to NEORIGIN Co. Ltd?
From the same area (Technology) we also value Gabia Inc, KINX, Inc, Wemade Co, AfreecaTV Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NEORIGIN Co. Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price 1,385 KRW, calculated fair value 1,071 KRW (−23%), Quality Score 40/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. NEORIGIN Co. Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NEORIGIN Co. Ltd (094860)?
The closing price on Nov 10, 2026 was 1,385 KRW. Our estimate is 1,071 KRW, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NEORIGIN Co. Ltd right now?
The price sits above even our optimistic bull case (1,339 KRW). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of NEORIGIN Co. Ltd

How large is the market capitalisation of NEORIGIN Co. Ltd (094860)?
The market capitalisation of NEORIGIN Co. Ltd is 77.7B KRW (≈ $58.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NEORIGIN Co. Ltd (094860)?
The price-to-sales ratio of NEORIGIN Co. Ltd is 2.46 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of NEORIGIN Co. Ltd (094860)?
The net margin of NEORIGIN Co. Ltd is −9.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NEORIGIN Co. Ltd (094860)?
The return on equity (ROE) of NEORIGIN Co. Ltd is −2,094% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NEORIGIN Co. Ltd (094860)?
On an EBIT basis the return on assets of NEORIGIN Co. Ltd is −9.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NEORIGIN Co. Ltd (094860)?
The operating margin of NEORIGIN Co. Ltd is −9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NEORIGIN Co. Ltd (094860)?
Revenue at NEORIGIN Co. Ltd is growing +277% versus a year earlier (3y avg +6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does NEORIGIN Co. Ltd (094860) generate?
The free cash flow of NEORIGIN Co. Ltd is −5.4B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does NEORIGIN Co. Ltd (094860) carry?
The net debt of NEORIGIN Co. Ltd is 5.6B KRW (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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