Muhak (무학, 033920) as it stands in its DART filings — price-to-book measured against total equity and against the equity attributable to the parent company’s own shareholders, five years of headline figures, and the shareholder-return record. Every figure below links to the filing it was read from.
USD 162m
gap +0.0%
not published (NC?)
of ordinary shares issued
Five years, as filed
| KRW bn | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 127 | 153 | 147 | 152 | 144 |
| Operating profit | -0.9 | 15.6 | 16.2 | 16.9 | 10.2 |
| Net profit (total) | -16.0 | -13.2 | 65.4 | 48.4 | 50.3 |
| Net profit (owners’ share) | -16.0 | — | — | 48.4 | 50.3 |
| Equity (total) | 499 | 481 | 540 | 572 | 613 |
| Equity (owners’ share) | 499 | 481 | 540 | 572 | 613 |
| Filing | receipt | receipt | receipt | receipt | receipt |
Amounts in KRW bn, rounded. An em dash means the filing does not carry that line — it is left empty rather than estimated. Net cash is cash and short-term financial instruments less total borrowings and bonds; lease liabilities are excluded.
Shareholder returns
| Dividend | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Per share (KRW) | 230 | 230 | 230 | 520 | 520 |
| Filing | receipt | receipt | receipt | receipt | receipt |
- Treasury — 1,528,769 shares of 28,500,000 ordinary shares issued in that report (5.36%) · receipt
- Shares — 28,500,000 ordinary shares listed on 2026-08-14; 28,500,000 in the FY2025 annual report (+0.0%) · receipt
- Share cancellations — none filed in 2021–2026.
How these figures were read
- Consolidated financial statements (CFS). Equity and profit are split between the parent shareholders’ share and non-controlling interests, and the two P/B readings use total equity and the parent share respectively.
- Total borrowings. For net cash, the component accounts are only partly present, so total borrowings is the sum of every leaf line whose account name contains “borrowing” or “bond”, with lease liabilities excluded.
- Net cash is not published (NC?). Borrowings could not be closed from this balance sheet to within one percentage point of the published ratio. The statement carries financial-liability lines totalling KRW 12.1bn that are not named as borrowings or bonds; if all of them were borrowings, net cash over market capitalisation would move by 5.3 percentage points. Net cash is therefore not published for this company rather than being computed on an open figure. The balance sheet carries 2 such lines; they are itemised in the CSV column
agg_fin_lines. - Market capitalisation. The ordinary shares listed on 2026-08-14 times the closing price on that day, so the price and the share count carry the same date. Preferred shares are excluded. The share count printed in the FY2025 annual report is kept separately above, because it is stated as at the financial year-end.
Where this sits
- This row in the 183-company table — sort and compare it against the rest of the universe, or download the full CSV.
- Methodology — how the universe was drawn, what was excluded, the identity rules, and how total borrowings are summed.
- Muhak (033920): Net Cash Bigger Than the Market Cap, and the Quality of That Cash — our written analysis of this company.
- Also discussed in: Earnings Season Preview — Nine Tracked Companies and What to Watch in July and August.
- Stock Tracking — this company is on the tracking ledger, which is updated each quarter.
- Data room — every dataset on this site.
Source: DART filings · Dataset v1.3 (changelog) · Base date 2026-08-14 · Next update: Q3 filings (Nov 2026). This page is a record of what the filings say. It is not a recommendation to buy or sell any security, it carries no price target and no trade timing, and it does not say whether a share is cheap or dear. Figures are as at the base date and change afterwards. See the disclaimer.