"FnGuide, Record-High Earnings Expected in 2026"

Report by Independent research firm 'ValueFinder'
Index Business Accelerates Growth

[Edaily Reporter Kwon Oh Seok] Independent research firm ValueFinder said on September 14 that ‘FnGuide’ is expected to post record-high earnings in 2026, driven by accelerating growth in its index business as the net asset value (NAV) of Korea‘s ETF market has surpassed KRW 512tn. ValueFinder initiated coverage on FnGuide with a BUY rating and a target price of KRW 28,800.

FnGuide Logo.

Founded in 2000, FnGuide transferred its listing to the KOSDAQ market in 2020 and is a provider of financial information and index services. Its major clients include financial institutions such as securities firms, asset managers, and banks, as well as universities and research institutes. The Company operates three main business segments: financial information services, index development and services, and fund evaluation. As of 1H26, financial information services accounted for 43.7% of revenue, followed by the index business at 53.2% and fund evaluation at 3.1%.

Korea’s ETF market has grown at a 42% CAGR over the past five years, with total NAV surpassing KRW 512tn as of 2Q26. Over the same period, the number of ETFs listed in Korea increased from 533 in 2021 to 1,167 as of end-August 2026. FnGuide ranks No. 1 among private index providers excluding KRX, with a 15.2% share of the domestic ETF market as of 1H26, and currently offers a lineup of approximately 170 index products.

FnGuide‘s index business generates revenue by applying contracted licensing fees, measured in basis points (bp), to ETF assets under management (AUM), directly linking growth in ETF NAV and broader adoption of its indices to revenue growth. Investor flows, previously concentrated in semiconductors, have recently diversified into sectors and themes such as robotics, biotech, defense, and nuclear power, supporting continued demand for thematic ETFs. The Company has also secured capabilities to develop indices for bond and overseas equity ETFs, seeking additional growth opportunities through product diversification.

FnGuide is expected to post 2026 revenue of KRW 54.5bn (+53.9% YoY) and operating profit of KRW 26.7bn (+150.3% YoY), both marking record highs. Revenue from the index business is forecast to increase 243.9% YoY, driving the overall earnings improvement.

A key point to watch will be whether the Company’s expansion into overseas index markets and continued product diversification translate into additional medium- to long-term growth drivers.

ValueFinder analyst Lee Choong-hun said, “With Korea‘s ETF market growing rapidly, FnGuide holds the No. 1 market share among private index providers excluding KRX, positioning the Company as a direct beneficiary of market expansion.”

He added, “With index business revenue growth and operating leverage expected to drive the Company’s operating margin to 49.0% in 2026, the progress of its overseas index business expansion will be a key factor to watch.”

권오석 (kwon0328@edaily.co.kr)