Golfzon and the business behind screen golf
Editorial disclosure
Confirmed November 12, 2026.
The editor holds no direct shares, options or other direct investment positions in Golfzon Co., Ltd. or Golfzon Holdings Co., Ltd. The editor reports no relevant paid work, sponsorship, affiliate income, equipment benefits or other material commercial relationships involving the companies or related brands covered in this article. This statement does not assess incidental exposure through diversified funds.
General editorial information, not personalized investment advice. No company, golf association or employer endorsement is implied.
Related model research, November 12, 2026: Golfzon is included in our separate hypothetical $1,000 paper pilot, initialized November 12, 2026. Its model allocation is recorded separately from the real investment disclosures above and does not establish public benchmark membership.
A South Korean simulator company shows how indoor golf connects equipment sales, repeat play and the cost of expansion.
Book an indoor golf bay and the transaction seems straightforward: pay for time, hit shots, play a course on a screen. Behind that session sits a second business relationship, between the venue and the company supplying its technology.
Golfzon makes that relationship worth examining. Its business includes simulator equipment and services that support continued play. Understanding it means following both the initial installation and what happens after golfers return. [1]
Start with the company
The operating company is GOLFZON Co., Ltd. Its 2025 annual report records its formation through a 2015 separation of the screen-golf and maintenance businesses, followed by a KOSDAQ listing that April. [1]
GOLFZON HOLDINGS Co., Ltd. is a separate company. It changed its name from Golfzon Newdin Holdings in March 2025 and reported a 22.01% interest in Golfzon at December 31, 2025. That is a dated ownership figure, not an estimate of today's stake. The two companies' financial statements describe different sets of businesses. [2]
How an indoor round becomes revenue
Golfzon's annual report describes simulator and consumable sales alongside paid online content, franchise services, maintenance, lessons and advertising. It also distinguishes sales through independent site owners and franchisees from its own venue operations. [1]
Those distinctions matter. An equipment installation can create a sale before the venue has established a regular customer base. Revenue tied to continued use depends on golfers coming back. A venue's customer receipts also cannot automatically be counted as Golfzon's revenue; the relationship and contract determine which company earns what.
Our interpretation is that a simulator business needs to be assessed from both sides of the counter. The supplier needs customers willing to install and upgrade equipment. The operator needs enough paid use to cover rent, staffing, maintenance and other costs. An impressive simulator experience can help, but it does not by itself establish either business's profitability.
Growth plans meet the financial record
Golfzon's published consolidated figures show a weaker full year in 2025. Revenue fell 22.1% and operating profit declined 29.0% from 2024. [3]
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue | KRW 619.981bn | KRW 483.261bn | −22.1% |
| Operating profit | KRW 95.827bn | KRW 68.071bn | −29.0% |
| Operating margin | 15.5% | 14.1% | −1.4 pp |
Source: company consolidated financial summary. Years ended December 31. KRW = Korean won; bn = billion; pp = percentage points. Margins and changes calculated from reported figures and rounded. [3]
The newer quarterly picture is mixed. In its October 30, 2026 preliminary release, Golfzon reported third-quarter revenue of KRW 126.031 billion, up 4.3% year over year, while operating profit fell 34.4% to KRW 10.031 billion. For the first nine months, revenue was down 8.8% and operating profit was down 50.3%. These figures had not completed the external auditor's accounting review and may change. [4]
The company linked the quarterly sales increase to TwoVision NX Plus upgrades sold to franchisees. It attributed weaker GDR results to fewer directly operated venues during reorganization and slower new-golfer inflows. It also cited a higher cost-of-sales ratio associated with domestic sales promotions and increased expenses from overseas expansion and sales and marketing activity in the United States and China. Those explanations are management's account of the changes. [4]
What overseas expansion needs to deliver
In March 2026, Golfzon announced a Virginia-based Global Business Division intended to support expansion in overseas markets. That makes the United States a concrete part of its strategy, rather than simply a possible future destination. [5]
For our research, the next test is whether that expansion produces sustained customer use and earnings after the associated costs. We would look for the revenue mix between equipment and ongoing services, results from established locations, and the cash required to support new business. A sales rebound alongside lower operating profit shows why revenue alone cannot settle the question.
Golfzon gives Tee & Ticker a way to examine golf participation through the businesses that supply indoor play. It is relevant to our broader public benchmark research. Editorial coverage alone does not establish public benchmark eligibility or a portfolio weight. The separate paper pilot uses provisional research rules; the benchmark’s eventual membership and release remain subject to its own data and methodology requirements.
Primary sources
- GOLFZON Co Ltd 2025 annual reportFiled March 19, 2026. Company overview; business description; product and sales-channel tables. Product-level figures are before intercompany eliminations, and channel percentages are on a standalone basis.
- GOLFZON HOLDINGS Co Ltd 2025 annual reportFiled March 19, 2026. Name change and investment-note ownership of Golfzon as of December 31, 2025.
- Golfzon consolidated financial summaryOfficial investor-relations page. Full years 2024 and 2025; reported amounts in KRW millions. Converted to billions by dividing by 1,000.
- Golfzon preliminary consolidated resultsOfficial DART filing dated October 30, 2026, receipt 20261030901397. Third quarter and nine months ended September 30, 2026. Preliminary figures and management explanations.
- Golfzon announcement of Global Business DivisionCompany announcement datelined March 9, 2026; webpage dated March 10. Describes the Virginia-based division and planned geographic expansion.
Sources checked November 12, 2026. Korean-language filing passages are paraphrased in English. Ownership and financial periods are identified separately from the review date. Disclosures confirmed November 12, 2026.
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