Dowool, founded in 1983, is an auto-parts company that draws on its textile roots to make interior components such as fabric, seat covers, and door-trim materials for car interiors, supplying automakers and seat makers. A February 2026 revenue-and-profit-structure change filing confirmed last year's full-year revenue of 796.1 billion won, operating profit of 48.6 billion won, and net profit of 28.8 billion won, and earlier, in August and September 2025, there were filings on decisions to terminate a treasury-share trust contract. What stands out lately is that a P/B of 0.39x means it trades below net assets, with 10.4% ROE profitability, a 3.2% dividend yield, and a financial structure assessed as stable, while first-quarter operating profit fell nearly 65% and this year's expected earnings are set below last year's, so it needs to be confirmed whether this earnings decline is a temporary factor such as costs that normalizes in the second half or hardens into a trend.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 3.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.4% lower than a year earlier.
- ROE is 10.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder IHC 35.22% (corporate)
Controlling bloc incl. related parties 47.58%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis
- Dowool, founded in 1983, is an auto-parts company headquartered in Gangnam-gu, Seoul, with plants in Ganghwa, Ansan, Asan, and Ulsan.
- It started in textiles and, drawing on those roots to this day, its main business is making interior components such as fabric, seat covers, and door-trim materials for car interiors and supplying them to automakers and seat makers.
- It expanded its production base by absorbing Dowool Trading in 2012 and listed on the securities market (KOSPI) in 2016.
- As a small company with a market cap of 108.4 billion won, it helps to look not only at the flow of the business but also at how each filing affects earnings and the share count.
- The latest close is 3,570 won and market cap is 102.4 billion won.
- The price sits below its 20-day line (3,933 won) and its 60-day line (4,476 won).
- Trading under both the short- and medium-term moving averages, the trend is on the depressed side.
- RSI (a supplementary gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 24.9, close to depressed territory.
- The one-month change is -18.5%, the three-month change is -19.9%, and the position versus the 52-week high is -31.4%.
- Relative strength versus KOSPI is 29 (on a 1-99 scale that converts return versus the index over the past year, weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 71% of all stocks by strength.
- Over the past three months it lagged the index by 36.6%.
- Chart reading works best alongside trading volume and the dates of filings.
- Last year's annual revenue was 796.1 billion won, operating profit 48.6 billion won, and net profit 28.8 billion won.
- The operating margin is 6.1% and ROE (how much it earns in a year on shareholders' equity) is 10.4%, profitability above the peer average.
- The debt ratio (debt versus equity) is 198.9%, which is not low on the number alone, but seen together with a current ratio of 162% and an interest-coverage ratio of 3.3x, servicing the debt is manageable, so financial soundness is classified as 'stable' in the diagnostic.
- What stands out is the valuation.
- On last year's results, the P/E (how many times one year of earnings the price represents) is 3.55x and the P/B (how many times book value the price represents) is 0.37x, so it trades below even the company's net-asset value.
- Relative to assets it is clearly in a cheap zone.
- That said, the forward P/E that reflects this year's expected earnings rises, because of the expected decline in this year's earnings explained below.
- In other words, it is a two-faced stock: undervalued on an asset basis, but not as attractive as last year on this year's earnings basis.
- Over several years, revenue grew steadily from 729.9 billion won in 2023 to 773.3 billion won in 2024 and 796.1 billion won in 2025 (a three-year average of +4.4%), and operating profit rose 13.2% and net profit 78.7% last year, showing recovery.
- The problem is that the tone changed this year.
- First-quarter 2026 revenue was 201.3 billion won, nearly flat with the year-earlier period (-0.4%), but operating profit fell 64.9% to 6 billion won and net profit fell 70.3% to 3.8 billion won.
- Revenue held up while profit dropped sharply, so the possibility of costs or one-off factors at work should be considered.
- This year's outlook is set at operating profit of 21.9 billion won and net profit of 11.5 billion won, below last year's (48.6 billion won and 28.8 billion won), reflecting an assumption that the first-quarter earnings decline carries through the year.
- That is also why the forward P/E is higher than the 3.76x on last year's basis.
- In short, the revenue base is holding, but whether this year's margin recovers is the key variable, and whether the first-quarter earnings decline is temporary or a trend will shape the picture ahead.
- Looking at recent filings, a revenue-and-profit-structure change (preliminary and confirmed results) disclosure on February 24, 2026, confirmed last year's full-year revenue of 796.1 billion won, operating profit of 48.6 billion won, and net profit of 28.8 billion won.
- It is material to read alongside whether it points the same way as the annual flow and whether there are one-off factors.
- Earlier, on August 25 and September 5, 2025, there were filings on decisions to terminate a treasury-share trust contract.
- Because these touch on cash returns and changes in the share count, it is good to check whether earnings strength and cash flow back them up.
- The strengths are clear.
- A P/B of 0.39x means it trades below net assets, with 10.4% ROE profitability, a 3.2% dividend yield, and a financial structure assessed as 'stable.' That a company with both asset value and profitability trades below book value can be read as an undervaluation signal.
- The point to watch is this year's earnings flow.
- First-quarter operating profit fell nearly 65%, and this year's expected earnings are also set below last year's, so the cheap price on an asset basis may not be as attractive on an earnings basis as it was last year.
- So if the first-quarter earnings decline is a temporary factor such as costs and normalizes in the second half, the undervaluation appeal of its assets, profitability, and dividend comes to the fore; if the earnings weakness hardens into a trend, then despite the low P/B it will take more time.
- As a small company, it is important to check quarterly results and shareholder-return filings together.
🔎 Valuation vs peers Overvalued
A peer set within auto parts with market caps close to the company's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Neo Auto | 8.65x | 0.94x | 10.82% |
| Hwaseung Corporation | 1.68x | 0.46x | 27.54% |
| Korea Movenex | 5.10x | 0.26x | 5.19% |
We looked first at a public-data peer set within auto parts with nearby market caps. The current P/E (how many times one year of earnings the price represents) is 3.55x and the P/B (how many times book value the price represents) is 0.37x. Because smaller-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from metrics based on last year's confirmed results alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩822.7 billion | ₩21.9 billion | ₩11.5 billion |
| Next quarter | Q2 2026 | ₩211.2 billion | ₩6.2 billion | ₩3.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,570 and the market capitalization is ₩102.4 billion. The price sits below its 20-day moving average (₩3,933) and below its 60-day moving average (₩4,476). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 24.9, near oversold territory. The one-month change is -18.5%, the three-month change is -19.9%, and the position relative to the 52-week high is -31.4%. Relative strength versus the KOSPI is 29 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 29% of all stocks. Over the past three months it lagged the index by 36.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -36.60% / 6M -44.33% / 12M -54.46%
Key metrics vs sector median
Valuation
The P/E of 3.55x is below the sector median (7.76x). The P/B of 0.37x is below the sector median (0.56x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 10.4%, above the sector average (7.0%). The operating margin is 6.1%. The debt ratio is 198.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $483.7M | $512.5M | $527.7M | +2.96% ↓ slower |
| Operating profit | $29.8M | $28.4M | $32.2M | +13.23% ↑ faster |
| Net profit | $13.8M | $10.7M | $19.1M | +78.71% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $328.5M | $375.1M | $483.7M | $512.5M | $527.7M |
| Operating profit | $16.8M | $8.8M | $29.8M | $28.4M | $32.2M |
| Net profit | $10.6M | $4.8M | $13.8M | $10.7M | $19.1M |
| Revenue CAGR | 4-yr avg 12.58% | ||||
Revenue rose 3.0% year over year (2023 ₩729.9 billion → 2024 ₩773.3 billion → 2025 ₩796.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 13.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.6%. The two-year revenue CAGR is 4.4%. In the most recent quarter (Q1 2026), revenue was 0.4% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.4%, is on the high side.
- ROE of 10.4% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 3.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-02-24EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue 796.1 billion won, operating profit 48.6 billion won, net profit 28.8 billion wonRecent confirmed or preliminary results material. Read whether it points the same way as the annual flow and whether one-off factors are present. Source
- 2025-09-05UpdateMaterial-fact report (decision to terminate treasury-share trust contract): check the return termsA filing tied to cash returns or changes in the share count. Confirm whether earnings strength and cash flow back it up. Source
- 2025-08-25UpdateMaterial-fact report (decision to terminate treasury-share trust contract): check the return termsA filing tied to cash returns or changes in the share count. Confirm whether earnings strength and cash flow back it up. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,570 | ₩3,570 | Confirmed | link |
| Latest quarterly results | revenue ₩201.3 billion, operating profit ₩6.0 billion | revenue ₩201.3 billion, operating profit ₩6.0 billion | Confirmed | link |
| Annual results | revenue ₩796.1 billion, operating profit ₩48.6 billion | revenue ₩796.1 billion, operating profit ₩48.6 billion | Confirmed | link |
| Results filing (original text) | revenue30%: revenue ₩796.1 billion · operating profit ₩48.6 billion · net profit ₩28.8 billion | revenue30%: revenue ₩796.1 billion · operating profit ₩48.6 billion · net profit ₩28.8 billion | Confirmed | link |
| Shareholder-return filing (original text) | : | : | Confirmed | link |
| Shareholder-return filing (original text) | : | : | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-22Disclosure
- 2026-05-22Shareholders' meeting notice
- 2026-05-14PeriodicQuarterly report
- 2026-05-04OwnershipAmended filing
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-30OwnershipLargest-shareholder ownership change report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-30Disclosure
- 2026-04-30OwnershipOwnership-change filing
- 2026-03-26Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.