Unison makes and sells wind turbines from the 750kW class up to the 4.5MW class (with offshore units of 10MW and above in development) and the steel wind towers that support them, and it goes further to build wind farms directly on an EPC basis and handle power generation and O&M. With a dedicated plant in Sacheon, South Gyeongsang, manufacturing and project/service work are intertwined in one company, and a single large farm order can swing a given year's revenue heavily. In May 2026 a single-supply contract (amended) disclosure brought in an order capable of moving the top line, while over the same period the exercise of the 15th-series warrants and the issuance of the 18th-series convertible bonds were decided and completed, filling operating funds while also increasing the share count through dilution. What stands out lately is that Unison is one of only a handful of domestic companies spanning turbine and tower manufacturing through farm development, construction and O&M, with revenue recovering off a trough and losses narrowing for three straight years; against that, years of losses mean the P/E cannot be computed, a debt ratio of 242% and a current ratio of 46% make near-term finances tight, and continued convertible-bond and warrant issuance means the point at which large orders convert into profit must be verified.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 241.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 45.6%).
- The most recent full-year net result was a loss.
- Revenue rose 56.5% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 38.0% lower than a year earlier.
- ROE is -19.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -23.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Myungwoon Industrial Development 9.55% (corporate)
Controlling bloc incl. related parties 9.55%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Unison's core business is wind power.
- It makes and sells wind turbines from the 750kW class up to the 4.5MW class (offshore units in development are 10MW and above) and the steel wind towers that support them, and installs them.
- It has a dedicated plant in Sacheon, South Gyeongsang, with annual capacity of 500MW of wind systems and 400 tower sets.
- On top of this it develops wind farms directly, builds them on an EPC (engineering, procurement, construction) basis, and after completion handles power generation and O&M (in-service inspection and maintenance).
- As a result, a single farm yields several streams of revenue from equipment delivery, construction and maintenance.
- In short, 'manufacturing that sells products such as turbines and towers' and 'project and service work that builds and runs farms' are combined in one company, a structure in which a single large farm order can swing a given year's revenue heavily.
- The latest close is ₩861 and the market cap is ₩223.4 billion.
- The price sits below its 20-day line (₩964) and below its 60-day line (₩1,080).
- Trading beneath both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (an indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 39.7, a neutral level.
- The price is down 3.9% over one month and 42.5% over three months, and stands 48.9% below its 52-week high.
- Relative strength versus the KOSDAQ is 53 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 47% of all stocks by strength.
- Over the past three months it has lagged the index by 22.2%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- This is currently a loss-making stretch.
- The ROE (how much is earned on equity in a year) is -19.7%, the operating margin (operating profit as a share of revenue) is -23.7% and the net margin is -51.9%, with a 2025 net loss of about ₩20.9 billion.
- Because profit is negative, the P/E (how many times one year's profit the share price is) cannot be calculated — and the key point here is that a blank P/E does not mean 'cheap' but rather 'unmeasurable because earnings are in the red.' Looking instead at the asset-based P/B (how many times net asset value), it is 2.27x, but given that the company is not yet profitable, that figure alone does not make it cheap.
- Finances are on the tight side: the debt ratio (debt relative to equity) is 241.9%, and the current ratio (assets convertible to cash within a year versus debt due within a year) is 45.6%, below 100%, leaving little near-term funding cushion.
- The interest coverage ratio of -0.77 shows operating profit cannot yet cover interest, which is worth noting together.
- On the other hand, revenue is rising and losses are narrowing each year, a signal that points in a direction of improving profitability.
- Revenue is in a recovery trend.
- In 2025 it was about ₩40.3 billion, up 56.5% year over year.
- Looking over five years, however, it grew from ₩149.7 billion (2021) to ₩239.2 billion (2022), then plunged to ₩107.7 billion (2023) and ₩25.7 billion (2024) before climbing back, so it is closer to 'recovery off a trough' than 'steady growth' (the five-year average is -28%).
- On the profit side the direction is consistent: operating losses were -₩19.6 billion (2023) → -₩12.5 billion (2024) → -₩9.5 billion (2025), and net losses -₩26.1 billion → -₩22.5 billion → -₩20.9 billion, narrowing for three straight years as the cost structure gradually improves.
- Most recently, cumulative Q1 2026 revenue was about ₩3.8 billion, down 38% from the same period a year earlier, a weak start to the year; but wind is an industry where quarterly revenue swings widely with farm-delivery and construction schedules, so it is hard to call a trend from a single quarter.
- For reference, a P/E measured on last year's confirmed profit is called trailing (based on past results) and one measured on this year's expected profit is called forward (an estimate); for Unison, with a turn to profit still unconfirmed this year, neither produces a meaningful number.
- So this company is at a stage where checking each quarter 'whether orders turn into revenue and revenue into profit' fits better than any profit multiple.
- Recent filings read along two lines.
- One is business variables.
- In May 2026 there was a single-supply contract (amended) disclosure, and for a company where a single order contributes heavily to revenue, that is material moving the top line directly.
- The other is fundraising.
- In May the 15th-series warrants (BW) were exercised several times, and from late May into early June the 18th-series convertible bonds (CB) were decided, corrected and completed.
- Convertible bonds and warrants can convert into shares at a set price, filling operating funds while increasing the share count and diluting existing shareholders' stakes.
- The continuation of such mezzanine (hybrid of equity and debt) fundraising during a loss-making stretch shows that, alongside orders as a business input, funding and dilution are variables to watch together.
- Starting with strengths, Unison is one of only a handful of domestic companies spanning the wind value chain (turbine and tower manufacturing through farm development, construction and O&M), with revenue recovering off a trough and losses narrowing in direction for three straight years.
- If the market trend of expanding offshore wind continues, the equipment and orders it has could translate into results.
- The cautions are just as clear.
- Years of losses mean the P/E cannot be computed, a debt ratio of 242% and a current ratio of 46% make near-term finances tight, and ongoing convertible-bond and warrant issuance is driving dilution.
- In short, this stock is strong under conditions where 'large wind orders connect to revenue and a turn to profit while holding on without added fundraising burden,' and weak under conditions where 'orders land as revenue late, or losses and dilution continue.' The good parts are the business base it has and the direction of recovery and improvement; what must be verified is the point at which that recovery actually connects to profit — and these two are best watched together through quarterly results and filings.
🔎 Valuation vs peers Inconclusive
Compared against companies whose business touches the domestic wind and renewable-equipment value chain. CS Wind is a direct peer in wind-tower manufacturing, while HD Hyundai Energy Solutions is an adjacent peer in renewable (solar) equipment. Since Unison is loss-making, direct profit-based multiple comparison is difficult, so it is viewed mainly on asset and profitability terms.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CS Wind | 47.64x | 1.43x | 3.01% |
| HD Hyundai Energy Solutions | 28.94x | 2.89x | 9.98% |
Because Unison's net profit is negative, the P/E (how many times one year's profit the share price is) cannot be calculated. This means 'unmeasurable on earnings' rather than 'undervalued,' and neither the trailing P/E on last year's confirmed profit nor the forward P/E on this year's expected profit yields a meaningful number. Looking instead at the asset-based P/B, it is 2.48x, actually higher than the 1.63x of profitable peer CS Wind. That a loss-making company carries even a higher asset multiple may mean the market is pricing in 'wind recovery and order expectations' in advance, but with tight finances and dilution under way, it is hard to assert cheap or expensive until those expectations are confirmed by results. We therefore assert neither fairly valued nor overvalued and leave it inconclusive — the key variables are whether orders connect to revenue and profit and whether the company holds on without additional fundraising.
Price history Close · MA20 · MA60
The latest close is ₩861 and the market capitalization is ₩223.4 billion. The price sits below its 20-day moving average (₩964) and below its 60-day moving average (₩1,080). 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 39.7, a neutral level. The one-month change is -3.9%, the three-month change is -42.5%, and the position relative to the 52-week high is -48.9%. Relative strength versus the KOSDAQ is 53 (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 54% of all stocks. Over the past three months it lagged the index by 22.2%. 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 -22.25% / 6M -12.37% / 12M -47.13%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.11x is above the sector median (1.44x).
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 -19.7%, below the sector average (5.0%). The operating margin is -23.7%. The debt ratio is 241.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $71.4M | $17.1M | $26.7M | +56.48% ↑ faster |
| Operating profit | -$13.0M | -$8.3M | -$6.3M | — |
| Net profit | -$17.3M | -$14.9M | -$13.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $99.2M | $158.5M | $71.4M | $17.1M | $26.7M |
| Operating profit | $3.3M | $1.3M | -$13.0M | -$8.3M | -$6.3M |
| Net profit | -$857,915 | -$8.7M | -$17.3M | -$14.9M | -$13.8M |
| Revenue CAGR | 4-yr avg -27.98% | ||||
Revenue rose 56.5% year over year (2023 ₩107.7 billion → 2024 ₩25.7 billion → 2025 ₩40.3 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -28.0%. The two-year revenue CAGR is -38.9%. In the most recent quarter (Q1 2026), revenue was 38.0% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 56.5% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 241.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 45.6%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-27UpdateDisclosure of a single-supply contract (amended) — a wind-related supply contract. Given a business structure where a single order contributes heavily to revenue, it directly affects the top line.Near term: revenue-recovery momentum when the order is recognized. Medium term: the timing and size of actual revenue recognition hinge on delivery and completion schedules. Source
- 2026-06-09FilingAmendment to the material-events report (decision to issue convertible bonds) — related to the 18th-series convertible bond issuance. It is operating-fund fundraising in nature but a dilution factor upon future conversion into shares.Near term: liquidity is reinforced by securing funds. Medium term: dilution from a rising share count on conversion and the overhang of potential supply. Source
- 2026-06-08FilingSecurities issuance result (voluntary disclosure, 18th-series CB) — a filing confirming that the 18th-series convertible bond issuance was actually completed. It confirms that mezzanine fundraising is being repeated.Near term: completed fundraising eases near-term funding pressure. Medium term: accumulating conversion supply weighs on future shareholder value. Source
- 2026-05-13FilingExercise of warrants (15th series) — BW holders exercised warrants and new shares were issued. Exercised several times in May, increasing shares outstanding.Near term: inflow of exercise proceeds. Medium term: dilution of per-share value from a rising share count. Source
- 2026-05-15EarningsQuarterly report (2026.03) — cumulative Q1 2026 revenue of about ₩3.8 billion, down 38% year over year, with continuing operating and net losses. It shows a weak start to the year.Near term: confirmation of a weak quarter. Medium term: needs to be weighed against wind's wide quarterly swings driven by delivery and completion schedules. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Core business (wind value chain) | (KSIC 29119) | EPC··O&M | Confirmed | link |
| 2025 revenue YoY | +56.5% (revenue approx. ₩40.3 billion) | — | Unverified | link |
| Cumulative Q1 2026 revenue YoY | -38.0% (approx. ₩3.8 billion) | — | Unverified | link |
| Annual estimate (seasonality approximation) | revenue approx. ₩21.3 billion, net profit | — | Unverified | link |
Recent filings
- 2026-06-09Material-fact report (amended)
- 2026-06-08Disclosure
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Material-fact report
- 2026-05-27Single supply/sales contract (amended)
- 2026-05-26Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-05-13Amended filing
- 2026-05-12Disclosure
- 2026-05-08Disclosure
📖 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.