Fidelix is a fabless company that only designs chips, with no factory of its own. It makes low-density DRAM, NAND, and NOR flash, plus MCPs that combine these on a single chip, and rather than competing with high-capacity memory it targets legacy and specialty memory areas with steady demand such as telecom equipment, industrial devices, IoT, and automobiles, recently widening its customer base through automotive-chip certification. The March 2026 annual report confirmed 19.7% revenue growth, and the May first-quarter report showed revenue nearly doubling as both operating and net profit swung into the black. What stands out lately is that if strong memory prices and the profitable trend continue, a forward P/E reflecting the profit sits at a lower spot than other names on the same memory theme, and the balance sheet supports it with a debt-to-equity ratio of 128% and a current ratio of 503%; on the other hand, as is typical of fabless firms, swings in memory prices and outsourced-production costs feed straight into quarterly results, so volatility rises if the price cycle cools.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 19.7% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 97.5% higher than a year earlier.
- ROE is -6.6% (total-net basis). It is below the sector average.
- Operating margin is -3.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Dosilicon 30.2% (corporate)
Controlling bloc incl. related parties 30.5%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- Fidelix is a fabless company that does not own a factory to produce memory chips directly.
- Its main products are low-density DRAM, NAND (storage) memory, NOR flash memory, and MCP (multi-chip package) that combines several memories on one chip.
- Rather than competing with the high-capacity memory made by Samsung Electronics or SK Hynix, it targets legacy (general-purpose and specialty) memory areas with steady, stable demand such as telecom equipment, industrial devices, IoT, and automobiles.
- Chip design is done in-house while production is outsourced to foundries, so design capability and securing customers are the core of the business.
- Recently it has been widening its customer base toward automobiles by securing automotive-chip certification.
- The most recent close is ₩4,890, with a market capitalization of ₩162.0 billion.
- The price sits below its 20-day line (₩5,308) and above its 60-day line (₩4,075).
- The short- and medium-term trends diverge, so direction should be read separately.
- The RSI (a supplementary indicator that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 48.4, a neutral level.
- The one-month change is -3.7%, the three-month change is +372.0%, and the position versus the 52-week high is -42.2%.
- Relative strength versus the KOSDAQ is 99 (1-99, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 1% of all stocks by strength.
- Over the past three months it led the index by 525.5%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- The valuation metrics need to be read in two parts.
- First, on last year's (2025) results, ROE (the return earned in a year on shareholders' equity) was -6.6% and the operating margin (the share of revenue kept from the core business) was -3.9%, both in the red.
- Because it was a loss, the trailing P/E (the price multiple set on earnings confirmed through last year) is not calculated at all, and the P/B (how many times the company's net assets the price represents) is 3.62x.
- Yet the company already swung into the black in first-quarter 2026.
- Last year's full-year loss figure only captures the picture just before an inflection point, so a forward (future-earnings-based) metric reflecting this year's positive profit is closer to the true picture.
- A forward P/E based on this year's profit is clearly on the low side compared with other names on the same memory-beneficiary theme trading at dozens of times.
- The financial structure is also not precarious.
- The debt-to-equity ratio is about 128%, unremarkable, and the current ratio (assets soon convertible to cash relative to debt due within a year) is about 503%, leaving ample short-term funding room.
- Revenue turned to growth in 2025 at ₩53.6 billion, up 19.7% from the prior year, and that flow became clearer entering 2026.
- The key is first-quarter 2026.
- Revenue of ₩21.5 billion rose 97.5% from the same period a year earlier, nearly doubling, and operating profit swung from a loss a year earlier to +₩4.3 billion, with net profit swinging into the black at +₩5.3 billion.
- The profit in that single first quarter alone already exceeded last year's full-year loss.
- The background to this rise in profit is clear.
- In the strong memory-price phase that continued from 2025, the prices and demand for the legacy and specialty memory Fidelix handles rose together, and as the company ran its secured capacity to meet that demand, the revenue increase fed straight through to profit.
- On top of this, a customer base widened by automotive-chip certification thickens the revenue base.
- The forward P/E reflecting this profit is a value that captures the profit the company is actually earning, and it is natural to view this not as a one-quarter fluke but as the result of a flow in which price, demand, and capacity meshed together.
- Following the disclosures alone reveals the company's changes.
- At the March 2026 regular shareholders' meeting the CEO changed and management was reshaped anew, and in the same month the 2025 annual report confirmed that revenue had risen 19.7%.
- In April the company granted employees stock options (the right to receive company shares at a set price), retaining talent while creating a factor that could change shares outstanding going forward.
- And in the first-quarter 2026 report disclosed on May 11, both operating and net profit were confirmed in the black, changing the earnings trend.
- All of it is original official material the company disclosed directly — actually confirmable fact, not outside estimation.
- Starting with strengths, this company saw revenue nearly double in first-quarter 2026 while operating and net profit swung into the black at the same time, and a forward P/E reflecting this profit sits clearly at a lower spot than other names on the same memory-beneficiary theme.
- The legacy and specialty memory the company handles serves areas with steady demand such as telecom, industry, and automobiles, and widening its customer base through automotive-chip certification also thickens the revenue base.
- The balance sheet, too, leaves short-term funding room with a debt-to-equity ratio of 128% and a current ratio of 503%, making it a stock whose earnings quality is worth examining alongside the swing into the black.
- On the other hand, the cautions are also clear.
- As is typical of fabless firms, swings in memory prices and outsourced-production costs feed straight into quarterly results, so if the price cycle cools, revenue and profit are affected together.
- Also worth noting is that the price sits at a spot that has risen sharply over recent months, so expectations of a swing into the black are already partly reflected.
- In short, when strong memory prices and the profitable trend continue, the appeal of forward-based value comes alive, and when the price cycle cools, earnings volatility rises.
🔎 Valuation vs peers Inconclusive
As a memory (legacy and specialty) fabless firm, we place Jeju Semiconductor, whose business structure is most similar, as the primary comparison, and Telechips — a similar small fabless firm but unrelated to the memory-price benefit — as a contrast.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jeju Semiconductor | 67.74x | 11.79x | 17.40% |
| Telechips | 0.00x | 1.07x | -43.11% |
First, the most similar name, Jeju Semiconductor, saw revenue surge on the same memory-shortage benefit but has risen to a P/B of 17.85x and a trailing P/E in the low 100s, so Fidelix's P/B of 4.44x sits at a relatively low spot within the same theme. Second, compared with a small fabless firm without profit momentum such as Telechips (P/B 1.36x), Fidelix already carries a recovery premium. Third, the biggest limitation is that last year's loss means there is no trailing P/E at all, and the meaningful yardstick is a forward view based on this year's positive profit. An in-house-estimated forward P/E is hard to declare low at all if it reflects peak-of-cycle profit. Because the assessment shifts greatly depending on how many quarters the profit persists, an inconclusive verdict is reasonable at this point.
Price history Close · MA20 · MA60
The latest close is ₩4,890 and the market capitalization is ₩162.0 billion. The price sits below its 20-day moving average (₩5,308) and above its 60-day moving average (₩4,075). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.4, a neutral level. The one-month change is -3.7%, the three-month change is +372.0%, and the position relative to the 52-week high is -42.2%. Relative strength versus the KOSDAQ is 99 (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 99% of all stocks. Over the past three months it outpaced the index by 525.5%. 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 +525.54% / 6M +427.08% / 12M +300.81%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.62x is above the sector median (2.10x).
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
The operating margin is -3.9%. The debt ratio is 128.2%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $35.0M | $29.7M | $35.5M | +19.65% ↑ faster |
| Operating profit | $470,631 | -$3.0M | -$1.4M | — |
| Net profit | $703,812 | -$1.5M | -$2.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $51.5M | $48.1M | $35.0M | $29.7M | $35.5M |
| Operating profit | $2.5M | $4.2M | $470,631 | -$3.0M | -$1.4M |
| Net profit | $1.9M | $5.5M | $703,812 | -$1.5M | -$2.0M |
| Revenue CAGR | 4-yr avg -8.84% | ||||
Revenue rose 19.7% year over year (2023 ₩52.8 billion → 2024 ₩44.8 billion → 2025 ₩53.6 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 -8.8%. The two-year revenue CAGR is 0.8%. In the most recent quarter (Q1 2026), revenue was 97.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 19.7% year over year, a sign of growth.
Points to watch
- 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
- 2026-05-11EarningsFirst-quarter 2026 report filed. First-quarter revenue about ₩21.5 billion, up about 97.5% year over year; operating profit about ₩4.3 billion and net profit about ₩5.3 billion, both swinging into the black.Short term: easing of loss concerns and greater earnings visibility spur a re-valuation. Medium term: whether the profitable trend continues into the next quarter is the key variable for valuation. Source
- 2026-04-29FilingFiling on granting stock options to employees. Aimed at retaining talent and performance-linked motivation.Medium term: positive for preventing the departure of key talent, but the possibility of an increase in shares (dilution) upon future exercise is a point of note. Source
- 2026-03-23FilingRegular shareholders' meeting held and CEO changed. Management reshuffle.Medium term: a governance event that gauges the continuity of the business direction and automotive-market expansion strategy. Source
- 2026-03-13Earnings2025 annual report filed. Annual revenue about ₩53.6 billion (+19.7%) rebounded, but the year closed in the red with a continued operating and net loss.Short term: confirmation of the loss. Still, the revenue rebound became the stepping stone for the subsequent first-quarter swing into the black. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-11PeriodicQuarterly report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29Disclosure
- 2026-03-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24OwnershipOwnership-change filing
- 2026-03-23Disclosure
- 2026-03-23Shareholders' meeting notice
- 2026-03-17Disclosure
- 2026-03-13PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-04Shareholders' meeting notice
- 2026-02-27Shareholders' 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.