Woori Technology is the only company in Korea that develops and supplies, with its own technology, the control and instrumentation system (MMIS) that serves as the "brain" of a nuclear power plant; it has supplied this to the Saeul 3 and 4 units and the Shin-Hanul 1 to 4 units, and it is an order-driven firm that also runs defense and social-overhead-capital (SOC) businesses such as railways. In May 2026 it confirmed a ₩9.24 billion nuclear-system supply contract with Korea Hydro & Nuclear Power and, earlier in April, a ₩6.86 billion contract with Doosan Enerbility, and in March it sold its holding of its own convertible bonds for ₩37.39 billion, recognizing a large disposal gain. The point worth watching lately is that being the sole supplier of localized MMIS gives it a high entry barrier and the Shin-Hanul 3 and 4 orders are the substance of revenue growth; but it is still loss-making at the operating level, and the surge in 2026 net profit rests on the one-off sale of convertible bonds, so the key is how fast orders convert into actual operating profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 268.9%).
- Revenue rose 22.3% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 8.5% lower than a year earlier.
- ROE is 0.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -6.3%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Noh Gap-seon 2.62% (individual)
Controlling bloc incl. related parties 8.86%
With the controlling bloc holding 9%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Woori Technology is the only company in Korea that develops and supplies, with its own technology, the control and instrumentation system (MMIS) that serves as the "brain" of a nuclear power plant.
- The MMIS is a core system that monitors the state of a reactor, raises alarms and controls operation, and Woori Technology has supplied it to the Saeul 3 and 4 units and the Shin-Hanul 1 to 4 units.
- Its business divides into nuclear systems (the largest share of revenue), defense, and SOC businesses such as railways, and it also runs some offshore wind, smart-farm and leasing businesses.
- In short, it is an order-driven small- to mid-sized equipment and systems company whose revenue is governed by winning large projects worth tens to hundreds of billions of won per plant unit.
- The recent close is ₩10,050 and the market cap is ₩1.7 trillion.
- The price sits below the 20-day line (₩12,926) and below the 60-day line (₩16,796).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that weighs upward against downward strength over the last 14 days on a 0-100 scale) is 33.5, a neutral reading.
- The one-month change is -23.9%, the three-month change is -49.6%, and the position versus the 52-week high is -65.7%.
- Relative strength against the KOSDAQ is 98 (1-99, converted from returns versus the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 1% by strength among all stocks.
- Over the past three months it lagged the index by 41.7%.
- It is best to read the chart alongside trading volume and the dates of disclosures.
- Interpreted at face value, the valuation figures are misleading.
- The P/E (how many times one year's earnings the share price is) is shown as 2,184.78x, because confirmed 2025 net profit was a very small ₩790 million.
- When earnings are near zero, the P/E grows meaninglessly large.
- The P/B (how many times net assets the share price is) is 13.71x and the P/S (how many times revenue the share price is) is 22.2x, both elevated relative to assets and revenue as well.
- Profitability is still weak.
- The 2025 operating margin was -6.3%, a loss at the operating level, and ROE (how much is earned in a year on equity) was just 0.6%.
- Financial stability is also not ample.
- The debt ratio (debt versus equity) is 268.9%, so it carries more debt than equity.
- On metrics that also reflect debt, the picture is sharper.
- Net debt (total borrowings less cash) is about ₩152.7 billion, and EV/Sales (enterprise value divided by revenue) is 23.9x, meaning the market value is large relative to the scale of revenue.
- The FCF yield (the ratio of cash actually generated to market cap) is -3.4%, indicating a stage where cash is tied up in investment and working capital rather than being generated from operations.
- Revenue has trended up for a third year.
- It grew from ₩63.2 billion in 2023 to ₩71.3 billion in 2024 and ₩87.1 billion in 2025, and the pace of increase is accelerating.
- The quality of earnings, by contrast, is still recovering.
- Operating profit actually went backward, from a ₩6.7 billion profit in 2023 to ₩550 million in 2024 and a ₩5.49 billion loss in 2025.
- Net profit swung from a ₩3.57 billion loss in 2024 to a ₩790 million profit in 2025, but the amount itself is small.
- The first quarter of 2026 needs careful interpretation.
- Revenue was ₩16.96 billion, down 8.5% from the year-earlier quarter, and the operating loss actually widened to ₩6.74 billion, yet net profit was posted large at ₩27.4 billion.
- This net profit is not money earned from operations.
- It reflects a one-off, non-operating gain: the company sold its holding of its own convertible bonds (the 16th tranche) for a disposal gain of ₩37.39 billion.
- Future results must therefore be judged by stripping out this one-off gain and by how much the nuclear orders convert into actual revenue and operating profit.
- In 2026, order-related and financial events came one after another.
- In May it signed a single supply contract with Korea Hydro & Nuclear Power worth ₩9.24 billion (10.6% of 2025 revenue), and earlier, in April, it confirmed (via a correction) a ₩6.86 billion supply contract with Doosan Enerbility.
- Both contracts are for nuclear-system supply and dovetail with the order flow that gathers pace after construction of the Shin-Hanul 3 and 4 units begins.
- Meanwhile, in March it sold the convertible bonds it held (proceeds of ₩37.39 billion), improving its financial structure and recognizing a large disposal gain.
- In effect, a signal of size expansion from orders and a structure in which net profit is inflated by a one-off gain overlap in the same year.
- The strengths are clear.
- Its position as the only domestic supplier of localized nuclear MMIS is a high entry barrier.
- The Shin-Hanul 3 and 4 units and the new 2026 orders are the substance of future revenue growth.
- Revenue rising by double digits for three straight years also shows the business is in an expansion phase.
- On the other hand, the cautions are just as clear.
- It is still loss-making at the operating level.
- The surge in 2026 net profit rests on the one-off gain from selling its own convertible bonds, so it is not durable.
- A debt ratio of 268.9% and negative cash flow lay bare the working-capital burden of an order-expansion phase.
- In sum, if orders convert into actual operating profit quickly, it is a strong stock.
- Conversely, if that conversion is slow or the core business — once the one-off gain is stripped out — keeps posting losses, the current high asset and revenue multiples can weigh on it.
🔎 Valuation vs peers Inconclusive
Compared against listed companies whose businesses overlap in nuclear instrumentation and control and in defense and electrical equipment. Woojin is adjacent to the MMIS value chain through nuclear instrumentation supply (such as control-rod position transmitters), while Vitzrocell is an electrical-equipment company centered on defense and special batteries.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Woojin | 33.50x | 1.47x | 4.38% |
| Vitzrocell | 25.05x | 4.31x | 17.22% |
The stated P/E of 2,445x arises from a very small 2025 net profit of ₩790 million, so it is hard to use as is. The 2026 net profit looks large only because of the one-off gain from selling its own convertible bonds, making it hard to sort value by an earnings-based multiple. On an asset and revenue basis, the P/B of 15.3x and P/S of 22.2x are markedly higher than adjacent peers Woojin (P/B 1.6x) and Vitzrocell (P/B 5.1x). In other words, the market is already pricing in much of the nuclear order expansion and earnings normalization in advance. Whether this premium is excessive, however, depends on how quickly future orders convert into operating profit, so rather than declaring it "cheap or expensive" at this point, it is reasonable to hold judgment as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩10,050 and the market capitalization is ₩1.7 trillion. The price sits below its 20-day moving average (₩12,926) and below its 60-day moving average (₩16,796). 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 33.5, a neutral level. The one-month change is -23.9%, the three-month change is -49.6%, and the position relative to the 52-week high is -65.7%. Relative strength versus the KOSDAQ is 98 (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 lagged the index by 41.7%. 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 -41.67% / 6M +199.14% / 12M +105.77%
Key metrics vs sector median
Valuation
The P/E of 2184.78x is above the sector median (19.17x). The P/B of 13.71x is above the sector median (2.15x).
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 0.6%, below the sector average (2.0%). The operating margin is -6.3%. The debt ratio is 268.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $41.9M | $47.2M | $57.8M | +22.29% ↑ faster |
| Operating profit | $4.4M | $367,125 | -$3.6M | -1090.52% ↓ slower |
| Net profit | $3.3M | -$2.4M | $525,215 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $34.6M | $32.8M | $41.9M | $47.2M | $57.8M |
| Operating profit | $4.8M | $3.2M | $4.4M | $367,125 | -$3.6M |
| Net profit | $4.2M | $2.2M | $3.3M | -$2.4M | $525,215 |
| Revenue CAGR | 4-yr avg 13.70% | ||||
Revenue rose 22.3% year over year (2023 ₩63.2 billion → 2024 ₩71.3 billion → 2025 ₩87.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 1090.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.7%. The two-year revenue CAGR is 17.4%. In the most recent quarter (Q1 2026), revenue was 8.5% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 22.3% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-18UpdateSigned a single nuclear-system supply contract with Korea Hydro & Nuclear Power. Contract value of ₩9.24 billion, 10.6% of 2025 revenue. Contract period 2026-05-18 to 2028-01-13.Expands medium-term revenue visibility. A direct contract with the nuclear plant operator supports the Shin-Hanul-related order flow. Source
- 2026-04-27UpdateConfirmed (corrected) a nuclear-system supply contract with Doosan Enerbility. Contract value of ₩6.86 billion. Contract period 2024-11-15 to 2026-10-30.Maintains the supply relationship with the nuclear main-equipment maker. Reflects order volume from the Shin-Hanul 3 and 4 construction-start period. Source
- 2026-03-10FilingDecision to sell the convertible bonds it held (16th tranche, face value ₩4.8 billion). Sale proceeds of ₩37.39 billion produced a large disposal gain versus the acquisition cost (about ₩5.0 billion).A one-off, non-operating gain that improved the financial structure and lifted first-quarter 2026 net profit. It should be viewed separately from operating results. Source
- 2026-05-15EarningsSubmitted the first-quarter 2026 report. Revenue of ₩16.96 billion (-8.5% year on year), operating loss of ₩6.74 billion, net profit of ₩27.4 billion (reflecting the convertible-bond disposal gain).Size edged down and the operating loss widened. The surge in net profit is a one-off factor, so the key is whether core-business profitability recovers. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-18Single supply/sales contract
- 2026-05-15PeriodicQuarterly report
- 2026-04-27Single supply/sales contract (amended)
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-25Convertible-bond issuance
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-12Disclosure
- 2026-03-10Material-fact report
- 2026-03-10Convertible-bond issuance
- 2026-03-03Disclosure
📖 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.