Wonik is a wholesale-segment company that buys products and resells them to other businesses or clients; margins per transaction are thin, but with sufficient transaction volume, revenue accumulates steadily. A March 2026 disclosure and business report finalized 2025 figures of ₩150.7 billion in revenue, ₩8.9 billion in operating profit, and ₩11.5 billion in net profit, and the May quarterly report showed Q1 2026 revenue of ₩37.0 billion, operating profit of ₩2.7 billion, and net profit of ₩1.3 billion. What stands out lately is a two-sided picture: a P/B of 0.39x is less than half net asset value, a P/E of 9.5x is also below peers, and revenue has grown three years running; but operating profit has been trending down in recent years and quarterly net profit swings widely, so it is worth watching whether the cheap asset value is backed by actual earnings and how the current ratio, just under 100%, is managed.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 93.0%).
- Revenue rose 8.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.0% higher than a year earlier.
- ROE is 4.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.9%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Horizon 46.33% (individual)
Controlling bloc incl. related parties 46.53%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- Wonik is a company classified in the wholesale segment.
- Wholesale involves buying products and reselling them to other businesses or clients, so while each transaction carries a thin margin, revenue accumulates steadily when transaction volume holds up.
- Its market capitalization is not large, so it is worth watching not only the underlying business but also how a single disclosure affects revenue, profit, or the share count.
- The latest close is ₩5,310 and market capitalization is ₩96.6 billion.
- The price sits below its 20-day line (₩6,648) and its 60-day line (₩8,250).
- Trading beneath both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 33.1, a neutral level.
- The one-month change is -20.0%, the three-month change is -37.8%, and the price stands -64.5% below its 52-week high.
- Relative strength versus the KOSDAQ is 54 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 45% of all stocks by strength.
- Over the past three months it has lagged the index by 21.7%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Recent annual revenue was ₩150.7 billion, operating profit ₩8.9 billion, and net profit ₩11.5 billion.
- The operating margin was 5.9%, ROE (how much is earned in a year on shareholders' equity) 4.0%, and the debt ratio (debt against equity) 134.6%.
- What stands out is the valuation.
- The P/B ratio (how many times book value the share price is) is 0.39x, meaning it trades at less than half the company's net asset value.
- The P/E ratio (how many times a year's earnings the share price is) is also 9.5x, similar to or below its peer group.
- That ROE in the 4% range is not high means assets are not yet generating enough profit, but by the same token the price sits clearly cheap against asset value.
- The current ratio of 93%, leaving assets convertible to cash slightly tight against debt due within a year, is a point to check alongside.
- Revenue rose three years straight, from ₩129.9 billion in 2023 to ₩138.7 billion in 2024 and ₩150.7 billion in 2025, with the pace this year (+8.6%) quicker than last year (+6.8%).
- The most basic measure of size, revenue, is steadily expanding.
- The profit side, however, tells a different story.
- Operating profit came down from ₩12.5 billion in 2023 to ₩8.9 billion in 2025, and net profit fell from ₩21.1 billion in 2024 to ₩11.5 billion in 2025.
- In the most recent quarter (Q1 2026), revenue and operating profit held at similar levels year on year (+1.0% and +1.2% respectively), but net profit dropped sharply, by -61.2%.
- This is a phase where earnings wobble while revenue holds up, so whether earnings return to a stable footing is the crux of the growth picture.
- For the full year, a flow of around ₩151.4 billion in revenue and around ₩8.7 billion in operating profit is expected.
- Recent disclosures have run toward confirming earnings.
- On March 12, 2026, a disclosure on changes in the revenue and profit-and-loss structure reported 2025 annual revenue of ₩150.7 billion, operating profit of ₩8.9 billion, and net profit of ₩11.5 billion, and the March 23 business report (December 2025 fiscal year-end) formally finalized the same figures.
- The May 15 quarterly report (March 2026 fiscal period) then disclosed Q1 revenue of ₩37.0 billion, operating profit of ₩2.7 billion, and net profit of ₩1.3 billion.
- Reading such earnings disclosures alongside whether they point the same way as the annual trend and whether one-off factors are mixed in makes the interpretation clearer.
- Wonik's clearest strength is price.
- A P/B of 0.39x is less than half the company's net asset value, placing it cheap on asset value alone, and a P/E of 9.5x is also low relative to peers.
- Revenue growing three years running, expanding the business's size, is a supporting factor too.
- On the other side, the point to be careful about is the wobble in earnings.
- With operating profit trending down over recent years and quarterly net profit swinging widely, the crux is how firmly the cheap asset value is backed by actual earnings and the balance sheet.
- The current ratio sitting just under 100% is also worth watching.
- In short, the appeal is clear in terms of the asset-based discount, and it would read strongly if earnings return to a stable footing and fill in that value.
- Conversely, if the earnings swings drag on, the cheap price may not translate straight into upside.
🔎 Valuation vs peers Undervalued
Compared against wholesale names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Unitrontech | 8.62x | 0.79x | 9.12% |
| Hwaseung Enterprise | 6.72x | 0.39x | 5.79% |
| Agabang & Company | 9.68x | 0.63x | 6.46% |
Within wholesale, we prioritized public-data comparables with nearby market capitalization. The current P/E ratio (how many times a year's earnings the share price is) is 8.40x and the P/B ratio (how many times book value the share price is) is 0.34x. That said, because smaller-cap names are heavily swayed by earnings swings and capital-raising disclosures, we did not draw firm conclusions from last year's finalized figures alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩151.4 billion | ₩8.7 billion | — |
| Next quarter | Q2 2026 | ₩43.9 billion | ₩2.5 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩5,310 and the market capitalization is ₩96.6 billion. The price sits below its 20-day moving average (₩6,648) and below its 60-day moving average (₩8,250). 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 33.1, a neutral level. The one-month change is -20.0%, the three-month change is -37.8%, and the position relative to the 52-week high is -64.5%. Relative strength versus the KOSDAQ is 55 (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 55% of all stocks. Over the past three months it lagged the index by 21.7%. 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 -21.71% / 6M -54.14% / 12M -34.01%
Key metrics vs sector median
Valuation
The P/E of 8.40x is in line with the sector median (9.68x). The P/B of 0.34x is below the sector median (0.80x).
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.0%, below the sector average (7.0%). The operating margin is 5.9%. The debt ratio is 134.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $86.1M | $92.0M | $99.9M | +8.65% ↑ faster |
| Operating profit | $8.3M | $6.2M | $5.9M | -4.24% ↑ faster |
| Net profit | -$1.1M | $14.0M | $7.6M | -45.60% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $62.7M | $71.6M | $86.1M | $92.0M | $99.9M |
| Operating profit | $4.4M | $4.9M | $8.3M | $6.2M | $5.9M |
| Net profit | $18.9M | $25.3M | -$1.1M | $14.0M | $7.6M |
| Revenue CAGR | 4-yr avg 12.33% | ||||
Revenue rose 8.6% year over year (2023 ₩129.9 billion → 2024 ₩138.7 billion → 2025 ₩150.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 4.2% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.3%. The two-year revenue CAGR is 7.7%. In the most recent quarter (Q1 2026), revenue was 1.0% higher 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.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-12EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: annual revenue ₩150.7 billion, operating profit ₩8.9 billion, net profit ₩11.5 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩37.0 billion, operating profit ₩2.7 billion, net profit ₩1.3 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-03-23EarningsBusiness report (2025.12): revenue ₩2,131, operating profit ₩7.1 billion, net profit ₩2.2 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,310 | ₩5,310 | Confirmed | link |
| Latest quarterly results | revenue ₩37.0 billion, operating profit ₩2.7 billion | revenue ₩37.0 billion, operating profit ₩2.7 billion | Confirmed | link |
| Annual results | revenue ₩150.7 billion, operating profit ₩8.9 billion | revenue ₩150.7 billion, operating profit ₩8.9 billion | Confirmed | link |
| Earnings disclosure (original text) | revenue30%: revenue ₩150.7 billion · operating profit ₩8.9 billion · net profit ₩11.5 billion | revenue30%: revenue ₩150.7 billion · operating profit ₩8.9 billion · net profit ₩11.5 billion | Confirmed | link |
| Earnings disclosure (original text) | (2026.03): 2026 1 revenue ₩37.0 billion · operating profit ₩2.7 billion · net profit ₩1.3 billion | (2026.03): 2026 1 revenue ₩37.0 billion · operating profit ₩2.7 billion · net profit ₩1.3 billion | Confirmed | link |
| Earnings disclosure (original text) | (2025.12): revenue ₩2,131 · operating profit ₩7.1 billion · net profit ₩2.2 billion | (2025.12): revenue ₩2,131 · operating profit ₩7.1 billion · net profit ₩2.2 billion | Confirmed | link |
| Basis of the forecast box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12EarningsEarnings filing
- 2026-02-27Large-business-group status disclosure
📖 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.