Dio is a medical-device company that makes and sells dental implants and related diagnostic and prosthetic solutions, centered on digital implants that digitally model the mouth's structure to design and machine prosthetics, with a large share of sales going abroad in an export-oriented structure. After February 2026 confirmed full-year revenue of ₩164.1 billion, operating profit of ₩10.1 billion, and net profit of -₩1.4 billion, the April Q1 preliminary results (revenue ₩41.3 billion, operating profit ₩4.1 billion, net profit ₩9.6 billion) extended the recovery, and a treasury-share disposal result report followed in May. What stands out lately is that, as long as the profit recovery is confirmed quarter by quarter, the appeal of buying a company whose earnings are normalizing at a P/B of 0.87x — below book value — remains alive, though the Q1 net profit of ₩9.6 billion contains non-operating income exceeding the ₩4.1 billion operating profit, so whether this trend continues on core earnings alone needs checking.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 37.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 15.4% higher than a year earlier.
- ROE is -0.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 6.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Dio Holdings 23.31% (corporate)
Controlling bloc incl. related parties 25.43%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Dio is a medical-device company that makes and sells dental implants and related diagnostic and prosthetic solutions.
- It centers on the digital-implant approach — digitally modeling the mouth's structure to design and machine prosthetics — and has an export-oriented business structure with a large share of sales going abroad as well as at home.
- Implants have the trait that, once a product line takes hold, demand for consumables and procedures recurs repeatedly, so the base of revenue is relatively steady.
- The latest close is ₩12,470 and the market cap is ₩167.3 billion.
- The price sits below its 20-day line (₩12,896) and its 60-day line (₩14,941).
- Trading below both its short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (an indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 37.7, a neutral level.
- The one-month change is -6.1%, the three-month change is -24.2%, and the position versus the 52-week high is -35.9%.
- Relative strength against the KOSDAQ is 57 (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 43% of all stocks by strength.
- Over the past three months it has led the index by 4.0%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Full-year 2025 revenue was ₩164.1 billion and operating profit was ₩10.1 billion, a profit, while net profit was -₩1.4 billion — the operating stage was profitable, but non-operating costs left a small loss at the final stage.
- The operating margin was 6.2%, ROE (how much it earns in a year on its capital) was -0.7%, and the debt ratio (debt relative to capital) was 171.4%.
- The P/E (how many times a year's earnings the price represents) does not come out as a number because full-year net profit was a loss, but this is not a sign that the company is expensive; it is closer to a signal of an inflection point where earnings are just turning around.
- The P/B (how many times book value the price represents), which looks at price relative to assets, is 0.87x, below 1x, meaning the current share price is set even lower than the company's net assets.
- This is the type where value that a P/E alone fails to reveal emerges once earnings climb back onto a normal track.
- Revenue fell sharply in one year from ₩155.8 billion in 2023 to ₩119.6 billion in 2024, then climbed back to ₩164.1 billion in 2025, a clear recovery of +37.1% year on year.
- The profit side is steeper.
- Operating profit swung from a large loss of -₩40.7 billion in 2024 to +₩10.1 billion in 2025, and Q1 2026 opened with revenue of ₩41.3 billion (up 15.4% year on year), operating profit of ₩4.1 billion (up 172.5%), and net profit of ₩9.6 billion.
- Q1 operating profit jumping to about 2.7x that of a year earlier shows the loss phase being cleaned up and core profitability returning to normal.
- For the full year, the picture is an operating profit recovering to around ₩27.5 billion, the result of an export recovery and a digital-implant product mix lifting margins.
- The key point is that this is a phase of returning to the main track after a year of losses, and there is as yet no basis to view the current figures as a cycle peak.
- In a February 12, 2026 annual-results-change disclosure, revenue of ₩164.1 billion, operating profit of ₩10.1 billion, and net profit of -₩1.4 billion were confirmed, and an April 16 Q1 preliminary-results disclosure announced revenue of ₩41.3 billion, operating profit of ₩4.1 billion, and net profit of ₩9.6 billion, extending the recovery.
- On May 18 a treasury-share disposal result report came out, a record of how held treasury shares were handled — a matter that affects the share count and capital structure.
- Results disclosures are best viewed while checking whether they point the same way as the annual direction and whether one-off factors are mixed in.
- Dio's strengths are clear.
- Having passed through a loss-making 2024, it returned to an operating profit in 2025, and with the profit recovery continuing into Q1 2026, this year's operating profit looks to be normalizing to around ₩27.5 billion.
- Yet the share price still sits below book value at a P/B of 0.87x, so the biggest appeal is that it is positioned to buy a company whose earnings are returning at below asset value.
- Against its peer group, too, price relative to assets is on the low side.
- What to check is that the Q1 net profit (₩9.6 billion) contains non-operating income exceeding the operating profit (₩4.1 billion), so whether this trend continues on core earnings alone, and whether implant export demand holds up steadily quarter by quarter.
- In sum, as long as the profit recovery is confirmed each quarter, this is a phase where undervaluation relative to asset value remains alive, and if the operating-profit trend — stripped of non-core factors — wavers, the pace of recovery is a matter to re-examine.
🔎 Valuation vs peers Undervalued
A peer set within medical/precision/optical instruments that is close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hivision System | — | 0.55x | -6.86% |
| Komelon | 7.83x | 0.70x | 8.94% |
| KNR Systems | — | 5.01x | -36.99% |
We first looked at a public-data peer group close in market capitalization within medical, precision, and optical instruments. The current P/E (how many times a year's earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 0.87x. However, lower-market-cap stocks are strongly affected by earnings swings and financing disclosures, so we did not draw firm conclusions from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩159.9 billion | ₩27.5 billion | — |
| Next quarter | Q2 2026 | ₩34.9 billion | ₩8.2 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩12,470 and the market capitalization is ₩167.3 billion. The price sits below its 20-day moving average (₩12,896) and below its 60-day moving average (₩14,941). 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 37.7, a neutral level. The one-month change is -6.1%, the three-month change is -24.2%, and the position relative to the 52-week high is -35.9%. Relative strength versus the KOSDAQ is 57 (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 57% of all stocks. Over the past three months it outpaced the index by 4.0%. 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 +3.99% / 6M -7.89% / 12M -32.80%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.87x is below the sector median (1.61x).
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 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -0.7%, below the sector average (5.0%). The operating margin is 6.2%. The debt ratio is 171.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $103.3M | $79.3M | $108.7M | +37.13% ↑ faster |
| Operating profit | $13.8M | -$27.0M | $6.7M | — |
| Net profit | $2.2M | -$27.4M | -$903,663 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $99.4M | $87.0M | $103.3M | $79.3M | $108.7M |
| Operating profit | $23.1M | -$2.9M | $13.8M | -$27.0M | $6.7M |
| Net profit | $18.7M | -$13.6M | $2.2M | -$27.4M | -$903,663 |
| Revenue CAGR | 4-yr avg 2.26% | ||||
Revenue rose 37.1% year over year (2023 ₩155.8 billion → 2024 ₩119.6 billion → 2025 ₩164.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.3%. The two-year revenue CAGR is 2.6%. In the most recent quarter (Q1 2026), revenue was 15.4% 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.
- Revenue grew 37.1% 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.
Recent news & events searched · sourced
- 2026-04-16EarningsOperating (preliminary) results on a consolidated-financial-statement basis (fair disclosure): Q1 2026 revenue of ₩41.3 billion, operating profit of ₩4.1 billion, and net profit of ₩9.6 billionThis is recent confirmed or preliminary results material. Check whether it points the same way as the annual trend and whether there are one-off factors. Source
- 2026-02-12EarningsChange in revenue or profit structure of 30% or more (15% or more for large corporations): full-year revenue of ₩164.1 billion, operating profit of ₩10.1 billion, and net profit of -₩1.4 billionThis is recent confirmed or preliminary results material. Check whether it points the same way as the annual trend and whether there are one-off factors. Source
- 2026-05-18UpdateTreasury-share disposal result report: confirmation of return termsThis is a disclosure related to cash returns or a change in the share count. Check whether it is backed by earnings strength and cash flow. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩12,470 | ₩12,470 | Confirmed | link |
| Latest quarterly results | revenue ₩41.3 billion, operating profit ₩4.1 billion | revenue ₩41.3 billion, operating profit ₩4.1 billion | Confirmed | link |
| Full-year results | revenue ₩164.1 billion, operating profit ₩10.1 billion | revenue ₩164.1 billion, operating profit ₩10.1 billion | Confirmed | link |
| Results disclosure source text | : 2026 1 revenue ₩41.3 billion · operating profit ₩4.1 billion · net profit ₩9.6 billion | : 2026 1 revenue ₩41.3 billion · operating profit ₩4.1 billion · net profit ₩9.6 billion | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩164.1 billion · operating profit ₩10.1 billion · net profit -₩1.4 billion | revenue30%: revenue ₩164.1 billion · operating profit ₩10.1 billion · net profit -₩1.4 billion | Confirmed | link |
| Shareholder-return disclosure source text | : | : | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-04Disclosure
- 2026-06-04Disclosure
- 2026-05-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18TreasuryTreasury-stock disposal decision
- 2026-05-13PeriodicQuarterly report
- 2026-04-30TreasuryMaterial-fact report
- 2026-04-16EarningsFair-disclosure notice
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-24Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Shareholders' 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.