NuriFlex (040160) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Although classified under games and software, NuriFlex actually earns money from power and energy metering (smart AMI metering, 45.8%), industrial IoT, VoIP (33.3%), and renewable-energy solutions (12.9%); its core business is metering infrastructure that reads electricity, water, and gas usage remotely, plus communications and energy equipment. On January 30, 2026 it signed a supply contract worth ₩99.7 billion (77.1% of recent revenue) to build a smart prepaid AMI system, securing a large order directly tied to its core business, and Q1 net income turned positive. What stands out is that if a contract equal to 77% of revenue is steadily recognized as actual revenue and profit for its demand-based metering and industrial-IoT business and the operating line also turns positive, the low valuation at a P/B of 1.26x would be filled in; on the other hand, revenue has declined for two straight years, the operating line is still in the red, and with a debt ratio of 117% and a current ratio of 85%, the financial safety margin is not generous.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
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 82.5%).
- The most recent full-year net result was a loss.
- Revenue fell 21.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 19.8% lower than a year earlier.
- ROE is -9.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -6.0%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder NuriFlex Holdings 26.19% (individual)
Controlling bloc incl. related parties 37.16%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis Reading
NuriFlex is classified under games and software, but it actually earns money from power and energy metering and industrial Internet of Things (IoT). By revenue mix, energy and industrial IoT solutions (smart AMI metering, energy management systems (EMS), barcode and RFID, and the like) are the largest at 45.8%, VoIP solutions such as IP telephony account for 33.3%, and renewable-energy solutions supplying solar power equipment and ESS make up 12.9%. It also runs businesses such as internet electronic-notice services, nanomaterials, and a medical consulting platform. In a word, its core business is metering infrastructure that reads electricity, water, and gas usage remotely, together with communications and energy equipment. With a market cap of ₩89.3 billion, it is not especially large, so it is worth watching how a single large supply contract affects revenue and results, alongside the business itself.
The latest close is ₩5,540 and the market capitalization is ₩66.8 billion. The price sits above its 20-day moving average (₩5,101) and below its 60-day moving average (₩8,889). 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 47.4, a neutral level. The one-month change is -18.1%, the three-month change is -67.4%, and the position relative to the 52-week high is -69.5%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it lagged the index by 52.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩101.6 billion, with an operating loss of ₩6.1 billion and a net loss of ₩6.5 billion. The operating margin was -6.0%, ROE (how much it earns in a year on its equity) was -9.2%, the debt ratio (debt relative to equity) was 217.1%, and the current ratio (assets to be cashed immediately against debt due within a year) was 84.9%. Because the company is loss-making, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated, and the asset-based P/B (how many times book value the price represents) is 0.92x. Given that peers' P/B runs 0.6-1.67x, the price relative to assets is an ordinary mid-range level, and on the site's read the valuation is classified as undervalued. The key is less the P/B of 1.26x itself and more whether the loss-making earnings can climb back onto a profitable track. A debt ratio of 117% and a current ratio of 85% mean the safety margin is not thick, so it is reasonable to watch alongside its funding situation.
Revenue fell for two straight years - from ₩132.7 billion in 2023 to ₩129.3 billion in 2024 and ₩101.6 billion in 2025 - continuing a decline, and earnings swung from an operating profit in 2023 to operating losses in 2024 and 2025. That said, signs of change appear in the most recent quarter. Q1 2026 revenue was ₩15.0 billion, down 19.8% year on year, so a top-line recovery is not yet in hand, but net income turned positive at ₩0.6 billion. The operating line is still in the red, so an improvement in the core business's fundamentals is not yet confirmed, but there is room to see it as a first sign of finding a floor. The most concrete catalyst for future results is the ₩99.7 billion smart prepaid AMI system supply contract signed in January 2026. This is a large deal equal to 77% of recent annual revenue, and once demand for replacing and expanding metering infrastructure begins to be recognized as actual revenue, it could have a meaningful effect on both the top line and earnings. So the growth picture is a phase where 'two years of negative growth' meets 'the inflection signals of a large contract and a net-income turn to profit,' with how much of the contract revenue is booked each quarter as the point to watch.
The most notable filing is the single supply contract signed on January 30, 2026, worth ₩99.7 billion, equal to 77.1% of recent revenue. Around the same time, on January 29-30, a fair-disclosure filing and a corrective filing related to the 'smart prepaid AMI system construction project supply contract' came out in succession. All are directly tied to the core metering-infrastructure business. For a large contract like this, the key is the amount and period, and when and how the revenue is split and recognized. Because the medium-term reading also depends on whether the transaction is one-off or can repeat and expand going forward, it is worth confirming the detailed terms in the source text along with follow-up investor communications.
NuriFlex's strengths are that it holds a demand-based core business in metering (AMI) and industrial IoT, that it secured a large supply contract equal to 77% of revenue entering 2026, and that Q1 net income turned positive. Its price relative to assets (P/B 1.26x) is also not heavy within its peer set, and on the site's read it is classified as undervalued. On the other side, the cautions are clear. Revenue has declined for two straight years, the operating line is still in the red, and with a debt ratio of 117% and a current ratio of 85%, the financial safety margin is not generous. In short, this stock is strong when the January contract volume is steadily recognized as actual revenue and profit and the operating line too turns positive, and weak when the contract proves one-off or the top-line decline drags on further. In the end, the reasonable approach is to confirm, through quarterly results, whether the 'seemingly low valuation' is filled in by an earnings recovery.
🔎 Valuation vs peers Fairly valued
Public-data peers with adjacent market caps within games and software.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| MDS Tech | 10.26x | 0.56x | 6.66% |
| LS Tirauetec | — | 1.69x | -12.04% |
| ESTsoft | — | 1.96x | -35.31% |
The comparison starts with public-data peers of similar market cap within games and software. The current P/E ratio (how many times one year's earnings the price represents) cannot be confirmed, and the P/B (how many times book value the price represents) is 0.92x. That said, smaller-cap names are heavily swayed by earnings volatility and funding-related filings, so no firm conclusion was drawn from last year's confirmed results alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩85.7 billion | — | — |
| Next quarter | Q2 2026 | ₩17.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩5,540 and the market capitalization is ₩66.8 billion. The price sits above its 20-day moving average (₩5,101) and below its 60-day moving average (₩8,889). 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 47.4, a neutral level. The one-month change is -18.1%, the three-month change is -67.4%, and the position relative to the 52-week high is -69.5%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it lagged the index by 52.8%. 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 -52.78% / 6M +93.63% / 12M +35.46%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.92x is below the sector median (1.10x).
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
Return on equity (ROE) is -9.2%, below the sector average (1.0%). The operating margin is -6.0%. The debt ratio is 116.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $93.2M | $90.8M | $71.4M | -21.45% ↓ slower |
| Operating profit | $1.4M | -$5.7M | -$4.3M | — |
| Net profit | $2.1M | -$2.9M | -$4.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $60.1M | $87.6M | $93.2M | $90.8M | $71.4M |
| Operating profit | $3.9M | $7.3M | $1.4M | -$5.7M | -$4.3M |
| Net profit | $6.1M | $440,162 | $2.1M | -$2.9M | -$4.6M |
| Revenue CAGR | 4-yr avg 4.37% | ||||
Revenue fell 21.4% year over year (2023 ₩132.7 billion → 2024 ₩129.3 billion → 2025 ₩101.6 billion), and the three-year trend is 'falling'. The rate of decline widened 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 4.4%. The two-year revenue CAGR is -12.5%. In the most recent quarter (Q1 2026), revenue was 19.8% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 82.5%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 21.4% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-01-30ContractSingle supply contract signed: contract value ₩99.7 billion, 77.1% of recent revenueThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2026-01-30Contract[Corrective] Matter subject to occasional disclosure obligation (fair disclosure) (smart prepaid AMI system construction project supply contract): confirm detailed terms in the source textThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2026-01-29ContractMatter subject to occasional disclosure obligation (fair disclosure) (smart prepaid AMI system construction project supply contract): confirm detailed terms in the source textThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,540 | ₩5,540 | Confirmed | link |
| Latest quarterly results | revenue ₩15.0 billion, operating profit -₩3.2 billion | revenue ₩15.0 billion, operating profit -₩3.2 billion | Confirmed | link |
| Annual results | revenue ₩101.6 billion, operating profit -₩6.1 billion | revenue ₩101.6 billion, operating profit -₩6.1 billion | Confirmed | link |
| Contract filing source text | single supply contract signed: contract value ₩99.7 billion · vs recent revenue 77.1% | single supply contract signed: contract value ₩99.7 billion · vs recent revenue 77.1% | Confirmed | link |
| Contract filing source text | [amended] : see the filing for detailed terms | [amended] : see the filing for detailed terms | Confirmed | link |
| Contract filing source text | see the filing for detailed terms | see the filing for detailed terms | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipOwnership-change filing
- 2026-05-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Shareholders' meeting notice
- 2026-03-20OwnershipOwnership-change filing
- 2026-03-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-16Amended filing
📖 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.