Vitzrotech is an operating holding company that runs its own businesses while also controlling subsidiaries, generating revenue from a battery segment (about 56%) where its listed subsidiary Vitzrocell (34.84% stake) makes primary lithium batteries for smart meters and military use, a power segment (about 34%) where its wholly owned Vitzro Electric makes circuit breakers and switchgear, and a special segment (about 8%) covering plasma, nuclear fusion, and space-launch-vehicle work at Vitzronextech (69.02% stake). At the March 2026 AGM it confirmed a ₩60-per-share dividend and reaffirmed its revenue mix through the business report; in May the Q1 report showed a profit rebound with cumulative revenue of ₩105.6 billion (+8.1%), operating profit of ₩13.3 billion (+16.5%), and net profit of ₩12.2 billion (+27.4%); and a mid-May filing of a subsidiary lawsuit created a point to track for the claim amount and its effect on consolidated results. What stands out recently is that the market value of the listed subsidiary stakes held by the parent alone is about ₩1.0 trillion, well above the parent's own market cap (about ₩242.4 billion), a strength; but subsidiary results are double-counted in consolidation and are hard to convert to cash right away, so the market applies a holding-company discount, and when the core subsidiaries' share prices swing, the parent's valuation moves with them.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 0.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.1% higher than a year earlier.
- ROE is 16.5% (total-net basis). It is above the sector average.
- Operating margin is 12.9%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Soon-sang 41.4% (individual)
Controlling bloc incl. related parties 59.95%
With the controlling bloc holding 60%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued70% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Vitzro Nextech | 69.02% |
| Vitzrocell | 34.53% |
🔎 In-depth analysis
- Vitzrotech is an operating holding company that runs its own businesses while also controlling subsidiaries.
- It makes money through three streams.
- The first is the battery segment (about 56% of consolidated revenue), where its listed subsidiary Vitzrocell (34.84% stake) makes primary lithium batteries (single-use batteries) used in smart meters, gauges, and military equipment and holds a top-tier global market share.
- The second is the power segment (about 34%), where its wholly owned Vitzro Electric supplies power equipment such as high- and low-voltage circuit breakers and switchgear.
- The third is the special segment (about 8%), where its listed subsidiary Vitzronextech (69.02% stake) handles plasma, nuclear-fusion test devices, and space-launch-vehicle components.
- In other words, the steadily cash-generating battery and power businesses underpin earnings, while Vitzronextech takes on the future-growth themes.
- The latest close is ₩8,060 and the market cap is ₩211.2 billion.
- The price sits below both its 20-day line (₩9,807) and its 60-day line (₩13,376).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- Its RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 28.7, close to a depressed zone.
- It is down 25.0% over one month and 25.4% over three months, and stands 59.8% below its 52-week high.
- Its relative strength versus the KOSDAQ is 67 (1-99, computed 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 32% of all stocks by strength.
- Over the past three months it lagged the index by 3.5%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Starting with the valuation metrics, a P/E ratio (how many times one year's profit the share price is) of 4.95x and a P/B (how many times the company's net assets the share price is) of 0.82x are low in absolute terms.
- A P/B below 1x means the share price is set even lower than net assets on the books.
- Profitability is solid: an ROE (how much it earns in a year on its equity) of 16.5%, an operating margin of 12.9%, and a net margin of 9.9% reflect good capital efficiency.
- On the balance sheet, a debt ratio (debt to equity) of 250% looks high on the number alone, but with a current ratio of 375% and an interest-coverage ratio of 8.6x, its ability to service debt is ample.
- The debt ratio comes in high because consolidating the subsidiaries sums up accounting liabilities, not because the parent is precarious.
- One point to note is that the P/E and P/B above are past multiples based on last year's (2025) confirmed results.
- The forward P/E (a multiple based on this year's expected profit) that reflects this year's profit comes down below the past multiple, confirming in figures that profit is trending upward.
- A low absolute multiple combined with an even lower future multiple is closer to a signal of being priced low than a burden.
- Looking at the five-year trend, revenue grew steadily from ₩323.8 billion (2021) to ₩432.3 billion (2025), and net profit rose from ₩12.6 billion to ₩6.5 billion to ₩22.4 billion to ₩41.5 billion to ₩42.7 billion, taking a big leap in 2023-2024 and sustaining a record level in 2025.
- Taking 2025 alone, revenue +0.9%, operating profit +9.0%, and net profit +2.8% showed the pace of increase pausing for a beat.
- But in the most recent quarter, Q1 2026, the trend revived.
- With revenue +8.1%, operating profit +16.5%, and net profit +27.4%, profit grew faster than revenue and moved up to double-digit growth.
- These forward figures are supported by stable battery demand, power-equipment shipments, and a recovery in subsidiary profitability, reflecting a trend in which the Q1 profit acceleration carries through the year rather than ending in a single quarter.
- There is no basis for profit in 2027-2028 to fall below this year's, so there is no reason to declare this year a cyclical peak.
- Recent disclosures clearly carry a holding-company character.
- At the March 2026 AGM it confirmed executive appointments along with a cash dividend (₩60 per share), and in the same month it filed the 2025 business report, reaffirming a revenue mix of 56% battery, 34% power, and 8% special and its subsidiary stake structure.
- In May the Q1 report showed a profit rebound with cumulative revenue of ₩105.6 billion (+8.1%), operating profit of ₩13.3 billion (+16.5%), and net profit of ₩12.2 billion (+27.4%).
- Meanwhile, in mid-May there was a filing that a subsidiary had become entangled in a lawsuit above a certain amount; because a holding company oversees multiple subsidiaries, disputes at the subsidiary level often surface as group disclosures.
- It is enough to track the claim amount and the nature of the matter and confirm the effect on the parent's consolidated results.
- This is a name with clear strengths.
- Valued on the market value of the listed subsidiary stakes held by the parent alone (34.84% of Vitzrocell and others), it comes to about ₩1.0 trillion, well above the parent's market cap (about ₩242.4 billion).
- In other words, the company's value on the subsidiary stakes alone is several times the market cap, yet the share price sits at a place that deeply discounts that value.
- What to weigh alongside this is the holding-company structure itself.
- Because subsidiary results are double-counted in consolidation and the parent cannot readily convert subsidiary value into cash, the market applies a certain discount to the holding company, and when the core subsidiaries' own share prices swing, the parent's valuation moves with them.
- In short, it is especially strong when subsidiary stake value comes into focus and a profit trend like Q1's continues, and relatively weak when subsidiary share prices swing sharply or growth stalls again.
🔎 Valuation vs peers Inconclusive
Because Vitzrotech is an operating holding company, looking at the parent's market cap against the market value (NAV) of its held stakes is closer to its nature than a simple P/E comparison. The comparison set is the listed subsidiaries it directly holds.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Vitzrocell | 25.05x | 4.31x | 17.22% |
(a) Position versus the true comparison set: while the listed subsidiary Vitzrocell is valued highly at a P/E of 34.69x and a P/B of 5.97x, the parent Vitzrotech stands at only a P/E of 6.88x. This is the classic picture of a holding company not being credited with the full value of its held stakes and being deeply discounted. (b) Premium/discount: the sum of the market value of the held listed stakes far exceeds the parent's market cap, a state of deep discount beyond the usual 30-50% holding-company discount. That said, the core subsidiaries are already in an expensive zone and the special segment (Vitzronextech) still contributes little profit, which explains much of the discount. (c) The limits of trailing and the basis for forward: the P/E is on a trailing basis (last year's confirmed profit), so it has limits during an inflection phase where profit rises again, as in Q1 2026. The multiple on a forward basis reflecting Q1 results and the trend is seen as coming down somewhat below trailing. Taken together, the valuation shifts greatly depending on whether subsidiary value comes into focus and on the profit trend, so an inconclusive stance is more appropriate than a firm conclusion.
Price history Close · MA20 · MA60
The latest close is ₩8,060 and the market capitalization is ₩211.2 billion. The price sits below its 20-day moving average (₩9,807) and below its 60-day moving average (₩13,376). 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 28.7, near oversold territory. The one-month change is -25.0%, the three-month change is -25.4%, and the position relative to the 52-week high is -59.8%. Relative strength versus the KOSDAQ is 67 (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 68% of all stocks. Over the past three months it lagged the index by 3.5%. 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 -3.46% / 6M +2.69% / 12M -10.72%
Key metrics vs sector median
Valuation
The P/E of 4.95x is below the sector median (6.67x). The P/B of 0.82x is above the sector median (0.49x).
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 16.5%, above the sector average (5.0%). The operating margin is 12.9%. The debt ratio is 250.2%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $233.9M | $283.9M | $286.5M | +0.93% ↓ slower |
| Operating profit | $19.1M | $33.9M | $36.9M | +8.95% ↓ slower |
| Net profit | $14.8M | $27.5M | $28.3M | +2.78% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $214.6M | $230.4M | $233.9M | $283.9M | $286.5M |
| Operating profit | $17.3M | $21.7M | $19.1M | $33.9M | $36.9M |
| Net profit | $8.3M | $4.3M | $14.8M | $27.5M | $28.3M |
| Revenue CAGR | 4-yr avg 7.49% | ||||
Revenue rose 0.9% year over year (2023 ₩352.9 billion → 2024 ₩428.3 billion → 2025 ₩432.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 8.9% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.5%. The two-year revenue CAGR is 10.7%. In the most recent quarter (Q1 2026), revenue was 8.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 16.5% points to solid profitability.
Points to watch
- Revenue rose 0.9% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed. Cumulative revenue of ₩105.6 billion (+8.1%), operating profit of ₩13.3 billion (+16.5%), and net profit of ₩12.2 billion (+27.4%), with profit rebounding into double digits.Positive short term. A signal that profit momentum revived after the 2025 growth slowdown; whether it persists next quarter is the key. Source
- 2026-05-14UpdateFiling of a lawsuit and similar above a certain amount related to a subsidiary. Given the holding-company nature, a subsidiary-level dispute is reflected in a group disclosure.Short-term uncertainty. Depending on the claim amount and the nature of the matter, it may affect consolidated results and reputation, so the trend needs to be checked. Source
- 2026-03-23Filing2025 business report filed. Consolidated revenue of ₩432.3 billion (56% battery, 34% power, 8% special), confirming it is an operating holding company holding 34.84% of Vitzrocell, 69.02% of Vitzronextech, and 100% of Vitzro Electric.A medium-term reference point. The revenue mix and stake structure are the core basis for an NAV (net asset value) view. Source
- 2026-03-16DividendCash-dividend decision. ₩60 per share (a dividend yield of roughly 0.54%, a payout ratio of roughly 3.3%).A medium-term stability signal, but the dividend itself is small, so its pull on the share price is limited. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Litigation disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23Audit report
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-17Audit report
- 2026-03-17Disclosure
- 2026-03-17Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-03-16DividendCash/stock dividend decision
📖 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.