VATECH is an export company that makes and sells dental X-ray diagnostic imaging equipment, with a lineup spanning small intraoral sensors (EzSensor), 2D panoramic systems (PaX-i), and 3D dental CT (Green X). It holds the global No. 1 position in the dental compact-CT market across more than 100 countries and is broadening its business toward bundling AI viewers with its hardware. In March 2026 it wrapped up its business report, annual general meeting, and a ₩300-per-share cash dividend, and the May Q1 report confirmed revenue growth and a 21.9% rise in net profit. What stands out lately is that, with global No. 1 share and revenue swinging back to double-digit growth in 2025, plus a solid balance sheet (a 38.7% debt ratio and a 310% current ratio), a trailing P/E of 6.6x and a forward P/E of about 6.2x are markedly lower than peers such as Dentium and InBody (P/E around 20x) — while if the export environment or exchange rates swing sharply, overseas revenue and margins could be pressed, so whether the operating margin keeps climbing needs watching.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 10.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 3.8% higher than a year earlier.
- ROE is 8.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder VATECH EWOO Holdings 46.37% (corporate)
Controlling bloc incl. related parties 53.49%
With the controlling bloc holding 53%, control is very secure but the free float is thin.
🔎 In-depth analysis
- VATECH makes and sells dental X-ray diagnostic imaging equipment.
- Its products divide into small intraoral sensors that image two or three teeth (such as EzSensor), 2D panoramic systems that capture the whole mouth in a single shot (PaX-i), and 3D dental CT used for diagnosing three-dimensional procedures like implants (Green X, Smart Plus, and others).
- A large share of revenue comes from abroad as an export company, with a sales network across more than 100 countries, and it holds the global No.
- 1 position in the dental compact-CT market.
- Recently it has been broadening its business beyond pure hardware toward bundling diagnostic software as well, with an AI-based integrated viewer (Clever One) and new 3D equipment.
- The latest close is ₩17,680 and market capitalization is ₩262.6 billion.
- The price sits below the 20-day line (₩18,524) and below the 60-day line (₩20,475).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge comparing upward and downward force over the last 14 days on a 0-100 scale) is 37.8, a neutral level.
- The one-month change is -5.1%, the three-month change is -16.2%, and the position versus the 52-week high is -35.4%.
- Relative strength against the KOSDAQ is 66 (1-99, computed from returns versus 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 34% of all stocks by strength.
- Over the past three months it outpaced the index by 9.3%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- The P/E (how many times annual earnings the price is) is 6.54x and the P/B (how many times book net assets the price is) is 0.53x.
- Compared with fellow dental and precision-medical-device makers Dentium and InBody, which sit around a P/E of 20x, VATECH is at about a third of that against earnings and below 1x against net assets — a markedly lower position.
- These trailing figures (computed on last year's confirmed results) are somewhat conservative because they take 2025, a year when earnings were pressed, as the base, and the forward P/E on this year's earnings is about 6.2x — even lower than the trailing figure.
- In an inflection phase where earnings are reviving, this forward figure better reflects the company's real value.
- Profitability — an ROE (how much is earned on equity in a year) of 8.1%, an operating margin of 12.8%, and a net margin of 9.4% — exceeds the sector average, and with a debt ratio (borrowings against equity) of 38.7%, a current ratio of about 310%, and interest coverage of 11x, it has a stable balance sheet with little debt and ample cash.
- The dividend yield is about 1.6% (₩300 per share).
- Revenue rose from ₩384.9 billion in 2023 and ₩385.2 billion in 2024 to ₩426.4 billion in 2025, up 10.7% in a single year with growth reaccelerating, and the growth rate itself sped up from the prior year (near flat).
- In Q1 2026 revenue was ₩105.2 billion, up 3.8% year on year, so the growth trend continues.
- The dental imaging equipment market is supported by expanding dental infrastructure in emerging countries, rising implant procedures, and replacement demand shifting from 2D to 3D CT, and within it VATECH is growing its top line on global No.
- 1 compact-CT share and a sales network across more than 100 countries.
- On earnings, operating profit was pressed for a while after peaking in 2022 but began rising again in 2025 to ₩54.8 billion (up 1.5%, turning to growth), and Q1 net profit rose 21.9% to ₩14.2 billion.
- The reason this year's forward P/E is set at about 6.2x — even below last year's trailing figure — is that it reflects a picture in which revenue growth and an operating-profit rebound combine so that this year's earnings recover from last year's base.
- In other words, the forward figure leaves last year's one-off earnings dip in the past and reflects a flow in which top-line growth and an earnings recovery move together again.
- Recent disclosures are centered on a routine flow.
- In March 2026 the business report (2025 annual), the annual general meeting, and a cash dividend decision (₩300 per share) were wrapped up, and in May the Q1 report and consolidated preliminary results were disclosed.
- It held investor relations sessions in succession in April and May, engaging with investors.
- Rather than event-driven disclosures such as large orders or acquisitions, routine disclosures such as quarterly results, dividends, and the general meeting show the business is at a stage of running steadily.
- In the Q1 results, the fact that revenue rose and net profit increased 21.9% reads as a signal that the earnings pressed for a year are reviving.
- VATECH is a stock whose strengths read clearly.
- It is an export company holding global No.
- 1 share in its core business of dental imaging equipment, revenue swung back to double-digit growth in 2025, and its balance sheet is solid with a 38.7% debt ratio and a 310% current ratio.
- Above all, a trailing P/E of 6.6x and a forward P/E of about 6.2x are markedly lower than peers (Dentium and InBody around a P/E of 20x), so even though the quality of its core business is similar or better, its price sits at the cheapest spot.
- The conditions under which the company works strongly are clear: when top-line growth continues on expanding dental infrastructure in emerging countries and 3D CT replacement demand, and when the operating profit that began rising again in 2025 firms up its recovery.
- Conversely, the condition warranting a check is when the export environment or exchange rates swing sharply and press overseas revenue and margins.
- The key checkpoint is whether the operating margin keeps climbing alongside revenue growth, and the 2025 operating-profit rebound and Q1 net-profit increase are a starting point consistent with that direction.
🔎 Valuation vs peers Undervalued
The comparison is with domestic listed companies whose business substance is close in the dental and precision-medical-device field; Dentium is an export company in the same dental market (implants), and InBody is a profitable medical and precision-device export company with a similar profile.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dentium | 20.50x | 0.60x | 2.92% |
| InBody | 24.42x | 2.35x | 9.64% |
(a) Position versus peers: against the same dental and precision-medical-device peer set (Dentium P/E 23x, InBody P/E 20x), VATECH's P/E of 7.1x and P/B of 0.58x are a markedly lower spot. With an ROE of 8.1%, its profitability is toward the top of the peer set while its multiple is the lowest, so on an earnings-versus-price basis it appears to be in a discount state. (b) Discount factor: revenue is rising but operating profit has been pressed since 2022 and net profit fell 27% last year, which appears reflected in the low multiple. (c) Limits of trailing: the current P/E of 6.54x is on last year's confirmed results when earnings declined, so in an inflection phase where earnings normalize, its limitation is large. The self-estimated forward P/E for this year (about 6.7x) is lower still and assumes a modest earnings recovery; until the operating-margin recovery central to that assumption is confirmed, it is reasonable to view 'undervalued' conditionally rather than as a categorical conclusion.
Price history Close · MA20 · MA60
The latest close is ₩17,680 and the market capitalization is ₩262.6 billion. The price sits below its 20-day moving average (₩18,524) and below its 60-day moving average (₩20,475). 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 37.8, a neutral level. The one-month change is -5.1%, the three-month change is -16.2%, and the position relative to the 52-week high is -35.4%. Relative strength versus the KOSDAQ is 66 (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 66% of all stocks. Over the past three months it outpaced the index by 9.3%. 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 +9.31% / 6M +7.62% / 12M -17.65%
Key metrics vs sector median
Valuation
The P/E of 6.54x is below the sector median (22.72x). The P/B of 0.53x is below the sector median (1.61x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 8.1%, above the sector average (5.0%). The operating margin is 12.8%. The debt ratio is 38.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $255.1M | $255.3M | $282.6M | +10.70% ↑ faster |
| Operating profit | $42.4M | $35.8M | $36.3M | +1.51% ↑ faster |
| Net profit | $34.3M | $36.5M | $26.6M | -27.22% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $224.7M | $261.8M | $255.1M | $255.3M | $282.6M |
| Operating profit | $43.4M | $52.8M | $42.4M | $35.8M | $36.3M |
| Net profit | $34.0M | $51.0M | $34.3M | $36.5M | $26.6M |
| Revenue CAGR | 4-yr avg 5.90% | ||||
Revenue rose 10.7% year over year (2023 ₩384.9 billion → 2024 ₩385.2 billion → 2025 ₩426.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 1.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.9%. The two-year revenue CAGR is 5.2%. In the most recent quarter (Q1 2026), revenue was 3.8% 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 10.7% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-05-12EarningsQ1 2026 consolidated preliminary results disclosed. Revenue of ₩105.2 billion (up 3.8% year on year), operating profit of ₩11.0 billion (down 16.7%), net profit of ₩14.2 billion (up 21.9%).Revenue keeps growing but operating profit fell, so margin pressure is a short-term burden. The net-profit increase is presumed to come from non-operating items, so it is early to read it as a qualitative improvement (the medium-term key is whether the operating margin recovers). Source
- 2026-03-18Filing2025 annual business report filed. Annual revenue of ₩426.4 billion (up 10.7%), operating profit of ₩54.8 billion, net profit of ₩40.1 billion (down 27.2%).Revenue growth is confirmed, but net profit fell sharply year on year, suggesting a pass through the earnings peak. Over the medium term, the pace of earnings normalization is the key variable for a re-valuation. Source
- 2026-03-11DividendCash dividend decided. ₩300 per share (a dividend yield of about 1.6%, a payout ratio of about 7%).The dividend is maintained but the payout ratio is low, a structure of reinvesting and retaining earnings internally. Paired with ample cash, the weight leans toward stability over short-term shareholder returns. Source
- 2026-05-19IRInvestor relations session held. Following April, an investor briefing was held again in May.Routine communication underpins business stability but is not in itself an event that changes the earnings direction (contents to be confirmed via the company's IR materials). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue / operating profit / net profit | revenue ₩105.2 billion(+3.8%), operating profit ₩11.0 billion(-16.7%), net profit ₩14.2 billion(+21.9%) | — | Confirmed | link |
| 2025 annual revenue / net profit | revenue ₩426.4 billion(+10.7%), net profit ₩40.1 billion(-27.2%) | — | Confirmed | link |
| This-year (2026) forward P/E | approx. 6.7x(self-estimate) | — | Unverified | — |
Recent filings
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-07EarningsEarnings disclosure
- 2026-04-14Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11DividendCash/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.