Orbitech is an inspection and engineering company whose main stage is nuclear power plants. In-service inspection (ISI) of operating reactors without shutting them down, non-destructive testing (NDT), and the collection, transport, and treatment of radioactive waste form the large base of its revenue, and its workload grows the more reactors there are and the higher their utilization. In June 2026 a ₩5.6 billion supply contract and in March a ₩3.3 billion contract kept its core work flowing, and first-quarter revenue responded with +62.9%. However, a large first-quarter net profit was booked all at once from the disposal of a stake in subsidiary Taion, and this should be separated from the earning power of the core business. What stands out lately is that policy on reactor life extension and new builds is reviving demand for core services, so revenue is responding first and the stock has entered oversold territory with room to recover; on the other hand, the core operating loss continues, and current net profit and ROE lean heavily on a one-off stake disposal, so it is worth watching whether maintenance work hardens into repeat orders.
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 72.2%).
- Revenue fell 13.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 62.9% higher than a year earlier.
- ROE is 1.3% (total-net basis). It is below the sector average.
- Operating margin is -24.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Sungjin Holdings 10.88% (corporate)
Controlling bloc incl. related parties 10.88%
With the controlling bloc holding 11%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Orbitech is an inspection and engineering company whose main stage is nuclear power plants.
- Its first pillar is in-service inspection (ISI) that periodically checks operating reactors and pre-service inspection (PSI) before startup, examining core equipment such as reactors, piping, and vessels for flaws without shutting the plant down.
- Its second pillar is non-destructive testing (NDT), which finds internal defects without breaking the product, along with inspection of industrial parts and aerospace structures.
- Third, it handles the collection, transport, and treatment of radioactive waste and related engineering services.
- This inspection, maintenance, and treatment work forms the large base of revenue, and the workload grows the more reactors there are and the higher their utilization.
- Recently it has been positioned in a flow of rising demand for inspection and maintenance work driven by reactor life-extension and new-build policy.
- The most recent close is ₩4,805, with a market capitalization of ₩162.7 billion.
- The price sits below its 20-day line (₩5,968) and below its 60-day line (₩8,634).
- Trading below both the short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary indicator that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 29.2, near depressed territory.
- The one-month change is -29.6%, the three-month change is -54.5%, and the position versus the 52-week high is -65.6%.
- Relative strength versus the KOSDAQ is 89 (1-99, converted 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 10% of all stocks by strength.
- Over the past three months it lagged the index by 39.0%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- The current surface metrics do not show the company's true state as they are, so they need to be read with one layer peeled back.
- The P/E (the price divided by earnings per share) of 205.34x looks very high, but this is less a sign that the company is that expensive than an optical effect from the denominator — net profit — being small because it was filled by a one-off stake-disposal gain rather than the core business.
- For the same reason, ROE (how much was earned in a year on shareholders' equity) is a slight positive at 1.3% but is hard to view as the earning power of the core business.
- That is, the core operating margin is -24.2%, still a loss, and whether this loss normalizes is the point to watch.
- The P/B (the price divided by net asset value per share) of 2.60x is on the low side versus peers (about 3.9).
- The balance sheet is on the tight side, with a debt-to-equity ratio (debt relative to equity) of 194% and a current ratio (assets readily convertible to cash relative to debt due within a year) of 72%, so outside funding such as convertible bonds affects the financial picture.
- Growth needs to be read by separating revenue and profit.
- Revenue was ₩57.9 billion in 2025, down 13.0% from the prior year, and over the past five years (2021-2025) it swung rather than moving in one direction, going ₩78.2 billion → ₩59.2 billion → ₩64.0 billion → ₩66.5 billion → ₩57.9 billion.
- Yet in the most recent quarter, first-quarter 2026 revenue of ₩22.4 billion rose 62.9% from the same period a year earlier, turning the trend clearly upward.
- This reads as a signal that recovering demand — with in-service inspection and maintenance work actually increasing under reactor life-extension and new-build policy — is beginning to show up in revenue.
- That said, the same quarter's operating result was -₩3.1 billion, so the core business is still in the red, and the quarterly net profit of ₩19.1 billion is mostly a one-off gain that came in all at once from disposing of the stake in subsidiary Taion, different in character from the revenue recovery.
- So 'when the increased revenue leads to a swing into operating profit' is the key yardstick for growth, and until a swing into the black in the core business is confirmed, it is a stage where forward earnings-based multiples are hard to pin down as numbers.
- Recent disclosures show both core orders and capital events.
- In June 2026 a supply contract of ₩5.6 billion (about 9.6% of recent revenue) and in March a ₩3.3 billion contract (5.0%) were signed, so work is flowing, and whether such service contracts repeat and extend is the yardstick for the durability of the core recovery.
- On the capital side, there are flows such as a decision to issue convertible bonds (CB) (conversion price ₩6,401, offering around ₩10 billion), disposal of self-held convertible bonds, and conversion requests, so the share count and capital structure could move together going forward.
- Also, disposal of the stake in subsidiary Taion booked a large first-quarter 2026 net profit all at once.
- On the regular-disclosure side, the first-quarter 2026 report was filed in May.
- Orbitech is a stock where strengths and cautions are fairly clearly divided.
- The favorable condition is a phase in which demand for nuclear maintenance and inspection is reviving.
- If reactor life-extension and new-build policy increase core service work such as in-service inspection and radioactive-waste treatment, a picture is possible in which revenue responds first — as with +62.9% in first-quarter 2026 — and then the loss narrows toward a swing into the black in the core business.
- The price has risen over a six-month horizon but entered oversold territory on the recent sharp correction, so there is room to retrace the decline if recovery is confirmed.
- The weak condition is if the core operating loss drags on.
- Current net profit and ROE lean heavily on a one-off stake disposal and are hard to view as core earning power, and with the balance sheet on the tight side, a continued loss would be a burden.
- In short, whether the increased revenue leads to a swing into operating profit and whether maintenance work hardens into repeat orders is the dividing point between strength and weakness, and it is reasonable to judge by the direction of the core operating result rather than the surface P/E or one-off net profit.
🔎 Valuation vs peers Overvalued
The comparison set is built from domestic listed companies in nuclear safety management, inspection, and maintenance and power-equipment services (on a business-substance basis); Woojin Entech is closest in market-cap size and in the nature of reactor inspection and maintenance, KEPCO E&C is a reference on nuclear engineering, and KEPCO KPS on power-equipment maintenance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Woojin Entech | 26.68x | 2.77x | 10.39% |
| KEPCO E&C | 42.94x | 5.86x | 13.66% |
| KEPCO KPS | 16.21x | 1.50x | 9.23% |
Orbitech's P/E (how many times a year's earnings the price represents) of 205.34x is overwhelmingly higher than the comparison set (Woojin Entech 37.7, KEPCO E&C 61.2, KEPCO KPS 18.5), but this is not because the company is qualitatively superior — it is the result of the multiple being exaggerated by there being almost no normalized earnings. That is, in a segment where earnings are at an inflection, the trailing P/E based on past earnings has low reliability. The P/B (how many times net assets the price represents), which evaluates against equity, is 2.60x, similar to Woojin Entech (3.92), yet ROE at 1.3% falls far short of the comparison set's 9-14%. In the end, the market is placing a premium not on current low profitability but on future expectations around reactor decommissioning and spent nuclear fuel. Until a swing into the black in the core business is confirmed, it is reasonable to view this as an overvalued zone where expectations run ahead even against asset value, and rather than flatly declaring it cheap or expensive, it is appropriate to wait for evidence of a profitability recovery.
Price history Close · MA20 · MA60
The latest close is ₩4,805 and the market capitalization is ₩162.7 billion. The price sits below its 20-day moving average (₩5,968) and below its 60-day moving average (₩8,634). 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 29.2, near oversold territory. The one-month change is -29.6%, the three-month change is -54.5%, and the position relative to the 52-week high is -65.6%. Relative strength versus the KOSDAQ is 89 (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 90% of all stocks. Over the past three months it lagged the index by 39.0%. 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 -39.04% / 6M +37.91% / 12M +12.43%
Key metrics vs sector median
Valuation
The P/E of 205.34x is above the sector median (32.87x). The P/B of 2.60x is above the sector median (1.99x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 1.3%, below the sector average (4.0%). The operating margin is -24.2%. The debt ratio is 194.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $42.4M | $44.1M | $38.4M | -12.95% ↓ slower |
| Operating profit | -$2.9M | $456,619 | -$9.3M | -2133.75% |
| Net profit | -$1.5M | $1.4M | $525,793 | -63.15% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $51.8M | $39.2M | $42.4M | $44.1M | $38.4M |
| Operating profit | $6.7M | -$7.8M | -$2.9M | $456,619 | -$9.3M |
| Net profit | $3.7M | -$8.9M | -$1.5M | $1.4M | $525,793 |
| Revenue CAGR | 4-yr avg -7.23% | ||||
Revenue fell 13.0% year over year (2023 ₩64.0 billion → 2024 ₩66.5 billion → 2025 ₩57.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 2133.8% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -7.2%. The two-year revenue CAGR is -4.9%. In the most recent quarter (Q1 2026), revenue was 62.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 13.0% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-18UpdateSingle supply contract signed (voluntary disclosure). Contract amount ₩5.6 billion, about 9.6% of recent annual revenueShort term: securing order backlog. Medium term: recognized as revenue over the contract period and a clue to a recovery in the core top line Source
- 2026-03-12UpdateSingle supply contract signed (voluntary disclosure). Contract amount ₩3.3 billion, about 5.0% of recent annual revenueShort term: securing orders. Medium term: whether it leads to recurring service work is the key to the top-line trend Source
- 2026-04-15FilingDecision to dispose of held shares and equity securities in another entity. This disposal gain is the core background to the large first-quarter 2026 net profit (about ₩19.1 billion)Short term: a surge in quarterly net profit from one-off gains and cash inflow. Medium term: as a non-operating, non-recurring gain unrelated to the core business, its persistence into the next quarter is low Source
- 2026-04-07FilingMaterial-fact report, decision to issue convertible bonds (corrected). Conversion price ₩6,401, raising ₩10 billion in operating fundsShort term: securing operating funds. Medium term: a dilution factor as shares outstanding rise upon future conversion Source
- 2026-05-15EarningsFirst-quarter 2026 report filed. Revenue ₩22.4 billion (+62.9% year over year), operating loss -₩3.1 billion, net profit ₩19.1 billion (including a one-off disposal gain)Short term: a bigger top line and a surge in net profit. Medium term: with the operating loss continuing, whether the core business recovers profitability is the key Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization | ₩162.7 billion | ₩162.7 billion | Confirmed | link |
| Main business segments (nuclear radiation management / ISI/PSI inspection / aerospace NDT) | / | (ISI) | Confirmed | link |
| Latest quarterly results (Q1 2026) | revenue 224 , operating profit -31 | revenue 224 , operating profit -31 | Confirmed | link |
| Nature of Q1 2026 net profit (whether one-off) | net profit 191 , -31 | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-16Amended filing
- 2026-04-15Disclosure
- 2026-04-14OwnershipOwnership-change filing
- 2026-04-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10Disclosure
- 2026-04-09Amended filing
- 2026-04-07Material-fact report (amended)
- 2026-04-06OwnershipOwnership-change filing
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-02Disclosure
- 2026-04-02Material-fact report (amended)
📖 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.