Wooriro is an optical-communication component maker founded in 1998, with an optical-parts core business (PLC optical splitters, AWGs, and photodiodes that split optical signals) and new businesses in single-photon avalanche diode (SPAD)-based quantum cryptography and LiDAR. However, as of Q1 2026, 55.7% of revenue comes from the SI division that distributes Western Digital storage devices, and it also distributes audio equipment. A March 5 disclosure of a change in the profit-and-loss structure foreshadowed a narrower 2025 loss (revenue ₩42.5 billion, operating profit -₩0.7 billion), and the May 7 Q1 report recorded a turn to profit as fact, with revenue ₩14.5 billion, operating profit ₩1.5 billion, and net profit ₩1.5 billion. What stands out lately is that the deficit narrowed three straight years and turned to a Q1 profit this year, photodiode revenue is rising fast, and it holds quantum and defense new-business products; on the other hand, more than half of revenue is low-margin storage-device distribution, so the earnings base is still thin, and if the recovery stops at a single quarter, forward-earnings expectations can cool quickly.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 10.3% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 63.5% higher than a year earlier.
- ROE is -2.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Infion 19.98% (corporate)
Controlling bloc incl. related parties 23.29%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Wooriro is an optical-communication component maker founded in 1998.
- Its money-making axes run in four lines.
- (1) The optical-communication parts core business, making PLC optical splitters that split an optical signal into several strands, AWG devices that separate wavelengths, and photodiodes (PD, 10G-100G class) that convert optical signals into electrical signals.
- (2) As new businesses, it develops and supplies single-photon avalanche diodes (SPAD) that detect even a single photon, for quantum-cryptography communication and LiDAR, and eye-safe-wavelength-based autonomous-driving receiver modules.
- (3) The SI division distributes Western Digital (WD) HDD and SSD storage devices domestically, the largest share at 55.7% of Q1 2026 revenue.
- (4) In audio equipment, through its subsidiary CJS it imports and distributes overseas audio brands such as KLIPSCH and JAMO.
- In sum, more than half of revenue is storage-device distribution so the top line looks large, but where the company creates value and earns growth expectations is in optical parts and the quantum and defense new businesses.
- The latest closing price is ₩4,465 and the market capitalization is ₩19.57 billion.
- The price sits below its 20-day line (₩5,867) and below its 60-day line (₩7,947).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 35.4, a neutral level.
- The one-month change is -26.8%, the three-month change is -36.9%, and the position versus the 52-week high is -68.6%.
- Relative strength versus the KOSDAQ is 98 (1-99, converting return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it around the top 1% for strength among all stocks.
- Over the past three months it has lagged the index by 14.4%.
- Chart reading is best done together with trading volume and disclosure dates.
- Last year's (2025) annual results were revenue ₩42.5 billion, operating profit -₩0.7 billion, and net profit -₩0.8 billion, still a loss.
- The operating margin was -1.6% and ROE (how much is earned in a year on shareholders' equity) was -2.0%, both negative.
- However, the deficit narrowed fast, with the operating loss shrinking from -₩3.5 billion in 2023 to -₩3.0 billion in 2024 to -₩0.7 billion in 2025.
- The financial frame is relatively firm.
- The debt ratio (debt relative to equity) is 144.1%, but the current ratio (assets convertible to cash against debt due within a year) is 277%, so short-term solvency is ample.
- Because last year was a loss, the trailing P/E (a price multiple based on last year's confirmed earnings) is not calculated; the P/B (how many times book value the price is) is 4.99x and the P/S (how many times revenue the price is) is 5.83x.
- That said, this stock is at a point where it has just emerged from a loss and earnings are turning at an inflection, so the picture on future earnings (forward) is closer to the real value than multiples built on past confirmed results.
- The forward P/B, set on a basis after the turn to profit, is 4.99x, a step above the optical-parts peer group (Bit & Junior 4.26x, OE Solution 4.96x).
- Given that the company is at the start of a recovery, this is not a gap one can flatly call excessive, and it is a spot where the justification for this gap will be settled by whether the new businesses' results accumulate quarter by quarter.
- The long-run picture splits into two phases.
- Revenue shrank sharply from ₩107.4 billion in 2021 to ₩42.5 billion in 2025, the result of a cooling optical-communication investment cycle and a shrinking SI distribution.
- Then in Q1 2026 the flow clearly changed.
- Quarterly revenue rose 63.5% year on year to ₩14.5 billion, and operating profit of +₩1.5 billion and net profit of +₩1.5 billion turned positive.
- Compared with an operating loss of about ₩1.0 billion in the year-earlier quarter, this is a clear reversal from loss to profit.
- Photodiodes, at ₩9.8 billion for full-year 2025, made a fast start at ₩3.7 billion in Q1 alone this year, and the company explains the turn to profit as due to a rising share of higher-margin products such as quantum cryptography and defense.
- Having just emerged from losses with the absolute size of profit small, the multiple is bound to look large for the same profit.
- In other words, these figures should be read not as a result exaggerating profit but as a value reflecting the low earnings base right after the turn to profit.
- That said, it is too early to see one quarter of profit as an entrenched annual trend, and the storage-device distribution that makes up half of revenue is thin-margin and swings a lot by quarter.
- Whether optical-parts and quantum revenue grows steadily each quarter is the key that decides whether this recovery is real.
- The flow of disclosures runs from a narrowing loss to a turn to profit.
- On March 5, 2026 a disclosure of a change of 30% or more in the profit-and-loss structure foreshadowed that last year annually was a narrowed loss (revenue ₩42.5 billion, operating profit -₩0.7 billion), and the March 19 business report confirmed it.
- The decisive change was the May 7 quarterly report, which recorded as fact a turn to profit in Q1 2026, with revenue ₩14.5 billion, operating profit ₩1.5 billion, and net profit ₩1.5 billion.
- In the same quarter, routine governance-related disclosures such as the regular general meeting (March 27) and the appointment of an outside director came out together.
- Rather than separate events such as large orders, capital increases, or treasury shares, the direction change in results itself is the center of this quarter's disclosures.
- The strengths are clear.
- The deficit narrowed three straight years and turned to a Q1 profit this year, photodiode revenue rose fast, and it holds actual products such as SPAD and eye-safe receiver modules within the structural growth themes of quantum cryptography, autonomous driving, and defense.
- Finances also have the cash capacity to endure a recovery period, with a 277% current ratio.
- The forward-P/B gap versus optical-parts peers (5.84x against 4.26-4.96x) is a step higher, but allowing for the turn to profit and new-business themes, it is at an explainable level.
- Points to be careful about should be seen together too.
- More than half of revenue is low-margin storage-device distribution, so the earnings base is still thin relative to the top line, and if the recovery stops at a single quarter, forward-earnings expectations can cool quickly.
- In conclusion, this stock is at an early-recovery structure that grows stronger the more optical parts and the quantum and defense new businesses are confirmed in results each quarter, and weaker if that confirmation is delayed or the distribution share grows again.
- Rather than a judgment to buy or dispose of, the accurate way to view this stock is to check the continuity of the recovery through quarterly results.
🔎 Valuation vs peers Overvalued
The peer group of optical-communication and optical-semiconductor component makers (listed optical-parts stocks).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lightron | 0.00x | 3.22x | -34.01% |
| OE Solutions | 0.00x | 3.90x | -42.07% |
Because the business reality is optical-communication parts and optical-semiconductor manufacturing, it is appropriate to compare it with listed optical-parts stocks such as Bit & Junior and OE Solution rather than treating it as a simple wholesaler. All three companies were in the red last year, so the trailing P/E (a multiple based on last year's confirmed earnings) carries little meaning, and on the P/B, price relative to assets, the peer group is at 5.5-5.9x while Wooriro carries a premium at 9.1x. This premium appears to reflect the Q1 turn to profit and expectations for the quantum and defense themes, and is not explained by last year's confirmed results alone. So on last year's earnings it looks expensive, but the assessment can change depending on whether future earnings (forward) are confirmed each quarter, so we see it as overvalued while attaching the caveat that new-business results need to be watched together.
Price history Close · MA20 · MA60
The latest close is ₩4,465 and the market capitalization is ₩195.7 billion. The price sits below its 20-day moving average (₩5,867) and below its 60-day moving average (₩7,947). 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 35.4, a neutral level. The one-month change is -26.8%, the three-month change is -36.9%, and the position relative to the 52-week high is -68.6%. Relative strength versus the KOSDAQ is 98 (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 99% of all stocks. Over the past three months it lagged the index by 14.4%. 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 -14.40% / 6M +303.59% / 12M +234.43%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.99x is above the sector median (0.80x).
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 -2.0%, below the sector average (7.0%). The operating margin is -1.6%. The debt ratio is 144.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $36.2M | $31.4M | $28.2M | -10.34% ↑ faster |
| Operating profit | -$2.3M | -$2.0M | -$448,495 | — |
| Net profit | -$3.2M | -$3.4M | -$522,712 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $71.2M | $65.6M | $36.2M | $31.4M | $28.2M |
| Operating profit | $2.5M | $892,062 | -$2.3M | -$2.0M | -$448,495 |
| Net profit | $9.1M | -$2.3M | -$3.2M | -$3.4M | -$522,712 |
| Revenue CAGR | 4-yr avg -20.69% | ||||
Revenue fell 10.3% year over year (2023 ₩54.6 billion → 2024 ₩47.4 billion → 2025 ₩42.5 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed 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 -20.7%. The two-year revenue CAGR is -11.8%. In the most recent quarter (Q1 2026), revenue was 63.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 10.3% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-07EarningsQ1 2026 quarterly report — revenue ₩14.5 billion, operating profit ₩1.5 billion, net profit ₩1.5 billion, a turn to profit (an operating loss of about ₩1.0 billion in the year-earlier Q1). The Q1 revenue mix is SI storage devices 55.7%, photodiodes 25.6%, audio equipment 11.3%, optical splitters 7.4%.The core change is the shift in direction from last year's loss to a quarterly profit. An expanding share of high-margin products such as photodiodes, quantum, and defense is the driver, and whether the profit entrenches into an annual trend is the short- and medium-term watch point. Source
- 2026-03-19Earnings2025 business report — annual revenue ₩42.5 billion, operating profit -₩0.7 billion, net profit -₩0.8 billion. The operating loss narrowed three straight years (-₩3.5 billion to -₩3.0 billion to -₩0.7 billion).Still an annual loss, but the loss narrowed fast, becoming the springboard for the turn to profit. The narrowing-loss trend fed into the subsequent quarterly profit. Source
- 2026-03-05FilingDisclosure of a change of 30% or more (15% for large corporations) in revenue or profit-and-loss structure — prior notice that last year's annual profit-and-loss structure changed greatly (a narrower loss) versus the prior period.A disclosure that signaled the direction of profit-and-loss improvement ahead of the business report's confirmation, serving as a signal for the subsequent turn-to-profit trend. Source
- 2026-03-27FilingRegular general meeting results and report of the appointment and dismissal of outside directors — routine regular governance disclosure.Not an event directly connected to results; a record of agenda handling under regular general-meeting procedure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Reference-date closing price | ₩4,465 | ₩4,465 | Confirmed | link |
| Q1 2026 results | revenue ₩14.5 billion, operating profit ₩1.5 billion, net profit ₩1.5 billion | revenue ₩14.5 billion, operating profit ₩1.5 billion, net profit ₩1.5 billion | Confirmed | link |
| 2025 annual results | revenue ₩42.5 billion, operating profit -₩0.7 billion, net profit -₩0.8 billion | revenue ₩42.5 billion, operating profit -₩0.7 billion, net profit -₩0.8 billion | Confirmed | link |
| Q1 revenue share by business segment | SI 55.7%, 25.6%, 11.3%, 7.4% | SI 55.7%, 25.6%, 11.3%, 7.4% | Confirmed | link |
| This year's estimated annual net profit (per the outlook box) | self-estimate | — | Unverified | — |
Recent filings
- 2026-05-07PeriodicQuarterly report
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Amended filing
- 2026-03-05Shareholders' meeting notice
- 2026-03-05Shareholders' meeting notice
- 2026-03-05EarningsEarnings 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.