SOLiD is Korea's number-one maker of in-building repeaters (DAS), which help phones get clear signal inside buildings; about 90% of its revenue comes from wired and wireless telecom equipment for LTE and 5G, it exports to 34 countries, and defense subsidiary SOLiD Wintech runs the military communications business, so results are shaped by both domestic carrier investment and subsidiary conditions. In January 2026 the company cancelled 260,000 treasury shares and in March signed an additional purchase trust agreement with the shares to be cancelled later; at a May investor briefing it laid out a second-half recovery plan of offsetting domestic weakness with overseas orders, and SOLiD Wintech's business transition and a newly consolidated subsidiary were confirmed as short-term cost factors. What stands out is that its top domestic DAS position, its rare profitability for the sector, and an order backlog up 165% are strengths, while dependence on domestic carrier investment and subsidiary-driven cost volatility remain, the one-off gains lifting first-quarter 2026 net profit will not repeat, and whether European and North American orders convert into actual revenue is the key to any re-valuation.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 10.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 14.3% higher than a year earlier.
- ROE is 10.3% (controlling-interest basis).
- Operating margin is 11.3%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Jeong Jun 8.37% (individual)
Controlling bloc incl. related parties 10.52%
With the controlling bloc holding 11%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- SOLiD is Korea's number-one maker of in-building repeaters (DAS, distributed antenna systems), which help phones get clear signal inside buildings.
- About 90% of revenue comes from wired and wireless telecom equipment for LTE and 5G, and alongside repeaters it also makes wireline transmission gear that carries network data.
- Its mainstay is equipment that carriers install in signal-weak spaces such as subways, large buildings, and stadiums, and it exports to 34 countries.
- Defense subsidiary SOLiD Wintech handles military communications (tactical information communications and military satellite communications), so the company's overall results are shaped by both the scale of domestic carrier investment and subsidiary conditions.
- The latest close is ₩9,710 and the market cap is ₩589.9 billion.
- The price sits below its 20-day line (₩11,268) and below its 60-day line (₩14,561).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 31.9, a neutral level.
- The one-month change is -20.1%, the three-month change is -32.7%, and the position versus the 52-week high is -48.5%.
- Relative strength versus the KOSDAQ is 87 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 13% of all stocks by strength.
- Over the past three months it lagged the index by 11.7%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- The financial footing is solid.
- ROE (how much the company earns in a year on its equity) is 10.3%, delivering rare stable profit for the telecom-equipment sector.
- Profitability is sound too, with an 11.3% operating margin and a 12.4% net margin.
- The debt ratio (debt against equity) is 152%, but a current ratio of 167% means no strain on short-term liquidity.
- On valuation, the P/E (how many times a year's earnings the share price is) is 16.19x and the P/B (how many times net assets) is 1.67x.
- Reflecting debt as well, EV/EBIT (enterprise value divided by operating profit, a debt-adjusted P/E equivalent) is 19.6x, and net debt (total borrowings minus cash) is about ₩14.7 billion, which is not large.
- The FCF yield (the ratio of actual cash generated to market cap) is 2.5%, so cash generation is sound but not explosive.
- Shareholder returns also continue, including treasury-share cancellation and a purchase trust.
- The growth trajectory recently turned down.
- 2025 revenue was ₩294.8 billion, down 10.9% year on year, and net profit fell 21.1% to ₩36.4 billion.
- A pullback in domestic carriers' capital spending was the direct hit.
- Over five years, revenue and profit jumped sharply after 2021 and then corrected in 2025.
- In the first quarter of 2026, revenue rose 14.3% year on year to ₩63.7 billion, but the company swung to an operating loss of ₩2.1 billion.
- Headquarters operating profit was decent at ₩6.7 billion, and the loss stemmed from a gap during the defense subsidiary's business transition and costs at a newly consolidated subsidiary.
- The ₩22.2 billion of net profit heavily reflects one-off gains such as a bargain-purchase gain, foreign-exchange gains, and equity-valuation gains, so this quarter's net profit should not simply be annualized.
- The real basis for recovery lies elsewhere: the order backlog at the end of 2025 was up 165% year on year, and a weak-first-half, strong-second-half pattern is expected as European in-building coverage investment and North American orders feed into results in the second half.
- Disclosures weigh more on shareholder returns and subsidiary issues than on earnings.
- In January 2026 the company cancelled 260,000 treasury shares, and in March it signed an additional purchase trust agreement, with the acquired shares to be cancelled later.
- The March business report and general meeting, then the May first-quarter report and investor briefing (IR), followed.
- At the IR the company laid out a second-half recovery plan of offsetting domestic weakness with overseas orders.
- That defense subsidiary SOLiD Wintech's business transition and a newly consolidated subsidiary were confirmed as short-term cost factors is also central to disclosures in this period.
- This is a company with clear strengths and weaknesses.
- The strengths are its top domestic DAS position, its rare profitability for the telecom-equipment sector, and an order backlog up 165%.
- The weaknesses are high dependence on domestic carrier investment and subsidiary-driven cost volatility.
- Because results are concentrated in the second half, it is hard to judge on first-half figures alone.
- 2026 net profit may look higher on the surface thanks to the large one-off gains booked in the first quarter, but that portion does not repeat.
- Ultimately the key to any re-valuation is how much of the European and North American orders convert into actual revenue.
- If overseas orders land steadily as second-half revenue, it is strong; if the domestic investment slump drags on or subsidiary weakness continues, it is weak.
🔎 Valuation vs peers Fairly valued
Domestic telecom and broadcast equipment makers of in-building repeaters, base stations, and antennas.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KMW | 0.00x | 4.85x | -20.57% |
| Ace Technologies | 0.00x | 1.78x | -41.30% |
| LIG Acuve | 0.00x | 1.05x | -0.72% |
With most of the three domestic telecom-equipment peers in the red, P/E comparison itself is difficult. That being so, SOLiD's P/B of 1.8x, given that it is profitable, is hard to see as an excessive premium within the sector. The trailing P/E of 17.5x reflects weak 2025 results (net profit -21%) and looks somewhat high. In 2026 net profit appears higher on the surface because of first-quarter one-off gains, but since that portion does not repeat, reading the lower-looking forward multiple straight away as a sign of undervaluation is a stretch. On a recurring-earnings basis the current price is broadly in a fair range, and re-valuation depends on how much of the 165%-larger order backlog is realized as second-half revenue.
Price history Close · MA20 · MA60
The latest close is ₩9,710 and the market capitalization is ₩589.9 billion. The price sits below its 20-day moving average (₩11,268) and below its 60-day moving average (₩14,561). 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 31.9, a neutral level. The one-month change is -20.1%, the three-month change is -32.7%, and the position relative to the 52-week high is -48.5%. Relative strength versus the KOSDAQ is 87 (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 87% of all stocks. Over the past three months it lagged the index by 11.7%. 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 -11.74% / 6M +50.07% / 12M +38.20%
Key metrics vs sector median
Valuation
The P/E is 16.19x. The P/B of 1.67x is above the sector median (1.32x). 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.24x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.3%. The operating margin is 11.3%. The debt ratio is 152.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $213.0M | $219.4M | $195.4M | -10.95% ↓ slower |
| Operating profit | $24.0M | $23.3M | $22.1M | -5.28% ↓ slower |
| Net profit | $27.1M | $30.6M | $24.1M | -21.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $140.7M | $185.4M | $213.0M | $219.4M | $195.4M |
| Operating profit | $4.1M | $18.9M | $24.0M | $23.3M | $22.1M |
| Net profit | $15.8M | $19.8M | $27.1M | $30.6M | $24.1M |
| Revenue CAGR | 4-yr avg 8.56% | ||||
Revenue fell 10.9% year over year (2023 ₩321.4 billion → 2024 ₩331.1 billion → 2025 ₩294.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 5.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.6%. The two-year revenue CAGR is -4.2%. In the most recent quarter (Q1 2026), revenue was 14.3% 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.
- ROE of 10.3% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 10.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-18IRHeld an investor briefing on first-quarter results. Laid out a second-half (weak-first-half, strong-second-half) recovery plan to offset the domestic telecom-investment slump with overseas orders.Acknowledges the short-term earnings weakness while supporting hopes for a second-half recovery based on the order backlog. Source
- 2026-05-15EarningsFirst-quarter 2026 report. Consolidated revenue ₩63.7 billion (+14.3% YoY), operating loss ₩2.1 billion, net profit ₩22.2 billion (reflecting one-off items such as a bargain-purchase gain, FX, and valuation gains).Headquarters was profitable, but a swing to loss driven by subsidiaries. Net profit is one-off and should not be read as recurring earnings. Source
- 2026-03-13DividendSigned a treasury-share purchase trust agreement (₩1.76 billion, acquired shares to be cancelled later). Earlier, in January, cancelled 260,000 treasury shares.Enhances per-share value through shareholder returns and share cancellation. Favorable over the medium term. Source
- 2026-03-16Filing2025 business report. Revenue ₩294.8 billion (-10.9% YoY), operating profit ₩33.3 billion, net profit ₩36.4 billion, all down year on year.Confirms slower growth on a domestic telecom-investment pullback. A valuation reference point. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | ₩294.8 billion | ₩294.8 billion | Confirmed | link |
| First-quarter 2026 results | revenue ₩63.7 billion· ₩2.1 billion·net profit ₩22.2 billion | revenue ₩63.7 billion· ₩2.1 billion·net profit ₩22.2 billion | Confirmed | link |
| 2026 net-profit estimate (forward) | approx. ₩45.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-24PeriodicAnnual business report (amended)
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-13TreasuryMaterial-fact report
- 2026-03-13Fair-disclosure notice
- 2026-02-26Disclosure
📖 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.