KN Sol designs and builds industrial cleanrooms, the core facilities of semiconductor and display plants, and supplies the equipment that goes into them; as circuits shrink, an even cleaner environment is required, so a customer's new plant investment directly becomes work for the company, making this an order-driven business. In May 2026 a ₩168.5 billion supply contract (29.1% of recent revenue) was finalized, and in December and November 2025 two contracts of ₩71.3 billion each, together leaving an order backlog exceeding annual revenue; in Q1 operating profit turned positive again. What stands out lately is that, if the secured orders are recognized as revenue and profit on schedule, the removal of undervaluation (P/B of 0.86x) and the exit from losses could proceed together; against that, the company posted a large loss in 2025 with a 312.9% debt ratio, carrying a financial burden, and profit is still small in the early stage of the turnaround.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 312.9%).
- The most recent full-year net result was a loss.
- Revenue fell 20.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 11.1% lower than a year earlier.
- ROE is -43.8% (controlling-interest basis). It is below the sector average.
- Operating margin is -13.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder NVH Wonbang Tech 51.42% (corporate)
Controlling bloc incl. related parties 51.42%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis
- KN Sol is a company that designs and builds industrial cleanrooms, the core facilities of semiconductor and display plants, and supplies the equipment that goes into them.
- A cleanroom is a case where a whole production line is built as a single vast, germ- and dust-free space; a superclean room lays tens of thousands of fan filter units (FFUs) across an area exceeding 15,000 square meters to keep even particles as small as 0.1-0.5 micrometers (a few hundredths of the width of a hair) below a set count.
- Because ever-finer semiconductor circuits, such as at the 3-nanometer class, require an even cleaner environment, a customer's new plant investment directly becomes work for this company, making it an order-driven business.
- As its market capitalization is relatively small, a single supply contract has a relatively large effect on results and the share price.
- The latest close is ₩8,590 and the market capitalization is ₩111.7 billion.
- The price sits below both the 20-day line (₩10,029) and the 60-day line (₩12,175).
- Trading beneath both the short- and medium-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 36.3, a neutral level.
- The one-month change is -20.8%, the three-month change is -16.6%, and the price is -49.5% from its 52-week high.
- Relative strength versus the KOSDAQ is 57 (on a 1-99 scale that converts the past year's return against the index with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 42% of all stocks by strength.
- Over the past three months it led the index by 6.0%.
- It helps to read the chart alongside trading volume and the dates of filings.
- For full-year 2025 the company posted revenue of ₩463.5 billion with an operating loss of ₩62.0 billion and a net loss of ₩54.3 billion.
- As a result ROE (how much the company earns in a year on its equity) fell to -43.8%, the operating margin to -13.4%, and the debt ratio (debt relative to equity) is a high 312.9%.
- Still, it is hard to judge a company's worth on the metrics of a loss-making year alone.
- The P/B (price-to-book ratio, how many times book value the price represents) is 0.86x, below book value, so on an asset-value basis it is actually valued low.
- For a company just turning from loss to profit, the trailing P/E often cannot be calculated because of the loss, or in the early profit stage it is temporarily high because earnings are small.
- In such an inflection phase, how quickly profit normalizes each quarter is a more important signal than the metrics.
- Revenue grew from ₩311.1 billion in 2021 to ₩579.2 billion in 2024, then fell 20% in a single year to ₩463.5 billion in 2025, and operating profit, once positive, turned to a loss in 2025.
- The important change came in Q1 2026.
- Revenue was ₩115.2 billion, down 11.1% year on year, but operating profit was about ₩0.6 billion and net profit about ₩0.1 billion, moving from loss back to profit.
- Crossing the break-even point and returning profit to positive is the starting signal of recovery.
- For the full year, a turn to profit is forecast with revenue of ₩523.6 billion, operating profit of about ₩3.7 billion, and net profit of about ₩0.8 billion, a picture of ending the 2025 loss and returning to a normal track.
- The forward P/E is set high not because the company is expensive but because profit in the first year of the turnaround is still small; the more profit recovers toward its usual level, the faster this multiple falls.
- The fuel for recovery is clear.
- From late 2025 into the first half of 2026, large supply contracts of ₩71.3 billion, ₩71.3 billion, and ₩168.5 billion were secured in succession, stacking up work exceeding half of recent revenue.
- How fast semiconductor and display customers' new-line investment is recognized as revenue will determine the extent of this year's earnings recovery.
- The center of the recent flow is large supply contracts.
- On May 6, 2026 a single supply contract of ₩168.5 billion (29.1% of recent revenue) was signed, and on December 24 and November 28, 2025 contracts of ₩71.3 billion each were secured (19.3% and 18.3% of revenue).
- All are finalized contracts that went through amended filings, and together they leave an order backlog exceeding recent annual revenue.
- The points to watch going forward are over what period and in what increments these contracts are recognized as revenue, and whether they are one-off projects or lead to repeat business.
- The timing of recognition and the profitability will shape the outline of this year's and next year's results.
- This is an early-recovery company with clear strengths and weaknesses.
- There are three strengths.
- First, in Q1 2026 operating profit moved from loss to profit, crossing the break-even point.
- Second, large supply contracts exceeding recent revenue have been secured, laying the foundation for a revenue recovery.
- Third, the stock trades below book value (P/B of 0.86x), so it is valued low relative to asset value.
- The cautions are also clear.
- It posted a large loss in 2025 and, with a high 312.9% debt ratio, carries a financial burden; and because it is in the early stage of the turnaround, profit is still small, so whether the pace of recovery keeps up as hoped needs confirmation.
- In short, if the secured orders are recognized as revenue and profit on schedule and the financial burden is managed, the exit from losses and the removal of undervaluation could proceed together and produce strong momentum; conversely, if revenue recognition is delayed or profitability is low, earnings normalization is pushed back and recovery may be slow.
- That the forward P/E is high does not mean the company is expensive but that first-year profit is small, so it is appropriate to judge it by how quickly profit fills in each quarter.
🔎 Valuation vs peers Overvalued
A comparison set within machinery and equipment whose market capitalizations are close to the company's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| M-Plus | 5.58x | 1.13x | 20.23% |
| Cowin Tech | 66.64x | 0.66x | 0.99% |
| HB Solution | 4.43x | 0.48x | 10.76% |
We looked first at a public-data comparison set within machinery and equipment whose market capitalizations are close. The current P/E (how many times one year's earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 0.90x. That said, because lower-market-cap stocks are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the forecast box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩523.6 billion | ₩3.7 billion | ₩0.8 billion |
| Next quarter | Q2 2026 | ₩128.7 billion | ₩1.0 billion | ₩0.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,590 and the market capitalization is ₩111.7 billion. The price sits below its 20-day moving average (₩10,029) and below its 60-day moving average (₩12,175). 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 36.3, a neutral level. The one-month change is -20.8%, the three-month change is -16.6%, and the position relative to the 52-week high is -49.5%. Relative strength versus the KOSDAQ is 57 (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 58% of all stocks. Over the past three months it outpaced the index by 6.0%. 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 +6.03% / 6M -18.05% / 12M -32.74%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.90x is below the sector median (1.44x).
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 -43.8%, below the sector average (5.0%). The operating margin is -13.4%. The debt ratio is 312.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $276.7M | $383.9M | $307.2M | -19.97% ↓ slower |
| Operating profit | $12.2M | $17.5M | -$41.1M | -334.65% ↓ slower |
| Net profit | $7.5M | $9.0M | -$36.0M | -499.38% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $206.2M | $257.7M | $276.7M | $383.9M | $307.2M |
| Operating profit | $9.1M | $14.6M | $12.2M | $17.5M | -$41.1M |
| Net profit | $5.8M | $10.5M | $7.5M | $9.0M | -$36.0M |
| Revenue CAGR | 4-yr avg 10.48% | ||||
Revenue fell 20.0% year over year (2023 ₩417.4 billion → 2024 ₩579.2 billion → 2025 ₩463.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 334.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.5%. The two-year revenue CAGR is 5.4%. In the most recent quarter (Q1 2026), revenue was 11.1% lower 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.
Points to watch
- Debt far exceeds equity (debt ratio 312.9%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 20.0% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-06Contract[Amended] Single supply contract signed: contract value ₩168.5 billion, 29.1% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2025-12-24Contract[Amended] Single supply contract signed: contract value ₩71.3 billion, 19.3% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2025-11-28Contract[Amended] Single supply contract signed: contract value ₩71.3 billion, 18.3% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,590 | ₩8,590 | Confirmed | link |
| Latest quarterly results | revenue ₩115.2 billion, operating profit ₩0.6 billion | revenue ₩115.2 billion, operating profit ₩0.6 billion | Confirmed | link |
| Annual results | revenue ₩463.5 billion, operating profit -₩62.0 billion | revenue ₩463.5 billion, operating profit -₩62.0 billion | Confirmed | link |
| Contract filing (original text) | []ㆍapprox. : approx. ₩168.5 billion · revenue 29.1% | []ㆍapprox. : approx. ₩168.5 billion · revenue 29.1% | Confirmed | link |
| Contract filing (original text) | []ㆍapprox. : approx. ₩71.3 billion · revenue 19.3% | []ㆍapprox. : approx. ₩71.3 billion · revenue 19.3% | Confirmed | link |
| Contract filing (original text) | []ㆍapprox. : approx. ₩71.3 billion · revenue 18.3% | []ㆍapprox. : approx. ₩71.3 billion · revenue 18.3% | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-06Single supply/sales contract (amended)
- 2026-04-30Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-19PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-03-12EarningsEarnings filing
- 2026-03-12Shareholders' meeting notice
📖 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.