Insun ENT is a waste and environmental company that takes construction waste, turns it into recycled aggregate that it sells, and collects the associated processing fees, while also providing collection, transport, incineration and landfill services for general and designated waste. Permits and processing-site capacity act as barriers to entry. Annual results were revenue of ₩187.2 billion, operating profit of ₩18.2 billion and a net loss of ₩10.9 billion, and in Q1 2026 revenue was ₩42.5 billion, operating profit ₩2.8 billion and net profit ₩1.7 billion, with net income swinging back to a profit for the first time in two years. What stands out now is that if construction-waste volumes and processing prices find a floor and the quarterly swing to profit settles in on an annual basis, the asset-cheapness appeal of a P/B of 0.43x comes alive; on the other side, if a slowdown in construction drags on and the top-line decline continues, the recovery timing may be pushed out.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 10.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 2.0% lower than a year earlier.
- ROE is -3.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 9.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder IS Dongseo 44.97% (corporate)
Controlling bloc incl. related parties 44.97%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- Insun ENT's core business is waste and environmental services.
- It takes construction waste from demolished buildings, crushes and sorts it into recycled aggregate (reusable sand and gravel) that it sells, and the processing fees earned in that process are a large axis of revenue.
- On top of that, it also provides processing services such as collection, transport, incineration and landfill of general and designated waste from business sites.
- In short, the two pillars that earn money are 'fees received for taking in and processing waste' and 'revenue from making and selling recycled raw material'.
- Because waste processing is a business where permits and processing-site capacity act as barriers to entry, the secured processing capacity itself works as a competitive edge.
- With a market cap of ₩133.5 billion, on the smaller side, it is worth watching not only the business flow but also how each results- and funding-related disclosure affects the share price and financials.
- The latest close is ₩3,310 and the market cap is ₩150.8 billion.
- The price sits above its 20-day line (₩3,262) and below its 60-day line (₩3,816).
- With the short- and medium-term trends diverging, the direction should be read separately.
- The RSI (a supporting gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 46.5, a neutral reading.
- It is up 0.0% over one month and down 18.5% over three months, and sits 43.0% below its 52-week high.
- Its relative strength versus the KOSDAQ is 58 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 41% of all stocks by strength.
- Over the past three months it led the index by 10.8%.
- Chart reading is best done alongside volume and disclosure dates.
- Recent annual revenue is ₩187.2 billion, operating profit ₩18.2 billion and net profit -₩10.9 billion.
- The operating margin is 9.7%, so the core business itself is generating a steady profit; the net loss is best read as the result of adding costs from outside operations (interest, valuation gains and losses, etc.).
- The P/E ratio (how many times one year's earnings the price represents) cannot be computed because annual net income was a loss, so we look at P/B.
- P/B (how many times book value the price represents) is 0.49x, meaning the stock trades at less than half of the company's net assets.
- Beyond simply being a low metric, this reads as a clear undervaluation signal relative to assets.
- The debt ratio (debt against equity) is 150.3% and interest coverage (how many times operating profit can cover interest) is 3.83x, a level at which core earnings can carry the interest, and the current ratio (assets convertible to cash against debt due within a year) of 157% shows short-term liquidity is in place.
- Annual revenue has declined from ₩221.0 billion in 2023 to ₩208.8 billion in 2024 and ₩187.2 billion in 2025, and operating profit has fallen from ₩25.8 billion to ₩18.2 billion.
- As construction cooled, construction-waste volumes and processing prices were pressed down together, so it is true that the core business is in a top-line slowdown.
- The clue to change, however, comes in the most recent quarter.
- Q1 2026 revenue of ₩42.5 billion was down just 2.0% year on year, a much smaller decline, and net profit of ₩1.7 billion swung back to a profit from two years of losses.
- Operating profit of ₩2.8 billion also kept the core in the black.
- This year's operating profit is estimated at around ₩12.6 billion, a conservative picture tied to a top line that has stepped down another notch versus the prior year; if the Q1 swing to profit carries through on an annual basis, it shows room for improvement over last year on the net-income line.
- In short, the top line is still in a slowdown, but the quarterly signal of turning from a loss to a profit points to the possibility of a recovery.
- The disclosure flow centers on confirmed and amended results.
- On February 25, 2026 and March 12 (amended), profit-structure-change disclosures set out confirmed results of revenue ₩187.2 billion, operating profit ₩18.2 billion and net profit -₩10.9 billion, and the May 13 quarterly report released Q1 2026 revenue of ₩42.5 billion, operating profit ₩2.8 billion and net profit ₩1.7 billion.
- Since a profit-structure-change disclosure is a signal that the direction of results has changed, it is worth watching in the next disclosures whether the annual loss was driven by a one-off and whether the Q1 swing to profit continues.
- This is a stock where strengths and weaknesses are clearly split.
- There are two strengths.
- First, at a P/B of 0.43x, less than half of book value, it sits at a price that is clearly cheap relative to assets.
- Second, core operating profit has stayed in the black, and in Q1 2026 net income swung back to a profit for the first time in two years, a recovery signal.
- The weakness is the top line.
- Revenue and operating profit have declined over several years in a slowdown, and on an annual basis net income was still a loss.
- So this is a stock where the undervaluation appeal comes alive when construction-waste volumes and processing prices find a floor and the quarterly swing to profit settles in annually, and conversely, if a slowdown in construction drags on and the top-line decline continues, the recovery timing may be pushed out.
- The key is to watch the cheap price relative to asset value together with the early signals of an earnings recovery, and to check whether quarterly results are firming up the direction.
🔎 Valuation vs peers Undervalued
The peer set is drawn from waste/environmental names with a nearby market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Insun ENT | — | 0.49x | -3.54% |
Within waste and environmental services, we looked first at a public-data peer set with a nearby market cap. The current P/E ratio (how many times one year's earnings the price represents) cannot be confirmed, and P/B (how many times book value the price represents) is 0.49x. That said, for smaller-cap names, earnings swings and funding disclosures have a large effect, so we did not draw a firm conclusion from last year's confirmed-results-based 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 | ₩173.8 billion | ₩12.6 billion | — |
| Next quarter | Q2 2026 | ₩45.1 billion | ₩3.1 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩3,310 and the market capitalization is ₩150.8 billion. The price sits above its 20-day moving average (₩3,262) and below its 60-day moving average (₩3,816). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.5, a neutral level. The one-month change is +0.0%, the three-month change is -18.5%, and the position relative to the 52-week high is -43.0%. Relative strength versus the KOSDAQ is 58 (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 59% of all stocks. Over the past three months it outpaced the index by 10.8%. 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 +10.81% / 6M -6.56% / 12M -41.26%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.49x is below the whole-market median (1.15x).
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 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -3.5%, below the whole-market average (5.0%). The operating margin is 9.7%. The debt ratio is 150.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $146.4M | $138.4M | $124.0M | -10.39% ↓ slower |
| Operating profit | $17.1M | $15.4M | $12.1M | -21.36% ↓ slower |
| Net profit | $1.1M | -$12.5M | -$7.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $163.3M | $157.5M | $146.4M | $138.4M | $124.0M |
| Operating profit | $27.7M | $22.0M | $17.1M | $15.4M | $12.1M |
| Net profit | $16.5M | $14.5M | $1.1M | -$12.5M | -$7.2M |
| Revenue CAGR | 4-yr avg -6.65% | ||||
Revenue fell 10.4% year over year (2023 ₩221.0 billion → 2024 ₩208.8 billion → 2025 ₩187.2 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 21.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -6.7%. The two-year revenue CAGR is -8.0%. In the most recent quarter (Q1 2026), revenue was 2.0% 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
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 10.4% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-03-12Earnings[Amended] Change in revenue or profit structure of 30% or more (15% for large corporations): annual revenue ₩187.2 billion, operating profit ₩18.2 billion, net profit -₩10.9 billionThis is recent confirmed or preliminary results data. Check whether it points the same way as the annual trend and whether one-off factors are present. Source
- 2026-02-25EarningsChange in revenue or profit structure of 30% or more (15% for large corporations): annual revenue ₩187.2 billion, operating profit ₩18.2 billion, net profit -₩10.9 billionThis is recent confirmed or preliminary results data. Check whether it points the same way as the annual trend and whether one-off factors are present. Source
- 2026-05-13EarningsQuarterly report (2026.03): Q1 2026 revenue ₩42.5 billion, operating profit ₩2.8 billion, net profit ₩1.7 billionThis is recent confirmed or preliminary results data. Check whether it points the same way as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,310 | ₩3,310 | Confirmed | link |
| Latest quarterly results | revenue ₩42.5 billion, operating profit ₩2.8 billion | revenue ₩42.5 billion, operating profit ₩2.8 billion | Confirmed | link |
| Annual results | revenue ₩187.2 billion, operating profit ₩18.2 billion | revenue ₩187.2 billion, operating profit ₩18.2 billion | Confirmed | link |
| Results disclosure text | []revenue30%: revenue ₩187.2 billion · operating profit ₩18.2 billion · net profit -₩10.9 billion | []revenue30%: revenue ₩187.2 billion · operating profit ₩18.2 billion · net profit -₩10.9 billion | Confirmed | link |
| Results disclosure text | revenue30%: revenue ₩187.2 billion · operating profit ₩18.2 billion · net profit -₩10.9 billion | revenue30%: revenue ₩187.2 billion · operating profit ₩18.2 billion · net profit -₩10.9 billion | Confirmed | link |
| Results disclosure text | (2026.03): 2026 1 revenue ₩42.5 billion · operating profit ₩2.8 billion · net profit ₩1.7 billion | (2026.03): 2026 1 revenue ₩42.5 billion · operating profit ₩2.8 billion · net profit ₩1.7 billion | Confirmed | link |
| Forecast-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-29Large-business-group status disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-24Disclosure
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-12Disclosure
- 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.