Lightron (069540) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Lightron develops and manufactures optical transceiver modules that send and receive light over optical fiber. Of its 2025 standalone revenue of ₩30.0 billion, optical components for FTTH made up about 53.7% and optical modules for mobile base stations and repeaters about 45.7%, effectively all of its sales, and it is broadening into high-speed optical modules for data centers and into the defense industry. In February 2026 consolidated preliminary results confirmed revenue up 75.2%, and the company attributed the revenue increase to new-customer contracts and the loss to a valuation allowance on slow-moving inventory and a loss on disposal of derivatives, while a run of convertible-bond issuance and conversion and a capital increase raised equity and pushed the debt-to-equity ratio down. What stands out lately is that new-customer wins have restored revenue for a second straight year, with Q1 more than doubling and financial strength improving; against that, operating profit is still in the red so a turn to profit is unconfirmed, and one-off losses and the trend of share dilution need to be watched alongside.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, the company is currently in a revenue-growth rather than a profit phase, so this metric alone offers only a limited read.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 75.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 122.2% higher than a year earlier.
- ROE is -34.0% (total-net basis). It is below the sector average.
- Operating margin is -52.0%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder K-Head Cooperative 19.62% (individual)
Controlling bloc incl. related parties 19.62%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Lightron directly develops, manufactures, and sells optical transmitter, receiver, and transceiver modules that send and receive light (optical signals) over optical fiber. Looking at the composition of its 2025 standalone revenue of ₩30.0 billion, optical components for FTTH (fiber-to-the-home ultra-high-speed internet) made up about 53.7% and optical modules for mobile base stations and repeaters (ODL and SFP lines) about 45.7%, so these two are effectively all of its sales; CATV broadcast (RF) modules are negligible. In other words, it earns money by making the core parts that go inside equipment when carriers build out internet and 5G networks, and its top five customers account for about 85% of revenue (telecom-equipment and carrier affiliates such as Samsung Electronics, KT, and Mercury). Recently it has been broadening into high-speed (100G and 1.6T-class) optical modules for data centers and into the defense industry.
The latest close is ₩2,910 and the market capitalization is ₩327.9 billion. The price sits above its 20-day moving average (₩2,292) and below its 60-day moving average (₩3,285). 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 59.0, a neutral level. The one-month change is +60.5%, the three-month change is -41.7%, and the position relative to the 52-week high is -58.4%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it lagged the index by 15.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Because net profit was negative on a confirmed annual (2025) basis, the P/E ratio (how many times one year's earnings the price represents) cannot be computed, and the P/B (how many times net assets the price represents) is 4.26x at the current price. ROE (how much the company earns in a year on its equity) is -34.0% and the operating margin is -52.0%, so profitability is still in a loss phase. Financial stability, however, is actually improving: the debt-to-equity ratio (borrowings versus equity), about 58.4% at the end of 2025, fell to 36.5% in Q1 2026 as convertible-bond conversion and a capital increase raised equity. In sum, with earnings in the red, value cannot be gauged by P/E, and the P/B, too, takes on different meaning depending on whether the company can return to profit. The P/B of 4.26x itself is neither particularly high nor low compared with the same telecom optical-component sector (even profitable names carry P/B in the 3-6x range), so rather than concluding it is expensive from the current figure alone, one should also watch whether a move out of the red is confirmed.
Five-year revenue moved through ₩44.1 billion in 2021 → ₩52.6 billion in 2022 → ₩21.7 billion in 2023 → ₩18.1 billion in 2024 → ₩31.8 billion in 2025. Revenue fell sharply in 2023-2024 as 5G investment cooled, then rebounded 75.2% in 2025 and rose 122.2% year over year in Q1 2026 as the recovery steepened. Per the company's disclosure (consolidated preliminary results), this rebound is thanks to new sales-customer contracts, driven in particular by FTTH optical components, which were almost nonexistent before but newly established a ₩14.9 billion presence in 2025. With double-digit revenue growth extending from a full year into the quarter, it appears that demand (carrier FTTH and mobile investment) and new orders are genuinely lifting the company's revenue. That said, operating profit stayed in the red throughout, from -₩4.5 billion in 2021 to -₩16.5 billion in 2025, with Q1 also showing an operating loss of ₩2.3 billion, so earnings have not yet followed the revenue increase. The company explains much of the loss as one-off-type costs such as a valuation allowance on slow-moving inventory (stock that did not sell well) and a loss on disposal of derivatives. There is no separate official earnings outlook from the company, so this year's earnings scale depends on how fast these one-off losses shrink and the revenue recovery converts into profit. On revenue alone, this is a recovery zone where about ₩33.7 billion is possible on a quarterly run-rate basis.
This year's disclosures split broadly into two strands. First, on the business side, February 2026 consolidated preliminary results confirmed revenue up 75.2%, and the company stated directly that the revenue increase came from new-customer contracts and the loss from a valuation allowance on slow-moving inventory and a loss on disposal of derivatives; that is, one-off-type losses are mixed into the loss, so it needs to be viewed separately from structural operating profitability. The Q1 quarterly report also showed the revenue recovery continuing, centered on FTTH and mobile optical modules. Second, on the capital and governance side, convertible-bond (CB) issuance, exercise of conversion rights, and a capital increase followed one after another, raising equity and lowering the debt-to-equity ratio, but this also came with a trend of a rising share count (dilution), and the largest shareholder changed from Lightron Holdings to K-Head Cooperative and others. In June the company decided to absorb its wholly owned subsidiary Seyoung Technology (electronic-product subcontract processing and OEM), but as a small-scale merger with no new-share issuance, the impact on ownership ratios and consolidated results is limited.
The strengths are clear. Winning new customers in FTTH and mobile optical modules, revenue has recovered for a second straight year, and in Q1 2026 it more than doubled year over year. This is a field backed by demand from carrier internet and 5G investment, and capital raising has nearly halved the debt-to-equity ratio, improving financial strength. Attempts to expand into high-speed data-center optical modules and defense add to the case. There are also points to confirm before moving on. Revenue has grown fast, but operating profit is still in the red, so a turn to profit is unconfirmed, and how much the one-off losses mixed into the deficit shrink can widen the spread of quarterly results. The trend of a rising share count from repeated CB conversion and capital increases also needs to be watched. Taken together, the conditions for this company to grow stronger are new orders converting from quarterly revenue into profit and one-off losses shrinking, while the conditions for it to weaken are a prolonged phase of deficit and dilution even as revenue grows. For now, it is a balanced view to read it as a stock where the revenue recovery has been confirmed in results and that stands just before an earnings recovery is confirmed.
🔎 Valuation vs peers Inconclusive
Compared using in-site data against listed makers of telecom-equipment parts such as optical transceivers, telecom optical modules, and wireless-communication components.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| RFHIC | 45.77x | 3.63x | 9.12% |
| KMW | — | 5.03x | -20.57% |
| Hanwha Vision | 53.16x | 2.80x | 5.27% |
The telecom-equipment-parts peers form high multiples, with even profitable names in the 70-80x P/E range, so it is hard to rank by absolute multiples alone. Among them, Lightron is still loss-making, so (a) an earnings-based comparison itself is impossible, and (b) its P/B of 5.95x is similar to or somewhat below the profitable peers, but this reflects at once the weakness of being loss-making and the expectation of a future turn to profit. (c) On a trailing basis using last year's confirmed results, earnings are negative so the P/E loses meaning, and for the forward view there is no official company outlook, so it can only be gauged from a DART seasonality approximation (revenue only). Rather than calling it cheap or expensive, therefore, we treat it as inconclusive until a quarterly turn to profit and a reduction in one-off losses are confirmed.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩8.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩2,910 and the market capitalization is ₩327.9 billion. The price sits above its 20-day moving average (₩2,292) and below its 60-day moving average (₩3,285). 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 59.0, a neutral level. The one-month change is +60.5%, the three-month change is -41.7%, and the position relative to the 52-week high is -58.4%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it lagged the index by 15.0%. 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 -14.98% / 6M +157.56% / 12M +148.28%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.26x is above the sector median (0.83x).
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 -34.0%, below the sector average (3.0%). The operating margin is -52.0%. The debt ratio is 36.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $15.2M | $12.7M | $22.3M | +75.20% ↑ faster |
| Operating profit | -$6.6M | -$7.2M | -$11.6M | — |
| Net profit | -$13.8M | -$13.1M | -$13.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $31.0M | $36.9M | $15.2M | $12.7M | $22.3M |
| Operating profit | -$3.2M | $857,250 | -$6.6M | -$7.2M | -$11.6M |
| Net profit | -$6.0M | -$504,358 | -$13.8M | -$13.1M | -$13.8M |
| Revenue CAGR | 4-yr avg -7.89% | ||||
Revenue rose 75.2% year over year (2023 ₩21.7 billion → 2024 ₩18.1 billion → 2025 ₩31.8 billion), and the three-year trend is 'mixed'. The pace of growth also quickened 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 -7.9%. The two-year revenue CAGR is 21.0%. In the most recent quarter (Q1 2026), revenue was 122.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 75.2% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-20FilingDecision to absorb the wholly owned subsidiary Seyoung Technology (electronic-product subcontract processing and OEM) via a small-scale merger with no new-share issuance. No new shares, merger date 2026-07-22, registration expected 2026-07-23.Because it merges a subsidiary already within the consolidation scope, the effect on consolidated revenue and profit and on ownership ratios is limited. The aim is cost efficiency from integrating human and physical resources. Source
- 2026-02-02Earnings2025 consolidated preliminary results: revenue ₩31.77 billion (+75.2%), operating loss ₩16.5 billion, net loss ₩20.3 billion. The company specified that the revenue increase came from new-customer contracts and the loss from a valuation allowance on slow-moving inventory and a loss on disposal of derivatives.The revenue recovery is confirmed in actual transactions, but one-off losses (inventory and derivatives) are mixed into the deficit, so it must be viewed separately from structural operating profitability. Source
- 2026-05-15EarningsQ1 2026 quarterly report: standalone revenue ₩6.5 billion (FTTH 35.8%, mobile ODL 63.3%), consolidated total equity rose to ₩77.06 billion, improving the debt-to-equity ratio from 57.3% to 36.5%.The revenue recovery continued, centered on FTTH and mobile optical modules, and CB conversion and a capital increase improved the financial structure. That said, capital raising comes with a rising share count (dilution). Source
- 2026-06-12FilingExercise of conversion rights on the 13th series convertible bonds. Bonds convert into shares, increasing the outstanding share count.For the balance sheet this reduces debt and raises equity, but it dilutes existing shareholders' stakes. With conversions and capital increases repeated this year, changes in the share count should be watched alongside. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩31.8 billion(+75.2%) | ₩31,770,167,371(+75.20%) | Confirmed | link |
| 2025 consolidated operating result | -₩16.5 billion | -₩16,535,295,028 | Confirmed | link |
| Debt-to-equity ratio (consolidated) | 58.4% | 57.3%→36.5% | Confirmed | link |
| 2026 revenue approximation | approx. ₩33.7 billion | — | Unverified | link |
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-05Material-fact report (amended)
- 2026-06-05PeriodicQuarterly report (amended)
- 2026-06-02Amended filing
- 2026-06-01Amended filing
- 2026-06-01Disclosure
- 2026-06-01Shareholders' meeting notice
- 2026-05-26Disclosure
- 2026-05-22Disclosure
- 2026-05-21Disclosure
- 2026-05-21Material-fact report (amended)
- 2026-05-20Disclosure
📖 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.