FNS Tech is a machinery and equipment company that supplies equipment and materials used in display and semiconductor processes, and as a small-cap, a single new-order disclosure can weigh heavily on its revenue and earnings. In March 2026 it voluntarily disclosed a corporate value enhancement plan, in May it signed a ₩5.4 billion supply contract (7.3% of annual revenue), and its full-year results disclosed in February were revenue of ₩73.7 billion, operating profit of ₩10.3 billion, and net profit of ₩8.7 billion. What stands out recently is that the Q1 earnings inflection (operating profit +197.2%), a forward P/E of 5.75x, an ROE of 10.4% reflecting solid profitability, and a price -38.4% off the 52-week high all read as undervaluation signals; on the other hand, full-year revenue fell 16.8% year on year, so the top line is not yet steadily rising, and the earnings path could differ depending on whether the single supply contract proves repeatable.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 16.8% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.9% lower than a year earlier.
- ROE is 10.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 14.1%.
Ownership & governance As of 2025-12-31
Largest shareholder Han Kyung-hee 23.8% (individual)
Controlling bloc incl. related parties 32.91%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis
- FNS Tech belongs to the machinery and equipment group, and its core business is supplying equipment and materials used in the processes that make displays and semiconductors.
- As a small-cap with a market capitalization of ₩118.8 billion, each new-order disclosure tends to have a relatively large impact on revenue and earnings, on top of the flow of the business itself.
- So the key to understanding the business is to look at which customers it supplies with what and how much, and whether that contract is a one-off or repeats.
- The latest close is ₩12,910 and market capitalization is ₩107.2 billion.
- The price sits below the 20-day line (₩16,288) and below the 60-day line (₩18,628).
- Trading below both its short- and mid-term moving averages, the trend is on the subdued side.
- RSI (an auxiliary gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 35.0, at a neutral level.
- The one-month change is -25.3%, the three-month change is -15.7%, and the position versus the 52-week high is -44.4%.
- Relative strength versus the KOSDAQ is 69 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- This places it in roughly the top 31% of all stocks by strength.
- Over the past three months it led the index by 4.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Recent full-year revenue was ₩73.7 billion, operating profit ₩10.3 billion, and net profit ₩8.7 billion.
- The operating margin is 14.1%, and ROE (how much is earned per year on equity) is 10.4%, above the sector average.
- The debt ratio (debt versus equity) is 145.4%, the current ratio (assets convertible to cash versus debt due within a year) is 198.9%, and the interest coverage ratio (how many times operating profit covers interest) is 7.47x, so the finances are stable.
- The current P/E ratio (how many times one year's earnings the share price is) is 12.74x and P/B (how many times book value the share price is) is 1.32x, but these figures are based on last year's confirmed earnings.
- For an inflecting stock like this whose earnings are rising quickly, the real picture shows through by looking at this year's earnings rather than past earnings, and the P/E on this year's expected earnings is 5.75x, low versus the sector and an undervaluation signal.
- In other words, rather than reading the current trailing P/E and P/B as a burden, it is more accurate to understand them as multiples that naturally fall as earnings climb.
- Operating profit is the clearest growth axis.
- It rose sharply for two straight years—₩2.3 billion in 2023, ₩8.8 billion in 2024, and ₩10.3 billion in 2025—while revenue over the same period climbed from ₩38.9 billion to around ₩73.7 billion.
- The key is the most recent quarter.
- Q1 2026 revenue was ₩12.9 billion, almost flat year on year (-0.9%), yet operating profit was ₩3.5 billion (+197.2% year on year) and net profit ₩3.2 billion (+130.9%).
- Revenue being similar while profit jumped about threefold means the structure is shifting toward one where the same revenue leaves more profit, whether from a larger share of high-margin products or a lighter cost and fixed-cost burden.
- This year's expected operating profit is around ₩30.8 billion and net profit ₩20.7 billion, a picture in which the high profitability confirmed in Q1 carries through the year, grounded in display and semiconductor equipment demand and an improving product mix.
- That said, full-year revenue itself fell 16.8% year on year, so the top line is still choppy, and it is worth also confirming whether the earnings improvement translates into top-line growth through new orders.
- Recent disclosures directly show the company's direction.
- On March 24, 2026 it voluntarily disclosed a corporate value enhancement plan, presenting its own plan to lift value.
- If figures are included, they serve as primary evidence for the outlook; if only a direction is given, they serve as a reference for reading the flow.
- On May 7, 2026 it signed a ₩5.4 billion supply contract, equal to 7.3% of recent annual revenue.
- Whether this contract ends as a one-off or leads to repeat business will shape the mid-term read.
- On February 4, 2026 a disclosure of a revenue/profit change of 30% or more reported full-year revenue of ₩73.7 billion, operating profit of ₩10.3 billion, and net profit of ₩8.7 billion.
- It is worth checking whether the confirmed or provisional results move in the same direction as the annual trend and whether there are any one-off factors.
- The strengths are clear.
- It is in an earnings-inflection phase with rapidly rising profit (Q1 operating profit +197.2%), the undervaluation signal is distinct with a P/E of 5.75x on this year's expected earnings, and it pairs solid profitability (ROE 10.4%) with stable debt, liquidity, and interest burden.
- On top of that, the share price is -38.4% off the 52-week high, so results and price point in opposite directions.
- The points to watch are that full-year revenue fell 16.8% year on year, so the top line is not yet steadily rising, and that, as a small-cap, the actual earnings path can differ depending on whether a single supply contract is a one-off or repeats.
- In sum, if the high profitability confirmed in Q1 leads to top-line growth through new orders, the undervaluation appeal comes strongly into focus; conversely, if the earnings improvement proves a one-off or the revenue recovery is slow, the case weakens accordingly.
🔎 Valuation vs peers Undervalued
A peer set within machinery and equipment that is adjacent by market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Keyang Electric Machinery | — | 5.51x | -177.21% |
| PIE | — | 1.96x | -39.68% |
| KSP | 16.42x | 1.30x | 7.89% |
Within machinery and equipment, we first looked at a public-data peer set close by market capitalization. The current P/E ratio (how many times one year's earnings the share price is) is 12.74x and P/B (how many times book value the share price is) is 1.32x. That said, for lower-market-cap names, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩107.8 billion | ₩30.8 billion | ₩20.7 billion |
| Next quarter | Q2 2026 | ₩29.2 billion | ₩13.5 billion | ₩8.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩12,910 and the market capitalization is ₩107.2 billion. The price sits below its 20-day moving average (₩16,288) and below its 60-day moving average (₩18,628). 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 35.0, a neutral level. The one-month change is -25.3%, the three-month change is -15.7%, and the position relative to the 52-week high is -44.4%. Relative strength versus the KOSDAQ is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 4.3%. 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 +4.30% / 6M -1.81% / 12M -0.70%
Key metrics vs sector median
Valuation
The P/E of 12.74x is in line with the sector median (14.44x). The P/B of 1.32x is in line with the sector median (1.44x). 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 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 10.4%, above the sector average (5.0%). The operating margin is 14.1%. The debt ratio is 145.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $25.8M | $58.6M | $48.8M | -16.75% ↓ slower |
| Operating profit | $1.5M | $5.8M | $6.9M | +17.54% ↓ slower |
| Net profit | $1.2M | $9.3M | $5.8M | -37.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $43.8M | $44.8M | $25.8M | $58.6M | $48.8M |
| Operating profit | $1.6M | $3.9M | $1.5M | $5.8M | $6.9M |
| Net profit | $1.0M | $3.2M | $1.2M | $9.3M | $5.8M |
| Revenue CAGR | 4-yr avg 2.75% | ||||
Revenue fell 16.8% year over year (2023 ₩38.9 billion → 2024 ₩88.5 billion → 2025 ₩73.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 17.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.8%. The two-year revenue CAGR is 37.6%. In the most recent quarter (Q1 2026), revenue was 0.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 10.4% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 16.8% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-24UpdateCorporate value enhancement plan (voluntary disclosure): check the company's plan in the original filingThis is plan-type material the company presented directly. If figures are included, treat them as primary evidence for the outlook box; if not, treat it only as directional material. Source
- 2026-05-07ContractSingle sale/supply contract signed (voluntary disclosure): contract amount ₩5.4 billion, 7.3% of recent revenueThe contract amount and term are the key to future revenue recognition. Whether it is a one-off or a repeatable transaction shapes the mid-term read. Source
- 2026-02-04EarningsRevenue or profit-structure change of 30% or more (15% for large corporations): full-year revenue ₩73.7 billion, operating profit ₩10.3 billion, net profit ₩8.7 billionThis is the most recent confirmed or provisional results. Check whether it moves in the same direction as the annual trend and whether there are one-off factors. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩12,910 | ₩12,910 | Confirmed | link |
| Latest quarterly results | revenue ₩12.9 billion, operating profit ₩3.5 billion | revenue ₩12.9 billion, operating profit ₩3.5 billion | Confirmed | link |
| Annual results | revenue ₩73.7 billion, operating profit ₩10.3 billion | revenue ₩73.7 billion, operating profit ₩10.3 billion | Confirmed | link |
| Outlook/plan disclosure original text | : | : | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩5.4 billion · revenue 7.3% | ㆍapprox. : approx. ₩5.4 billion · revenue 7.3% | Confirmed | link |
| Results disclosure original text | revenue30%: revenue ₩73.7 billion · operating profit ₩10.3 billion · net profit ₩8.7 billion | revenue30%: revenue ₩73.7 billion · operating profit ₩10.3 billion · net profit ₩8.7 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-19Disclosure
- 2026-05-18OwnershipOwnership-change filing
- 2026-05-13PeriodicQuarterly report
- 2026-05-07Single supply/sales contract
- 2026-04-27Disclosure
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-12Amended 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.