Ace Technologies makes antennas, RF components and filters, and broadcast and communications equipment for mobile base stations and repeaters, supplying carriers and equipment makers, so its revenue swings heavily with carrier capital-expenditure cycles such as 5G and base-station build-outs. Full-year 2025 results were revenue of ₩178.4 billion (+23%), an operating loss of -₩22.2 billion, and a net loss of -₩29.1 billion, with revenue growing again and losses narrowing for a third straight year, but Q1 2026 revenue fell 37.4% year on year and there was a treasury-share disposal as well. What stands out recently is that if the revenue recovery and narrowing losses lead to a swing to profit and the financial structure improves, expectations that have fallen as much as 73% below the high could be reversed; but with an ROE of -41.3%, a debt ratio of 360.7%, and a current ratio of 74.5%, finances are tight, so if quarterly revenue swings widen again or losses drag on, the stock weakens.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 360.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 74.5%).
- The most recent full-year net result was a loss.
- Revenue rose 23.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 37.4% lower than a year earlier.
- ROE is -41.3% (controlling-interest basis).
- Operating margin is -12.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder NV Mezzanine Plus Private Equity Limited Partnership 31.82% (corporate)
Controlling bloc incl. related parties 50.49%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Ace Technologies makes antennas, RF (radio-frequency) components and filters, and broadcast and communications equipment that go into mobile base stations and repeaters, supplying carriers and equipment makers.
- Revenue swings heavily with the network investment cycle and carrier capital-expenditure flows such as 5G and base-station build-outs.
- As a small-to-mid-cap with a market capitalization of ₩135.2 billion, one should watch not only the business itself but also the effect a single disclosure such as a treasury-share disposal can have on finances and share count.
- The latest close is ₩1,665 and market capitalization is ₩125.7 billion.
- The price sits below its 20-day line (₩2,142) and its 60-day line (₩3,619).
- Trading below both the short-term and medium-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that weighs upward against downward momentum over the past 14 days on a 0-100 scale) is 24.2, close to depressed territory.
- The stock is down 36.2% over one month and 55.2% over three months, and sits 75.2% below its 52-week high.
- Relative strength against the KOSDAQ is 56 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 44% of all stocks by strength.
- Over the past three months it has lagged the index by 44.9%.
- Chart readings are best considered together with trading volume and disclosure dates.
- For the most recent full year (2025), revenue was ₩178.4 billion, operating profit -₩22.2 billion, and net profit -₩29.1 billion, still in the red.
- The operating margin was -12.4% and the ROE (how much a company earns in a year on its equity) was -41.3%.
- The P/B (how many times book value the share price represents) is 1.78x, and because of the losses, no P/E can be derived.
- What stands out on the balance sheet is that the debt ratio (debt against equity) is a high 360.7% and the current ratio (assets that can be converted to cash within a year against debt due within a year) is 74.5%, below 100%.
- In other words, both profitability and financial stability are still mid-recovery, and whether the swing to profit and improvement in the financial structure actually follow through is the key yardstick for this company.
- The revenue trend points toward recovery.
- It grew from ₩140.0 billion in 2023 to ₩145.1 billion in 2024 and ₩178.4 billion in 2025, with the 2025 growth rate of +23.0% faster than the prior year's (+3.6%) (high growth on the diagnostic).
- Losses have also steadily narrowed, with the operating loss shrinking from -₩62.3 billion in 2023 to -₩22.2 billion in 2025 and the net loss from -₩78.9 billion to -₩29.1 billion.
- That said, in the most recent quarter, Q1 2026 revenue of ₩33.2 billion was down 37.4% year on year, showing that the recovery is not a straight line every quarter.
- Given the industry characteristic that carrier capital expenditure is uneven from quarter to quarter, it is right to view the annual trend (rising revenue and narrowing losses) separately from short-term quarterly swings.
- Because this company has not yet turned to profit, valuation based on future earnings (a profit multiple) does not apply, and until the timing of the swing to profit is confirmed in results, the durability of the revenue recovery and the narrowing of losses is the most important thing to watch.
- The most recent disclosure, dated March 11, 2026 (change in revenue or profit/loss structure; full-year revenue ₩178.4 billion, operating profit -₩22.2 billion, net profit -₩29.1 billion), confirmed the annual trend of narrowing losses and rising revenue noted above.
- Ahead of that, a treasury-share disposal decision on December 10, 2025 and a disposal results report on December 12 followed in succession, matters that affect share count and cash flow.
- Since a treasury-share disposal has a financing aspect, the meaning of the disclosure can be read more accurately by also checking the cash strength during a loss-making phase and what purpose it served.
- This is a recovery-in-progress stock with clearly divided strengths and weaknesses.
- The strengths are that revenue grew again by +23% in 2025 with growth accelerating, and that operating and net losses narrowed for a third straight year, so the bottom line is clearly on an improving path.
- The share price has also fallen as much as 73% below its high, a level where expectations are substantially lowered.
- The weaknesses are that it is not yet profitable (ROE -41.3%), that a debt ratio of 360.7% and a current ratio of 74.5% leave financial headroom tight, and that Q1 2026 revenue fell 37.4% year on year, so the continuity of the recovery is not yet proven.
- In sum, if the revenue recovery and narrowing losses lead to a swing to profit and the financial structure improves, the picture becomes strong, while if quarterly revenue swings widen again or losses drag on, it becomes weak.
- Which direction disclosures related to cash and share count, such as the treasury-share disposal, work in is also worth watching alongside.
🔎 Valuation vs peers Overvalued
A peer set of communications and broadcast-equipment companies close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Laycom | 577.06x | 6.94x | 1.20% |
| Sena Technologies | 12.54x | 1.19x | 9.48% |
| Ubiquoss | 5.77x | 0.71x | 12.29% |
Within communications and broadcast equipment, publicly available peers close in market capitalization were the primary reference. The current P/E (how many times one year's profit the share price represents) cannot be determined, and the P/B (how many times book value) is 1.78x. That said, because smaller-cap names are heavily affected by earnings swings and financing disclosures, we did not draw firm conclusions from last year's confirmed-results metrics 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 | ₩120.4 billion | — | — |
| Next quarter | Q2 2026 | ₩31.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,665 and the market capitalization is ₩125.7 billion. The price sits below its 20-day moving average (₩2,142) and below its 60-day moving average (₩3,619). 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 24.2, near oversold territory. The one-month change is -36.2%, the three-month change is -55.2%, and the position relative to the 52-week high is -75.2%. Relative strength versus the KOSDAQ is 56 (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 56% of all stocks. Over the past three months it lagged the index by 44.9%. 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 -44.93% / 6M -30.87% / 12M -33.46%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.78x is above the sector median (1.32x).
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 -41.3%. The operating margin is -12.4%. The debt ratio is 360.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $92.8M | $96.2M | $118.3M | +22.99% ↑ faster |
| Operating profit | -$41.3M | -$20.6M | -$14.7M | — |
| Net profit | -$52.3M | -$27.0M | -$19.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $154.3M | $159.3M | $92.8M | $96.2M | $118.3M |
| Operating profit | -$23.5M | -$13.3M | -$41.3M | -$20.6M | -$14.7M |
| Net profit | -$21.0M | -$20.0M | -$52.3M | -$27.0M | -$19.3M |
| Revenue CAGR | 4-yr avg -6.43% | ||||
Revenue rose 23.0% year over year (2023 ₩140.0 billion → 2024 ₩145.1 billion → 2025 ₩178.4 billion), and the three-year trend is 'rising'. 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 -6.4%. The two-year revenue CAGR is 12.9%. In the most recent quarter (Q1 2026), revenue was 37.4% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 23.0% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 360.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 74.5%).
- 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
- 2026-03-11EarningsChange in revenue or profit/loss structure of 30% or more (15% for large corporations): full-year revenue ₩178.4 billion, operating profit -₩22.2 billion, net profit -₩29.1 billionThis is recently confirmed or preliminary earnings data. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-12-12UpdateTreasury-share disposal results report: confirm the return termsThis is a disclosure related to cash returns or a change in share count. Confirm whether earnings power and cash flow support it. Source
- 2025-12-10UpdateMaterial report (decision to dispose of treasury shares): confirm the return termsThis is a disclosure related to cash returns or a change in share count. Confirm whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,665 | ₩1,665 | Confirmed | link |
| Latest quarterly results | revenue ₩33.2 billion, operating profit -₩4.1 billion | revenue ₩33.2 billion, operating profit -₩4.1 billion | Confirmed | link |
| Annual results | revenue ₩178.4 billion, operating profit -₩22.2 billion | revenue ₩178.4 billion, operating profit -₩22.2 billion | Confirmed | link |
| Earnings disclosure source text | revenue30%: revenue ₩178.4 billion · operating profit -₩22.2 billion · net profit -₩29.1 billion | revenue30%: revenue ₩178.4 billion · operating profit -₩22.2 billion · net profit -₩29.1 billion | Confirmed | link |
| Shareholder-return disclosure source text | : | : | Confirmed | link |
| Shareholder-return disclosure source text | : | : | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-29OwnershipAmended filing
- 2026-04-29OwnershipAmended filing
- 2026-04-29OwnershipOwnership-change filing
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-20Disclosure
- 2026-04-14OwnershipOwnership-change filing
- 2026-04-06Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-23PeriodicAnnual business report
📖 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.