Seoul Viosys (092190) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Seoul Viosys makes light-emitting optical-semiconductor (LED) chips and packages, with revenue running along four streams: visible-light LEDs for smartphones, TVs, and cars (its WICOP technology), UV LEDs for sterilization and bio applications (claiming the world's No. 1 position with "Violeds"), VCSELs for 3D sensing, and next-generation micro LEDs, with visible-light LED maker Seoul Semiconductor as its effective parent. In the first quarter of 2026 it confirmed a swing to profit, with revenue of ₩187.8 billion, operating profit of ₩10.4 billion, and net profit of ₩10.3 billion, and notably a single quarter's profit exceeded a full year of last year's, marking a clear turn in the direction of earnings. What stands out lately is that a moat of world-No. 1 UV-LED standing and micro-LED core technology, combined with the swing to profit and rising revenue, revives its forward-basis undervaluation appeal, while a debt ratio of 822% and a current ratio of 53.9% carry a financial burden, so whether the first-quarter profit hardens into an annual profit and financial improvement is the key to firming up the picture.
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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 “Semiconductors” (Semiconductors & IT Components), a type typically read first through P/B.
Chipmakers ride sharp swings in chip prices and demand, so profits balloon in upturns and can flip to losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the company's asset value — is the first lens.
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
- Debt far exceeds equity (debt ratio 581.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 54.3%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 9.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 11.9% higher than a year earlier.
- ROE is -19.8% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.0%.
- 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 Seoul Semiconductor 51.84% (corporate)
Controlling bloc incl. related parties 66.69%
With the controlling bloc holding 67%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Seoul Viosys is a company that makes and sells light-emitting semiconductors - that is, optical-semiconductor (LED) chips and packages. It earns money along four main streams. First is visible-light LEDs used in smartphone, TV, and automotive lighting, whose core is a proprietary technology (WICOP) that mounts the chip directly onto the substrate without wires or a separate package. Second is ultraviolet LEDs used in sterilization and disinfection (UVC) and skin and bio applications, the mainstay where the company claims the world's No. 1 position under the "Violeds" brand. Third is light-emitting devices for 3D sensing and short-range communication (VCSELs), and fourth is micro LEDs (WICOP Pixel, RGB single-chip), drawing attention as next-generation displays. Its largest shareholder and effective parent is Seoul Semiconductor, a visible-light LED package maker, with the two companies splitting the optical-semiconductor value chain.
The latest close is ₩5,670 and the market capitalization is ₩260.1 billion. The price sits above its 20-day moving average (₩5,440) and below its 60-day moving average (₩8,701). 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 47.5, a neutral level. The one-month change is -8.8%, the three-month change is -53.2%, and the position relative to the 52-week high is -67.7%. Relative strength versus the KOSDAQ is 93 (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 30.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The trailing P/E (the price multiple on last year's confirmed earnings) cannot be calculated because 2025 annual net profit was a loss, and the P/B (how many times net assets the price is) is 2.88x. But viewing the company through last year's confirmed results alone reads the picture backward, because 2025 annual operating profit was only ₩0.2 billion while first-quarter 2026 operating profit of ₩10.4 billion had a single quarter surpass all of last year at once. This sits well below the peer median forward P/E (25.1x) and is low even for a semiconductor stock carrying a growth business, so if earnings continue along the first-quarter trend, it can be read as a signal that the current price is not richly reflecting future earnings. The point to weigh alongside is the financial structure. With a debt ratio (debt to equity) as high as 922% and a current ratio of 53.9%, checking each quarter whether the earnings recovery actually eases that burden makes the picture clearer.
Revenue has trended steadily upward, from ₩488.7 billion in 2021 to ₩504.0 billion in 2023, ₩699.2 billion in 2024, and ₩763.8 billion in 2025, a five-year average annual growth rate (CAGR, how many percent it grew on average each year) of 11.8%. The more important change is the direction of profit. From an operating loss of ₩72.9 billion in 2023 it swung to a slight profit in 2024, and in the first quarter of 2026 it posted a clear quarterly profit with revenue of ₩187.8 billion (+11.9% year on year), operating profit of ₩10.4 billion, and net profit of ₩10.3 billion. This profit is the result of revenue growing on top of a cost structure trimmed through the loss period, supported by demand for high-value optical semiconductors such as UV LEDs and micro LEDs. The grounds for this year's forward earnings coming in at this level lie here as well: it has already confirmed in the first quarter a profit exceeding a full year of last year, and the growth axes of UVC, where the company claims the world's No. 1 position, and micro LEDs for next-generation displays are underpinning quarterly profit, so a forward P/E holds. That said, whether this profit hardens into an annual figure rather than lasting only a quarter or two is something to keep confirming through the remaining quarters' results.
The recent flow is clear from disclosures. A February 11, 2026 disclosure of a "change of 30% or more in the profit-and-loss structure" first signaled a large change in 2025 results, and preliminary-earnings fair disclosures on April 15 and May 11 (the May 11 one a correction) let one confirm the first-quarter 2026 swing to profit. On May 8 it held an investor briefing (IR) where the company itself explained the first-quarter results and business direction to investors, and the May 15 quarterly report finalized revenue of ₩187.8 billion, operating profit of ₩10.4 billion, and net profit of ₩10.3 billion. In March the business report and audit report were filed and the regular general meeting concluded normally. These disclosures center on results and regular reporting, good material for confirming the facts of the swing to profit step by step.
This stock's picture is relatively clear. Its strengths are the business moat of world-No. 1 UV-LED standing and micro-LED core technology, an earnings direction that has clearly turned from loss to quarterly profit, and rising revenue. Notably, with a single quarter's profit surpassing a full year of last year, the forward P/E has come down, reading as a spot where the price is not heavy versus earnings for a semiconductor stock carrying a growth business. The point to weigh alongside is the financial burden of a 922% debt ratio and a 53.9% current ratio, where whether the earnings recovery leads to financial improvement is the key to firming up the picture. In sum, if the first-quarter profit continues into the remaining quarters and hardens into an annual profit and financial improvement, its forward-basis undervaluation appeal revives, making it a strong stretch, while it weakens if the profit proves one-off or revenue slows. Rather than declaring one way or the other, the key is to keep confirming the continuity of profit through quarterly results.
🔎 Valuation vs peers Inconclusive
Comparison was made by the substance of the optical-semiconductor (LED) business rather than a simple industry code; Seoul Semiconductor, the largest shareholder that handles visible-light LED packages, is the closest comparison, with P/B and ROE confirmable from site data, while semiconductor test-component firms such as Leeno Industrial were excluded as different businesses.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Seoul Semiconductor | — | 0.82x | -8.30% |
(a) Against Seoul Semiconductor, in the same optical-semiconductor group, Seoul Viosys sits at a P/B of 3.80x, a higher position. (b) This can be read as a premium for the growth of UV and micro LEDs, but at the same time the 922% debt ratio and low 53.9% current ratio are discount factors. (c) Because last year's annual figure was a loss, there is no trailing P/E itself, so cheap-or-expensive cannot be declared, and a valuation judgment becomes possible only once it is confirmed whether the first-quarter 2026 profit carries into an annual figure (forward). At the current stage, where it is undetermined whether the quarterly profit is one-off or a trend, it is left Inconclusive, declaring neither undervalued nor overvalued.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩217.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩5,670 and the market capitalization is ₩260.1 billion. The price sits above its 20-day moving average (₩5,440) and below its 60-day moving average (₩8,701). 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 47.5, a neutral level. The one-month change is -8.8%, the three-month change is -53.2%, and the position relative to the 52-week high is -67.7%. Relative strength versus the KOSDAQ is 93 (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 30.0%. 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 -29.96% / 6M +183.00% / 12M +83.66%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.88x is above the sector median (1.63x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.0%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 0.0%. The debt ratio is 581.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $354.0M | $491.2M | $536.6M | +9.24% ↓ slower |
| Operating profit | -$51.2M | $2.5M | $158,648 | -93.52% |
| Net profit | -$62.5M | $5.0M | -$10.8M | -316.99% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $343.3M | $308.3M | $354.0M | $491.2M | $536.6M |
| Operating profit | $15.6M | -$43.6M | -$51.2M | $2.5M | $158,648 |
| Net profit | $3.1M | -$60.7M | -$62.5M | $5.0M | -$10.8M |
| Revenue CAGR | 4-yr avg 11.81% | ||||
Revenue rose 9.2% year over year (2023 ₩504.0 billion → 2024 ₩699.2 billion → 2025 ₩763.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 93.5% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.8%. The two-year revenue CAGR is 23.1%. In the most recent quarter (Q1 2026), revenue was 11.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 581.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 54.3%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 9.2% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15FilingFiling of the first-quarter 2026 quarterly report. Quarterly results finalized at revenue of ₩187.8 billion, operating profit of ₩10.4 billion, and net profit of ₩10.3 billionNear-term: earnings momentum confirmed by the finalized swing to profit. Mid-term: it needs trend confirmation of whether this profit carries into the next quarter. Source
- 2026-05-11EarningsConsolidated operating (preliminary) results fair disclosure (correction). Officially confirms first-quarter 2026 revenue, operating profit, and net profitNear-term: the preliminary results made the first-quarter profit known to the market. Mid-term: as a corrected disclosure, cross-checking against the final figures (quarterly report) is needed. Source
- 2026-05-08IRHeld an investor briefing (IR). The company itself explained first-quarter results and business direction to investorsNear-term: a channel for communicating business status. Mid-term: an official company message allowing review of the strategy for the business units (UV, visible-light, micro LED). Source
- 2026-04-15EarningsConsolidated operating (preliminary) results fair disclosure. Discloses first-quarter 2026 results firstNear-term: the first signal of the swing to profit. Mid-term: it later becomes finalized via the quarterly report and serves as a reference point for judging the trend. Source
- 2026-02-11FilingDisclosure of a change of 30% or more in revenue or profit-and-loss structure. Signals a large swing in 2025 annual profit and lossNear-term: draws attention to earnings volatility. Mid-term: it should be viewed as a starting point for narrowing losses and recovering to profit, connected to 2026 results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue | ₩187.8 billion(₩187,795,508,810) | DART | Confirmed | link |
| First-quarter 2026 operating profit | ₩10.4 billion(₩10,371,187,521) | DART | Confirmed | link |
| 2025 annual revenue | ₩763.8 billion(₩763,809,147,116) | DART (2025.12) | Confirmed | link |
| Estimated 2026 annual revenue (seasonality approximation) | approx. ₩864.5 billion | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Fair-disclosure notice
- 2026-05-11EarningsFair-disclosure notice (amended)
- 2026-05-08Disclosure
- 2026-04-15EarningsFair-disclosure notice
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-02-11EarningsEarnings 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.