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 922% 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.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 922.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 53.9%).
- 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%.
- P/E is hard to compute here, so this is read on P/B.
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
- 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 ₩6,440 and the market cap is ₩295.4 billion.
- The price sits below its 20-day line (₩7,522) and below its 60-day line (₩9,226).
- Trading below both its short- and mid-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 37.7, a neutral level.
- The one-month change is -31.3%, the three-month change is +92.2%, and the price stands -63.3% from its 52-week high.
- Relative strength versus the KOSDAQ is 96 (on a 1-99 scale that converts return versus the index over the past year, weighting recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 3% of all stocks by strength.
- Over the past three months it outpaced the index by 151.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- 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 3.80x.
- 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 | — | 0.89x | -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 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 ₩6,440 and the market capitalization is ₩295.4 billion. The price sits below its 20-day moving average (₩7,522) and below its 60-day moving average (₩9,226). 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 37.7, a neutral level. The one-month change is -31.3%, the three-month change is +92.2%, and the position relative to the 52-week high is -63.3%. Relative strength versus the KOSDAQ is 96 (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 97% of all stocks. Over the past three months it outpaced the index by 151.1%. 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 +151.12% / 6M +187.71% / 12M +99.83%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.80x is above the sector median (2.10x).
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 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 922.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $334.0M | $463.4M | $506.2M | +9.24% ↓ slower |
| Operating profit | -$48.3M | $2.3M | $149,675 | -93.52% |
| Net profit | -$58.9M | $4.7M | -$10.2M | -316.99% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $323.9M | $290.8M | $334.0M | $463.4M | $506.2M |
| Operating profit | $14.8M | -$41.2M | -$48.3M | $2.3M | $149,675 |
| Net profit | $2.9M | -$57.3M | -$58.9M | $4.7M | -$10.2M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 922.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 53.9%).
- 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
- 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.