Iljin Power earns most of its money from routine maintenance of thermal and nuclear power plants — keeping plants running while periodically inspecting and replacing boilers and turbines — a maintenance business that makes up roughly half of revenue and serves as its cash cow, to which it adds the manufacture of nuclear test facilities and, through subsidiary Iljin Energy, chemical equipment and plant work. Recently it signed a contract worth about ₩16.3 billion with the Korea Atomic Energy Research Institute for innovative SMR test equipment and one worth about ₩15.1 billion with GS Donghae Power for thermal-plant routine maintenance, filling both its core business and its growth axis, while last year's earnings recovery and Q1 acceleration appeared together and produced an ROE of 12.8%. What stands out lately is that the stability of maintenance revenue, if SMR and plant orders keep filling in, brings into focus a forward P/E lower than KEPCO KPS and a price at about half its 52-week high — a strong picture — though revenue depends on the timing of orders and contract recognition, making quarterly results volatile and leaving the stock exposed if the flow of new orders stops.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 227.0%).
- Revenue rose 30.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 55.4% higher than a year earlier.
- ROE is 12.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 9.6%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Kwang-seop 22.72% (individual)
Controlling bloc incl. related parties 36.79%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- Iljin Power earns most of its money from 'routine maintenance' of thermal and nuclear power plants.
- Routine maintenance is the upkeep business of periodically inspecting and replacing boilers, turbines, and auxiliary equipment so that plants keep running, and it accounts for roughly half of revenue as the most stable cash cow.
- The company keeps technical staff on site at the Wolsong and Hanbit nuclear plants to handle maintenance, and to that it adds a business of directly manufacturing and selling nuclear test facilities and PILOT equipment (about a tenth of revenue).
- It also carries out manufacture of chemical equipment such as heat exchangers and plant construction through its subsidiary Iljin Energy (about a third of consolidated revenue), so the business runs from maintenance to manufacturing to plants.
- In other words, on top of 'maintenance revenue that comes in steadily as long as plants keep running' sits 'order-based manufacturing revenue such as SMR and test equipment.'
- The latest close is ₩11,100 and the market cap is ₩167.4 billion.
- The price sits below its 20-day line (₩12,962) and its 60-day line (₩15,883).
- Trading below both its short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (an indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 35.9, a neutral level.
- The one-month change is -11.8%, the three-month change is -31.7%, and the position versus the 52-week high is -52.3%.
- Relative strength against the KOSDAQ is 71 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 29% of all stocks by strength.
- Over the past three months it has lagged the index by 10.4%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The P/E (how many times a year's earnings the price represents) is 9.02x and the P/B (how many times net asset value the price represents) is 1.15x.
- ROE (how much it earns in a year on its capital) is a solid 12.8%, and with an operating margin of 9.6% and a net margin of 7.4%, profitability is firm for a maintenance business.
- The key point here is that the P/E of 9.59x is a 'trailing' figure based on last year's (2025) confirmed earnings.
- For a company whose earnings are rising quickly, a P/E calculated on last year's earnings can look higher than the company's actual strength, and the forward P/E based on this year's expected earnings comes in lower.
- Set against KEPCO KPS — which shares the same power-plant maintenance core business and trades at a P/E of 16.4x — Iljin Power's forward is clearly lower than its peer, closer to an undervaluation signal.
- On the balance sheet, equity is ₩145.0 billion with a debt ratio of 227%, but this owes much to the way advances and construction payables are booked as liabilities given the nature of maintenance and construction work, which is different in character from simple borrowing burden.
- With a current ratio of 188% and an interest-coverage ratio of 6.6x, short-term ability to pay and to cover interest are unremarkable.
- The top-line trend over three years is distinct.
- Revenue went from ₩190.8 billion in 2023 to ₩193.1 billion in 2024 to ₩252.0 billion in 2025, accelerating 30.5% last year, while operating profit more than doubled from ₩10.3 billion in 2024 to ₩24.1 billion in 2025.
- Q1 2026 was stronger still, tallying cumulative revenue up 55.4%, operating profit up 205%, and net profit up 900%.
- The reasons this growth is no accident are clear.
- The core power-plant routine maintenance comes in steadily as plant operation rises, while large orders such as the Korea Atomic Energy Research Institute SMR test equipment (about ₩16.3 billion) and GS Donghae Power maintenance (about ₩15.1 billion) are booked into this year's revenue in installments, and the subsidiary's chemical and plant volumes are added on top.
- It is a phase where demand (nuclear maintenance and SMR), order backlog, and operating capacity all support results at once, so it is natural for this year's forward earnings to come in a step above last year's.
- The SMR test-equipment revenue is contracted to run through March 2027, which also supports the view that this year's earnings are not a one-off peak but a flow that connects into next year.
- The heart of the recent story is two supply contracts.
- First, a contract with the Korea Atomic Energy Research Institute to manufacture and install test equipment related to an innovative SMR (small modular reactor) (signed 2025-02, amended 2026-05), worth about ₩16.3 billion, with the term extended to March 2027 so that revenue recognition runs into next year.
- As a next-generation reactor drawing attention, the SMR field makes this order a symbolic one that showcases the company's nuclear test-facility capabilities.
- Second, thermal-plant routine maintenance work with GS Donghae Power worth about ₩15.1 billion (recognized 2026-04 to 06), which fills in the core maintenance revenue.
- Both contracts are on the order of 7-9% of recent revenue, so even a single contract shows up distinctly in the quarterly results.
- Beyond these, there were the regular shareholders' meeting, the quarterly report, and large-holding change disclosures, and the dividend (₩360 per share) was maintained.
- The strengths are distinct.
- On top of a defensive cash cow in power-plant maintenance sit growth axes in SMR test facilities and chemical plants, so last year's earnings recovery and this year's Q1 acceleration appeared together.
- An ROE of 12.8% and margins above the maintenance industry back this up.
- Above all, its valuation is lower than that of peer power-plant maintenance stocks, so the forward P/E on this year's expected earnings is well below KEPCO KPS (16.4x), close to undervalued territory.
- The price, too, has fallen to about half its 52-week high, so results and the share price are pointing in opposite directions.
- The point to be careful of is that revenue depends on the ordering by power companies and research institutes and on the timing of contract recognition, so quarterly results are highly volatile.
- In sum, this is a company that is strong — with the undervaluation resolving — when the stability of maintenance revenue is continually topped up by SMR and plant orders, and whose volatility rises when the flow of new orders stops.
🔎 Valuation vs peers Fairly valued
Compared against stocks close in business substance — power-plant maintenance and power-equipment manufacturing; KEPCO KPS (nuclear and thermal maintenance core business) is the most direct, with an extended comparison to BHI (power-equipment manufacturing) and Iljin Electric (power devices, affiliate).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KEPCO KPS | 16.21x | 1.50x | 9.23% |
| BHI | 21.36x | 7.84x | 36.72% |
| Iljin Electric | 28.60x | 5.05x | 17.65% |
The most direct comparator, KEPCO KPS (maintenance core business), trades at a P/E of 18.5x and a P/B of 1.71x, whereas Iljin Power is lower at a P/E of 12.1x and a P/B of 1.55x. Iljin Power's ROE (12.8%) is higher than KEPCO KPS's (9.2%), so on valuation relative to profitability alone there is room to see a discount. Compared with power-equipment manufacturers (BHI at a P/E of 30.9x, Iljin Electric at a P/E of 40.4x), Iljin Power is far lower, but those differ in growth rate (revenue up in the 90% range year on year) and scale, making a direct equivalence difficult. Still, the current P/E of 9.02x is limited in that it is on a trailing (last year's confirmed earnings) basis. Last year was a recovery inflection point where operating profit more than doubled, so on a forward basis that reflects this year's Q1 acceleration and the SMR and maintenance orders, the multiple has room to fall further. On balance, it is a lower multiple than its peers, but taking quarterly volatility and order dependence into account together, we view it as 'fairly valued.'
Price history Close · MA20 · MA60
The latest close is ₩11,100 and the market capitalization is ₩167.4 billion. The price sits below its 20-day moving average (₩12,962) and below its 60-day moving average (₩15,883). 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 35.9, a neutral level. The one-month change is -11.8%, the three-month change is -31.7%, and the position relative to the 52-week high is -52.3%. Relative strength versus the KOSDAQ is 71 (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 71% of all stocks. Over the past three months it lagged the index by 10.4%. 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 -10.38% / 6M +5.07% / 12M -6.17%
Key metrics vs sector median
Valuation
The P/E of 9.02x is above the sector median (7.73x). The P/B of 1.15x is above the sector median (0.79x). 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 10.4%, 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 12.8%, above the sector average (9.0%). The operating margin is 9.6%. The debt ratio is 227.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $126.5M | $128.0M | $167.0M | +30.50% ↑ faster |
| Operating profit | $8.7M | $6.8M | $16.0M | +134.81% ↑ faster |
| Net profit | — | $6.9M | $12.3M | +77.99% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $123.2M | $129.9M | $126.5M | $128.0M | $167.0M |
| Operating profit | $12.5M | $11.9M | $8.7M | $6.8M | $16.0M |
| Net profit | $10.2M | $10.4M | — | $6.9M | $12.3M |
| Revenue CAGR | 4-yr avg 7.90% | ||||
Revenue rose 30.5% year over year (2023 ₩190.8 billion → 2024 ₩193.1 billion → 2025 ₩252.0 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 134.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.9%. The two-year revenue CAGR is 14.9%. In the most recent quarter (Q1 2026), revenue was 55.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.2%, is on the high side.
- ROE of 12.8% points to solid profitability.
- Revenue grew 30.5% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-20UpdateAmendment to a single-sale/supply contract with the Korea Atomic Energy Research Institute for manufacture and installation of test equipment related to an innovative SMR (amount about ₩16.29 billion, term 2025-02-25 to 2027-03-31). About 8.53% of recent revenue.Nuclear test-facility revenue is recognized in installments through Q1 2027, improving the visibility of medium-term results. It is also positive from the standpoint of securing an SMR-field reference. Source
- 2026-03-30UpdateSingle-sale/supply contract with GS Donghae Power for thermal-plant routine maintenance work (amount about ₩15.12 billion, term 2026-04-06 to 2026-06-17). About 7.8% of recent revenue, with a 30% advance-payment term.Core power-plant routine-maintenance revenue is recognized concentratedly in Q2. It contributes directly to short-term results. Source
- 2026-05-13EarningsQ1 2026 quarterly report filed. Cumulative revenue of ₩63.78 billion (up 55.4%), operating profit of ₩7.00 billion (up 205%), and net profit of ₩6.60 billion (up 900% off a low prior-year base).Order recognition and the maintenance core business dovetail, accelerating top line and profit together. But the low-base effect from the Q1 trough a year earlier should be taken into account. Source
- 2026-03-24Filing2025 business report filed. Consolidated revenue of ₩252.0 billion, operating profit of ₩24.1 billion, and net profit of ₩18.6 billion, confirming a top-line and profit recovery.It officially confirms last year's earnings recovery (operating profit up 134.8%). It is the baseline for this year's forward assessment. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| GS Donghae Power supply-contract amount | approx. ₩15.1 billion | ₩15,120,510,000 | Confirmed | link |
| Korea Atomic Energy Research Institute SMR test-equipment contract amount | approx. ₩16.3 billion | ₩16,285,713,436 | Confirmed | link |
| 2025 consolidated net profit | ₩18,561,346,227 | net profit | Confirmed | link |
| 2026 full-year estimated net profit (forward) | approx. ₩24.0 billion | — | Unverified | — |
Recent filings
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-20Single supply/sales contract (amended)
- 2026-05-13PeriodicQuarterly report
- 2026-04-17OwnershipOwnership-change filing
- 2026-04-10Disclosure
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-30Single supply/sales contract
- 2026-03-24PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-17Amended filing
- 2026-03-16Shareholders' meeting notice
📖 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.