Vieworks makes detectors, the core component of hospital X-ray equipment (a device that turns X-rays into digital images in place of film), with still-image detectors a large share and video detectors the growth axis, and it also has industrial cameras and 3D CT detectors, supplying components to both the medical and industrial markets. Q1 2026 operating profit was announced at roughly four times the prior-year period, and alongside a dividend decision it rolled out share cancellation, a treasury-share acquisition trust agreement, and a value-up plan in succession. What stands out lately is that a P/B of 0.81x combines with a 3.0% dividend, treasury-share cancellation, and a value-up plan at an inflection where profit is thickening, which is a strength; on the other hand, this is a company with large profit swings, so whether Q1's sharp improvement carries through the year needs confirmation next quarter, and results can swing with the downstream investment cycle.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 7.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.9% higher than a year earlier.
- ROE is 8.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.9%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Hu-sik 15.56% (individual)
Controlling bloc incl. related parties 30.43%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- Vieworks makes 'devices that capture images digitally.' Its largest axis is the detector that goes into hospital X-ray equipment (a core component that turns X-rays into digital images in place of film), and it makes both the still-image type that shoots stationary images and the video type that views motion in real time.
- Per company materials, still-image detectors make up a large share of revenue, while video detectors are the fast-growing growth axis.
- Add industrial cameras (machine vision) that go into semiconductor, display, and secondary-battery inspection lines, and industrial 3D CT detectors that look inside batteries, and it builds revenue on two legs, 'medical' and 'industrial.' In short, it earns by supplying components to two markets, imaging-diagnostic equipment and manufacturing inspection equipment.
- The latest close is ₩22,850 and the market cap is ₩205.0 billion.
- The price sits below both the 20-day line (₩23,930) and the 60-day line (₩27,060).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a gauge comparing recent up-strength and down-strength over the past 14 days on a 0-100 scale) is 39.2, a neutral level.
- The one-month change is -8.1%, the three-month change is -6.2%, and it sits -30.6% from its 52-week high.
- Relative strength versus the KOSDAQ is 80 (1-99, recent one-year return versus the index weighted toward the most recent period; higher means stronger than the market), placing it in roughly the top 19% of all stocks by strength.
- Over the past three months it outpaced the index by 15.7%.
- Chart reading is best done alongside volume and the dates of disclosures.
- The P/E (how many years of profit the price represents) is 9.33x and the P/B (how many times the company's net asset value the price represents) is 0.82x, so it trades below net asset value.
- Profitability is stable, with ROE (how much is earned on equity in a year) of 8.8%, an operating margin of 8.9%, and a net margin of 9.2%, and the ROE exceeds the sector average.
- On the balance sheet, the debt ratio (debt against equity) is 141%, but with a current ratio (assets convertible to cash right now against debt due within a year) of 198%, short-term solvency is on the ample side.
- One point to note here is that the P/E and profit above are on a 2025 confirmed annual (trailing) basis.
- Profit jumped sharply into 2026, but that is not yet reflected in these figures.
- So the forward P/E recalculated on this year's expected earnings is far below last year's basis and also below the sector median.
- At an inflection where profit is rising, the trailing figure can look high yet not represent the company's true strength, so in this case the forward P/E is closer to the real picture.
- The dividend yield is 3.0% (₩690 per share) and the payout ratio 28%, so shareholder returns also lend support.
- Over five years, revenue rose gently (₩239.3 billion in 2025, up 7.4% year on year, with the pace of growth gradually quickening), and profit recovered after bottoming in 2023.
- Operating profit rose from ₩18.7 billion in 2023 to ₩22.3 billion in 2024, and net profit from ₩14.7 billion in 2023 to ₩21.3 billion in 2024 and ₩22.0 billion in 2025.
- The decisive change is Q1 2026.
- Cumulative revenue was gentle at ₩58.2 billion (+6.9%), but operating profit jumped to ₩8.84 billion, about 329% above the same period last year, and net profit to ₩9.32 billion, about 339% higher.
- That revenue grew in single digits while profit grew nearly fourfold means the share of higher-value products that sell for more (video and industrial detectors, and the like) rose and expansion effects were added, thickening the margin left on the same revenue.
- The lower forward P/E on this year's expected earnings also reflects this profit leap.
- This figure is not simply Q1 multiplied by four but views the recovery trend and product-mix improvement together, pointing to a strong chance that this year's profit is clearly thicker than last year's.
- That said, since this is a company passing through a profit inflection, whether this flow carries into the remaining quarters is best watched with the next set of results.
- The heart of the disclosure flow is two threads.
- The first is a results recovery.
- In the May 4, 2026 provisional-results fair disclosure, Q1 operating profit was announced at roughly four times the same period last year, and it was confirmed by the May 15 quarterly report.
- The second is shareholder returns.
- Along with a February 12 dividend decision it decided on a share cancellation, on March 10 it signed a treasury-share acquisition trust agreement, and on March 31 it filed a value-up plan (voluntary disclosure).
- Treasury-share purchase and cancellation reduce shares outstanding to raise per-share value, and the value-up plan is a disclosure in which the company itself states its direction for improving shareholder value.
- That the results recovery and shareholder returns overlapped in the same year is this stock's narrative.
- The strengths are clear.
- On top of a P/B of 0.81x below net asset value, the forward P/E on this year's expected earnings is below the sector median, and to that are added a 3.0% dividend, treasury-share cancellation and acquisition, and a value-up plan.
- At an inflection where profit is thickening versus last year, looking only at the trailing figure (P/E 9.25x) can easily mislead one into thinking the real valuation is expensive, whereas on a forward basis it is closer to a cheaply traded zone.
- The cautions are also clear.
- Being a company with large profit swings, whether Q1's sharp improvement carries through the whole year needs confirmation next quarter, and the revenue growth rate itself is single-digit and not explosive.
- Given the nature of medical and industrial equipment components, it is also worth keeping in mind that quarterly results can swing with downstream customers' investment cycle.
- In short, it is strong when the profit recovery carries through quarterly and higher-value axes such as video and industrial detectors grow, and weak when the quarterly strength is temporary or downstream investment slows.
🔎 Valuation vs peers Undervalued
Compared against KOSDAQ medical and precision-instrument stocks that make X-ray and medical-imaging diagnostic equipment and precision medical-device components, choosing those closest in business substance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| VATECH | 6.54x | 0.53x | 8.10% |
| InBody | 24.42x | 2.35x | 9.64% |
| i-SENS | 0.00x | 1.40x | -1.63% |
Vatech (P/E 7.1x, P/B 0.58x), whose X-ray imaging business is closest, trades lower than Vieworks, while InBody (P/E 20.4x, P/B 2.0x), a bellwether precision medical-device stock, carries a far higher multiple. Vieworks sits between them at a P/E of 10.4x and a P/B of 0.92x. That said, the displayed P/E is on a 2025 confirmed-earnings (trailing) basis, and given that Q1 2026 profit jumped nearly fourfold and it has passed a profit inflection, on this year's expected earnings there is room to view it at a lower multiple. Add a P/B below net asset value, a top-tier dividend among peers, and treasury-share cancellation, and overall it is close to an undervalued zone. However, since the durability of the profit recovery needs confirmation next quarter, rather than flatly declaring 'cheap' it is viewed as undervalued on the premise that the recovery continues.
Price history Close · MA20 · MA60
The latest close is ₩22,850 and the market capitalization is ₩205.0 billion. The price sits below its 20-day moving average (₩23,930) and below its 60-day moving average (₩27,060). 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 39.2, a neutral level. The one-month change is -8.1%, the three-month change is -6.2%, and the position relative to the 52-week high is -30.6%. Relative strength versus the KOSDAQ is 80 (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 81% of all stocks. Over the past three months it outpaced the index by 15.7%. 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 +15.73% / 6M +38.53% / 12M +4.49%
Key metrics vs sector median
Valuation
The P/E of 9.33x is below the sector median (22.72x). The P/B of 0.82x is below the sector median (1.61x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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 8.8%, above the sector average (5.0%). The operating margin is 8.9%. The debt ratio is 141.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $146.0M | $147.7M | $158.6M | +7.37% ↑ faster |
| Operating profit | $12.4M | $14.8M | $14.2M | -4.08% ↓ slower |
| Net profit | $9.8M | $14.1M | $14.6M | +3.17% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $128.0M | $157.7M | $146.0M | $147.7M | $158.6M |
| Operating profit | $23.1M | $28.9M | $12.4M | $14.8M | $14.2M |
| Net profit | $22.2M | $17.6M | $9.8M | $14.1M | $14.6M |
| Revenue CAGR | 4-yr avg 5.51% | ||||
Revenue rose 7.4% year over year (2023 ₩220.3 billion → 2024 ₩222.9 billion → 2025 ₩239.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 4.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.5%. The two-year revenue CAGR is 4.2%. In the most recent quarter (Q1 2026), revenue was 6.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.0%, is on the high side.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-04EarningsQ1 2026 provisional consolidated results fair disclosure - operating profit about four times the same period last year (cumulative ₩8.84 billion) and net profit also about four times (₩9.32 billion), a sharp surge.Positive both short and mid term. Confirms entry into a profit-recovery phase with official company figures. That said, whether Q1's strength lasts through the year needs confirmation next quarter. Source
- 2026-03-31FilingFiling of a value-up plan (voluntary disclosure) - the company voluntarily announced its direction for improving shareholder value.Mid-term positive. A signal formalizing the intent to improve shareholder returns and capital efficiency. Source
- 2026-03-10FilingDecision to sign a treasury-share acquisition trust agreement - shareholder returns via treasury-share purchase.Positive both short and mid term. Per-share value is enhanced if the shares are cancelled after purchase. Source
- 2026-02-12FilingShare-cancellation decision - a measure that reduces shares outstanding to raise per-share value.Mid-term positive. Directly improves shareholder value through a reduction in circulating shares. Source
- 2026-02-12DividendCash dividend decision - ₩690 per share (dividend yield about 2.7%, payout ratio about 28%).Short-term positive. A high dividend yield versus peers partly supports the downside. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-04EarningsFair-disclosure notice
- 2026-04-03DividendCash/stock dividend decision (amended)
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-10TreasuryMaterial-fact report
- 2026-02-27Shareholders' meeting notice
- 2026-02-12Disclosure
- 2026-02-12DividendCash/stock dividend decision
📖 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.