Eco&Dream is a small company classified in the electrical equipment sector. Its periodic reports offer few clues about its business segments, but based on disclosures its revenue appears to arise mainly through individual supply contracts, and it maintains a credit rating of BBB-. From September through December 2025 it landed a string of single sales and supply contracts worth ₩15.9 billion (15.1% of recent revenue), ₩16.2 billion, and ₩11.4 billion, yet first-quarter 2026 revenue fell sharply year over year and it remains in the red. What stands out lately is that if the successive supply contracts convert into actual revenue and profit and quarterly results recover again, the asset-based undervaluation appeal of a P/B of 0.62x and a revenue stream that has grown over several years can come alive; but with a debt ratio of 217.7% and a current ratio of 80.2%, the balance sheet has little slack, so if losses persist or funding pressure builds, a cheap valuation alone will struggle to turn the trend.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 217.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 80.2%).
- The most recent full-year net result was a loss.
- Revenue rose 35.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 46.1% lower than a year earlier.
- ROE is -4.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Min-yong 13.35% (individual)
Controlling bloc incl. related parties 16.63%
With the controlling bloc holding 17%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Eco&Dream is a company classified in the electrical equipment sector.
- Its periodic reports do not spell out its business segments in much detail, but based on disclosures its revenue appears to arise through individual supply contracts.
- Its credit rating has been held at BBB- (Korea Ratings and Data; a notch below the middle within an AAA-to-D scale) from 2023 through 2025.
- As a small-cap with a market capitalization of ₩132.9 billion, it is a company where one must consider not only the business itself but also how a single supply contract or funding-related disclosure can affect revenue, the share count, and the financial structure.
- The latest closing price is ₩7,230 and the market cap is ₩128.6 billion.
- The price sits below its 20-day line (₩8,960) and below its 60-day line (₩13,957).
- Trading below both its short- and mid-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that compares upward versus downward strength over the last 14 days on a 0-100 scale) is 28.1, close to oversold territory.
- The one-month change is -38.7%, the three-month change is -59.6%, and the position relative to the 52-week high is -71.9%.
- Relative strength versus the KOSDAQ is 13 (on a 1-99 scale that converts return against the index over the past year, weighting more recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 88% by strength among all stocks.
- Over the past three months it has trailed the index by 45.5%.
- Chart reading is best done alongside trading volume and the dates disclosures occurred.
- Recent annual (2025) revenue is ₩142.0 billion, with an operating loss of ₩0.6 billion and a net loss of ₩8.6 billion, so the company was in the red.
- The operating margin is -0.4%, ROE (how much is earned in a year on equity) is -4.0%, and the debt ratio (debt against equity) is 217.7%.
- Because it is loss-making, a P/E (how many times a year's profit the share price is) cannot be computed, but the P/B (how many times book value the share price is) is 0.60x, meaning the share price is set below the company's net assets.
- In other words, on trailing (past confirmed-results) metrics alone, profitability is weak because it was a loss-making year, but the fact that the share price sits below book value is closer to an undervaluation signal on an asset basis.
- That said, the high debt ratio and a current ratio (assets readily convertible to cash against debt due within a year) of 80.2%, below 100%, are points to keep an eye on from a financial standpoint.
- Revenue grew for two straight years, from ₩51.5 billion in 2023 to ₩104.9 billion in 2024 and ₩142.0 billion in 2025 (+35.3% year over year, a two-year average of +66.1%).
- Profit, however, swung between losses and gains over the same period and has yet to settle.
- In the most recent quarter, first quarter 2026, revenue fell 46.1% year over year to ₩16.2 billion, and the operating result was a loss of ₩0.8 billion.
- Full-year revenue for this year is cited at roughly ₩83.7 billion on an approximation reflecting quarterly result ratios, but no separate profit outlook figure is given, so it is more accurate to focus on the revenue trend.
- In sum, the broad thread of multi-year revenue growth is intact, but with a Q1 revenue decline and an operating loss appearing together, the key watch point this year is whether growth reconnects with profit.
- Recent disclosures center on individual supply contracts.
- On December 12, 2025, a single sales and supply contract (correction) worth ₩15.9 billion (15.1% of recent revenue); on October 30, a single sales and supply contract worth ₩16.2 billion (15.5%); and on September 12, a single sales and supply contract (correction) worth ₩11.4 billion (10.8%) came in succession.
- For each contract, the amount and term are central to future revenue recognition, and whether such deals are one-off or repeatable shapes the medium-term read.
- Confirming when and at what scale the contracts convert into actual revenue and profit is the starting point for reading this company.
- This is a name with relatively clear strengths and weaknesses.
- The strengths are that, at a P/B of 0.62x, the share price is set below net assets and is thus cheap on an asset basis, and that there is a growth thread with revenue rising over several years; within the peer set too, its asset-based valuation is on the low side.
- On the other hand, the points to watch are that it is still loss-making, so value is hard to gauge by P/E; that with a debt ratio of 217.7% and a current ratio of 80.2%, the balance sheet has little slack; and that first-quarter 2026 revenue fell sharply year over year.
- Accordingly, this is a name whose asset-based undervaluation appeal comes alive in a phase where the successive supply contracts convert into actual revenue and profit and quarterly results recover, while conversely, if losses persist or funding pressure builds, a cheap valuation alone will struggle to turn the trend.
🔎 Valuation vs peers Undervalued
Compared against a peer set of adjacent market caps within electrical equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Everybot | — | 2.10x | -20.06% |
| Dongyang E&P | 3.10x | 0.35x | 11.22% |
| GT Power | 23.51x | 3.10x | 13.18% |
We looked first at a public-data peer set of adjacent market caps within electrical equipment. The current P/E (how many times a year's profit the share price is) cannot be determined, and the P/B (how many times book value the share price is) is 0.60x. That said, for smaller-cap names, profit swings and fundraising disclosures carry more weight, so 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 | ₩83.7 billion | — | — |
| Next quarter | Q2 2026 | ₩20.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,230 and the market capitalization is ₩128.6 billion. The price sits below its 20-day moving average (₩8,960) and below its 60-day moving average (₩13,957). 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 28.1, near oversold territory. The one-month change is -38.7%, the three-month change is -59.6%, and the position relative to the 52-week high is -71.9%. Relative strength versus the KOSDAQ is 13 (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 12% of all stocks. Over the past three months it lagged the index by 45.5%. 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 -45.47% / 6M -50.06% / 12M -68.39%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.60x is below the sector median (2.15x).
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 -4.0%, below the sector average (2.0%). The operating margin is -0.4%. The debt ratio is 217.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $34.1M | $69.5M | $94.1M | +35.33% ↓ slower |
| Operating profit | -$2.0M | $322,877 | -$404,466 | -225.27% |
| Net profit | -$6.8M | $9.0M | -$5.7M | -163.48% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $51.3M | $40.1M | $34.1M | $69.5M | $94.1M |
| Operating profit | $5.1M | $1.5M | -$2.0M | $322,877 | -$404,466 |
| Net profit | $6.6M | $63,106 | -$6.8M | $9.0M | -$5.7M |
| Revenue CAGR | 4-yr avg 16.36% | ||||
Revenue rose 35.3% year over year (2023 ₩51.5 billion → 2024 ₩104.9 billion → 2025 ₩142.0 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 225.3% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.4%. The two-year revenue CAGR is 66.1%. In the most recent quarter (Q1 2026), revenue was 46.1% lower 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.
- Revenue grew 35.3% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 217.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 80.2%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2025-12-12Contract[Correction] Single sales and supply contract signed: contract amount ₩15.9 billion, 15.1% of recent revenueThe contract amount and term are central to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term read. Source
- 2025-10-30ContractSingle sales and supply contract signed: contract amount ₩16.2 billion, 15.5% of recent revenueThe contract amount and term are central to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term read. Source
- 2025-09-12Contract[Correction] Single sales and supply contract signed: contract amount ₩11.4 billion, 10.8% of recent revenueThe contract amount and term are central to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term read. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,230 | ₩7,230 | Confirmed | link |
| Latest quarterly results | revenue ₩16.2 billion, operating profit -₩0.8 billion | revenue ₩16.2 billion, operating profit -₩0.8 billion | Confirmed | link |
| Annual results | revenue ₩142.0 billion, operating profit -₩0.6 billion | revenue ₩142.0 billion, operating profit -₩0.6 billion | Confirmed | link |
| Contract disclosure original text | []ㆍapprox. : approx. ₩15.9 billion · revenue 15.1% | []ㆍapprox. : approx. ₩15.9 billion · revenue 15.1% | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩16.2 billion · revenue 15.5% | ㆍapprox. : approx. ₩16.2 billion · revenue 15.5% | Confirmed | link |
| Contract disclosure original text | []ㆍapprox. : approx. ₩11.4 billion · revenue 10.8% | []ㆍapprox. : approx. ₩11.4 billion · revenue 10.8% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-04-03PeriodicAnnual business report (amended)
- 2026-03-31Shareholders' meeting notice
- 2026-03-30PeriodicAnnual business report (amended)
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-02-10EarningsEarnings 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.