Woojin makes in-core instrumentation (ICI) that measures fission levels inside nuclear power plants, along with power-plant instrumentation and temperature sensors for semiconductor processes, serving power operators such as Korea Hydro & Nuclear Power and semiconductor manufacturers as its main customers. In Q1 2026 earnings swung from a loss to a profit, matching a full year of last year's profit in a single quarter; after its April corporate-value enhancement plan flagged R&D on SMR instrumentation and a commitment to keep the payout ratio at 40% or above, it followed through in June with an interim dividend of ₩100 per share, and in May a revised disclosure covered a second ICI contract with KHNP (₩10.29 billion). What stands out most recently is that a forward P/E of about 18x and a P/B of 1.65x look inexpensive when second-half ICI deliveries and SMR orders flow into quarterly profits, while revenue swings sharply from quarter to quarter with plant-inspection cycles and the timing of order recognition.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 6.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 36.9% higher than a year earlier.
- ROE is 4.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 9.4%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jae-won 15.99% (individual)
Controlling bloc incl. related parties 31.8%
With the controlling bloc holding 32%, the ownership structure is stable.
🔎 In-depth analysis
- Woojin makes in-core instrumentation (ICI) that measures fission levels inside nuclear power plants and various instruments used in plant operation, and it also supplies temperature sensors for semiconductor manufacturing processes.
- In short, it earns money from "precision components that measure and monitor whether power and semiconductor equipment is running properly." Its main customers are power operators such as Korea Hydro & Nuclear Power and semiconductor manufacturers, and revenue moves with plant overhaul (O/H) cycles and the flow of semiconductor investment.
- Although the company is grouped under "medical, precision, and optical instruments" in the statistical classification, its actual business—manufacturing nuclear and semiconductor instrumentation—has almost nothing to do with medical or optical devices.
- The latest close is ₩14,440 and market capitalization is ₩291.7 billion.
- The price sits below its 20-day line (₩16,884) and below its 60-day line (₩21,229).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 36.7, a neutral level.
- The one-month change is -17.3%, the three-month change is -34.7%, and the price is -53.7% from its 52-week high.
- Relative strength versus the KOSPI is 35 (on a 1-99 scale that converts one-year return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 65% of all stocks by strength.
- Over the past three months it has lagged the index by 52.2%.
- Chart readings are best viewed together with volume and the dates of disclosures.
- On last year's (2025) final results, the P/E (how many times a year's net income the price is) is 33.50x, the P/B (how many times net assets the price is) is 1.47x, ROE (how much is earned in a year on shareholders' equity) is 4.4%, and the operating margin is 9.4%.
- The debt ratio (debt against equity) is 28.3%, the current ratio is 441%, and the interest coverage ratio is 20x, a stable financial structure with a light debt burden and ample cash headroom.
- One point worth noting: the reason last year's trailing P/E looks high is not that "the price is expensive" but that "the denominator—last year's net income—dipped for a year." 2025 net income fell 36% from the prior year in an inflection period, and in Q1 2026 earnings swung from a loss to a profit.
- So a forward P/E based on this year's recovered earnings is closer to the company's real value than a trailing multiple that uses last year's earnings as the denominator.
- This forward P/E sits below the earnings multiples of comparable nuclear-instrumentation peers, and for a stock where an earnings inflection has been confirmed, that is closer to a signal of being inexpensively priced than expensive.
- Over five years, revenue rose steadily from ₩107.6 billion in 2021 to ₩150.4 billion in 2025, a compound growth of about 8.7%.
- Last year, though, operating profit fell 12% from ₩16.1 billion in 2024 to ₩14.2 billion in 2025 and net income dropped 36%, so the top line grew while profit paused briefly.
- The turn came in Q1 2026: revenue of ₩37.2 billion was up 36.9% year on year, and with operating profit of ₩5.0 billion and net income of ₩4.9 billion, it swung sharply from Q1 last year's operating loss (-₩0.7 billion) to a profit.
- In a single quarter it earned a scale rivaling a full year of last year's profit.
- The grounds for viewing this recovery as no accident lie in demand and orders: plant overhaul (O/H) demand is alive, and in May the company secured a second in-core instrumentation (ICI) contract with KHNP for ₩10.29 billion, locking in volume to be recognized as second-half revenue.
- On top of that, with the company officially framing R&D on SMR (small modular reactor) instrumentation as a growth direction, work is being added from both plant maintenance and new reactors.
- The picture of this year's earnings recovering strongly from last year is underpinned by such order and demand flows.
- That said, the business trait of revenue swinging by quarter with inspection cycles and the timing of order recognition is a factor to weigh as well.
- The weightiest disclosure is the April 20, 2026 corporate-value enhancement plan (voluntary disclosure), in which the company officially set out "R&D on core instrumentation and components to capture the SMR market first" and "keeping the payout ratio at 40% or above" as formal plans, alongside continued growth.
- The May 28 revised second purchase contract for in-core instrumentation (ICI) with Korea Hydro & Nuclear Power is worth ₩10.29 billion, equal to 7.31% of the most recent consolidated revenue, with a delivery deadline of July-November 2026, directly tied to second-half revenue recognition.
- On June 8, an interim dividend of ₩100 per share (dividend yield 0.5%, total ₩2.02 billion) was decided, carrying the earlier dividend policy from words into actual execution.
- The May 18 investor relations (IR) event was where the company directly explained the Q1 recovery and its SMR plan.
- The strengths are clear.
- Nuclear in-core instrumentation is a high-barrier business with demanding certification and reliability requirements, and it has stable customers such as KHNP.
- Its financials also carry little debt and abundant liquidity.
- Above all, in Q1 2026 earnings swung from a loss to a profit, matching a full year of last year's profit in a single quarter, and the forward P/E reflecting that recovery (about 18x) sits below comparable nuclear-instrumentation peers.
- Its asset-based P/B of 1.65x is also far below peers (3.16x, 9.39x), so on both earnings and asset measures it is hard to see the stock as expensively priced.
- The point to watch lies in the nature of the business itself.
- Because revenue swings sharply by quarter with plant-inspection cycles and the timing of order recognition, there is no guarantee that Q1's strong profit will carry smoothly across the full year—that is something to confirm through quarterly results.
- In sum, if second-half ICI deliveries and SMR orders keep flowing into quarterly profits, the current price sits at a level that looks low against recovered earnings; conversely, if order recognition is pushed back, the volatility of quarterly results can come to the fore.
🔎 Valuation vs peers Inconclusive
Instead of the KSIC classification of medical, precision, and optical instruments, the peer set is based on the actual business (nuclear plant instrumentation and maintenance, nuclear equipment); Woojin ENTech (nuclear I&C maintenance) and BHI (nuclear equipment and SMR themes) are close in business character.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Woojin Entech | 26.68x | 2.77x | 10.39% |
| BHI | 21.36x | 7.84x | 36.72% |
(a) Position versus the true peer set: Woojin's trailing P/E of 41.9x is similar to Woojin ENTech (38.2x) and BHI (38.3x), but its ROE of 4.4% is lower than the two peers (10.4%, 36.7%). Its P/B of 1.47x, however, is far below peers (3.97x, 14.05x), so relative to net assets it sits at a discount. (b) Premium/discount: on earnings it is similar or slightly demanding, while on assets it is at a discount—mixed signals. (c) Limits of trailing and the forward basis: 2025 net income fell 36% in an inflection period, inflating the trailing P/E, and reflecting the Q1 2026 rebound (revenue +36.9%, operating profit ₩5.0 billion) brings the forward burden below trailing. But with no official company guidance, the forward view relies on a seasonality approximation, so rather than declaring one way or the other, it is better first to confirm whether the quarterly earnings recovery persists.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩41.8 billion | approx. ₩7.6 billion | approx. ₩5.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩14,440 and the market capitalization is ₩291.7 billion. The price sits below its 20-day moving average (₩16,884) and below its 60-day moving average (₩21,229). 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 36.7, a neutral level. The one-month change is -17.3%, the three-month change is -34.7%, and the position relative to the 52-week high is -53.7%. Relative strength versus the KOSPI is 36 (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 35% of all stocks. Over the past three months it lagged the index by 52.2%. 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 -52.24% / 6M -53.83% / 12M -38.29%
Key metrics vs sector median
Valuation
The P/E of 33.50x is above the sector median (22.72x). The P/B of 1.47x is in line with the sector median (1.61x).
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 4.4%, in line with the sector average (5.0%). The operating margin is 9.4%. The debt ratio is 28.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $85.5M | $93.3M | $99.7M | +6.86% ↓ slower |
| Operating profit | $10.2M | $10.7M | $9.4M | -11.97% ↓ slower |
| Net profit | $7.7M | $9.0M | $5.8M | -36.04% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $71.3M | $82.2M | $85.5M | $93.3M | $99.7M |
| Operating profit | $5.5M | $7.9M | $10.2M | $10.7M | $9.4M |
| Net profit | -$5.2M | $6.3M | $7.7M | $9.0M | $5.8M |
| Revenue CAGR | 4-yr avg 8.72% | ||||
Revenue rose 6.9% year over year (2023 ₩129.1 billion → 2024 ₩140.7 billion → 2025 ₩150.4 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 12.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.7%. The two-year revenue CAGR is 7.9%. In the most recent quarter (Q1 2026), revenue was 36.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 6.9% 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
- 2026-04-20FilingCorporate-value enhancement plan (voluntary disclosure): continued growth, R&D on core instrumentation to capture the SMR market first, and keeping the payout ratio at 40% or above are specifiedThe company's official mid-term direction. There are no specific revenue or profit targets, but by formalizing capturing the new SMR market and its dividend policy, it provides grounds for mid-term growth and shareholder-return expectations. Source
- 2026-05-28UpdateSecond purchase contract for standard-reactor O/H in-core instrumentation (ICI) with Korea Hydro & Nuclear Power (revised): amount ₩10.29 billion, 7.31% of recent revenue, delivery deadline July-November 2026Secures mid-term revenue visibility. With the delivery deadline set for the second half of 2026, it is directly tied to second-half revenue recognition and is a core channel through which nuclear-maintenance demand converts into results. Source
- 2026-06-08DividendInterim cash dividend decision: ₩100 per common share (dividend yield 0.5%), total dividend of ₩2.02 billion, record date 2026-06-30, payment 2026-07-24A short-term shareholder return. It is a case of actually carrying out, via an interim dividend, the commitment to keep the payout ratio at 40% or above set out in the corporate-value enhancement plan. Source
- 2026-05-18IRDisclosure announcing an investor relations (IR) eventA venue where the company directly explains its business and results, serving as an official communication channel on the Q1 recovery and the SMR plan. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Amount of the second in-core instrumentation (ICI) purchase contract | base disclosures '·approx. '(2026-05-28) | ₩10,287,930,000, revenue 7.31%, approx. | Confirmed | link |
| Payout ratio policy | base payout_ratio 69.0%(2025), approx. 1.7% | ' 40% ' , 2025x 69.0%· ₩6.0 billion | Confirmed | link |
| Interim dividend per share | base disclosures '·'(2026-06-08) | ₩100, 0.5%, ₩2,019,304,700 | Confirmed | link |
| 2026 annual revenue seasonality approximation | approx. ₩164.0 billion | — | Unverified | link |
Recent filings
- 2026-06-08DividendCash/stock dividend decision
- 2026-06-08DividendCash/stock dividend decision
- 2026-05-29Corporate governance report
- 2026-05-28Single supply/sales contract (amended)
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-04-20Disclosure
- 2026-04-14OwnershipOwnership-change filing
- 2026-03-26Disclosure
📖 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.