Vinatech makes supercapacitors, components that rapidly store and release electricity, which account for more than 90% of its revenue, and it also produces core materials for hydrogen fuel cells (membrane electrode assemblies, catalysts and supports). Revenue reached ₩82.2 billion in 2025, up 38% from the prior year, and first-quarter 2026 revenue of ₩25.4 billion was up 61% from a year earlier, though quarterly losses continue as upfront investment such as plant expansion runs ahead. The notable recent development is that a new growth axis has emerged from AI data-center fuel-cell demand: the company agreed to supply data-center supercapacitors worth ₩41.2 billion (half of last year's revenue) to Bloom Energy of the United States and ₩13.1 billion to Sanmina. Earnings could recover strongly once these volumes are booked as revenue from the second half onward, but because the deliveries are concentrated in the back half of the year, any delay in execution would push the recovery back as well.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 253.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 85.7%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 38.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 61.2% higher than a year earlier.
- ROE is -7.3% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.2%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Seong Do-kyung 26.23% (individual)
Controlling bloc incl. related parties 28.8%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Vinatech is a components maker whose main product is supercapacitors.
- A supercapacitor stores electricity like a battery but is specialized for putting large amounts in and taking them out in an instant.
- It is used, for example, in emergency power supplies that let servers and equipment hold on briefly before shutting down when power is cut.
- This supercapacitor business accounts for more than 90% of the company's revenue.
- The second pillar is hydrogen fuel-cell materials.
- Vinatech is one of only a handful of companies worldwide that can make, in-house, the membrane electrode assembly (MEA) at the heart of a fuel cell, where electricity is actually generated, together with the catalyst and support inside it.
- Its recent revenue growth is coming as supercapacitors, once used in logistics and industrial equipment, are being adopted for emergency power in the fuel cells of AI data centers.
- The current share price of ₩68,400 reflects a weak recent trend.
- It sits well below the 20-day (₩96,210), 60-day (₩129,295) and 120-day (₩121,427) moving averages.
- The stock is down 36% over the past month and 34% over three months, a steep decline, and stands about 65% below its 52-week high.
- The RSI (an indicator that expresses recent upward and downward momentum on a 0-100 scale) is 35, close to oversold territory.
- Even as earnings expectations have grown, the share price has moved sharply the other way.
- Valuation metrics are distorted at present because earnings are in the red.
- With a net loss in 2025, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated.
- The P/B is 6.15x and the P/S is 5.98x.
- These look high relative to net assets and revenue, but that is common for a company in the early stage of growth before it turns profitable.
- Profitability is still weak: ROE (how much is earned in a year on equity) is -7.3%, and the operating margin is just 2.2%.
- There is also a financial burden.
- The debt ratio (debt relative to equity) is a high 253%, and the current ratio (assets convertible within a year against debt due within a year) is 86%, below 100%.
- EV/Sales (enterprise value including debt divided by revenue) is 8.7x.
- Net debt (total borrowings less cash) stands at ₩94.7 billion.
- The FCF yield (actual cash generated relative to market cap) is -4.1%, meaning cash is still flowing out net as heavy plant-expansion investment continues.
- In short, the balance sheet is tight and current profit is thin, but revenue is growing fast, so the key question is whether earnings follow.
- Revenue growth is clear.
- 2025 revenue of ₩82.2 billion was up 38% from the prior year, a faster pace than the year before (+8.4%).
- Over the past five years revenue moved from ₩49.0 billion to ₩70.7 billion, ₩55.0 billion, ₩59.6 billion and ₩82.2 billion; last year set a new record high despite the ups and downs.
- First-quarter 2026 revenue jumped 61% year over year to ₩25.4 billion.
- Earnings are still recovering.
- Operating profit of ₩1.77 billion in 2025 marked a return to the black from a 2024 loss (-₩8.07 billion), but net profit was still negative at -₩5.85 billion.
- The first quarter also showed losses, with operating profit of -₩1.54 billion and net profit of -₩1.85 billion.
- The new growth axis is data-center supercapacitors.
- The supply contracts signed with Bloom Energy and Sanmina of the United States total ₩54.3 billion, equal to 66% of last year's revenue.
- Most of that volume is delivered from the second half of 2026 through the first half of 2027.
- So it is natural for this year's revenue to jump well above last year's, with earnings recovering more as the year progresses toward the second half.
- The second-half results, when these volumes are booked as actual revenue and profit, are the real picture for this year.
- Recent disclosures confirm the new demand.
- On June 30, 2026, Vinatech signed a ₩41.2 billion contract (50.1% of last year's revenue) to supply data-center supercapacitor systems to Bloom Energy of the United States.
- Then on July 6, it signed a ₩13.1 billion contract (15.9%) to supply data-center supercapacitors to Sanmina.
- Both contracts share the fact that the volumes are used for emergency and backup power in AI data-center fuel cells.
- On June 17, the company decided to acquire an additional stake in its wholly owned Vietnamese production subsidiary (about ₩15.1 billion, for equipment purchases and operating funds).
- This continues the build-out of production capacity to meet rising demand.
- In May it held a briefing to explain first-quarter results and its business plans.
- The flow of disclosures is consistent: securing orders, then expanding capacity.
- Vinatech is a components company in the early stage of growth.
- Its strengths are clear.
- Its supercapacitors have been adopted for emergency power in AI data-center fuel cells, and supply contracts equal to 66% of last year's revenue have been confirmed through disclosures.
- It also has the rare capability to make the core hydrogen fuel-cell material (MEA) in-house all the way from the catalyst.
- Because this demand comes from supply shortage and new adoption, margins tend to improve as volumes grow.
- The cautions are equally clear.
- The large contract volumes are concentrated in the second half of this year and the first half of next, so losses continue through the first half and profit is confirmed only later in the year.
- With a debt ratio of 253% and net debt of ₩94.7 billion the balance sheet is tight, and combined with expansion investment cash is still flowing out net.
- In sum, this is a stock that is strong if data-center demand is delivered and expanded as planned, lifting both revenue and profit, but where the heavy financial burden could stand out first if deliveries are delayed or additional orders do not follow.
🔎 Valuation vs peers Inconclusive
Directly comparable peers are limited because listed specialists in supercapacitors and fuel-cell materials are rare in Korea; the business is essentially power-use components and hydrogen fuel-cell materials, and it should be viewed as being in an early-growth earnings inflection.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Vinatech | 0.00x | 6.15x | -730.00% |
The current P/B of 6.15x and P/S of 5.98x look high relative to net assets and revenue, but that is common for a company in the early stage of growth before it turns profitable. Because 2025 saw a net loss, the trailing P/E cannot even be calculated, so it is hard to call the stock cheap or expensive on last year's earnings alone. The real picture is the second half. The valuation hinges on whether earnings can turn positive as the data-center orders equal to 66% of last year's revenue — ₩41.2 billion from Bloom Energy, ₩13.1 billion from Sanmina — are booked from the second half onward. Because this volume comes from supply shortage and new adoption, margins improve as the scale grows. That said, the large contracts are concentrated in the second half of this year and the first half of next, so losses continue through the first half, and the financial burden is heavy. The growth rationale is solid but uncertainty remains over the timing of profit realization, so rather than declare the stock undervalued or overvalued at this point, we view it as inconclusive pending confirmation of second-half results.
Price history Close · MA20 · MA60
The latest close is ₩68,400 and the market capitalization is ₩491.1 billion. The price sits below its 20-day moving average (₩96,210) and below its 60-day moving average (₩129,295). 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 35.0, a neutral level. The one-month change is -36.2%, the three-month change is -33.8%, and the position relative to the 52-week high is -64.7%. Relative strength versus the KOSDAQ is 85 (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 85% of all stocks. Over the past three months it lagged the index by 7.0%. 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 -6.95% / 6M -6.42% / 12M +123.34%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 6.15x is above 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 -7.3%, below the sector average (2.0%). The operating margin is 2.2%. The debt ratio is 253.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $36.4M | $39.5M | $54.5M | +37.99% ↑ faster |
| Operating profit | $2.0M | -$5.3M | $1.2M | — |
| Net profit | $1.3M | -$6.0M | -$3.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.4M | $46.8M | $36.4M | $39.5M | $54.5M |
| Operating profit | $3.7M | $6.2M | $2.0M | -$5.3M | $1.2M |
| Net profit | $5.0M | $7.7M | $1.3M | -$6.0M | -$3.9M |
| Revenue CAGR | 4-yr avg 13.84% | ||||
Revenue rose 38.0% year over year (2023 ₩55.0 billion → 2024 ₩59.6 billion → 2025 ₩82.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.8%. The two-year revenue CAGR is 22.3%. In the most recent quarter (Q1 2026), revenue was 61.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 38.0% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 253.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 85.7%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-30UpdateSigned a ₩41.2 billion contract with Bloom Energy of the United States to supply data-center supercapacitor systems (50.1% of last year's consolidated revenue); delivery period 2026-06-30 to 2027-04-10.A single contract worth half of last year's revenue confirms demand for emergency power in AI data-center fuel cells. Most of it is recognized as revenue from the second half of this year through the first half of next, making it central to the earnings recovery. Source
- 2026-07-06UpdateSigned a ₩13.1 billion contract with Sanmina to supply data-center supercapacitors (15.9% of last year's consolidated revenue); delivery period 2026-07-03 to 2026-11-27.The second data-center contract after Bloom Energy reduces reliance on a single customer and shows data-center demand spreading across multiple customers. Source
- 2026-06-17FilingDecided to acquire an additional stake in its wholly owned Vietnamese production subsidiary (VINATECH VINA) for about ₩15.1 billion (for equipment purchases and operating funds), equal to 19.4% of equity.A build-out of production capacity to meet rising orders. Positive for growth, but in the near term it adds to cash needs and financial burden. Source
- 2026-05-19IRDisclosed a non-deal roadshow (NDR) to explain first-quarter 2026 results and future business plans (in-person meetings on May 20-21).A venue to explain the growth plan directly to the market, sharing the direction of order expansion and capacity build-out. A useful reference for checking business progress. Source
- 2026-05-15EarningsFirst-quarter 2026 report: revenue ₩25.4 billion (+61.2% year over year), operating loss ₩1.54 billion, net loss ₩1.85 billion.Revenue surged, but quarterly losses continue on expansion and upfront costs. An earnings rebound depends on whether second-half data-center volumes are reflected. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Bloom Energy supply contract amount | ₩41.2 billion | ₩41,215,393,800(USD 26,737,200), revenue 50.12% | Confirmed | link |
| Sanmina supply contract amount | ₩13.1 billion | ₩13,112,996,702(USD 8,516,592), revenue 15.95% | Confirmed | link |
| 2025 consolidated revenue | ₩82.2 billion | ₩82,228,905,359 | Confirmed | link |
| 2026 estimated net profit (in-house estimate) | approx. ₩11.0 billion | — | Unverified | link |
Recent filings
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-19Disclosure
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-20Disclosure
📖 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.