N Robotics makes money from two lines of business—library-automation and RFID book-management robots and ICT systems sold through public procurement, and meat-processing food equipment inherited from the former Hyeopjin Machinery, taken on as project-based orders and built to order—while gains from its holdings of associate stakes fill a large share of net profit. In January 2026 it acquired robotics specialist Nicom as a wholly owned subsidiary and changed its corporate name, deciding to merge it by absorption at the end of June (a small-scale merger with no new share issuance, so no dilution for existing shareholders); it also changed the stated use of funds from a third-party allotment paid-in capital increase to debt repayment and acquired a 5% stake in Zenoco, so financial stabilization and stake expansion are proceeding together. What stands out recently is that the strengths of a real-goods business and profitability come through when the value of its holdings is maintained or re-valued and core operating profit takes hold, while it can weaken if the equity-valuation gains that make up a large share of net profit swing quarter to quarter or if normalization of the core business is slow.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 8.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 730.9% higher than a year earlier.
- ROE is 8.0% (total-net basis). It is above the sector average.
- Operating margin is 2.5%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder CI Tech 14.71% (corporate)
Controlling bloc incl. related parties 19.12%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- N Robotics makes money from two real-goods business lines.
- The first is library-automation and RFID-based book-management robots and ICT systems, where public-institution procurement sales are central (this is the former Nicom business, acquired in January 2026 and set to be merged by absorption at the end of June).
- The second is meat-processing food equipment inherited from the former Hyeopjin Machinery, where the company takes project-based orders from food manufacturers and builds machinery for processing, sterilizing, cooling, conveying, and packaging lines.
- On top of this, a large share of the company's net profit is filled by valuation and equity gains flowing in from its holdings of associate stakes.
- In other words, it has the character of both a company that sells products and an investment holder that holds stakes in other companies.
- The latest close is ₩1,810 and the market cap is ₩139.4 billion.
- The price sits below the 20-day moving average (₩2,206) and the 60-day line (₩2,704).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- RSI (an indicator that gauges upward versus downward strength over the past 14 days on a 0–100 scale) is 34.4, a neutral level.
- The one-month change is -25.7%, the three-month change is -20.3%, and the position versus the 52-week high is -54.7%.
- Relative strength versus KOSDAQ is 92 (on a 1–99 scale, converted from returns against the index over the past year with more recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 7% of all stocks by strength.
- Over the past three months it outpaced the index by 7.1%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- The P/E (how many times a year's net profit the share price is) is 20.31x, and the P/B (how many times book net assets the share price is) is 1.63x.
- A P/B of 1.84x is actually on the low side compared with the double-digit P/B levels awarded to loss-heavy peer robotics stocks with negative ROE, so on the surface it is hard to call it heavy.
- That said, in reading the P/E one must also consider the character of the earnings.
- The net margin of 29% is far higher than the operating margin of 2.5%, because it was gains on investments in associates (profit flowing in from stakes held in other companies) that lifted net profit rather than the core business.
- Of the 2025 net profit of ₩6.86 billion, ₩5.63 billion came from gains on investments in associates, and in Q1 2026, despite an operating loss, this equity gain of ₩6.17 billion produced quarterly net profit of ₩5.63 billion.
- So rather than declaring cheap or expensive from this single P/E figure, it is right to view the value of its holdings alongside.
- ROE (how much is earned in a year on equity) of 8.0% is on a profit-making basis but is likewise a figure resting on the same equity gains.
- On the financial side, the debt ratio (debt against equity) of 127% is not excessive and the current ratio is 2x, so there is room in short-term payments, but with interest coverage of 0.43, operating profit alone cannot fully cover interest, so the core business's own earnings power is still at a foundation-building stage.
- The top line has clearly grown.
- Revenue rose from ₩10.3 billion (2023) to ₩21.5 billion (2024) to ₩23.4 billion (2025)—more than doubling in three years as the effects of combining the Hyeopjin and Nicom businesses were added—and Q1 2026 consolidated revenue jumped more than sevenfold year on year as the acquired business was newly consolidated.
- On the earnings side too, operating profit swung from losses in 2023–2024 to a profit in 2025, and net profit, supported by valuation gains on its holdings, rose sharply for two straight years.
- That said, on a standalone basis operations were again slightly in the red in Q1 2026, so the trend in core operating profit is not yet smooth.
- The key point here is that this company's earnings engine is split in two—the core business and equity gains.
- The core business is growing revenue on a public-procurement base, while net profit moves with changes in the value of its holdings.
- So future earnings are hard to pin down from a single year's confirmed-results P/E (trailing) or one quarter's figure, and the picture only reads properly when both axes—core-business revenue expansion and the value of its holdings—are tracked together.
- With no official annual company outlook disclosed, a future earnings multiple is not nailed down as a number, and reading it through the direction of the two engines is the honest approach.
- In 2026 major disclosures clustered.
- In January the company acquired robotics specialist N Robotics (formerly Nicom) as a wholly owned subsidiary and changed its corporate name, and in April it decided to merge this subsidiary by absorption (via a small-scale merger with no new share issuance under commercial law, so no dilution of existing shareholders' stakes; the merger date is set for June 30 and registration for July 1).
- A May board resolution confirmed that the merger procedure would proceed as scheduled, reducing schedule uncertainty.
- At the same time, while carrying out a third-party allotment paid-in capital increase, it changed the stated use of funds from 'acquisition of other-company securities' to 'debt repayment,' pointing to a flow that weighs financial stabilization over top-line expansion.
- It also acquired, together with an affiliate, a 5% stake in the space, aerospace, and defense communications firm Zenoco and declared participation in management.
- It is a period of restructuring in which the robotics business is being simply folded into the consolidated accounts through the merger, while the paid-in capital increase and stake acquisition proceed together.
- Strong conditions: it holds real-goods businesses—robotics and automation on a public-procurement revenue base plus food equipment—and earns a profit among loss-heavy peer robotics stocks thanks to large gains flowing in from its associate stakes.
- Its P/B looks low relative to peers, so once the value of its holdings is factored in, the surface multiple is not heavy, and there is room for corporate value to be highlighted when holdings like Zenoco are re-valued in the market.
- It is also favorable that core-business revenue grows steadily and the robotics business is cleanly consolidated through the merger.
- Weak conditions: a large share of net profit is equity-valuation gains rather than the core business, so quarter-to-quarter swings are large, and with operating profit alone tight for covering interest, the core business's earnings power needs further confirmation.
- Overlapping merger, paid-in capital increase, and new-share listing also create short-term supply-demand variables.
- In short, it is strong when the value of its holdings is maintained or re-valued and core operating profit takes hold, and weak when equity gains swing or the core business is slow to normalize.
🔎 Valuation vs peers Inconclusive
A comparison against domestic listed robotics and automation companies by business area (though for this stock, net profit is driven by gains on stakes in associates, so a simple P/E comparison has limited meaning).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Robotis | 589.25x | 9.56x | 1.62% |
| Yujin Robot | — | 15.88x | -24.32% |
| Robostar | — | 7.64x | -5.99% |
Peer robotics companies (Robotis P/B 14x, Yujin Robot 24x, Robostar 11x) mostly carry high P/B levels while being in the red or having negative ROE. By comparison, N Robotics has a P/B of 2.3x and a P/E of 29x—low surface multiples that create a 'looks cheap' illusion. But more than 80% of this company's net profit is gains on investments in associates rather than operations, so comparing it at the same P/E as peer operating companies is easy to misjudge. Moreover, the prior-year confirmed-results P/E (trailing) contains one-off, valuation-based equity gains, which is a major limitation in an earnings-inflection phase. Core-business operating profit is still small and was in the red in Q1, so on a core-business-only basis it is by no means cheap. Therefore it is hard to declare undervalued or overvalued from P/E and P/B alone, and the market value of the holdings and whether the core business normalizes must be viewed together. The conclusion is inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩1,810 and the market capitalization is ₩139.4 billion. The price sits below its 20-day moving average (₩2,206) and below its 60-day moving average (₩2,704). 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 34.4, a neutral level. The one-month change is -25.7%, the three-month change is -20.3%, and the position relative to the 52-week high is -54.7%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it outpaced the index by 7.1%. 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 +7.09% / 6M +26.33% / 12M +151.53%
Key metrics vs sector median
Valuation
The P/E of 20.31x is below the sector median (29.49x). The P/B of 1.63x is below the sector median (6.92x). 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.
Profitability & financials
The operating margin is 2.5%. The debt ratio is 127.4%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $6.8M | $14.3M | $15.5M | +8.69% ↓ slower |
| Operating profit | -$1.5M | -$776,443 | $385,330 | — |
| Net profit | -$1.3M | $3.1M | $4.5M | +48.42% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.7M | $9.9M | $6.8M | $14.3M | $15.5M |
| Operating profit | $454,939 | $595,677 | -$1.5M | -$776,443 | $385,330 |
| Net profit | $975,708 | -$4.0M | -$1.3M | $3.1M | $4.5M |
| Revenue CAGR | 4-yr avg 28.40% | ||||
Revenue rose 8.7% year over year (2023 ₩10.3 billion → 2024 ₩21.5 billion → 2025 ₩23.4 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 28.4%. The two-year revenue CAGR is 50.8%. In the most recent quarter (Q1 2026), revenue was 730.9% 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.
Points to watch
- Revenue rose 8.7% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-15FilingDecision to merge by absorption the wholly owned subsidiary N Robotics (formerly Nicom). A small-scale merger with no new share issuance, so no dilution of existing shareholders' stakes.Over the medium term the robotics business is fully consolidated and the business structure simplifies. With the merger date set for June 30 and registration for July 1, the composition of the financial statements changes thereafter. Source
- 2026-05-15FilingReport on the board resolution approving the small-scale merger (in lieu of a general meeting). Confirms the merger procedure is proceeding as scheduled.Reduces uncertainty over the merger schedule. Eases short-term procedural risk. Source
- 2026-05-29FilingDecision on a third-party allotment paid-in capital increase (amended). Changes the stated use of funds from 'acquisition of other-company securities' to 'debt repayment.' Payment on May 29, new-share listing set for June 15.Short-term positive for easing borrowing burden, but a signal that funds were redirected to financial stabilization rather than acquisition or expansion. The new-share listing creates short-term supply-demand and float variables. Source
- 2026-05-15EarningsQ1 2026 report. Despite a standalone operating loss, gains on investments in associates of about ₩6.17 billion were reflected, producing quarterly net profit of about ₩5.63 billion.The gap between the core business (operations) and net profit is confirmed even at the quarterly level. Reaffirms the structure in which net profit is driven by equity gains. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Material-fact report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Merger decision
- 2026-04-30Disclosure
- 2026-04-28Material-fact report (amended)
- 2026-04-27Material-fact report (amended)
- 2026-04-15Disclosure
- 2026-04-15Material-fact report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-27Material-fact report (amended)
- 2026-03-24Amended 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.