Dentium makes dental implant fixtures and prosthetic components that replace missing teeth, and supplies a broad line-up that extends to digital dentistry equipment such as intraoral scanners, dental CT and CAD/CAM systems, as well as bone graft materials. The bulk of its revenue comes from exports to emerging markets like China and Russia and to Europe, so local demand, exchange rates and regulatory approvals heavily shape results. Preliminary results on May 12 and the quarterly report on May 15 confirmed a profit rebound, with Q1 revenue of ₩71.4 billion, operating profit of ₩15.9 billion and net profit of ₩17.1 billion — a single quarter's net profit already exceeded the whole of last year's. On April 29 the company issued a corporate value-up plan, but in the same April a lawsuit tied to a management-control dispute also surfaced. The key point of late is that when profit normalizes back toward its underlying earning power and overseas sales turn up again, the P/E on forward earnings and a P/B of around 0.6x stand out as undervaluation, whereas revenue is still contracting (down 15% for the year, down 7.1% in Q1) and volatility in non-operating items plus the ongoing control dispute remain near-term variables.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue fell 15.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.1% lower than a year earlier.
- ROE is 2.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 18.5%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Jung Sung-min 17.34% (individual)
Controlling bloc incl. related parties 18.95%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Dentium makes and sells artificial tooth roots (implant fixtures) that are placed where a tooth is missing, together with the prosthetic components mounted on top of them.
- It bundles these with digital dentistry equipment — intraoral scanners, dental imaging (CT), CAD/CAM systems — and procedural consumables such as bone graft materials, so it supplies a broad range of what a single dental clinic needs.
- The heart of its revenue lies overseas rather than at home, with a large share going to dental clinics and dealers in emerging markets like China and Russia and across Europe.
- As a result, even for the same implant, local medical demand, exchange rates, and each country's licensing and distribution situation heavily influence results.
- Note that the site's sector label, "medical, precision and optical instruments," is a broad administrative category; it is more accurate to view the company narrowly as a dental implant and digital dentistry business.
- The latest close is ₩39,000 and the market cap is ₩336.3 billion.
- The price sits below its 20-day line (₩41,720) and below its 60-day line (₩47,572).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores the balance of up-moves versus down-moves over the past 14 days on a 0-100 scale) is 36.1, a neutral level.
- The one-month change is -11.3%, the three-month change is -20.2%, and the position versus the 52-week high is -45.8%.
- Relative strength against the KOSPI is 7 (1-99, a conversion of the past year's return versus the index that weights recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 94% by strength across all listed names.
- Over the past three months it lagged the index by 37.0%.
- Chart reading is best done alongside volume and the dates of disclosures.
- On a confirmed annual (2025) basis, the P/E ratio (how many times one year's net profit the share price represents) is 20.50x and the P/B (price versus net assets) is 0.60x.
- That P/E, however, uses "last year, when net profit plunged 77.4%" as its denominator, so it is closer to a mirror of a single year's bottom than of the company's usual earning power.
- This is a stock better judged not by a single line of trailing P/E but on the basis of this year, when profit has normalized — that is when the picture emerges properly.
- Indeed, on this year's earnings level the forward P/E amounts to buying ₩1 of net profit for a little over ₩5, clearly a lower position than dental peers.
- A P/B of 0.61x (0.57x on a forward basis) means the market cap is below even book net assets, so on asset value alone the shares sit in a cheap range.
- On profitability, the operating margin is a firm 18.5%, while the 2025 net margin sliding to 4.7% owes largely to profit being eroded outside operations (foreign-exchange losses, financial items and the like).
- The debt ratio (debt against equity) of 66.1% is not an overstretched level.
- In sum, the seemingly high trailing P/E is merely the result of last year's temporarily shrunken profit; taken together with this year's earnings and net assets, the price is if anything on the cheap side.
- Over five years revenue rose from ₩291.5 billion in 2021 to ₩393.2 billion in 2023 and ₩407.8 billion in 2024, then fell back to ₩346.5 billion in 2025; operating profit dropped from ₩138.3 billion in 2023 to ₩64.1 billion in 2025, and net profit from ₩96.5 billion to ₩16.4 billion over the same span.
- 2025, when profit fell more sharply than revenue, marked the trough in results.
- Then the most recent quarter, Q1 2026, breaks that pattern.
- Revenue of ₩71.4 billion (-7.1%) was still down, but operating profit rebounded strongly to ₩15.9 billion (+65.4% year on year) and net profit to ₩17.1 billion (+34.5%).
- That profit jumped even as revenue slipped a little indicates improvement on the profitability side — export pricing, product mix and cost structure.
- The fact that Q1 net profit (₩17.1 billion) already surpassed the whole of 2025 net profit (₩16.4 billion) also shows profit hitting a bottom and returning to a normal track.
- Reflecting this recovery, the forward P/E for this year comes down.
- That figure rests on the premise that the underlying earning power implied by an 18.5% operating margin is working again and that the non-operating items which had been eating into net profit normalize.
- Whether this recovery extends into a revenue rebound — as overseas implant demand and digital-equipment sales pick up again — is what to watch through Q2 to Q4.
- This quarter's key disclosures fall into three strands.
- First, preliminary results (a fair-disclosure filing) on 2026-05-12 and the quarterly report on 5-15 confirmed the Q1 profit rebound in hard numbers (revenue ₩71.4 billion, operating profit ₩15.9 billion, net profit ₩17.1 billion).
- Second, on 2026-04-29 the company itself issued a "corporate value-up plan" (a voluntary value-up disclosure), publicly setting out an intent to lift shareholder returns and capital efficiency (specific numerical targets are to be checked directly in the original filing).
- It carries weight as a company-side signal issued from a position below 1.0x P/B.
- Third, also in that April, a lawsuit tied to a management-control dispute (4-15), a court decision on that suit (4-28) and a large-holding report (4-8) came in succession, bringing tensions over governance and shareholdings to the surface.
- With the positive signal of a profit recovery and the variable of a dispute overlapping in a single quarter, it is best to follow both threads together.
- Starting with the strengths, in Q1 2026 operating and net profit rebounded in double-digit percentages, and the underlying earning power that had been suppressed in 2025 began to return — a single quarter's net profit already exceeded the whole of last year's.
- Measured against this normalized earnings level, the forward P/E is lower than dental peers, and the P/B, at around 0.6x, sits below net assets, so undervaluation signals are clear on both earnings and assets.
- On the business side, the structure of bundling implants with digital dentistry equipment for overseas sale and the underlying strength of an 18.5% operating margin remain intact.
- Points to weigh alongside: revenue is still contracting (down 15% for the year, down 7.1% in Q1), so whether the profit rebound spreads into a revenue recovery needs more observation; the volatility of non-operating items (exchange rates and the like) that has been swinging net profit; and the ongoing control dispute as a near-term variable.
- In short, where profit normalizes back to its underlying earning power and overseas sales turn up again, the low P/E and P/B become strengths as they are, while a prolonged revenue decline or an escalation of the dispute could slow that recovery.
🔎 Valuation vs peers Inconclusive
The peer set is narrowed from the administrative sector to the actual business of dental implants and dental equipment, using domestically listed dental specialists Dio and Vatech, with Classys as a reference ceiling only.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dio | 0.00x | 0.87x | -0.71% |
| VATECH | 6.54x | 0.53x | 8.10% |
| Classys | 24.77x | 5.91x | 23.86% |
Dio, which makes the same dental implants (P/B 0.93, ROE effectively 0), and Vatech in dental imaging equipment (P/E 7.1, P/B 0.57, ROE 8.1%) are the closest peers in business substance. Classys (aesthetic medical devices, ROE 23.9%), grouped in only because of the same administrative classification, is a different business and is used merely as a reference ceiling. Dentium's P/B of 0.68x is a low net-asset multiple similar to direct rivals Dio and Vatech, so the burden of price against net assets is not large. That said, the confirmed annual P/E of 23.5x uses "last year's results, when 2025 net profit plunged 77.4%" as its denominator, and thus tends to be overstated at an earnings inflection. Since no official company forecast appears in disclosures, the forward figure above is presented not as an arbitrary estimate but only as a seasonality approximation; applying it as-is shows room for this year's profit to recover versus last year. With the continued revenue decline, the volatility of non-operating items and the uncertainty of a management-control dispute all bearing at once, it is hard to conclude in either direction, so the verdict is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩93.1 billion | ₩24.0 billion | ₩20.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩39,000 and the market capitalization is ₩336.3 billion. The price sits below its 20-day moving average (₩41,720) and below its 60-day moving average (₩47,572). 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 36.1, a neutral level. The one-month change is -11.3%, the three-month change is -20.2%, and the position relative to the 52-week high is -45.8%. Relative strength versus the KOSPI is 7 (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 6% of all stocks. Over the past three months it lagged the index by 37.0%. 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 -37.00% / 6M -49.73% / 12M -74.16%
Key metrics vs sector median
Valuation
The P/E of 20.50x is in line with the sector median (22.72x). The P/B of 0.60x is below the sector median (1.61x). 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, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 2.9%, below the sector average (5.0%). The operating margin is 18.5%. The debt ratio is 66.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $260.6M | $270.3M | $229.6M | -15.05% ↓ slower |
| Operating profit | $91.6M | $65.3M | $42.5M | -34.91% ↓ slower |
| Net profit | $64.0M | $48.2M | $10.9M | -77.43% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $193.2M | $235.9M | $260.6M | $270.3M | $229.6M |
| Operating profit | $46.3M | $83.3M | $91.6M | $65.3M | $42.5M |
| Net profit | $36.8M | $57.0M | $64.0M | $48.2M | $10.9M |
| Revenue CAGR | 4-yr avg 4.41% | ||||
Revenue fell 15.0% year over year (2023 ₩393.2 billion → 2024 ₩407.8 billion → 2025 ₩346.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 34.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.4%. The two-year revenue CAGR is -6.1%. In the most recent quarter (Q1 2026), revenue was 7.1% 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.
Points to watch
- Revenue fell 15.0% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-12EarningsQ1 2026 preliminary-results fair disclosure — revenue fell but operating and net profit rebounded sharply year on year (operating profit +65.4%, net profit +34.5%)Near term: the first confirmation of recovering signs in the profitability that was suppressed in 2025. Medium term: whether this profit rebound continues through Q2 to Q4 is the dividing point for the full-year result and the valuation. Source
- 2026-05-15FilingQ1 2026 quarterly report filed — preliminary results finalized under formal accounting standards (revenue ₩71.4 billion, operating profit ₩15.9 billion, net profit ₩17.1 billion)Near term: the preliminary figures were confirmed without revision, reinforcing reliability. Medium term: allowing for quarterly seasonality (Q4 typically carries the largest weight), a reference point for estimating the annual trajectory. Source
- 2026-04-29IRCorporate value-up plan (voluntary value-up disclosure) — the company voluntarily disclosed an intent to improve shareholder returns and capital efficiencyNear term: a company-side signal that can stir expectations of shareholder returns from an undervalued range of 0.68x P/B. Medium term: whether capital efficiency (ROE) improves depends on the intensity of actual execution such as dividends and buybacks. Source
- 2026-04-15UpdateDisclosure of a lawsuit and application tied to a management-control dispute — a dispute over governance surfaced into legal proceedingsNear term: a factor widening price volatility amid shareholding and control uncertainty. Medium term: depending on how the dispute unfolds and the outcome of the 4-28 court decision, an effect on the voting-rights and governance structure. Source
- 2026-04-28UpdateDisclosure of a court judgment/decision — a court ruling arising from the earlier management-control lawsuitNear term: a dividing point that sets the next stage of the dispute. Medium term: a variable that sets the direction of governance stability or instability, also linked to the execution capacity of the value-up plan. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 operating profit (consolidated) | ₩15.9 billion | ₩15.9 billion | Confirmed | link |
| 2025 annual net profit (attributable to controlling interests, consolidated) | ₩16.4 billion | (2025.12) | Confirmed | link |
| 2026 operating profit — seasonality approximation | approx. ₩95.0 billion | — | Unverified | link |
| Latest close | ₩39,000 | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-06Disclosure
- 2026-05-06EarningsEarnings disclosure
- 2026-04-29Disclosure
- 2026-04-28Litigation disclosure
- 2026-04-15Litigation disclosure
- 2026-04-08OwnershipOwnership-change filing
- 2026-04-01Disclosure
- 2026-04-01PeriodicAnnual business report (amended)
- 2026-03-31Shareholders' meeting notice
📖 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.