M.I.Tech (179290) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
M.I.Tech is a medical and precision-instrument company that makes implantable stents and procedural tools used in endoscopic procedures; because these are single-use consumables, once adopted they lead to recurring demand, and the company also has an overseas sales share. Its 2025 annual results were revenue of ₩67.2 billion, operating profit of ₩20.7 billion, and net profit of ₩20.3 billion, delivering high profitability with an operating margin in the 30% range and ROE in the 16% range, and it also decided on a dividend, though revenue and profit declined in Q1 2026. What stands out recently is that a low valuation of a 6.7x P/E and a 1.1x P/B turns into room for recovery, set against peer P/Es in the 40–80x range, if product adoption and procedure counts expand and growth revives, while if the Q1 decline in revenue and profit is not merely a temporary swing and continues, it could affect this year's earnings expectations.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Medical Devices & Healthcare” (Biotech & Pharmaceuticals), a type typically read first through forward P/E.
In medical devices and healthcare, growth hinges on regulatory approval and product adoption, and profits often lag during the early investment phase. So forward P/E, which reflects expected earnings, is the first lens. But in a loss-making year an earnings multiple breaks down, so the focus shifts to EV/Sales — enterprise value against revenue — to size the business against its scale.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 24.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 3.0% lower than a year earlier.
- ROE is 15.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 28.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Synergy Innovation 52.22% (corporate)
Controlling bloc incl. related parties 53.09%
With the controlling bloc holding 53%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
M.I.Tech is a company that makes medical and precision instruments. Its mainstay is implantable medical devices used in endoscopic procedures, with representative products being stents that widen narrowed tracts in the digestive system, bile ducts, and elsewhere, along with related procedural tools. Because these are single-use consumables discarded after one procedure, once adopted they lead to recurring demand, and the company has an overseas sales share as well as a domestic one. As a small-cap with a market capitalization of ₩135.8 billion, it helps to watch not only product demand but also each disclosure that affects results and the share count.
The latest close is ₩5,140 and the market capitalization is ₩166.4 billion. The price sits above its 20-day moving average (₩4,663) and above its 60-day moving average (₩4,792). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 62.0, a neutral level. The one-month change is +16.0%, the three-month change is -19.7%, and the position relative to the 52-week high is -37.1%. Relative strength versus the KOSDAQ is 53 (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 53% of all stocks. Over the past three months it outpaced the index by 19.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩67.2 billion, operating profit ₩20.7 billion, and net profit ₩20.3 billion. With an operating margin of 30.8% and a net margin of 30.3%, roughly ₩30 of every ₩100 sold remains as profit—high profitability—and ROE (how much is earned in a year on equity) of 16.2% is above the sector average. The debt ratio is 12.6%, but the current ratio (assets convertible to cash within a year against debt due within a year) is 865%, very ample, so short-term repayment burden is not large. On valuation, the P/E (how many times a year's earnings the share price is) is 8.18x and the P/B (how many times book value the share price is) is 1.31x. For a company with high margins and double-digit ROE to trade at about 7x earnings and about 1x book value is hard to view as richly priced, and the diagnosis is marked undervalued.
Revenue rose steadily from ₩46.4 billion (2023) to ₩53.8 billion (2024) to ₩67.2 billion (2025), and the growth rate actually accelerated from +15.9% in 2024 to +24.9% in 2025 (a two-year average growth rate of about 20%). Operating profit grew alongside over the same span, from ₩14.1 billion to ₩17.6 billion to ₩20.7 billion. Single-use endoscopic medical devices have the characteristic that recurring revenue builds as procedure counts and adopting hospitals increase, so what underpinned this growth trend can be seen as expanding product demand. This year's (2026) outlook is around revenue of ₩65.7 billion, operating profit of ₩15.9 billion, and net profit of ₩16.3 billion, which we plug into the current share price to gauge a forward P/E. Because the prior year's earnings strength was so large, this year's profit is set somewhat below last year's, but the intrinsic earnings power of an operating margin in the 30% range is maintained. That said, Q1 2026 revenue was ₩16.7 billion, down 3.0% from the same period a year earlier, and operating profit was ₩4.9 billion, down 26.3%; whether such quarterly swings are temporary or a trend is something to confirm with the next quarter's results.
Looking at recent disclosures, the February 25, 2026 'change in revenue or profit-and-loss structure (voluntary disclosure)' reported annual revenue of ₩67.2 billion, operating profit of ₩20.7 billion, and net profit of ₩20.3 billion. As material of a confirmed or preliminary-results nature, it should be viewed alongside whether it is in the same direction as the annual trend and whether there are any one-off factors. This was followed by the February 25, 2026 'decision on cash and in-kind dividend' and the April 21, 2026 '[amended] decision on cash and in-kind dividend,' disclosing the dividend—i.e., shareholder returns. Since dividends can continue when earnings power and cash flow support them, viewing them together with the high margins and ample liquidity provides a clue to the capacity for returns.
M.I.Tech's strengths are clear. In the recurring-demand business of single-use endoscopic medical devices, it delivers high profitability with an operating margin in the 30% range and ROE in the 16% range, and revenue has grown at an accelerating pace over several years. Yet the share price has fallen nearly by half from its high, trading at a 6.7x P/E and a 1.1x P/B. Set against peer P/Es in the 40–80x range, for a company that consistently earns a profit this reads as an undervalued zone where the price is set cheaply. The condition under which it works strongly is when product adoption and procedure counts expand and growth revives; at that point the low valuation turns into room for recovery. The condition to check, by contrast, is whether the decline in revenue and profit seen in Q1 2026 continues rather than remaining a temporary swing; if that trend lengthens, it could affect this year's earnings expectations. In conclusion, profitability, finances, and valuation are favorable, and the variable to confirm is the direction of quarterly results.
🔎 Valuation vs peers Undervalued
A peer set of nearby market-cap companies within medical, precision, and optical instruments.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Synergy Innovation | 49.09x | 0.69x | 2.85% |
| NanoEntek | 92.53x | 1.59x | 2.88% |
| KNR Systems | — | 6.36x | -36.99% |
We prioritized a peer set of publicly available data on nearby market-cap names within medical, precision, and optical instruments. The current P/E (how many times a year's earnings the share price is) is 8.18x, and the P/B (how many times book value the share price is) is 1.31x. That said, because lower-market-cap names are heavily affected by earnings swings and fundraising disclosures, we did not draw firm conclusions from prior-year confirmed-results figures alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩65.7 billion | ₩15.9 billion | ₩16.3 billion |
| Next quarter | Q2 2026 | ₩15.5 billion | ₩3.3 billion | ₩3.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,140 and the market capitalization is ₩166.4 billion. The price sits above its 20-day moving average (₩4,663) and above its 60-day moving average (₩4,792). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 62.0, a neutral level. The one-month change is +16.0%, the three-month change is -19.7%, and the position relative to the 52-week high is -37.1%. Relative strength versus the KOSDAQ is 53 (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 53% of all stocks. Over the past three months it outpaced the index by 19.0%. 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 +19.02% / 6M -1.78% / 12M -34.11%
Key metrics Computed vs sector median
Valuation
The P/E of 8.18x is below the sector median (21.36x). The P/B of 1.31x is in line with the sector median (1.23x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 15.2%, above the sector average (2.0%). The operating margin is 28.4%. The debt ratio is 15.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $32.6M | $37.8M | $47.2M | +24.93% ↑ faster |
| Operating profit | $9.9M | $12.3M | $14.5M | +17.62% ↓ slower |
| Net profit | $9.0M | $12.8M | $14.3M | +11.18% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $35.3M | $42.6M | $32.6M | $37.8M | $47.2M |
| Operating profit | $9.3M | $14.3M | $9.9M | $12.3M | $14.5M |
| Net profit | $8.6M | $13.5M | $9.0M | $12.8M | $14.3M |
| Revenue CAGR | 4-yr avg 7.51% | ||||
Revenue rose 24.9% year over year (2023 ₩46.4 billion → 2024 ₩53.8 billion → 2025 ₩67.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 17.6% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.5%. The two-year revenue CAGR is 20.3%. In the most recent quarter (Q1 2026), revenue was 3.0% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 15.2% points to solid profitability.
- Revenue grew 24.9% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-02-25EarningsChange in revenue or profit-and-loss structure of under 30% (15% for large corporations) (voluntary disclosure): annual revenue ₩67.2 billion, operating profit ₩20.7 billion, net profit ₩20.3 billionThis is recent confirmed or preliminary-results material. View it alongside whether it is in the same direction as the annual trend and whether there are any one-off factors. Source
- 2026-04-21Update[Amended] Decision on cash and in-kind dividend: confirm the return termsThis is a disclosure related to cash returns or a change in the share count. Confirm whether earnings power and cash flow support it. Source
- 2026-02-25UpdateDecision on cash and in-kind dividend: confirm the return termsThis is a disclosure related to cash returns or a change in the share count. Confirm whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,140 | ₩5,140 | Confirmed | link |
| Latest quarterly results | revenue ₩16.7 billion, operating profit ₩4.9 billion | revenue ₩16.7 billion, operating profit ₩4.9 billion | Confirmed | link |
| Annual results | revenue ₩67.2 billion, operating profit ₩20.7 billion | revenue ₩67.2 billion, operating profit ₩20.7 billion | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩67.2 billion · operating profit ₩20.7 billion · net profit ₩20.3 billion | revenue30%: revenue ₩67.2 billion · operating profit ₩20.7 billion · net profit ₩20.3 billion | Confirmed | link |
| Shareholder-return disclosure source text | [amended] cash/stock dividend declared: check the payout terms | [amended] cash/stock dividend declared: check the payout terms | Confirmed | link |
| Shareholder-return disclosure source text | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-13PeriodicQuarterly report
- 2026-04-21DividendCash/stock dividend decision (amended)
- 2026-04-02OwnershipOwnership-change filing
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-02-26OwnershipOwnership-change filing
- 2026-02-25DividendCash/stock dividend decision
📖 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.