Spigen Korea makes and sells smartphone cases, screen protectors and mobile accessories, with about 53.8% of revenue coming from cases and 28.2% from protective films. It designs and brands its products in-house and sells them directly through Amazon, the world's largest online marketplace, having first established itself in North America before widening its sales reach to Europe, India and Japan. In February 2026 it confirmed annual revenue of ₩463.7 billion, operating profit of ₩33.2 billion and net profit of ₩29.0 billion, and first-quarter net profit rose about 80% from a year earlier, confirming the direction of the recovery in its results; in May it carried out a disposal of treasury shares. The notable point is that on a foundation of little debt and ample liquidity, profit is recovering quickly and a P/B of 0.34x on this year's earnings is low versus peers, which reads as undervaluation. On the other hand, with revenue stalled in the ₩460 billion range, the momentum for the top line to grow again is weak, and if the currency or channel costs turn unfavorable, the pace of profit growth could slow.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 0.3% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 3.9% higher than a year earlier.
- ROE is 5.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Dae-young 40% (individual)
Controlling bloc incl. related parties 40.98%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis
- Spigen Korea makes and sells smartphone cases, screen protectors and other mobile accessories.
- About 53.8% of revenue comes from cases, 28.2% from protective films and 18.0% from other accessories.
- Sales are made not through its own stores but through Amazon, the world's largest online marketplace, and after establishing itself in North America with 'slim protection' cases it has widened its sales reach to Europe, India, Japan and elsewhere.
- In other words, it designs and brands products in-house and sells them directly to consumers through global online channels.
- The company is not particularly large, so alongside the business trend it is worth watching how disclosures such as treasury-share disposals affect its finances and share count.
- The latest close is ₩28,200 and the market cap is ₩175.3 billion.
- The price sits below its 20-day line (₩29,640) and below its 60-day line (₩29,062).
- Trading beneath both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that compares upward and downward momentum over the past 14 days on a 0-100 scale) is 42.3, a neutral level.
- The one-month change is -3.1%, the three-month change is +3.3%, and the price sits -17.4% below its 52-week high.
- Relative strength versus the KOSDAQ is 84 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 16% of all stocks by strength.
- Over the past three months it outpaced the index by 40.2%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Recent annual revenue is ₩463.7 billion, with operating profit of ₩33.2 billion and net profit of ₩29.0 billion, for an operating margin of 7.2%.
- ROE (how much is earned in a year on equity) is 5.5%, above the peer average.
- The finances are solid: the current ratio (assets readily usable against debt due within a year) reaches 862%, giving ample short-term funding capacity, and a debt ratio of 108.5% shows that most of its assets are its own equity rather than obligations to repay.
- The current P/E of 6.04x and P/B of 0.34x look low on their face, but this is less a burden than a sign that, in a phase of rising profit, the share price has not yet fully reflected that profit.
- Indeed, on this year's earnings the forward P/E declines, placing it in an undervalued range where the share price is cheap relative to earnings compared with peers.
- Revenue settled steadily in the ₩460 billion range at ₩447.4 billion in 2023, ₩465.3 billion in 2024 and ₩463.7 billion in 2025.
- With the top line holding roughly flat, the key point is that profit is reviving.
- Operating profit recovered 52.7% in a single year, from ₩21.7 billion in 2024 to ₩33.2 billion in 2025, and in the first quarter of 2026 the pace of profit growth accelerated further, with revenue up 3.9%, operating profit up 21.5% and net profit up 79.2%.
- Cases and protective films see steady demand aligned with new smartphone launch cycles, while the expansion of sales regions through Amazon's global channels and the currency environment support margins.
- If this trend continues through the full year, net profit this year could reach around ₩40.3 billion, well above last year's ₩29.0 billion, and the forward P/E reflects exactly this profit growth.
- The basis for this outlook is that first-quarter net profit already rose about 80% from a year earlier.
- On February 11, 2026 an annual earnings-change disclosure confirmed revenue of ₩463.7 billion, operating profit of ₩33.2 billion and net profit of ₩29.0 billion.
- This was followed by a decision to dispose of treasury shares on May 8 and a report on the disposal result on May 19; a treasury-share disposal is a procedure by which the company processes shares it had held, tied to shareholder returns and cash management.
- Such disclosures take on clear meaning when read alongside a check on whether the company's earnings strength and cash flow actually back them up.
- The strengths are clear.
- On a foundation of little debt and ample liquidity, profit is recovering quickly, and a P/B of 0.34x on this year's earnings is low versus the peer group, which reads as undervaluation.
- First-quarter net profit rose about 80% from a year earlier, so the direction of the recovery is confirmed in the results.
- This stock works strongly when demand for cases and accessories is sustained in step with new-product launch cycles and the currency and margin environment stays favorable.
- Conversely, with revenue stalled in the ₩460 billion range, if the momentum for the top line to move up another notch is weak or the currency and channel costs turn unfavorable, the pace of profit growth could slow.
- In sum, the finances and valuation are firm and profit is in a reviving phase, with the point to watch being how much additional momentum the top-line growth gains.
🔎 Valuation vs peers Undervalued
A market-cap-adjacent comparison group within other manufacturing.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| E-World | — | 0.46x | -8.67% |
| Novatech | 6.58x | 0.73x | 11.15% |
We prioritized a public-data comparison group with a close market cap within other manufacturing. The current P/E (how many times a year's earnings the share price is worth) is 6.04x and the P/B (how many times book value the share price is worth) is 0.33x. That said, lower-market-cap stocks are heavily influenced by earnings swings and financing disclosures, so we did not draw conclusions from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩478.8 billion | ₩33.4 billion | ₩40.3 billion |
| Next quarter | Q2 2026 | ₩98.9 billion | ₩2.8 billion | ₩6.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩28,200 and the market capitalization is ₩175.3 billion. The price sits below its 20-day moving average (₩29,640) and below its 60-day moving average (₩29,062). 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 42.3, a neutral level. The one-month change is -3.1%, the three-month change is +3.3%, and the position relative to the 52-week high is -17.4%. Relative strength versus the KOSDAQ is 84 (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 84% of all stocks. Over the past three months it outpaced the index by 40.2%. 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 +40.24% / 6M +53.63% / 12M -1.65%
Key metrics vs whole-market median
Valuation
The P/E of 6.04x is below the whole-market median (13.81x). The P/B of 0.33x is below the whole-market median (1.15x). 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
Return on equity (ROE) is 5.5%, in line with the whole-market average (5.0%). The operating margin is 7.2%. The debt ratio is 108.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $296.5M | $308.4M | $307.3M | -0.34% ↓ slower |
| Operating profit | $23.4M | $14.4M | $22.0M | +52.71% ↑ faster |
| Net profit | $27.9M | $19.2M | $19.2M | +0.12% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $255.7M | $295.5M | $296.5M | $308.4M | $307.3M |
| Operating profit | $29.5M | $34.5M | $23.4M | $14.4M | $22.0M |
| Net profit | $30.4M | $21.9M | $27.9M | $19.2M | $19.2M |
| Revenue CAGR | 4-yr avg 4.71% | ||||
Revenue fell 0.3% year over year (2023 ₩447.4 billion → 2024 ₩465.3 billion → 2025 ₩463.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 52.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.7%. The two-year revenue CAGR is 1.8%. In the most recent quarter (Q1 2026), revenue was 3.9% 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.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 0.3% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-11EarningsRevenue or profit-and-loss structure change of 30% or more (15% for large corporations): annual revenue of ₩463.7 billion, operating profit of ₩33.2 billion and net profit of ₩29.0 billion.This is recent confirmed or preliminary earnings data. Check whether it moves in the same direction as the annual trend and whether there are any one-off factors. Source
- 2026-05-19UpdateTreasury-share disposal result report: confirming the return terms.This is a disclosure related to a cash return or a change in share count. Check whether earnings strength and cash flow back it up. Source
- 2026-05-08UpdateReport on material matters (decision to dispose of treasury shares): confirming the return terms.This is a disclosure related to a cash return or a change in share count. Check whether earnings strength and cash flow back it up. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩28,200 | ₩28,200 | Confirmed | link |
| Latest quarterly results | revenue ₩113.2 billion, operating profit ₩11.2 billion | revenue ₩113.2 billion, operating profit ₩11.2 billion | Confirmed | link |
| Annual results | revenue ₩463.7 billion, operating profit ₩33.2 billion | revenue ₩463.7 billion, operating profit ₩33.2 billion | Confirmed | link |
| Earnings disclosure source text | revenue30%: revenue ₩463.7 billion · operating profit ₩33.2 billion · net profit ₩29.0 billion | revenue30%: revenue ₩463.7 billion · operating profit ₩33.2 billion · net profit ₩29.0 billion | Confirmed | link |
| Shareholder-return disclosure source text | : | : | Confirmed | link |
| Shareholder-return disclosure source text | : | : | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-19TreasuryTreasury-stock disposal decision
- 2026-05-18OwnershipOwnership-change filing
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Shareholders' meeting notice
- 2026-05-08TreasuryMaterial-fact report
- 2026-04-23Shareholders' meeting notice
- 2026-04-23Shareholders' meeting notice
- 2026-03-31Disclosure
📖 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.