TMC is a specialty cable maker in which marine and offshore cable and insulated optical cable account for almost all of its actual profit. In 2025 the cable division's revenue was ₩325.7 billion, roughly 95% of consolidated revenue, and with sales and manufacturing entities in the United States it carries a large share of exports and overseas production. After a new listing on the KOSPI in December 2025, it declared its first year-end dividend (₩50 per share) in February 2026 and released its first consolidated business report in March; in Q1 2026 net profit swung back into the black, a sign that earnings, which had fallen back near breakeven, are turning upward. What stands out lately is a two-sided picture: it is strong if the core cable business grows again after the Q1 profit and quarters follow in which the electronics-components subsidiary's losses narrow; but it is weak given that revenue has edged down for three straight years, core operating profit fell sharply, and a debt ratio of 214% with an interest coverage ratio below 1x means financial headroom can shrink quickly if earnings thin out.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 214.1%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 6.0% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 1.2% lower than a year earlier.
- ROE is -0.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder KPF 48.76% (corporate)
Controlling bloc incl. related parties 56.4%
With the controlling bloc holding 56%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Where TMC actually makes its money is almost entirely in 'cable.' Founded in 2012 through a spin-off of the marine cable and insulated optical cable division from Songhyun Holdings, the company is headquartered in Cheonan, South Chungcheong Province.
- In the official 2025 business report's divisional results, the cable division's revenue was ₩325.7 billion (on a separate basis), about 95% of consolidated revenue, with operating profit of ₩8.3 billion coming from cable alone.
- The remaining electronics-components division (displays and automotive electronic parts) had revenue of ₩16.5 billion and an operating loss of ₩1.4 billion, and the other division was also in the red, so in effect cable is the single pillar holding up the whole company.
- Within cable, marine and offshore cable and optical cable are the mainstays, and with a sales entity in the US (TMC CABLE USA) and an optical-communications cable manufacturing entity (TMC TEXAS, established 2025), exports and overseas production make up a large share.
- In other words, rather than a simple 'electrical equipment' stock, it fits the business reality better to understand it as a maker of specialty cable used in shipbuilding, offshore, and communications infrastructure.
- The latest close is ₩10,560 and the market cap is ₩254.4 billion.
- The price sits below the 20-day line (₩14,545) and below the 60-day line (₩22,894).
- Trading under both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the balance of upward versus downward momentum over the last 14 days on a 0-100 scale) is 28.2, close to depressed territory.
- The 1-month change is -53.3%, the 3-month change is -48.4%, and the price stands -69.5% below its 52-week high.
- Relative strength versus the KOSPI is 7 (on a 1-99 scale that converts return relative to the index over the past year, weighting recent performance more heavily; higher means stronger than the market), placing it in roughly the top 94% of all stocks by strength.
- Over the past three months it lagged the index by 60.9%.
- Chart readings are best considered alongside trading volume and disclosure dates.
- On confirmed annual (2025) figures, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated because net profit was slightly negative.
- This loss is not structural, however: annual net income came to -₩0.44 billion, just below zero, and it should be read alongside the fact that in the most recent quarter, Q1 2026, net profit was back in the black at +₩1.8 billion.
- So rather than reading last year's 'no P/E' straight as a profitability risk, it is closer to the facts to see it as an inflection phase in which earnings are climbing back into the black from around breakeven.
- The P/B (how many times net assets the price represents) is 2.30x, somewhat above the electrical-equipment sector median (2.13x), but it is actually on the low side relative to the multiples that specialty-cable and offshore-plant cable makers typically command, so the price is hard to call excessively expensive.
- On the balance sheet, the debt ratio (debt relative to equity) is 214.1%, so debt is somewhat larger than equity, and the interest coverage ratio (how many times operating profit can cover interest) is 0.68x, a structure in which the interest burden grows alongside any thinning of operating profit.
- In short, the valuation itself is not burdensome; the key is to check each quarter whether core earnings are turning back up from around breakeven.
- The top line has been in a gentle three-year decline.
- Revenue went from ₩372.3 billion in 2023 to ₩362.5 billion in 2024 to ₩340.9 billion in 2025, a three-year average of -4.3%, and earnings fell more steeply.
- Operating profit dropped from ₩14.3 billion in 2024 to ₩6.4 billion in 2025, with almost all of that decline coming from the core cable business (cable operating profit fell from ₩15.2 billion to ₩8.3 billion).
- Over the same period, the electronics-components division's loss widened from -₩0.5 billion to -₩1.4 billion, holding back the core recovery.
- In the most recent quarter, Q1 2026, revenue was ₩93.9 billion, nearly flat at -1.2% year on year; operating profit fell sharply to ₩1.0 billion, but net profit stayed in the black at +₩1.8 billion.
- That is, the top line is holding with little change while earnings have climbed back to positive from around breakeven.
- As for forward numbers, the company has not yet officially provided numerical revenue or profit targets through DART or IR, and since it listed in December 2025 there is not yet enough past quarterly history to gauge seasonality.
- So this year's full-year earnings are not pinned to a specific figure; the confirmed 2025 results and the Q1 trend are taken as fact, and everything after that is left to be confirmed by quarterly releases.
- The main thread of the disclosure flow is 'settling into the first year of listing.' After a new listing on the KOSPI on December 15, 2025, the company declared its first post-listing year-end dividend (₩50 per share, about ₩1.2 billion in total) on February 25, 2026, taking a first step in shareholder returns.
- Its first consolidated business report on March 18 disclosed the confirmed 2025 results, and the AGM was completed on March 26.
- On April 24 a large-holding report and an executive/major-shareholder ownership report were filed, signaling that a change in holdings had occurred (the largest shareholder is KPF at 48.76%), which is a useful reference for gauging early-listing float and supply-demand.
- The Q1 quarterly report on May 14 confirmed the first quarter of 2026 (a swing back to net profit), and a corporate governance report was disclosed on May 29.
- No new momentum disclosures such as new supply contracts or future-business plans are visible yet, so for now regular disclosures like quarterly earnings and dividends are the main points to confirm.
- The strengths to note are clear.
- The core cable business, which accounts for 95% of the company's profit, is established in the specialty area of marine, offshore, and optical cable, is expanding abroad through its US sales and manufacturing entities, and began paying a dividend in its very first year of listing.
- Above all, in Q1 2026 net profit swung back into the black, a sign that earnings, which had fallen back near breakeven, are turning upward.
- On valuation too, although the P/B is somewhat above the sector median, it is on the low side relative to the multiples specialty-cable makers command, so it is hard to say excessive expectations are priced in.
- The cautions are just as clear.
- Revenue has edged down for three straight years, core operating profit fell sharply within a single year, and the electronics-components subsidiary's losses slow the core recovery.
- With a debt ratio of 214% and interest coverage below 1x, financial headroom can shrink quickly if the earnings stream thins.
- In sum, this stock is strong 'if core cable earnings grow again following the Q1 profit and quarters follow in which the electronics-components loss narrows,' and weak 'if the core-earnings recovery stalls or the financial burden grows again.' The key is to confirm, quarter by quarter, the direction of core earnings and the durability of the profit.
🔎 Valuation vs peers Inconclusive
Because the business reality is 'marine, offshore, and optical cable,' the true peer set was chosen from listed cable makers that produce power cable and optical-communications cable. Figures are on an on-site basis (based on the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Taihan Cable & Solution | 64.70x | 3.40x | 5.26% |
| Gaon Cable | 74.84x | 7.95x | 10.62% |
| Daewon Cable | 86.06x | 5.85x | 6.80% |
| Daehan Optical Communication | — | 24.84x | -41.97% |
Peer cable stocks all have high P/B ratios, some with P/Es in the 80-100x range, which appears to reflect future-demand expectations for offshore wind and submarine cable priced into their shares. TMC has one of the lowest P/Bs among them and so looks 'less expensive' on the surface, but with an ROE that is uniquely negative among its peers, it can hardly be called cheap relative to profitability. The crux is that last year's confirmed (trailing) P/E cannot even be calculated because of the loss. In an earnings-inflection phase, valuation cannot be pinned to a single past year's figure, and with no confirmed company guidance, a forward basis cannot be established either. If the Q1 swing to positive net profit continues and core earnings recover, the current P/B is justified; if the decline in core earnings drags on, it becomes a case where 'the P/B is lower than peers but expensive on profitability.' With insufficient grounds to conclude either way, the verdict is left Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩10,560 and the market capitalization is ₩254.4 billion. The price sits below its 20-day moving average (₩14,545) and below its 60-day moving average (₩22,894). 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 28.2, near oversold territory. The one-month change is -53.3%, the three-month change is -48.4%, and the position relative to the 52-week high is -69.5%. 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 60.9%. 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 -60.90% / 6M -56.04% / 12M -64.68%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.30x is in line with 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 -0.4%, below the sector average (2.0%). The operating margin is 1.9%. The debt ratio is 214.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $246.7M | $240.3M | $225.9M | -5.97% ↓ slower |
| Operating profit | $7.9M | $9.5M | $4.3M | -54.96% ↓ slower |
| Net profit | $4.6M | $6.3M | -$294,608 | -104.70% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $246.7M | $240.3M | $225.9M |
| Operating profit | — | — | $7.9M | $9.5M | $4.3M |
| Net profit | — | — | $4.6M | $6.3M | -$294,608 |
| Revenue CAGR | 2-yr avg -4.31% | ||||
Revenue fell 6.0% year over year (2023 ₩372.3 billion → 2024 ₩362.5 billion → 2025 ₩340.9 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 55.0% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -4.3%. The two-year revenue CAGR is -4.3%. In the most recent quarter (Q1 2026), revenue was 1.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt is somewhat higher than equity (debt ratio 214.1%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 6.0% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 quarterly report filed. Revenue ₩93.9 billion (-1.2% YoY), operating profit ₩1.0 billion (-79.9%), net profit +₩1.8 billion, staying in the black.Operating profit fell sharply but net profit held positive, making this the first quarterly checkpoint for gauging a profitability recovery after the annual loss. Source
- 2026-03-18Earnings2025 consolidated business report filed. Cable-division revenue ₩325.7 billion and operating profit ₩8.3 billion drove the whole, while the electronics-components division posted an operating loss of ₩1.4 billion, leaving annual net income slightly negative (-₩0.44 billion).This is the first time the business structure -- that almost all of the profit decline came from the core cable business and that the electronics-components subsidiary is loss-making -- was shown in figures. Source
- 2026-02-25DividendFirst post-listing year-end cash dividend decided. ₩50 per share, total dividend about ₩1.19 billion, dividend-to-price yield 0.31%, record date 2026-03-31.The dividend is small, but as the start of shareholder returns in the very first year of listing, it can be seen as the starting point of the cash-flow and dividend policy. Source
- 2026-04-24UpdateLarge-holding report and executive/major-shareholder ownership report filed. The largest shareholder is KPF (48.76%).A clue for gauging early-listing changes in holdings and float, useful as a reference when viewed alongside supply-demand flows. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 divisional operating profit (cable) | +₩8.3 billion / -₩1.4 billion / ₩6.4 billion | 8,321,402 · -1,400,724 · 6,428,935 | Confirmed | link |
| Q1 2026 net profit | +₩1.8 billion | ₩1,836,183,136 | Confirmed | link |
| First post-listing dividend (dividend per share) | ₩50 · approx. 0.22% | ₩50 · 0.31% · ₩1,191,597,000 | Confirmed | link |
| Latest closing price | ₩10,560 | — | Unverified | link |
Recent filings
- 2026-06-10Disclosure
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-02-25DividendCash/stock dividend decision
- 2026-02-25Shareholders' meeting notice
- 2026-02-25DividendCash/stock dividend decision
- 2026-02-25Shareholders' 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.