Wonik PNE makes back-end equipment that, after a battery is built, charges and discharges it to wake up its performance and test it, with formation equipment, cycler equipment and PCR power supplies at the core, and large battery makers' capacity-expansion cycles heavily driving its results. Its 2025 annual report broke two straight years of losses with a small profit (net profit of ₩0.96 billion), but its May 2026 quarterly report showed Q1 revenue plunging 82% year over year and returning to a loss as slowing customer capital spending fed straight through, and along the way there was also a treasury-share disposal and a change of chief executive. What stands out lately is that if battery makers resume capacity-expansion investment and orders refill, five years of rising revenue and a low asset value (P/B of 0.86x, P/S of 0.27x) have room to be re-valued; on the other side, with a debt ratio of 309% and a current ratio of 89% financial headroom is tight, and in a downcycle this is a high-sensitivity, order-driven equipment stock whose revenue empties out quickly.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 308.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.8%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 32.6% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 82.4% lower than a year earlier.
- ROE is 0.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.4%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Wonik Holdings 31.05% (corporate)
Controlling bloc incl. related parties 31.41%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis
- Wonik PNE makes and sells back-end equipment that, at the final stage after a battery (secondary cell) is built, charges and discharges it to wake up its performance and test it.
- Its core products are formation equipment that puts electricity into a freshly assembled battery for the first time to activate it, cycler equipment that repeats charging and discharging to test lifespan and quality, and PCR power supplies that feed electricity stably to these machines.
- On a business-report basis, battery-related revenue from secondary-cell equipment and power supplies accounts for most of the total, and it is a classic order-driven equipment business where orders come in when large domestic and overseas battery makers build new plants or add lines.
- In short, when the battery industry's capital spending rises, work piles up, and when investment stops, revenue empties out quickly, so customers' expansion cycles heavily drive its results.
- The latest close is ₩1,776 and the market cap is ₩84.3 billion.
- The price sits below both the 20-day line (₩2,001) and the 60-day line (₩2,784).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that scores upward versus downward force over the last 14 days on a 0-100 scale) is 34.4, a neutral level.
- The one-month change is -13.6%, the three-month change is -39.0%, and the price sits -60.5% from its 52-week high.
- Relative strength versus the KOSDAQ is 45 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 55% of all stocks by strength.
- Over the last three months it lagged the index by 22.4%.
- Chart reading is best done alongside volume and the dates of filings.
- The valuation metrics have to be read with the company's earnings inflection point in mind.
- The P/E (how many times one year's earnings the price represents) prints very high at 87.49x, but this is not because the price is expensive; it is because 2025 net profit of ₩0.96 billion is so close to zero that the denominator has shrunk.
- The trailing P/E in the year a company just swings from loss to profit is inherently inflated like this, so this single figure alone cannot confirm the stock is expensive.
- Asset-based metrics are clearer: the P/B (how many times net assets the price represents) is 0.82x, below its own net assets and below same-sector comparison companies, and the P/S (how many times revenue the price represents) is also low at 0.27x relative to the ₩390.7 billion revenue base.
- On an asset and revenue basis these signal the price sits in a cheap zone.
- Profitability, however, is still weak: ROE (how much is earned in a year on equity) is 0.9%, the operating margin is 0.4% and the net margin is 0.25%, roughly break-even, and the finances are tight on short-term liquidity with a debt ratio (debt relative to equity) of 309% and a current ratio (assets that can be turned into cash within a year relative to debt due within a year) of 89%.
- Top-line growth is steady.
- 2025 revenue of ₩390.7 billion was up 32.6% from the prior year and has risen for five straight years since ₩176.4 billion in 2021.
- Earnings are volatile.
- Net profit went from ₩19.6 billion in 2021 into losses of -₩3.6 billion in 2023 and -₩63.7 billion in 2024, then swung to a ₩0.96 billion profit in 2025.
- Passing through the deepest loss year and returning to profit is the first step of a recovery, but the profit itself is small, so it is early to call the earnings base solid.
- Moreover, Q1 2026 cumulative revenue of ₩27.3 billion plunged 82% from the same period a year earlier, and operating and net profit swung back to losses in the -₩5.8 billion to -₩6.1 billion range.
- That makes it hard to draw a confident forward picture on this-year earnings.
- With Q1 starting in a deep loss, whether annual earnings will be confirmed positive is itself still open, so this year's earnings-based valuation should be judged by watching whether orders refill rather than pinned to a number.
- The direction of earnings ultimately depends on when customers resume battery capacity-expansion investment.
- Recent filings read as signals where structural improvement and an industry slowdown are seen together.
- The axes of change are: breaking two straight years of losses with a small profit (net profit of ₩0.96 billion) in the December 2025 annual report; resolving a treasury-share disposal in March 2026 and disclosing the result in April, showing shareholder- and finance-related moves; and a change of chief executive in the same March.
- On the other hand, the May 2026 quarterly report, in which Q1 revenue plunged 82% from the same period a year earlier and returned to a loss, shows that slowing customer capital spending is feeding straight through to results.
- With the swing to profit and the quarterly loss appearing close together, the order and earnings filings still to come become the inflection point that will set the direction.
- The strengths are clear.
- The top line has risen for five straight years, the company succeeded in swinging to profit in 2025, and it has a distinct core business in battery back-end equipment together with a base of large battery-maker customers.
- Relative to net assets (P/B of 0.86x) and revenue (P/S of 0.27x) the price is on the low side, so on an asset basis it is closer to undervalued.
- At the same time the points to watch are just as clear.
- With a debt ratio of 309% and a current ratio of 89%, financial headroom is tight; earnings swing between profit and loss with high volatility; and with Q1 2026 revenue plunging 82% and returning to a loss, it is directly exposed to the slowdown in the industry (customer capital spending).
- In sum, if battery makers resume expansion investment and orders refill, the recovery in revenue and profit could be strong and the low asset valuation has room to be re-valued, whereas in a downcycle where investment stops, revenue empties out quickly and swings to a loss - a high-industry-sensitivity, order-driven equipment stock.
- The key, then, is to watch both whether recovery signals in orders appear and whether the tight finances hold out in the meantime.
🔎 Valuation vs peers Inconclusive
The comparison used domestic listed equipment makers of secondary-battery manufacturing equipment whose business character is closest; PNT mainly handles front-end equipment such as electrode coating and slitting, and Hana Technology handles assembly and back-end equipment, so both belong to the same battery-equipment sector as Wonik PNE (charge-discharge back-end).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| PNT | 9.74x | 1.04x | 10.73% |
| Hana Technology | — | 1.00x | -5.78% |
The P/B of 0.82x is below the peers (PNT 1.41x, Hana Technology 1.38x), so relative to net assets it sits in a discount zone, and the P/S of 0.27x is also low relative to the revenue base. However, the on-screen P/E of 109x is at an inflection point where 2025 net profit of ₩0.96 billion is close to zero, so the small denominator inflates this trailing figure, and this multiple alone cannot judge whether the stock is expensive or cheap. At the same time, the forward basis on this year's earnings cannot be set reliably because Q1 started in a deep loss and it is unclear whether annual earnings will be confirmed positive. It looks cheap relative to net assets, but earnings strength and financial stability are weak and the industry is in a slowdown, so rather than concluding one way or the other, it is reasonable to leave the verdict inconclusive until an order recovery can be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩1,776 and the market capitalization is ₩84.3 billion. The price sits below its 20-day moving average (₩2,001) and below its 60-day moving average (₩2,784). 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 -13.6%, the three-month change is -39.0%, and the position relative to the 52-week high is -60.5%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 22.4%. 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 -22.36% / 6M -47.01% / 12M -46.95%
Key metrics vs sector median
Valuation
The P/E of 87.49x is above the sector median (14.44x). The P/B of 0.82x is below the sector median (1.44x).
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 0.9%, below the sector average (5.0%). The operating margin is 0.4%. The debt ratio is 308.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $203.4M | $195.3M | $258.9M | +32.57% ↑ faster |
| Operating profit | $1.9M | -$32.3M | $926,517 | — |
| Net profit | -$2.4M | -$42.2M | $639,212 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $116.9M | $191.4M | $203.4M | $195.3M | $258.9M |
| Operating profit | $9.9M | $2.6M | $1.9M | -$32.3M | $926,517 |
| Net profit | $13.0M | $1.8M | -$2.4M | -$42.2M | $639,212 |
| Revenue CAGR | 4-yr avg 21.99% | ||||
Revenue rose 32.6% year over year (2023 ₩306.8 billion → 2024 ₩294.7 billion → 2025 ₩390.7 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 22.0%. The two-year revenue CAGR is 12.8%. In the most recent quarter (Q1 2026), revenue was 82.4% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 32.6% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 308.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.8%).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — cumulative revenue of ₩27.3 billion (-82.4% versus the same period a year earlier), operating profit of -₩6.08 billion and net profit of -₩5.83 billion, swinging back to a lossShort term: a signal that slowing customer capital spending is feeding directly into results and turning them to a loss. Medium term: the timing of an order recovery is the key to an earnings rebound. Source
- 2026-04-03UpdateTreasury-share disposal result reported — disclosure that the treasury-share disposal per the March resolution has been completedShort term: a shareholder-return and finance-related cash flow. Medium term: a subject to watch for its effect on the free float and capital structure. Source
- 2026-03-26FilingChange of chief executive and annual shareholders' meeting result disclosedMedium term: the change of management raises the possibility of shifts in business strategy and restructuring direction. Source
- 2026-03-18EarningsDecember 2025 annual report filed — revenue of ₩390.7 billion (+32.6% year over year) and net profit of ₩0.96 billion, a swing from loss to profitShort term: a swing to profit that broke a two-year run of losses. Medium term: with the profit small, the durability of earnings strength needs verifying. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization | ₩84.3 billion | ₩84.3 billion | Confirmed | link |
| 2025 annual results | revenue ₩390.7 billion, net profit ₩1.0 billion | (2025.12) revenue·net profit | Confirmed | link |
| Q1 2026 revenue and profit/loss | revenue ₩27.3 billion, -₩6.1 billion, -₩5.8 billion | (2026.03) | Confirmed | link |
Recent filings
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03TreasuryTreasury-stock disposal decision
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' 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.