LK Samyang is a company rooted in more than 50 years of optics manufacturing that exports interchangeable camera lenses under its own brand to over 70 countries, and as the spread of smartphones has shrunk the consumer camera market it is shifting its center of gravity toward industrial and aerospace optics for machine vision, thermal imaging, drones, and satellites. Its current results reflect both the shrinking of the core business and the cost of that transition, with revenue declining and losses continuing as the operating margin has fallen to -78.7%; in April 2026 it disclosed a share pledge agreement that could entail a change of largest shareholder. The key point to watch now is that its integrated capability to design and machine lenses in-house can serve as a barrier to entry in high-value industrial optics, and with a current ratio of 651.8% its funding headroom is ample, so the stock is strong if an expanding share of new-business revenue and narrowing losses are confirmed, but weak for as long as the core-business decline and the governance uncertainty continue together.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 33.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 25.5% lower than a year earlier.
- ROE is -55.9% (controlling-interest basis). It is below the sector average.
- Operating margin is -78.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder LK 56.37% (corporate)
Controlling bloc incl. related parties 56.37%
With the controlling bloc holding 56%, control is very secure but the free float is thin.
🔎 In-depth analysis
- The company's roots lie in more than 50 years of optics (lens) manufacturing.
- Its core product is interchangeable lenses that attach to cameras, which it exports under its own brand to over 70 countries around the world, handling everything from lens design through machining, assembly, and sales in-house.
- However, as the spread of smartphones shrank the general camera market, the share of interchangeable lenses, which once exceeded 90% of revenue, has fallen sharply, and the company is shifting its center of gravity toward industrial uses.
- Its new sources of growth are machine-vision lenses used in factory inspection and semiconductor processes, thermal cameras that see heat, and optical equipment for drones and satellites.
- In other words, it is in the middle of switching from a consumer camera-lens company to an industrial and aerospace precision-optics company, and its current results reflect both the shrinking of the core business and the cost of that transition.
- The latest close is ₩708 and market capitalization is ₩49.9 billion.
- The price sits below the 20-day line (₩995) and below the 60-day line (₩1,626).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs up-moves against down-moves over the past 14 days on a 0-100 scale) is 22.0, close to oversold territory.
- The one-month change is -48.1%, the three-month change is -60.7%, and the position versus the 52-week high is -73.6% below it.
- Relative strength versus the KOSDAQ is 17 (1-99, converting return against the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 83% of all stocks by strength.
- Over the past three months it has lagged the index by 48.8%.
- It is best to read the chart alongside trading volume and disclosure dates.
- The current earnings are in a loss-making phase.
- ROE (how much the company earns on its own equity in a year) is -55.9% and the operating margin is -78.7%, meaning a loss at the operating stage.
- Because EPS (earnings per share) is -₩263.7, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated, so the P/B (how many times book net assets the price represents) is used alongside it to gauge value.
- The P/B is 1.50x (a close of ₩912 against net assets per share of ₩472), a middling level, neither high nor low.
- Rather than viewing a loss-making company's P/B purely as a burden, it is more accurate to read it as a value priced together with the net assets the company holds and expectations for its shift into industrial optics.
- Financial stability is two-sided.
- A current ratio of 651.8% gives ample short-term payment capacity and a debt ratio (debt relative to equity) of 136% is not excessive, but losses are eating into equity, so the question is how long this cushion can hold.
- As a stock without a P/E, the key is to watch the P/B alongside the progress of the business recovery.
- Revenue has been on a declining trend over the past several years.
- It came down from ₩39.0 billion in 2023 to ₩32.0 billion in 2024 and ₩21.4 billion in 2025 (-33% year over year), and after swinging to a loss in 2023, the operating loss widened to ₩16.9 billion in 2025.
- In the most recent period, the first quarter of 2026, revenue again fell 25.5% from the same quarter a year earlier and both operating and net figures remained in the red, so there is not yet a sign that the core-business recovery has begun.
- Because last year's confirmed (trailing) results were a loss, the P/E is empty; for turnaround stocks where earnings typically swing back into the black, a forward metric based on "the earnings recovered this year" is more accurate.
- However, this company has no earnings target figure disclosed for this year, and revenue and earnings have not yet turned toward improvement, so there is no basis for assuming a positive forward figure for this year.
- As a result, the heart of the growth story lies less in the numbers and more in when, and by how much, the new businesses (industrial and aerospace optics) fill the space left by the shrinking core.
- The disclosures can be read along two lines.
- One is periodic reporting that confirms results (the 2025 annual report and the first-quarter 2026 report), which lay out the revenue decline and continued losses as they are.
- The other is signals related to governance and funding.
- In April 2026 a "share pledge agreement entailing a change of largest shareholder" was disclosed, meaning the largest shareholder pledged its holding as collateral; if the collateral is executed, the controlling shareholder could change.
- A large-holding change was disclosed the same day, showing that a shift in the ownership structure is under way.
- In addition, a stock option grant and outside-director changes were resolved at the regular general meeting.
- In a loss-making phase, such governance and funding events are variables that can amplify share-price volatility as much as the business recovery does, so it is worth watching the flow of future collateral- and ownership-related disclosures.
- The strengths and the points to examine are clearly divided.
- Strengths: 50 years of optics manufacturing know-how and the integrated capability to design and machine lenses in-house can serve as a barrier to entry when moving into high-value industrial optics such as machine vision, thermal imaging, and aerospace; a current ratio of 651.8% gives ample short-term funding headroom, so immediate funding pressure is not great; and the share price already sits more than halved from its high.
- Points to examine: with the core business (interchangeable lenses) shrinking and the operating margin down to -78.7%, losses are eroding equity quickly, and this is compounded by the governance variable of a possible pledge and change of the largest shareholder's stake.
- In short, this stock is strong when a "sign that the new businesses take a meaningful share of revenue while losses narrow" is confirmed, and weak for as long as the core-business decline and the governance variable continue together.
- Rather than declaring in a word whether it is cheap or expensive, it is a name to watch step by step to see whether the shift into industrial optics actually shows up in results.
🔎 Valuation vs peers Inconclusive
Compared against optics-related KOSDAQ companies in the same KSIC optical and precision-instrument group whose business character is close. Hi-Vision System is an optical inspection-equipment company in the same sector, currently in a shared downturn, while Namuga is a profitable adjacent optics (camera module) company that serves as a healthy comparison benchmark.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hivision System | 0.00x | 0.55x | -6.86% |
| Namuga | 6.81x | 1.00x | 14.63% |
Because earnings are in the red, value cannot be gauged with the P/E, so it must be viewed through the P/B and the prospects for a business recovery. (a) Position versus true peers: Hi-Vision System, in the same optical and precision sector, trades at a P/B of 0.73x (below book) despite a similar industry downturn, whereas LK Samyang is higher, at a P/B of 2.58x. Compared with the profitable adjacent company Namuga (P/B of 1.25x, ROE of 14.6%), the gap is even wider. (b) Premium/discount: a loss-making company carrying a higher P/B than its struggling peers suggests that expectations for the shift into industrial optics may be priced in, and if those expectations are not confirmed through revenue and earnings, they could turn into downward pressure. (c) Limits of trailing and the basis for forward: last year's confirmed (trailing) results were a loss, so the P/E is empty; with no official company figure for earnings turning positive this year, and no improvement signal in the revenue or loss trend, there is insufficient basis to assume a positive forward figure. It is therefore appropriate to remain inconclusive until the transition results are confirmed, rather than declaring the stock cheap or expensive.
Price history Close · MA20 · MA60
The latest close is ₩708 and the market capitalization is ₩49.9 billion. The price sits below its 20-day moving average (₩995) and below its 60-day moving average (₩1,626). 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 22.0, near oversold territory. The one-month change is -48.1%, the three-month change is -60.7%, and the position relative to the 52-week high is -73.6%. Relative strength versus the KOSDAQ is 17 (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 17% of all stocks. Over the past three months it lagged the index by 48.8%. 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 -48.83% / 6M -46.05% / 12M -67.99%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.50x is in line with the sector median (1.61x).
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 -55.9%, below the sector average (5.0%). The operating margin is -78.7%. The debt ratio is 136.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $25.9M | $21.2M | $14.2M | -33.14% ↓ slower |
| Operating profit | -$748,409 | -$2.1M | -$11.2M | — |
| Net profit | $482,890 | -$962,959 | -$12.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $38.2M | $36.4M | $25.9M | $21.2M | $14.2M |
| Operating profit | $8.1M | $7.3M | -$748,409 | -$2.1M | -$11.2M |
| Net profit | $7.0M | $5.5M | $482,890 | -$962,959 | -$12.3M |
| Revenue CAGR | 4-yr avg -21.95% | ||||
Revenue fell 33.1% year over year (2023 ₩39.0 billion → 2024 ₩32.0 billion → 2025 ₩21.4 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -21.9%. The two-year revenue CAGR is -25.9%. In the most recent quarter (Q1 2026), revenue was 25.5% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 33.1% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-04-02UpdateDisclosure of a share pledge agreement entailing a change of largest shareholder. The largest shareholder's stake is pledged as collateral, so if the collateral is executed the controlling shareholder could change.A near-term volatility factor as governance uncertainty widens. Over the medium term, it could heighten market concern over funding and management-control stability. Source
- 2026-04-02FilingFiling of a large-holding status report (general). Shows that a change in the ownership structure is under way.A short-term monitoring point suggesting a possible shift in the ownership map, interlocked with the largest shareholder's pledge agreement. Source
- 2026-05-15EarningsFiling of the first-quarter 2026 report. Revenue fell 25.5% year over year and both operating and net figures remained in the red.Confirms the core-business contraction and continued losses. Shows that the shift to new businesses has not yet led to an earnings improvement. Source
- 2026-03-18FilingFiling of the 2025 annual report. Annual revenue of ₩21.4 billion and an operating loss of ₩16.9 billion, marking a fifth consecutive year of shrinking revenue and a widening loss.Officially confirms the medium-term earnings weakness. Reveals that the contraction of the interchangeable-lens core business is the key factor dragging down overall results. Source
- 2026-03-26FilingReport of regular general meeting results, including a stock option grant and the appointment and change of outside directors.A change in workforce incentives and board composition. A signal that, in a loss-making phase, the company is securing human resources and shifting governance at the same time. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Core business (optical lens manufacturing) | base = | — | Unverified | link |
| 2025 operating loss | operating profit -168.5, operating margin -78.7% | 2025 | Confirmed | link |
| First-quarter 2026 revenue YoY | revenue 32.0, -25.5% | 2026 1 | Confirmed | link |
| Possibility of a change of largest shareholder | base ' approx. ' | DART | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-02OwnershipOwnership-change filing
- 2026-04-02OwnershipLargest-shareholder ownership change report (amended)
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-09Shareholders' 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.
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