MDevice (226590) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
MDevice is a company that combines memory chips (DRAM and NAND) with the SSD controllers that manage them, handling everything from design through manufacturing, assembly, testing, sales and distribution of SSDs; it spans a broad lineup from enterprise (data center) and consumer to BGA-type products, and it builds its sales base on the rising demand for data storage driven by cloud, AI, 5G and autonomous driving. In September 2025 it raised ₩25.0 billion of working capital through a convertible bond issue (conversion price ₩11,450), and in August 63,000 new common shares (about ₩530 million) were issued through the exercise of warrants. The key point to watch is that revenue has grown roughly tenfold in two years, turning to a double-digit operating margin, and even with a 22.7% ROE the stock trades at a P/E of about 12x and a P/B of 2.7x, so growth and undervaluation sit together as a strength; but a debt-to-equity ratio of 104.5%, the potential dilution of per-share value from the convertible bond and warrants, and earnings volatility tied to the memory cycle and large-customer demand all need to be watched together.
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 “Semiconductor Components” (Semiconductors & IT Components), a type typically read first through forward P/E.
Semiconductor components track the ups and downs of the chip cycle and end-device demand, so earnings can change materially from here. Since the profit still to come drives the price more than past profit, forward P/E, based on expected earnings, is the first lens.
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
- Revenue rose 99.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.9% higher than a year earlier.
- ROE is 22.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.8%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Cho Ho-kyung 30.23% (individual)
Controlling bloc incl. related parties 30.67%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis Reading
MDevice is a company that specializes in making SSDs (semiconductor-based storage devices that store data). By combining memory chips (DRAM, NAND) with the system chip that controls them (the SSD controller), it handles everything from design through manufacturing, assembly, testing, sales and distribution of SSDs itself. Its product range is broad, spanning enterprise (data center), consumer, and BGA-type SSDs mounted directly onto a board. It makes money by selling the SSDs it builds this way to enterprise and general markets, and the rapidly rising demand for data storage in areas such as cloud, AI, big data, 5G and autonomous driving forms the company's sales base. As a small-to-mid-cap name with a market capitalization of ₩129.0 billion, it is worth watching, alongside business results, how a single disclosure such as a financing event can affect its finances and share count.
The latest close is ₩11,600 and the market capitalization is ₩124.3 billion. The price sits above its 20-day moving average (₩11,142) and below its 60-day moving average (₩14,752). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.6, a neutral level. The one-month change is -9.5%, the three-month change is -58.3%, and the position relative to the 52-week high is -68.0%. Relative strength versus the KOSDAQ is 51 (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 51% of all stocks. Over the past three months it lagged the index by 31.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent annual (2025) revenue was ₩96.5 billion, with operating profit of ₩11.5 billion and net profit of ₩10.7 billion. The operating margin is a double-digit 12.0%, and the ROE (how much is earned in a year on shareholders' equity) is a strong 22.7%, above the peer average. The debt-to-equity ratio is 104.5%, so debt is somewhat larger than equity, but with a current ratio of 165% short-term payment capacity is in place. The P/E is 11.73x and the P/B is 2.66x. These figures are based on last year's confirmed results, but this is a company whose operating profit has just turned from a loss to a profit and is growing quickly, so structurally, as profit rises, the P/E falls further at the same price. Measured against a profitability of 22.7% ROE, the current P/E and P/B are less a burdensome level than a position that the diagnosis classifies as undervalued.
MDevice's growth is large in scale. Revenue went from ₩9.9 billion in 2023 to ₩48.3 billion in 2024 and ₩96.5 billion in 2025, roughly tenfold in two years, while operating profit turned from a ₩4.7 billion loss in 2023 to ₩4.8 billion in 2024 and ₩11.5 billion in 2025, then grew again about 2.4-fold in a single year after the turnaround. Net profit also swung from a ₩7.3 billion loss to ₩10.7 billion. This growth was created as SSD sales began to register in earnest in revenue, backed by an environment in which storage demand is expanding on the spread of data centers and AI. This year's (2026) outlook is revenue of ₩98.3 billion and operating profit of ₩17.1 billion, a picture of roughly 48% more operating profit than last year's ₩11.5 billion. The first quarter already locked in revenue of ₩20.5 billion and operating profit of ₩3.2 billion (operating profit +37.2%), and the calculation is that if this trend continues, full-year operating profit clearly exceeds last year's. The first-quarter net loss of ₩8.2 billion is not from weakness in the operating business itself but from a mix of non-operating factors such as convertible-bond-related valuation items, and it should be seen alongside the fact that operating profit is holding a profitable footing.
Recent disclosures have been concentrated on financing. In September 2025 the company raised ₩25.0 billion of working capital by issuing convertible bonds (debt that can later be swapped into shares), with the conversion price set at ₩11,450. Financing for working-capital purposes can lead to revenue if used for business expansion, whereas the exercise of conversion rights can increase the share count and dilute per-share value, so both sides need to be seen together. In the same vein, in August 2025 63,000 new common shares (about ₩530 million) were issued and listed through the exercise of warrants. Going forward, the key is to confirm together whether the funds raised this way actually connect to investment and revenue growth, and by how much the share count increases through conversion and exercise.
MDevice's strengths are clear. Revenue grew roughly tenfold in two years, turning from a loss to a double-digit operating margin, and even with a strong 22.7% ROE the stock is rather cheap at a P/E of 12x and a P/B of 2.7x, so structurally the valuation burden lightens further as profit rises. This year's operating profit outlook (₩17.1 billion) is also a step higher than last year, an uncommon position where growth and undervaluation sit together. There are points to watch, though. The debt-to-equity ratio of 104.5% means more debt than equity, and financing such as the convertible bond and warrants, which can increase the share count later, is under way, leaving room for dilution of per-share value. Also, as a small-to-mid-cap SSD company, earnings can swing widely with the memory cycle and changes in large-customer demand. In sum, in a phase where data-storage demand holds up and raised funds connect to revenue, growth and undervaluation shine together, whereas in a phase where the memory cycle turns down or the share count rises quickly through conversion, volatility can widen.
🔎 Valuation vs peers Undervalued
A comparison set of electronic-component and display names with adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Poongwon Precision | — | 12.90x | -191.25% |
| RS Automation | — | 2.29x | -6.83% |
| Elansys | 44.79x | 3.46x | 8.29% |
Within electronic components and displays, a public-data comparison set with adjacent market capitalization was looked at first. The current P/E is 11.73x and the P/B is 2.66x. That said, because lower-market-cap names are heavily affected by profit swings and financing disclosures, the conclusion was not drawn from metrics based on last year's confirmed results 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 | ₩98.3 billion | ₩17.1 billion | — |
| Next quarter | Q2 2026 | ₩25.8 billion | ₩4.9 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩11,600 and the market capitalization is ₩124.3 billion. The price sits above its 20-day moving average (₩11,142) and below its 60-day moving average (₩14,752). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.6, a neutral level. The one-month change is -9.5%, the three-month change is -58.3%, and the position relative to the 52-week high is -68.0%. Relative strength versus the KOSDAQ is 51 (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 51% of all stocks. Over the past three months it lagged the index by 31.0%. 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 -31.01% / 6M -13.58% / 12M +12.90%
Key metrics Computed vs sector median
Valuation
The P/E of 11.58x is below the sector median (15.45x). The P/B of 3.17x is above the sector median (0.86x).
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, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 22.7%, above the sector average (4.0%). The operating margin is 12.8%. The debt ratio is 175.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $6.9M | $33.9M | $67.8M | +99.75% ↓ slower |
| Operating profit | -$3.3M | $3.4M | $8.1M | +141.14% |
| Net profit | -$5.2M | $2.1M | $7.5M | +257.66% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $6.9M | $33.9M | $67.8M |
| Operating profit | — | — | -$3.3M | $3.4M | $8.1M |
| Net profit | — | — | -$5.2M | $2.1M | $7.5M |
| Revenue CAGR | 2-yr avg 212.98% | ||||
Revenue rose 99.8% year over year (2023 ₩9.9 billion → 2024 ₩48.3 billion → 2025 ₩96.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 141.1% year over year. Over the 3 years on record, revenue compound annual growth (CAGR) is 213.0%. The two-year revenue CAGR is 213.0%. In the most recent quarter (Q1 2026), revenue was 1.9% higher 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 22.7% points to solid profitability.
- Revenue grew 99.8% year over year, a sign of growth.
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
- 2025-09-11Update[Amended] Material fact report (convertible bond issuance decision): conversion price ₩11,450 · working capital ₩25.0 billionThis is a disclosure where the purpose of the incoming funds and the change in the share count must be seen together. Where facility or working-capital purposes are stated, the key is whether the investment is actually executed and connects to revenue. Source
- 2025-09-11UpdateMaterial fact report (convertible bond issuance decision): conversion price ₩11,450 · working capital ₩25.0 billionThis is a disclosure where the purpose of the incoming funds and the change in the share count must be seen together. Where facility or working-capital purposes are stated, the key is whether the investment is actually executed and connects to revenue. Source
- 2025-08-06UpdateOther management matter (voluntary disclosure) (warrant exercise result): 63,000 common shares, actual issuance amount ₩526,050,000, payment date July 28, 2025, expected listing date August 13, 2025, listing planned: yes, decision (confirmation) date 2025-08-06, and other matters for investment judgmentThis is a disclosure where the purpose of the incoming funds and the change in the share count must be seen together. Where facility or working-capital purposes are stated, the key is whether the investment is actually executed and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩11,600 | ₩11,600 | Confirmed | link |
| Latest quarterly results | revenue ₩20.5 billion, operating profit ₩3.2 billion | revenue ₩20.5 billion, operating profit ₩3.2 billion | Confirmed | link |
| Annual results | revenue ₩96.5 billion, operating profit ₩11.5 billion | revenue ₩96.5 billion, operating profit ₩11.5 billion | Confirmed | link |
| Financing disclosure original text | [amended] : ₩11,450 · ₩25.0 billion | [amended] : ₩11,450 · ₩25.0 billion | Confirmed | link |
| Financing disclosure original text | ₩11,450 · ₩25.0 billion | ₩11,450 · ₩25.0 billion | Confirmed | link |
| Financing disclosure original text | 63,000 5) : ₩526,050,000 6) : 2025 07 28 3. : 2025 08 13 4. : 3. 2025-08-06 4. | 63,000 5) : ₩526,050,000 6) : 2025 07 28 3. : 2025 08 13 4. : 3. 2025-08-06 4. | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-19Disclosure
- 2026-05-15Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-12OwnershipAmended filing
- 2026-05-11OwnershipOwnership-change filing
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-23Shareholders' meeting notice
- 2026-03-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-13Audit report
📖 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.