Namu Tech earns its revenue from software such as Cocktail Cloud, a cloud-management platform that lets companies operate multiple clouds and their own servers from a single screen, and NCC, a virtualization platform; from systems integration (SI) that bundles server and storage supply; and from enterprise AI agents. Its smart-factory subsidiary SK Pac accounts for roughly a quarter of consolidated revenue. After swinging back to an operating profit in 2025, the company confirmed a 117% jump in Q1 2026 revenue and a return to quarterly profit, issued ₩6.0 billion of bonds with warrants (BW) via private placement in April, and later saw the subsidiary's planned SPAC-merger listing fall through. What stands out recently is that the story is strong when profitability keeps firming quarter after quarter and the higher-margin software mix grows, but the balance sheet is heavy with a 292.6% debt ratio and an interest-coverage ratio below 1x, the Q1 revenue surge blends in thin-margin hardware and subsidiary contributions, and share dilution from the exercise of the BW warrants remains an open variable.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 292.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 11.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 117.2% higher than a year earlier.
- ROE is -8.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Su-byung 13.2% (individual)
Controlling bloc incl. related parties 17.99%
With the controlling bloc holding 18%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Namu Tech builds software that lets companies operate multiple clouds and their own server environments from a single screen, and it also supplies the server and storage equipment that goes with it.
- Its revenue comes from four main streams.
- First is its in-house cloud-management platform 'Cocktail Cloud' (CMP software for managing several clouds from one screen).
- Second is 'NCC,' a virtualization platform that centrally runs virtual PC environments (VDI, where many PC environments are operated together from a server).
- Third is systems integration (SI), which bundles hardware supply such as servers and storage with deployment and maintenance.
- Fourth is the enterprise AI agent (NAA) and cloud-cost analytics (SPERO) businesses it has been building up recently.
- Through its consolidated subsidiary SK Pac, which runs a smart-factory business, that company's revenue makes up a substantial share of consolidated revenue (around a quarter).
- In other words, the higher-margin 'cloud software' and the thin-margin 'equipment supply and subsidiary manufacturing' sit together inside one company, so the way to understand the business accurately is to look at these two sides separately.
- The latest close is ₩4,060 and the market cap is ₩140.5 billion.
- The price sits below the 20-day line (₩5,466) and the 60-day line (₩5,670).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 34.2, a neutral level.
- The one-month change is -47.5%, the three-month change is -19.4%, and the position versus the 52-week high is -53.8%.
- Relative strength versus the KOSDAQ is 97 (on a 1-99 scale that converts the past year's return against the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 2% by strength among all stocks.
- Over the past three months it lagged the index by 4.4%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- Starting with valuation metrics, the P/E ratio (how many times a year's earnings the share price is) cannot be calculated because the trailing twelve-month results include a loss period.
- This does not mean the company can never earn a profit; it simply means the metric is left blank because the 'past year' includes a loss stretch.
- The P/B ratio (how many times the company's net assets the share price is) is 4.06x, and forward P/B is also 4.06x.
- On profitability, ROE (how much is earned in a year on equity) is -8.1%, still negative, and the operating margin is a thin 2.2% — but both figures come right after the just-completed swing to profit, so they are set to change as quarterly results accumulate.
- The balance sheet is on the heavy side, with a debt ratio (debt to equity) of 292.6% and an interest-coverage ratio (how many times operating profit covers interest) just under 1x, meaning operating profit barely covers interest.
- That said, the current ratio (assets convertible to cash within a year against debt due within a year) is 121%, so short-term solvency itself has not collapsed.
- In short, the metrics on display now reflect the moment just after the inflection from loss to profit, so the key to reading the company's value is whether the recovered earnings continue rather than the 'past year.'
- Revenue revived to ₩90.6 billion (2023) → ₩91.4 billion (2024) → ₩102.3 billion (2025), growing +11.9% in 2025, and the pace has been accelerating (from +0.9% the prior year to +11.9% in 2025).
- More important is the change in the direction of earnings.
- Operating profit turned from consecutive losses in 2023-2024 (-₩0.7 billion, -₩2.2 billion) to +₩2.25 billion in 2025, and net profit narrowed its loss by nearly half, from -₩5.3 billion in 2024 to -₩2.8 billion in 2025.
- Then in Q1 2026 revenue rose +117% year on year to ₩37.0 billion, with quarterly operating profit of +₩0.42 billion and net profit of +₩0.81 billion, both back in the black.
- This growth is the result of two currents meeting: companies rebuilding their virtualization environments and moving to multiple clouds, which lifts infrastructure demand, and the in-house software segment turning profitable.
- A forward P/E based on this year's projected earnings can even be computed precisely because earnings have just crossed from loss into profit and the absolute size of earnings is still small at the early stage of an inflection.
- If the profitable trend takes hold quarter after quarter in a cloud-infrastructure and virtualization market that has demand behind it, this projected profit is a figure that shows where the company is actually heading.
- That said, hardware supply can be lumpy from quarter to quarter, so it is worth watching whether the profit continues for another quarter or two.
- The recent thread of disclosures and IR can be summed up as an 'earnings inflection' and a 'financing and governance tidy-up.' In the 2025 results operating profit swung to profit, and the Q1 2026 report (filed 2026-05-14) confirmed a 117% revenue increase and a return to quarterly profit.
- Meanwhile, in April 2026 the company issued ₩6.0 billion of bonds with warrants (BW, corporate bonds carrying the right to buy new shares at a set price) via private placement to fund working capital and new-business (AI) investment.
- Alongside the positive of securing funds, it is worth keeping in mind that if the warrants are later exercised the share count rises and existing shareholders' stakes can be diluted.
- There were also successive disclosures on material management matters of the subsidiary regarding the SPAC-merger listing plan of smart-factory subsidiary SK Pac, and this listing push is confirmed to have subsequently fallen through.
- Given how large the subsidiary's share of consolidated results is, the subsidiary's governance and listing direction remains a variable to keep watching.
- The strengths are clear.
- The company holds a software asset in its own cloud-management and virtualization platforms, and following the 2025 swing to operating profit it is passing through an inflection out of losses, with a Q1 2026 revenue surge and a return to net profit.
- The demand backdrop of moving to multiple clouds and rebuilding virtualization is also favorable.
- Compared with the same peer set, KINX, Gabia, and Douzone Bizon are companies that are already firmly profitable, while Namu Tech has only just returned to profit — so the fact that its current P/B and forward P/E look higher than peers is a natural picture for a 'company whose recovery has just begun.' The cautions are just as clear.
- With a 292.6% debt ratio the balance sheet is heavy, and with an interest-coverage ratio just under 1x, interest burden comes to the fore immediately if earnings wobble again.
- The Q1 revenue surge also blends in thin-margin hardware supply and the consolidated subsidiary's share, and variables such as dilution from exercising the BW warrants and the failed subsidiary listing remain.
- In short, this is a stock that is strong when profitability firms quarter after quarter and the software mix grows, and weak when the profit proves to be a one-off lasting only a quarter or two, or when earnings slip back into losses — right now it stands at the entrance of that fork.
🔎 Valuation vs peers Overvalued
Domestic cloud/infrastructure, hosting, and SI-software companies whose business substance overlaps — KINX (IDC and cloud connectivity), Gabia (hosting and cloud infrastructure), and Douzone Bizon (cloud ERP) — all fit as peers in that their revenue comes from cloud infrastructure and services.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KINX | 38.13x | 3.19x | 8.37% |
| Gabia | 26.47x | 2.36x | 8.93% |
| Douzone Bizon | 37.86x | 5.68x | 15.01% |
Peer P/B ranges from 2.4x to 5.7x, while Namu Tech sits highest at 6.37x, and where peers are already profitable with ROE of 8-15%, Namu Tech's trailing-twelve-month ROE of -8.1% is still negative, so no P/E can be computed. In other words, it sits at a premium position — lower profitability than peers yet a more expensive multiple of net assets. The basis for this premium lies in the gap between the limitation of 'last year's trailing P/E (uncomputable given the past year's loss)' and 'this year's forward (an earnings trend that has turned positive)': if the Q1 swing to profit continues quarter after quarter the current multiple is justified, but if it amounts only to a one-off hardware and subsidiary-consolidation effect, the high P/B turns into a burden. Rather than declaring it cheap or expensive outright, we see the legitimacy of the valuation as hinging on whether the profit is sustained.
Price history Close · MA20 · MA60
The latest close is ₩4,060 and the market capitalization is ₩140.5 billion. The price sits below its 20-day moving average (₩5,466) and below its 60-day moving average (₩5,670). 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 34.2, a neutral level. The one-month change is -47.5%, the three-month change is -19.4%, and the position relative to the 52-week high is -53.8%. Relative strength versus the KOSDAQ is 97 (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 98% of all stocks. Over the past three months it lagged the index by 4.4%. 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 -4.41% / 6M +238.05% / 12M +139.61%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.06x is above the sector median (1.58x).
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)
DCF (discounted cash flow) estimate — discount rate 10.7%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -8.1%, below the sector average (5.0%). The operating margin is 2.2%. The debt ratio is 292.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $60.0M | $60.6M | $67.8M | +11.87% ↑ faster |
| Operating profit | -$496,963 | -$1.5M | $1.5M | — |
| Net profit | -$2.1M | -$3.5M | -$1.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $62.6M | $70.4M | $60.0M | $60.6M | $67.8M |
| Operating profit | $713,932 | $1.4M | -$496,963 | -$1.5M | $1.5M |
| Net profit | -$436,009 | $223,094 | -$2.1M | -$3.5M | -$1.9M |
| Revenue CAGR | 4-yr avg 2.01% | ||||
Revenue rose 11.9% year over year (2023 ₩90.6 billion → 2024 ₩91.4 billion → 2025 ₩102.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.0%. The two-year revenue CAGR is 6.3%. In the most recent quarter (Q1 2026), revenue was 117.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 11.9% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 292.6%).
- 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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 report filed — consolidated revenue of about ₩37.0 billion (+117% year on year), with quarterly operating profit of about ₩0.42 billion and net profit of about ₩0.81 billion swinging to profitShort term: a revenue surge and a return to quarterly profit signal an earnings inflection. Medium term: whether the profit continues quarter after quarter is central to justifying the valuation. Source
- 2026-04-30FilingMaterial report on the issuance of bonds with warrants (BW) (amended) — a ₩6.0 billion private placement to fund working capital and new-business investmentShort term: securing operating and investment funds shores up liquidity. Medium term: the possibility of dilution from new shares issued when warrants are exercised, along with interest burden, must be weighed together. Source
- 2026-04-22FilingCorrection to the merger decision (material management matter of a subsidiary) — matters relating to the SPAC-merger listing push of smart-factory subsidiary SK Pac (subsequently fell through)Short term: the subsidiary-listing momentum disappears. Medium term: the governance and listing strategy of a subsidiary that makes up a substantial share of consolidated revenue is a variable to keep watching. Source
- 2026-04-17FilingMaterial report on the decision to issue bonds with warrants (BW) — resolution to issue a ₩6.0 billion private-placement BW (exercise ratio 100%)Short term: a financing decision. Medium term: the possibility of dilution from a higher share count if the warrants are later exercised. Source
- 2026-03-27FilingDisclosure of AGM results — approval of financial statements and other routine agenda itemsShort term: a routine governance procedure. Medium term: a reference point for confirming any change in dividend or capital policy after the loss period has passed. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10Amended filing
- 2026-05-14Shareholders' meeting notice
- 2026-05-14Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Material-fact report (amended)
- 2026-04-29Disclosure
- 2026-04-22Disclosure
- 2026-04-22Merger decision (amended)
- 2026-04-17Material-fact report
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-20OwnershipOfficers'/major-shareholders' holdings 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.