Elansys is a manufacturing company in the electronic-components and display field that directly produces and delivers parts; with a market capitalization of ₩123.5 billion, individual disclosures on results or dividends weigh relatively heavily on its finances and share count, alongside the business itself. In March 2026 a change-in-revenue-and-profit-structure disclosure reported annual revenue of ₩69.6 billion, operating profit of ₩3.9 billion, and net profit of ₩4.2 billion, and on the same day it resolved a cash-and-in-kind dividend; in May, first-quarter figures of ₩19.1 billion in revenue, ₩1.2 billion in operating profit, and ₩1.8 billion in net profit were released. The notable point right now is that, against loss-making firms in the same sector, its profitable footing with an ROE of 7.9% and a stable balance sheet (current ratio 284.9%, interest coverage 6.57x) are strengths, and the first-quarter net-profit recovery has pulled the forward P/E down to 23.95x; but with revenue moving sideways, if the operating-profit recovery is slow or the profit leans on one-off factors it could read weakly, so it needs to be confirmed whether the net-profit recovery carries into the next quarter.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 2.8% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 2.4% higher than a year earlier.
- ROE is 7.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.6%.
Ownership & governance As of 2025-12-31
Largest shareholder Leantec 20.77% (corporate)
Controlling bloc incl. related parties 56.57%
With the controlling bloc holding 57%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Elansys is a company that makes and sells parts in the electronic-components and display field.
- Per its regular filings, the business is composed of principal products and services, raw materials and production facilities, revenue and order status, and key contracts and R&D activity — showing a manufacturing-type structure that directly produces and delivers parts.
- With a market capitalization of ₩123.5 billion, which is not large, it is worth noting that individual disclosures on results or dividends weigh relatively heavily on its finances and share count, alongside the flow of the business itself.
- The latest close is ₩3,710 and market capitalization is ₩112.4 billion.
- The price sits below its 20-day line (₩4,589) and below its 60-day line (₩5,933).
- With the price under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that measures the strength of gains versus losses over the past 14 days on a 0–100 scale) is 28.6, close to depressed territory.
- The price is down 29.5% over one month and 32.9% over three months, and sits 58.8% below its 52-week high.
- Its relative strength versus the KOSDAQ is 53 (on a 1–99 scale that converts one-year return versus the index while weighting recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 47% of all stocks by strength.
- Over the past three months it lagged the index by 15.6%.
- Chart reading is best done alongside trading volume and the dates on which disclosures appeared.
- Recent annual (2025) revenue was ₩69.6 billion, with operating profit of ₩3.9 billion and net profit of ₩4.2 billion.
- The operating margin was 5.6%, the net margin 6.1%, and ROE (how much is earned in a year on shareholders' equity) 7.9% — steadily profitable compared with loss-making peers in the same sector.
- The debt ratio (debt relative to equity) is 123.4%, but the current ratio (assets soon convertible to cash against debt due soon) is 284.9% and interest coverage (how many times operating profit covers interest) is 6.57x, so the balance sheet itself is stable.
- The trailing P/E of 29.11x and P/B of 2.29x reflect a state in which earnings were pressed down once last year, so they can look high; but they naturally fall when earnings rise again, so this is not a place to call it expensive on the trailing multiples alone.
- The forward P/E reflecting this year's recovering earnings comes down to 20.72x.
- Revenue moved sideways with little change — ₩68.4 billion in 2023, ₩71.6 billion in 2024, and ₩69.6 billion in 2025 — while operating profit was pressed down for one year from ₩5.9 billion in 2024 to ₩3.9 billion in 2025.
- That said, in the most recent quarter, Q1 2026, revenue was ₩19.1 billion (up 2.4% year over year) and net profit ₩1.8 billion (up 21.2%), with net profit rising clearly — showing the profit side turning up first.
- This year's outlook points to revenue of ₩74.2 billion and net profit of ₩5.4 billion, a recovery above last year's net profit of ₩4.2 billion.
- With revenue flat while net profit rises, it can be read as the result of improving profitability and the actual first-quarter figures.
- This recovery is close to a normalization of profit for this single year, and there is not enough basis to assert a steeper trend beyond it.
- On March 9, 2026, a change-in-revenue-and-profit-structure disclosure produced confirmed annual results of ₩69.6 billion in revenue, ₩3.9 billion in operating profit, and ₩4.2 billion in net profit, and on the same day a cash-and-in-kind dividend resolution was posted, confirming a shareholder-return move to return profit to shareholders.
- Then, in a quarterly report on May 15, Q1 2026 revenue of ₩19.1 billion, operating profit of ₩1.2 billion, and net profit of ₩1.8 billion were released.
- Since results and the dividend came at the same time, it is worth checking together whether earnings power and cash flow support the return, and whether the first-quarter recovery carries through into the annual trend.
- Elansys is a company that directly makes parts and earns profit steadily, and against loss-making peers in the same sector, its profitable footing with an ROE of 7.9% and its stable balance sheet (current ratio 284.9%, interest coverage 6.57x) are strengths.
- Earnings were pressed down once last year, making the trailing P/E look high, but with first-quarter net profit rising again and this year's net-profit outlook above last year's, the forward P/E comes down to 20.72x — a zone where, if the earnings recovery continues, it could read as undervalued.
- With the price down nearly half from its high, price pressure has also eased.
- The conditions under which it works strongly are the first-quarter net-profit recovery carrying into the next quarter and the dividend return being maintained; the conditions under which it reads weakly are revenue continuing to move sideways while the operating-profit recovery is slow, or profit being built on one-off factors.
🔎 Valuation vs peers Overvalued
A peer set of similarly sized companies by market capitalization within electronic components and display.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sarnics | — | 1.29x | -35.45% |
| RS Automation | — | 1.98x | -6.83% |
| MDevice | 11.73x | 2.66x | 22.67% |
We looked first at a public-data peer set of similar market capitalization within electronic components and display. The current P/E (how many times a year's earnings the share price is) is 26.50x and the P/B (how many times book value the share price is) is 2.08x. That said, for smaller-cap stocks, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩74.2 billion | ₩3.8 billion | ₩5.4 billion |
| Next quarter | Q2 2026 | ₩18.1 billion | ₩0.9 billion | ₩1.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,710 and the market capitalization is ₩112.4 billion. The price sits below its 20-day moving average (₩4,589) and below its 60-day moving average (₩5,933). 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 28.6, near oversold territory. The one-month change is -29.5%, the three-month change is -32.9%, and the position relative to the 52-week high is -58.8%. Relative strength versus the KOSDAQ is 53 (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 53% of all stocks. Over the past three months it lagged the index by 15.6%. 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 -15.55% / 6M -33.63% / 12M -22.93%
Key metrics vs sector median
Valuation
The P/E of 26.50x is above the sector median (18.61x). The P/B of 2.08x is above the sector median (1.63x).
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 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.279x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.9%, in line with the sector average (7.0%). The operating margin is 5.6%. The debt ratio is 123.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $45.4M | $47.4M | $46.1M | -2.77% ↓ slower |
| Operating profit | $3.6M | $3.9M | $2.6M | -33.62% ↓ slower |
| Net profit | $3.3M | $3.3M | $2.8M | -14.94% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $51.9M | $54.7M | $45.4M | $47.4M | $46.1M |
| Operating profit | $4.6M | $3.6M | $3.6M | $3.9M | $2.6M |
| Net profit | $4.1M | $3.4M | $3.3M | $3.3M | $2.8M |
| Revenue CAGR | 4-yr avg -2.90% | ||||
Revenue fell 2.8% year over year (2023 ₩68.4 billion → 2024 ₩71.6 billion → 2025 ₩69.6 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 33.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -2.9%. The two-year revenue CAGR is 0.8%. In the most recent quarter (Q1 2026), revenue was 2.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 2.8% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-09EarningsChange of 30% or more in revenue or profit/loss structure (15% for large corporations): annual revenue ₩69.6 billion, operating profit ₩3.9 billion, net profit ₩4.2 billionThis is recently confirmed or preliminary results data. Check whether it points the same direction as the annual trend and whether one-off factors are present. Source
- 2026-03-09UpdateCash-and-in-kind dividend resolved: review return termsThis is a disclosure related to cash returns or a change in the share count. Check whether earnings power and cash flow support it. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩19.1 billion, operating profit ₩1.2 billion, net profit ₩1.8 billionThis is recently confirmed or preliminary results data. Check whether it points the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,710 | ₩3,710 | Confirmed | link |
| Latest quarterly results | revenue ₩19.1 billion, operating profit ₩1.2 billion | revenue ₩19.1 billion, operating profit ₩1.2 billion | Confirmed | link |
| Annual results | revenue ₩69.6 billion, operating profit ₩3.9 billion | revenue ₩69.6 billion, operating profit ₩3.9 billion | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩69.6 billion · operating profit ₩3.9 billion · net profit ₩4.2 billion | revenue30%: revenue ₩69.6 billion · operating profit ₩3.9 billion · net profit ₩4.2 billion | Confirmed | link |
| Shareholder-return disclosure source text | ㆍ: | ㆍ: | Confirmed | link |
| Results disclosure source text | (2026.03): 2026 1 revenue ₩19.1 billion · operating profit ₩1.2 billion · net profit ₩1.8 billion | (2026.03): 2026 1 revenue ₩19.1 billion · operating profit ₩1.2 billion · net profit ₩1.8 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipAmended filing
- 2026-05-12OwnershipOwnership-change filing
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
- 2026-03-09EarningsEarnings filing
- 2026-03-09DividendCash/stock dividend decision
- 2026-02-26OwnershipOwnership-change filing
📖 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.