Nine Tech (267320) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Nine Tech is an equipment maker that designs, builds, and delivers production machinery for factories, so it carries the traits of an order-based industry: when it wins a large contract, revenue is booked while that volume is delivered, and when contracts run dry, revenue falls with them. In 2026 it strung together supply contracts of ₩25.4 billion in June (30.9% of annual revenue), ₩12.7 billion in March (14.3%), and ₩8.5 billion (9.6%), building a backlog close to half of annual revenue, and it swung back into the black in the first quarter. What stands out lately is that if the return to profit and the new orders translate into actual revenue and earnings, the P/B of 1.25x, with the price down more than half from its 52-week high, could mark a cheap entry, but in quarters where large contracts are absent revenue can swing again, and with a debt ratio of 94.5% the stock is sensitive to further financing disclosures.
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 “Battery Equipment” (Secondary Batteries · Battery Materials, Parts & Equipment), a type typically read first through forward P/E.
Battery equipment makers hinge on the capacity expansions of cell producers, so profit swings widely between order-rich and order-lean years. Because booked orders turn into future revenue and earnings, forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- The most recent full-year net result was a loss.
- Revenue fell 58.2% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 24.5% higher than a year earlier.
- ROE is -19.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -10.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Park Geun-no 21.26% (individual)
Controlling bloc incl. related parties 22.73%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Nine Tech is an equipment maker in the machinery and equipment sector. Its business centers on designing, building, and delivering production machinery for factories, so it carries the traits of an order-based industry where revenue is uneven. In other words, when it wins a large contract at once, revenue is booked while that volume is built and delivered, and when contracts run dry, revenue falls with them. With a market capitalization of ₩115.1 billion, which is not large, individual order disclosures have a relatively big effect on results and the share price, not just the broad arc of the business.
The latest close is ₩1,997 and the market capitalization is ₩114.7 billion. The price sits above its 20-day moving average (₩1,909) and below its 60-day moving average (₩2,420). 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 49.3, a neutral level. The one-month change is -1.1%, the three-month change is -49.3%, and the position relative to the 52-week high is -56.2%. Relative strength versus the KOSDAQ is 25 (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 25% of all stocks. Over the past three months it lagged the index by 18.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the full year 2025, revenue was ₩82.4 billion, with an operating loss of ₩8.9 billion and a net loss of ₩17.7 billion. As a result ROE (how much is earned in a year on equity) shows as -19.3% and the operating margin as -10.8%. These figures, though, should be read as a report card for a year now past. Because the company was in the red, the P/E ratio (how many times a year's earnings the price is worth) cannot be calculated; instead the P/B (how many times book value the price is worth) is 1.24x, not a heavy level relative to asset value. The debt ratio (debt against equity) is a somewhat elevated 194.5%, but the current ratio, which weighs assets held against debt due in the short term, is 149.7%, so near-term funding leaves some room. Being a loss-making company, one cannot declare the P/B cheap in absolute terms, but taken together with the return to profit this year, as noted below, this is not simply an 'expensive' spot.
Annual revenue fell more than half from ₩197.2 billion in 2024 to ₩82.4 billion in 2025, a swing typical of an order-based industry as large orders that piled into one year rolled off. The important shift shows up in the most recent quarter. Q1 2026 revenue was ₩19.8 billion, up 24.5% from the same period a year earlier, with operating profit of ₩1.5 billion and net profit of ₩0.8 billion, a swing into the black. Starting to earn a profit in the first quarter of this year, after a full-year loss last year, means the company has entered an inflection point where the earnings that had drained away are filling back up. Full-year revenue this year could plausibly run near ₩86.5 billion, a level that reflects results already secured in the first quarter plus volume to be filled in afterward. On top of that, the new supply contracts of ₩25.4 billion, ₩12.7 billion, and ₩8.5 billion signed this year are volume that will be recognized as future revenue, giving a basis for gauging whether the profit trend is a one-off or something that continues.
Sizable supply-contract disclosures have come in succession this year. On June 2, 2026 the company signed a single-sale supply contract worth ₩25.4 billion (30.9% of recent annual revenue), and on March 31 it announced contracts of ₩12.7 billion (14.3% of revenue) and ₩8.5 billion (9.6%). Because such contracts are booked as future revenue according to their amount and delivery term, whether they are one-time volume or transactions that recur shapes the medium-term read. With the combined size close to half of annual revenue, the key point is that a backlog is building that can support the profit trend that began in the first quarter.
The strengths are clear. The company swung from losses through last year to a profit in Q1 this year, and in the meantime new orders close to half of annual revenue came in. The price is down more than half from its 52-week high, sitting at a level not burdensome relative to asset value (P/B 1.25x), so if the earnings recovery continues this could prove a cheap entry. On the cautionary side, the risks come from this being an order-based industry: in quarters where large contracts are absent, revenue can swing again, and with a debt ratio of 94.5% that is not low, a further financing disclosure could change the perceived risk. In sum, this is a stock that is strong when the new orders keep flowing through into actual revenue and profit, and weak when an order gap and funding strain coincide. The key is to check each quarter whether the changes of a return to profit and new orders continue.
🔎 Valuation vs peers Undervalued
A comparison set of similarly-sized companies within the machinery and equipment sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KSP | 16.54x | 1.28x | 8.28% |
| Soosan Sebotics | 6.99x | 0.54x | 7.64% |
| M-Plus | 5.62x | 1.04x | 25.79% |
We looked first at a public-data comparison set of similarly-sized companies within machinery and equipment. The current P/E (how many times a year's earnings the price is worth) is not available, and the P/B (how many times book value the price is worth) is 1.24x. That said, because smaller-cap names are heavily swayed by earnings swings and financing disclosures, we did not draw firm conclusions from metrics based solely on last year's confirmed results. The basis for the forward box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩86.5 billion | — | — |
| Next quarter | Q2 2026 | ₩20.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,997 and the market capitalization is ₩114.7 billion. The price sits above its 20-day moving average (₩1,909) and below its 60-day moving average (₩2,420). 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 49.3, a neutral level. The one-month change is -1.1%, the three-month change is -49.3%, and the position relative to the 52-week high is -56.2%. Relative strength versus the KOSDAQ is 25 (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 25% of all stocks. Over the past three months it lagged the index by 18.5%. 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 -18.49% / 6M -15.55% / 12M -42.14%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.24x is above the sector median (1.01x).
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 10.1%, 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 -19.3%, below the sector average (2.0%). The operating margin is -10.8%. The debt ratio is 86.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $86.4M | $138.5M | $57.9M | -58.24% ↓ slower |
| Operating profit | -$2.2M | $3.3M | -$6.3M | -292.76% |
| Net profit | $6.2M | -$4.0M | -$12.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $44.3M | $62.4M | $86.4M | $138.5M | $57.9M |
| Operating profit | -$5.4M | $3.7M | -$2.2M | $3.3M | -$6.3M |
| Net profit | -$4.1M | $22,020 | $6.2M | -$4.0M | -$12.4M |
| Revenue CAGR | 4-yr avg 6.90% | ||||
Revenue fell 58.2% year over year (2023 ₩123.0 billion → 2024 ₩197.2 billion → 2025 ₩82.4 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 292.8% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.9%. The two-year revenue CAGR is -18.2%. In the most recent quarter (Q1 2026), revenue was 24.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 58.2% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-06-02ContractSingle-sale supply contract signed: ₩25.4 billion · 30.9% of recent revenueThe contract amount and term are central to how future revenue is recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term read. Source
- 2026-03-31Contract[Corrective refiling] Single-sale supply contract signed: ₩12.7 billion · 14.3% of recent revenueThe contract amount and term are central to how future revenue is recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term read. Source
- 2026-03-31Contract[Corrective refiling] Single-sale supply contract signed (voluntary disclosure): ₩8.5 billion · 9.6% of recent revenueThe contract amount and term are central to how future revenue is recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term read. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,997 | ₩1,997 | Confirmed | link |
| Latest quarterly results | revenue ₩19.8 billion, operating profit ₩1.5 billion | revenue ₩19.8 billion, operating profit ₩1.5 billion | Confirmed | link |
| Annual results | revenue ₩82.4 billion, operating profit -₩8.9 billion | revenue ₩82.4 billion, operating profit -₩8.9 billion | Confirmed | link |
| Contract disclosure (original filing) | single supply contract signed: contract value ₩25.4 billion · vs recent revenue 30.9% | single supply contract signed: contract value ₩25.4 billion · vs recent revenue 30.9% | Confirmed | link |
| Contract disclosure (original filing) | [amended] single supply contract signed: contract value ₩12.7 billion · vs recent revenue 14.3% | [amended] single supply contract signed: contract value ₩12.7 billion · vs recent revenue 14.3% | Confirmed | link |
| Contract disclosure (original filing) | [amended] single supply contract signed (voluntary disclosure): contract value ₩8.5 billion · vs recent revenue 9.6% | [amended] single supply contract signed (voluntary disclosure): contract value ₩8.5 billion · vs recent revenue 9.6% | Confirmed | link |
| Basis for the forward box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-05Material-fact report
- 2026-06-05Material-fact report
- 2026-06-05Material-fact report (amended)
- 2026-06-02Single supply/sales contract
- 2026-05-14PeriodicQuarterly report
- 2026-04-23OwnershipOwnership-change filing
- 2026-04-13Disclosure
- 2026-03-31Single supply/sales contract (amended)
- 2026-03-31Single supply/sales contract (amended)
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit 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.