Wavice makes semiconductor components. On a standalone basis it posted annual revenue of ₩40.7 billion in 2025, putting it in the small-to-mid-cap range, so getting an accurate picture means watching not just the core business but also how a single disclosure can move revenue, profit and the share count. A February 2026 filing confirmed 2025 revenue of ₩40.7 billion, operating profit of ₩600 million and net profit of ₩1.8 billion, signaling a swing back into the black; a May quarterly report showed first-quarter revenue of ₩5.2 billion, an operating loss of ₩3.4 billion and net profit of ₩1.8 billion; and in June the company disclosed a plan to build a new headquarters and other facilities worth ₩30.95 billion, equal to 50.8% of shareholders' equity. The strengths to note are that revenue has risen two years running and turned profitable, and that management has committed directly to a large investment in capacity; the cautions are that the operating margin is a thin 1.5%, the first quarter slipped back into an operating loss, and a debt ratio of 215.5% and an interest-coverage ratio below 1x add pressure, so the key questions are whether the profit turnaround holds and whether the investment translates into revenue.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 215.5%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 38.5% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 20.1% lower than a year earlier.
- ROE is 3.5% (total-net basis). It is above the sector average.
- Operating margin is 1.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jung-gon 19.48% (individual)
Controlling bloc incl. related parties 20.33%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Wavice makes semiconductor components.
- On a standalone basis its 2025 annual revenue was ₩40.7 billion, which places it among small-to-mid-cap names rather than large conglomerates.
- At this size, getting an accurate picture means looking not only at the core business of selling products but also at how a single disclosure can affect revenue, profit and the share count.
- The latest close is ₩7,260 and the market cap is ₩95.5 billion.
- The price sits below its 20-day line (₩9,078) and below its 60-day line (₩14,083).
- Trading under both its short- and medium-term moving averages, the trend looks subdued.
- The RSI (an auxiliary gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 27.9, close to depressed territory.
- The one-month change is -30.7%, the three-month change is -63.7%, and the position versus the 52-week high is -69.5%.
- Relative strength versus the KOSDAQ is 67 (1-99, computed from the past year's return against the index with heavier weight on recent performance; higher means stronger than the market), placing it in roughly the top 32% of all stocks by strength.
- Over the past three months it lagged the index by 46.6%.
- When reading the chart, it helps to look at volume and disclosure dates together.
- 2025 annual revenue was ₩40.7 billion, operating profit ₩600 million and net profit ₩1.8 billion.
- With an operating margin of 1.5% and an ROE (how much is earned in a year on equity) of 3.5%, profitability itself is still low, as one would expect from a company that has just turned profitable.
- That is why the P/E ratio (how many times a year's profit the share price is) of 59.7x looks large: rather than the company being expensive, this reflects a stage where profit has only just flipped from a loss to a gain, so the earnings in the denominator are small.
- The P/B (how many times book value the share price is) is 1.86x.
- The debt ratio (debt versus equity) is 215.5%, meaning debt somewhat exceeds equity, and covering interest with operating profit is still tight (interest-coverage ratio below 1x).
- That said, the current ratio of 2.88x means short-term payment capacity has some room.
- The broad thrust of growth is clear.
- Revenue rose two years running, from ₩16.9 billion in 2023 to ₩29.4 billion in 2024 to ₩40.7 billion in 2025, a 38.5% increase in 2025.
- The more meaningful change is in earnings.
- Operating profit went from -₩9.5 billion in 2023 and -₩4.9 billion in 2024 to +₩600 million in 2025, and net profit turned around from heavy losses of -₩15.0 billion and -₩5.5 billion to +₩1.8 billion.
- As revenue grew, the losses narrowed and then crossed into profit, a textbook turnaround.
- That said, the most recent quarter, Q1 2026, posted revenue of ₩5.2 billion (down 20.1% year over year) and an operating loss of -₩3.4 billion, slipping back into an operating loss (net profit was +₩1.8 billion).
- So on an annual basis it has climbed into the black, but quarter to quarter it is still uneven.
- Full-year revenue for this year is estimated at around ₩32.5 billion, a conservative approximation that accounts for the volatility in quarterly results.
- The key question is whether quarterly operating profit settles back onto a stable, positive track.
- For reference, current data offers no basis to say profit will roll over next year rather than this year, so there is no reason to call this a cycle top.
- The recent flow of disclosures runs as follows.
- On 2026-02-09, an earnings-structure change filing confirmed 2025 annual results (revenue ₩40.7 billion, operating profit ₩600 million, net profit ₩1.8 billion), signaling the swing back into the black.
- In the 2026-05-12 quarterly report, Q1 2026 figures were confirmed at revenue ₩5.2 billion, an operating loss of -₩3.4 billion and net profit of ₩1.8 billion, a point where the quarterly trend needs to be checked against the annual trend.
- On 2026-06-05, the company disclosed a plan to build a new headquarters and other facilities worth ₩30.95 billion.
- At 50.8% of shareholders' equity, this is a large investment relative to the company's size, and management framed it as aimed at expanding capacity and building a foundation for growth.
- Because it is a plan the company put forward directly, it shows growth intent, while it is worth following how the investment is funded and whether it feeds through into actual revenue and profit.
- Splitting the picture into strengths and points to check makes it clearer.
- The strengths are that revenue has risen two years running and swung from loss to profit, and that management has directly committed to a large investment in a headquarters and capacity.
- The share price has also fallen more than 65% from its high, a spot where expectations have cooled considerably.
- The point to check is that the profit is still thin.
- The operating margin is a low 1.5%, Q1 2026 slipped back into an operating loss, and a debt ratio of 215.5% and an interest-coverage ratio below 1x add to the pressure.
- In short, if quarterly operating profit settles into positive territory and the new investment feeds into revenue growth, the recovery has room to gather momentum; conversely, if quarterly losses persist or the large investment weighs on funding, it weakens.
- Whether the high trailing P/E reflects an overvalued company or simply the small profit of an early turnaround is something future quarterly results will decide.
🔎 Valuation vs peers Overvalued
A comparison set of semiconductor names close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ajin Extec | 102.41x | 2.08x | 2.03% |
| AL Tech | — | 0.83x | -9.67% |
| KEC | — | 0.38x | -8.15% |
Within semiconductors, we prioritized a public-data comparison set close in market cap. The current P/E ratio (how many times a year's profit the share price is) is 53.15x and the P/B (how many times book value the share price is) is 1.86x. That said, for smaller-cap names, swings in profit and funding disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed results alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩32.5 billion | — | — |
| Next quarter | Q2 2026 | ₩6.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,260 and the market capitalization is ₩95.5 billion. The price sits below its 20-day moving average (₩9,078) and below its 60-day moving average (₩14,083). 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 27.9, near oversold territory. The one-month change is -30.7%, the three-month change is -63.7%, and the position relative to the 52-week high is -69.5%. Relative strength versus the KOSDAQ is 67 (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 68% of all stocks. Over the past three months it lagged the index by 46.6%. 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 -46.57% / 6M -14.72% / 12M -23.80%
Key metrics vs sector median
Valuation
The P/E of 53.15x is above the sector median (27.09x). The P/B of 1.86x is in line with the sector median (2.10x).
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
The operating margin is 1.5%. The debt ratio is 215.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $11.2M | $19.5M | $27.0M | +38.48% ↓ slower |
| Operating profit | -$6.3M | -$3.2M | $415,847 | — |
| Net profit | -$10.0M | -$3.7M | $1.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $11.2M | $19.5M | $27.0M |
| Operating profit | — | — | -$6.3M | -$3.2M | $415,847 |
| Net profit | — | — | -$10.0M | -$3.7M | $1.2M |
| Revenue CAGR | 2-yr avg 55.25% | ||||
Revenue rose 38.5% year over year (2023 ₩16.9 billion → 2024 ₩29.4 billion → 2025 ₩40.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is 55.2%. The two-year revenue CAGR is 55.2%. In the most recent quarter (Q1 2026), revenue was 20.1% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 38.5% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-05UpdateNew facility investment: New facility investment / (2026.06.05) New facility investment. 1. Investment type: construction of a new headquarters, etc. 2. Investment details: amount (won) 30,950,000,000; shareholders' equity (won) 60,922,061,242; ratio to equity (%) 50.80; large-corporation status: not applicable. 3. Investment purpose: to build production capacity and a foundation for growth through the new headquartersA planning document put forward directly by the company. If it contains figures, treat it as the primary basis for the forecast box; if not, read it only as a directional cue. Source
- 2026-02-09EarningsChange of 30% or more in revenue or earnings structure (15% for large corporations): annual revenue ₩40.7 billion, operating profit ₩600 million, net profit ₩1.8 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2026-05-12EarningsQuarterly report (2026.03): Q1 2026 revenue ₩5.2 billion, operating loss -₩3.4 billion, net profit ₩1.8 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,260 | ₩7,260 | Confirmed | link |
| Latest quarterly results | revenue ₩5.2 billion, operating profit -₩3.4 billion | revenue ₩5.2 billion, operating profit -₩3.4 billion | Confirmed | link |
| Annual results | revenue ₩40.7 billion, operating profit ₩0.6 billion | revenue ₩40.7 billion, operating profit ₩0.6 billion | Confirmed | link |
| Outlook/plan disclosure text | : /(2026.06.05) 1. 2. 30,950,000,000 60,922,061,242 (%) 50.80 3. | : /(2026.06.05) 1. 2. 30,950,000,000 60,922,061,242 (%) 50.80 3. | Confirmed | link |
| Earnings disclosure text | revenue30%: revenue ₩40.7 billion · operating profit ₩0.6 billion · net profit ₩1.8 billion | revenue30%: revenue ₩40.7 billion · operating profit ₩0.6 billion · net profit ₩1.8 billion | Confirmed | link |
| Earnings disclosure text | (2026.03): 2026 1 revenue ₩5.2 billion · operating profit -₩3.4 billion · net profit ₩1.8 billion | (2026.03): 2026 1 revenue ₩5.2 billion · operating profit -₩3.4 billion · net profit ₩1.8 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-10Material-fact report (amended)
- 2026-06-05Disclosure
- 2026-06-04OwnershipOwnership-change filing
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/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.