CS Bearing makes large industrial bearings that bear loads so that rotating large structures turn smoothly, and supplies them to equipment and facility makers at home and abroad, as a machinery and equipment company; once adopted, several units are used continuously per piece of equipment. In February 2026 a filing confirmed annual revenue of ₩126.1 billion, operating profit of ₩11.1 billion, and net profit of ₩11.2 billion, verifying an earnings improvement, and in late 2025 and March 2026 there were voluntary filings of single supply contracts each worth about ₩2.4 billion (roughly 5% of recent revenue). What stands out recently is that profitability has shifted over the past three years into a clearly positive, high-margin structure, and despite an ROE of 11.1% the stock has fallen about 60% from its high, leaving the forward P/E at about a third of the peer median. On the other hand, because bearings ride the ordering cycle of downstream equipment, quarterly results can swing when orders slow.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 19.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.7% higher than a year earlier.
- ROE is 11.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.8%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder CS Wind 53.56% (corporate)
Controlling bloc incl. related parties 53.69%
With the controlling bloc holding 54%, control is very secure but the free float is thin.
🔎 In-depth analysis
- CS Bearing is a machinery and equipment company that makes large industrial bearings.
- A bearing is a core component that bears loads so that a rotating large structure turns smoothly, and once adopted, several units are used continuously per piece of equipment.
- Revenue is generated by supplying the bearings it makes to equipment and facility makers at home and abroad.
- Because the market cap is not large, it is worth keeping in mind that a single supply contract or earnings filing tends to be reflected relatively heavily in revenue and profit.
- The latest close is ₩3,720 and the market cap is ₩101.4 billion.
- The price sits below the 20-day line (₩4,295) and below the 60-day line (₩5,928).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that measures upward versus downward strength over the past 14 days on a 0-100 scale) is 35.4, at a neutral level.
- The one-month change is -14.2%, the three-month change is -52.3%, and the position versus the 52-week high is -60.0%.
- Relative strength versus the KOSDAQ is 42 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 58% of all stocks by strength.
- Over the past three months it lagged the index by 33.9%.
- Chart interpretation is best done alongside trading volume and filing dates.
- Recent annual revenue was ₩126.1 billion, operating profit ₩11.1 billion, and net profit ₩11.2 billion.
- The operating margin of 8.8% and the ROE (how much is earned in a year on shareholders' equity) of 11.1% clearly exceed the sector median (an ROE of around 5%).
- The debt ratio (debt relative to equity) is 153.1%, an ordinary level.
- The current P/E of 9.1x and P/B of 1.01x are below the sector median (P/E of 15.9x and P/B of 1.6x).
- More importantly, this company is in an inflection phase where profit is rising quickly.
- Metrics calculated from last year's confirmed results give the most conservative picture, and the forward P/E that reflects this year's increased profit is about a third of the peer median (13.8x).
- Rather than the trailing (past-year) metrics being a burden, the more accurate reading is the classic pattern in which valuation metrics decline as profit grows.
- Revenue grew steadily from ₩76.6 billion in 2023 to ₩105.4 billion in 2024 and ₩126.1 billion in 2025, and over the same period operating profit jumped from ₩0.06 billion to ₩2.1 billion and then to ₩11.1 billion, with profitability taking firm hold.
- The trend continues into 2026.
- Q1 revenue of ₩28.8 billion was similar to a year earlier, but operating profit rose +47.6% and net profit rose +105%, improving into a structure that keeps more from the same revenue.
- This year's outlook calls for revenue of about ₩123.9 billion, operating profit of ₩16.4 billion, and net profit of ₩23.1 billion, figures that carry forward the earnings improvement already confirmed in Q1.
- The reason profit is rising is that revenue passed a certain scale to absorb fixed costs, and improvements in component pricing and product mix thickened the margin at the same revenue.
- That said, this outlook is on a this-year basis, and since bearing demand is a component that rides the downstream equipment ordering cycle, it is worth keeping in mind that quarterly swings can arise depending on the flow of orders.
- Recent filings center on results and supply contracts.
- On February 11, 2026, a revenue and profit-structure change filing confirmed annual revenue of ₩126.1 billion, operating profit of ₩11.1 billion, and net profit of ₩11.2 billion, verifying the earnings improvement in numbers.
- On December 26, 2025, and March 31, 2026, single supply contracts each worth about ₩2.4 billion (roughly 5% of recent revenue) were filed as voluntary disclosures.
- For such supply contracts, the key to future revenue recognition is the amount, the delivery period, and whether they are one-off or lead to repeat business, so it is worth checking follow-on contracts and quarterly results together.
- The strengths are clear.
- Profitability, once near breakeven, has shifted over the past three years into a clearly positive, high-margin structure, and despite an ROE of 11.1% that exceeds the sector average, the stock has fallen about 60% from its high.
- Because the forward P/E reflecting this year's profit is about a third of the peer median, there is ample valuation room even if profit merely comes in as expected.
- On the cautious side, because the market cap is not large, the impact of any single supply contract or earnings and financing filing is relatively large, and because bearings are a component that rides the downstream equipment ordering cycle, quarterly results can swing when orders slow.
- In sum, as long as the earnings improvement and supply contracts continue, the stock carries a large edge relative to valuation, while if downstream orders cool or one-off factors intrude, quarterly volatility turns into a weakness.
🔎 Valuation vs peers Undervalued
A market-cap-adjacent peer set within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Woolim PTS | 39.76x | 1.15x | 2.89% |
| Hanbit Laser | 33.69x | 2.68x | 7.96% |
| Toptec | — | 0.28x | -3.84% |
We first looked at a public-data peer set with nearby market cap within machinery and equipment. The current P/E ratio (how many times a year's profit the stock is priced at) is 9.03x, and the P/B ratio (how many times book value the stock is priced at) is 1.00x. Because lower-market-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩123.9 billion | ₩16.4 billion | ₩23.1 billion |
| Next quarter | Q2 2026 | ₩35.3 billion | ₩4.1 billion | ₩3.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,720 and the market capitalization is ₩101.4 billion. The price sits below its 20-day moving average (₩4,295) and below its 60-day moving average (₩5,928). 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 35.4, a neutral level. The one-month change is -14.2%, the three-month change is -52.3%, and the position relative to the 52-week high is -60.0%. Relative strength versus the KOSDAQ is 42 (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 42% of all stocks. Over the past three months it lagged the index by 33.9%. 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 -33.94% / 6M -25.48% / 12M -49.97%
Key metrics vs sector median
Valuation
The P/E of 9.03x is below the sector median (14.44x). The P/B of 1.00x is below the sector median (1.44x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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
Return on equity (ROE) is 11.1%, above the sector average (5.0%). The operating margin is 8.8%. The debt ratio is 153.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $50.8M | $69.9M | $83.6M | +19.67% ↓ slower |
| Operating profit | $37,827 | $1.4M | $7.3M | +425.49% ↓ slower |
| Net profit | -$1.1M | $1.7M | $7.4M | +347.85% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $63.3M | $32.5M | $50.8M | $69.9M | $83.6M |
| Operating profit | $330,802 | -$5.9M | $37,827 | $1.4M | $7.3M |
| Net profit | -$751,994 | -$11.5M | -$1.1M | $1.7M | $7.4M |
| Revenue CAGR | 4-yr avg 7.19% | ||||
Revenue rose 19.7% year over year (2023 ₩76.6 billion → 2024 ₩105.4 billion → 2025 ₩126.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 425.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.2%. The two-year revenue CAGR is 28.3%. In the most recent quarter (Q1 2026), revenue was 1.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
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 11.1% points to solid profitability.
- Revenue grew 19.7% 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
- 2026-03-31Contract[Correction] Single sale/supply contract signed (voluntary disclosure): contract value ₩2.4 billion, 5.0% of recent revenueThe contract amount and period are central to future revenue recognition. Whether it is one-off or a repeatable transaction drives the medium-term interpretation. Source
- 2025-12-26Contract[Correction] Single sale/supply contract signed (voluntary disclosure): contract value ₩2.4 billion, 5.0% of recent revenueThe contract amount and period are central to future revenue recognition. Whether it is one-off or a repeatable transaction drives the medium-term interpretation. Source
- 2026-02-11EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩126.1 billion, operating profit ₩11.1 billion, net profit ₩11.2 billionThis is recent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,720 | ₩3,720 | Confirmed | link |
| Latest quarterly results | revenue ₩28.8 billion, operating profit ₩1.8 billion | revenue ₩28.8 billion, operating profit ₩1.8 billion | Confirmed | link |
| Annual results | revenue ₩126.1 billion, operating profit ₩11.1 billion | revenue ₩126.1 billion, operating profit ₩11.1 billion | Confirmed | link |
| Contract filing (original text) | []ㆍapprox. : approx. ₩2.4 billion · revenue 5.0% | []ㆍapprox. : approx. ₩2.4 billion · revenue 5.0% | Confirmed | link |
| Contract filing (original text) | []ㆍapprox. : approx. ₩2.4 billion · revenue 5.0% | []ㆍapprox. : approx. ₩2.4 billion · revenue 5.0% | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩126.1 billion · operating profit ₩11.1 billion · net profit ₩11.2 billion | revenue30%: revenue ₩126.1 billion · operating profit ₩11.1 billion · net profit ₩11.2 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-20Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Single supply/sales contract (amended)
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-12Amended filing
- 2026-03-11Shareholders' meeting notice
- 2026-02-27Disclosure
- 2026-02-24Shareholders' meeting notice
- 2026-02-11EarningsEarnings 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.