IL Science (307180) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
IL Science makes silicon lenses for LED optical semiconductors, molded from silicon instead of glass to be lighter and smaller. These go mainly into vehicle lighting components such as automotive headlamps and tail lamps, which form the root of its revenue, and on that base it is expanding into mobility areas like lidar lenses, solid-state batteries, and humanoid robots. In April 2026 it decided to expand its Cheonan smart factory to meet a North American automaker lamp order, and Q1 operating profit swung to positive, though this came alongside a ₩12.0 billion rights offering for working capital and ₩17.2 billion in convertible-bond financing. The point to note is that, on the strength side, it is strong when the North American order flows through to revenue and profit and the operating-profit footing takes hold; on the caution side, its financial resilience is tight with a debt ratio of 682% and a current ratio of 38%, and continued new-share issuance means it may take time for top-line growth to come back as per-share value.
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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 “Machinery & Electrical Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery and electrical-equipment makers build and sell industrial gear, and orders and shipments feed fairly directly into profit. Because revenue translates cleanly into current-year net income, price-to-earnings (P/E) is the natural first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, the company is currently in a revenue-growth rather than a profit phase, so this metric alone offers only a limited read.
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
- Debt far exceeds equity (debt ratio 389.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 44.4%).
- The most recent full-year net result was a loss.
- Revenue rose 23.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.0% lower than a year earlier.
- ROE is -56.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -10.0%.
- 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 Song Seong-geun 21.54% (individual)
Controlling bloc incl. related parties 23.77%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
IL Science makes silicon lenses for LED optical semiconductors. Because a lens molded from silicon rather than glass can be made lighter and smaller, it goes mainly into vehicle lighting components such as automotive headlamps and tail lamps. On the strength of what it earns there, it is broadening into so-called mobility areas such as lidar lenses (a sensor that measures distance with a laser) used in autonomous driving, auto-part injection molding, solid-state batteries, and humanoid robots. The root of revenue is still automotive silicon lenses, and the Cheonan smart-factory expansion disclosed in April 2026 was described by the company itself as aimed at 'expanding silicon-lens production capacity for a North American automaker lamp order.' The new businesses draw attention, but the axis that actually earns cash is automotive lenses and lamp components.
The latest close is ₩4,310 and the market capitalization is ₩159.1 billion. The price sits above its 20-day moving average (₩4,309) and below its 60-day moving average (₩5,831). 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 44.8, a neutral level. The one-month change is -0.9%, the three-month change is -45.8%, and the position relative to the 52-week high is -54.9%. Relative strength versus the KOSDAQ is 83 (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 84% of all stocks. Over the past three months it lagged the index by 12.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability was weak on a 2025 basis. ROE (how much is earned in a year on equity) was -56.2%, operating margin -8.3%, and net margin -10.8%, an annual loss. The debt ratio (debt versus equity) is high at 782.5%, and the current ratio, which measures assets convertible to cash right away against debt due within a year, is 38.0%, so short-term funding room is tight. The P/E ratio (how many times one year's earnings the share price is) is not calculable because earnings are in the red, and P/B (how many times net assets the share price is) is 4.92x. The high net-asset multiple reflects both small net assets relative to company size and the market pricing in future growth from the mobility new businesses and the North American order. Trailing metrics based on last year's results carry the loss period as is and do not by themselves fully explain the company's current direction; the picture comes into focus only when read together with the quarterly flow and new orders.
Revenue rose three years running: ₩39.1 billion in 2023, ₩83.2 billion in 2024, and ₩102.8 billion in 2025, up 23.6% year over year in 2025 as top-line growth continued. Earnings, however, are uneven. Operating profit was a +₩5.3 billion gain in 2024 but swung to a -₩8.5 billion loss in 2025, with net income also in the red. The change in the flow showed up in Q1 2026: revenue was ₩25.2 billion, similar to a year earlier, but cumulative operating profit swung positive at +₩150 million and the net loss narrowed to -₩440 million. That the core automotive-lens business is growing its top line on the back of the North American automaker lamp order while operating profit begins to turn positive is a meaningful change. Still, interest costs and the larger share count from the rights offering and convertible bond are factors delaying the net-income recovery, so whether this year's annual net income lands in the black is a stage to confirm through further quarterly results. Because the company has not separately provided annual revenue or profit targets and net income was still in the red through Q1, a forward P/E based on this year's expected earnings cannot yet be fixed to a number.
Growth investment and financing appear together through 2026. On one side is core-business investment: on April 7 the company decided on a ₩4.95 billion new facility investment to expand silicon-lens production capacity at the Cheonan smart factory in response to a North American automaker lamp order (14.5% of equity). On the other side is working-capital financing: a third-party rights offering of about ₩12.0 billion on April 24 (₩5,064 per share, one-year lockup) and a ₩17.2 billion 8th-series convertible bond on May 29 (0% coupon and yield to maturity). Both were for 'working capital' rather than facilities, showing that working funds were needed to support the larger revenue and investment. The convertible's conversion price of ₩8,467 is set above the current price, so immediate dilution pressure is limited, but the continued new-share issuance is a point to watch on per-share value. The swing to operating profit in the Q1 report released on May 13 dovetails with this flow.
This is a stock where the strong and weak conditions split fairly clearly. The strong side is the core business: automotive silicon lenses are growing the top line on the North American automaker lamp order, and Q1 2026 operating profit turned positive as the loss narrowed quickly. The growth track of three straight years of rising revenue also shows the core business's demand is supportive. The weak side is the balance sheet and capital structure: with a debt ratio of 682% and a current ratio of 38%, financial resilience is tight, and continued rights offerings and convertible bonds for working capital are growing the share count, so it may take time for top-line growth to come back as per-share value. In sum, it is strong when the North American order flows through to revenue and profit and the operating-profit footing takes hold, and weak if the swing to profit is delayed or funding pressure grows. A balanced view weighs the growth driver against the financial burden and confirms it through quarterly results and a durable move into the black.
🔎 Valuation vs peers Inconclusive
Since the core business is automotive-lighting LED silicon lenses and lamp components, its business character is close to companies that make vehicle-lighting and LED parts; but because IL Science is in a loss period, an earnings-based multiple (P/E) comparison is impossible, so it must be viewed together with its business stage (a small, growth-investment phase) and its net-asset multiple (P/B).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Seoul Semiconductor | 0.00x | 0.82x | -8.30% |
(a) Unlike the mature, profitable makers of vehicle-lighting and LED parts, IL Science is still loss-making, so a direct P/E comparison is difficult. (b) Its P/B of 11.03x is very high versus profitable peer parts makers and is better seen as a premium that pre-reflects expectations for mobility growth and the North American order rather than current earnings. (c) Trailing metrics based on last year's results are meaningless in a loss, and only once the swing to profit takes hold can it be valued on this year's expected results (forward). Until a durable profit and improved capital structure are confirmed, it is more balanced to leave it inconclusive than to declare it cheap or expensive.
Price history Close · MA20 · MA60
The latest close is ₩4,310 and the market capitalization is ₩159.1 billion. The price sits above its 20-day moving average (₩4,309) and below its 60-day moving average (₩5,831). 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 44.8, a neutral level. The one-month change is -0.9%, the three-month change is -45.8%, and the position relative to the 52-week high is -54.9%. Relative strength versus the KOSDAQ is 83 (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 84% of all stocks. Over the past three months it lagged the index by 12.6%. 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 -12.64% / 6M +50.83% / 12M +64.91%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.92x is above the sector median (1.21x).
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 -56.2%, below the sector average (1.0%). The operating margin is -10.0%. The debt ratio is 389.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $27.5M | $58.5M | $72.3M | +23.61% ↓ slower |
| Operating profit | -$11.8M | $3.7M | -$6.0M | -259.61% |
| Net profit | -$13.0M | $303,293 | -$7.8M | -2672.47% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $34.2M | $34.5M | $27.5M | $58.5M | $72.3M |
| Operating profit | $1.8M | -$522,662 | -$11.8M | $3.7M | -$6.0M |
| Net profit | -$6.0M | $1.4M | -$13.0M | $303,293 | -$7.8M |
| Revenue CAGR | 4-yr avg 20.59% | ||||
Revenue rose 23.6% year over year (2023 ₩39.1 billion → 2024 ₩83.2 billion → 2025 ₩102.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 259.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 20.6%. The two-year revenue CAGR is 62.2%. In the most recent quarter (Q1 2026), revenue was 1.0% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 23.6% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 389.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 44.4%).
- 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
- 2026-04-07FilingExpansion of Cheonan smart-factory silicon-lens capacity in response to a North American automaker lamp order; investment of ₩4.95 billion (14.47% of equity), investment period through 2026-11-30An expansion premised on growing core-business demand, positive for medium-term top-line growth; short-term cash burden from the capital outlay. Source
- 2026-04-24FilingDecision on a third-party rights offering, issuing 2,369,675 common shares at ₩5,064 each to raise about ₩12.0 billion in working capital (one-year lockup), payment date 2026-05-06Positive for shoring up working capital, but carries dilution from the new-share issuance. Source
- 2026-05-29FilingDecision to issue a ₩17.2 billion 8th-series unsecured private convertible bond (working capital), 0% coupon and yield to maturity, conversion price ₩8,467, 2,031,416 convertible shares (5.22%), maturity 2031-06-08Interest-free financing is positive, but future conversion carries additional dilution potential. With the conversion price above the current price, immediate dilution pressure is limited. Source
- 2026-05-13EarningsQ1 2026 report: revenue of ₩25.2 billion (flat year over year), operating profit swung to +₩150 million, net loss narrowed to -₩440 millionThe swing to operating profit is an early sign of improving results. Whether net income lands durably in the black needs further confirmation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| New facility-investment amount | — | ₩5.0 billion, = CAPA | Confirmed | link |
| Convertible-bond issue size and terms | — | ₩17.2 billion, , · 0%, ₩8,467, 2,031,416(5.22%), 2031-06-08 | Confirmed | link |
| 2025 net profit | -₩11.1 billion(base) | — | Unverified | link |
| Rights-offering proceeds and method | — | 3 2,369,675 × ₩5,064 = ₩12.0 billion, 1 , 2026-05-06 | Confirmed | link |
Recent filings Source
- 2026-06-08Disclosure
- 2026-05-29Material-fact report
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-13PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-05-06Material-fact report (amended)
- 2026-04-24Material-fact report
- 2026-04-07Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-24PeriodicAnnual business 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.