Graphy is a 3D-printing materials and equipment company in the orthodontics field. Using its own shape-memory resin, it 3D-prints patient-customized clear aligners, and it supplies not just the material but the printer, nitrogen curing unit, and software as a package, with most revenue generated overseas as an export-centered company. Q1 2026 revenue rose sharply +47.5% year on year, but operating and net losses continued, and from early May the company answered the exchange's inquiry disclosure about a rumored acquisition of another company as unconfirmed, leaving it a variable that will decide direction until the facts become clear. What stands out lately is that its differentiated shape-memory technology has driven three straight years of revenue growth and the share price is down -74% from its high; on the other hand, operating and net losses have run for a third year without the deficit narrowing, so the timing of a turn to profit and the acquisition uncertainty remain central to the assessment.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 27.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 47.5% higher than a year earlier.
- ROE is -55.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -53.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Sim Un-seop 28.14% (individual)
Controlling bloc incl. related parties 28.72%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Graphy is a 3D-printing materials and equipment company in the orthodontics field.
- At its core is its own shape-memory resin (a polymer material with the property of returning to its original shape at a certain temperature, such as body temperature), which it 3D-prints to make patient-customized clear aligners.
- Rather than simply selling the material, its structure is to supply the 3D printer, the nitrogen curing unit (a device that hardens the printout), a residual-resin removal device, and orthodontic software as a package.
- In its revenue mix, shape-memory material accounts for about half, with printers and equipment the next largest share, and most revenue (in the high 80% range) is generated overseas as an export-centered company.
- In other words, it fits the business reality to see it as a materials company that sells the materials and equipment needed for digital dental orthodontics together.
- The latest closing price is ₩17,540 and the market capitalization is ₩19.60 billion.
- The price sits below its 20-day line (₩18,454) and below its 60-day line (₩26,355).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 40.9, a neutral level.
- The one-month change is -19.7%, the three-month change is -54.0%, and the position versus the 52-week high is -72.6%.
- Relative strength versus the KOSDAQ is 90 (1-99, converting return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it around the top 9% for strength among all stocks.
- Over the past three months it has lagged the index by 36.8%.
- Chart reading is best done together with trading volume and disclosure dates.
- Because this company is still running a loss, the P/E ratio (how many times one year's profit the price is) is not calculated.
- Instead, the P/B (how many times the company's net assets the price is) is 8.85x, which is on the high side relative to the scale of net assets.
- Rather than reading this figure straight off as expensive, though, it is more accurate to see it as a stage where multiples relative to net assets and revenue come out high because this is an early-growth materials company before earnings have begun in earnest.
- On profitability, as of 2025 the operating margin is -53.8% and ROE (how much is earned in a year on equity) is -55.4%, a large deficit.
- As for finances, the debt ratio (debt relative to equity) is about 189%, not exactly light, but the current ratio (assets convertible to cash against debt due within a year) is 146%, so short-term liquidity has room.
- In sum, the current P/B is a price that reflects future top-line growth in advance rather than current earnings, and whether that growth connects to profit is the fork in the assessment.
- Revenue rose three straight years, from ₩10.4 billion in 2023 to ₩16.1 billion in 2024 to ₩20.5 billion in 2025, with a 2025 growth rate of +27.3%.
- The pace slowed a step from the prior year (+54.3%), but Q1 2026 revenue jumped +47.5% year on year to ₩3.35 billion, so the growth pace itself steepened again.
- Given its differentiated shape-memory technology and an overseas share reaching the high 80% range, the driver of top-line growth can be seen as coming from expanding demand and export markets.
- Earnings, however, are still a different picture.
- Operating profit has been a loss all three years (-₩7.0 billion to -₩9.2 billion to -₩11.0 billion), with the loss actually widening, and in Q1 too the operating loss was -₩3.19 billion and the net loss -₩2.82 billion, so the deficit continues.
- Because last year was a loss, there is no trailing (past-confirmed-earnings-based) P/E at all, and with losses likely to continue this year too, a forward (future-estimate-based) P/E is also hard to build on the premise of positive earnings.
- In the end it reads as an early-growth stage where revenue is growing fast but has yet to cross the profitability threshold, and the next gate is whether the revenue increase feeds into a narrowing deficit.
- Recent developments center on two things.
- First, on April 27, 2026 the company announced its Q1 results through a fair disclosure of consolidated provisional operating results; revenue rose sharply year on year, but operating and net losses continued.
- Second, from early May the Korea Exchange requested an inquiry disclosure about a rumored acquisition of another company, and the company responded to the effect that it was unconfirmed (with re-responses on May 8 and June 4).
- In other words, the company has not definitively stated whether it is reviewing the acquisition, so until the facts become clear it remains a variable that will decide direction.
- Beyond this, in May there were disclosures related to an extraordinary general meeting and voting rights, the filing of the quarterly report on May 14, and other regular and extraordinary procedural disclosures.
- The strengths are clear.
- On the strength of its differentiated shape-memory technology, revenue has risen three straight years, and Q1's +47.5% shows the growth engine is alive, while an export-type structure with most revenue coming from overseas means the market itself is broad.
- The share price is also at a level down -74% from its high, so relative to top-line growth the price burden is lighter than a year ago.
- At the same time, the point to keep in mind is earnings.
- Operating and net losses have run for a third year without narrowing, and since revenue growth has not directly fed into profit, the timing of a turn to profit remains central to the assessment.
- The conclusion is not a buy-or-sell verdict but a matter of conditions.
- This company is strong when revenue growth is accompanied by a narrowing deficit and the outline of a turn to profit takes shape, and weak when growth continues but the loss structure persists for long or uncertainty such as the acquisition rumor lingers.
- Earnings matter more than revenue, and the actual timing of a turn to profit more than expectations.
🔎 Valuation vs peers Inconclusive
A peer set viewed on the basis of revenue and earnings makeup and business reality (materials for digital dental orthodontics and 3D-printing equipment, export-centered). Unlisted, overseas, or differently classified names without quantitative data on the site are referenced only for business position, without figures.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Graphy | 0.00x | 9.31x | -55.43% |
Because earnings are a loss, a P/E cannot tell expensive from cheap. A P/B of 10.96x and a P/S of 11.24x are clearly high relative to the scale of net assets and revenue, but it is more accurate to see this as a price with future growth expectations pre-reflected in an early-growth materials company than as overvaluation of a profitable company. Because last year was a loss, there is no trailing (past-confirmed-earnings-based) P/E at all, and with losses likely to continue this year too, it is also hard to compare on a forward (future-estimate-based) P/E. In the end, for the current high multiple to be justified, revenue growth must connect to a narrowing deficit and a turn to profit, and until then it is reasonable to see this as a zone where the assessment changes greatly depending on the visibility of a turn to profit rather than concluding it is cheap or expensive.
Price history Close · MA20 · MA60
The latest close is ₩17,540 and the market capitalization is ₩196.0 billion. The price sits below its 20-day moving average (₩18,454) and below its 60-day moving average (₩26,355). 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 40.9, a neutral level. The one-month change is -19.7%, the three-month change is -54.0%, and the position relative to the 52-week high is -72.6%. Relative strength versus the KOSDAQ is 90 (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 91% of all stocks. Over the past three months it lagged the index by 36.8%. 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 -36.81% / 6M -21.79% / 12M +56.56%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 9.31x is above the sector median (0.97x).
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 -55.4%, below the sector average (4.0%). The operating margin is -53.8%. The debt ratio is 188.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $6.9M | $10.7M | $13.6M | +27.34% ↓ slower |
| Operating profit | -$4.6M | -$6.1M | -$7.3M | — |
| Net profit | -$3.6M | -$21.6M | -$7.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $6.9M | $10.7M | $13.6M |
| Operating profit | — | — | -$4.6M | -$6.1M | -$7.3M |
| Net profit | — | — | -$3.6M | -$21.6M | -$7.7M |
| Revenue CAGR | 2-yr avg 40.19% | ||||
Revenue rose 27.3% year over year (2023 ₩10.4 billion → 2024 ₩16.1 billion → 2025 ₩20.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 3 years on record, revenue compound annual growth (CAGR) is 40.2%. The two-year revenue CAGR is 40.2%. In the most recent quarter (Q1 2026), revenue was 47.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 27.3% year over year, a sign of growth.
Points to watch
- 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
- 2026-04-27EarningsFair disclosure of Q1 2026 consolidated provisional operating results — revenue rose sharply year on year, but operating and net losses continuedShort term: confirmation of top-line growth is positive, but with the deficit continuing, profitability concerns come to the fore together. Medium term: the timing of a turn to profit is the key valuation variable. Source
- 2026-05-07UpdateReceived the exchange's inquiry disclosure request on a rumored acquisition of another company — a request to confirm facts related to rumor and reportingShort term: a factor widening share-price volatility due to acquisition uncertainty. Medium term: remains a variable not reflected in the valuation until the facts are confirmed. Source
- 2026-06-04FilingRe-response to the inquiry disclosure on the rumored acquisition — replied to the effect of 'unconfirmed'Short term: uncertainty continues as the acquisition is not confirmed. Medium term: a matter in which the direction could diverge greatly depending on any future confirming disclosure. Source
- 2026-05-14FilingFiled the Q1 2026 quarterly report — Q1 revenue ₩3.35 billion, operating loss -₩3.19 billion, net loss -₩2.82 billionShort term: consistent with the provisional results. Medium term: the quarterly loss is similar in size to the annual deficit (about -₩11.3 billion annualized), suggesting the loss structure is unlikely to be resolved in the short term. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization = current price x shares outstanding | ₩196.0 billion | ₩196.0 billion | Unverified | — |
| 2025 consolidated revenue / revenue growth rate | revenue 205, YoY +27.3% | DART | Confirmed | link |
| P/B / P/S | PBR 10.96x, PSR 11.24x | BPS ₩1,884·revenue 205 | Unverified | — |
| This year's estimated net profit / forward P/E | (+) net profit | — | Unverified | — |
Recent filings
- 2026-06-04Shareholders' meeting notice
- 2026-06-04Disclosure
- 2026-05-20Disclosure
- 2026-05-20Shareholders' meeting notice
- 2026-05-14PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-05-07Disclosure
- 2026-04-27EarningsFair-disclosure notice
- 2026-04-23Disclosure
- 2026-04-23Shareholders' meeting notice
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Shareholders' meeting notice
📖 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.