Dawon NexView is a small-cap company with a market cap of ₩76.0 billion that makes and sells laser-based precision machining and inspection equipment, so whom it sells to and how repeatedly it does so is central to its results. After profit swung from a loss to a gain, Q1 operating profit more than sextupled, and with an ROE of 18.5% and a 15% operating margin, profitability is strong; supply contracts have also come in one after another, including ₩11.5 billion (42.5% of recent revenue) in May 2026. What stands out lately is that, if this year's contracted volume converts into revenue and profit as scheduled, the strength of a forward P/E below the sector median becomes clear; but because the market cap is small, the timing and size of a single contract's recognition can swing quarterly results considerably, and the pace of growth can also slow if the flow of new contracts eases.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 44.0% 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 15.4% higher than a year earlier.
- ROE is 18.5% (total-net basis). It is above the sector average.
- Operating margin is 15.0%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Dawonsys 23.09% (corporate)
Controlling bloc incl. related parties 43.83%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis
- Dawon NexView is classified under machinery and equipment, and its revenue comes from making and selling laser-based precision machining and inspection equipment.
- As a small- to mid-cap company with a market cap of about ₩76.0 billion, a single disclosure such as a supply contract has a relatively large effect on its revenue and profit.
- For that reason, it helps to also watch whom it sells its products to and how repeatedly.
- The latest close is ₩8,830 and the market cap is ₩70.7 billion.
- The price sits below both the 20-day line (₩10,953) and the 60-day line (₩14,595).
- Trading under both its short- and mid-term moving averages, the trend is subdued.
- RSI (an indicator that gauges upward versus downward force over the past 14 days on a 0-100 scale) is 30.1, a neutral level.
- The price is down 31.8% over one month and 17.1% over three months, and sits 65.8% below its 52-week high.
- Relative strength versus the KOSDAQ is 90 (1-99, weighting recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 9% of all stocks by strength.
- Over the past three months it has led the index by 6.0%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The most recent annual (2025) revenue was ₩26.9 billion, with operating profit of ₩4.0 billion and net profit of ₩3.5 billion.
- The operating margin of 15.0% and an ROE (how much profit is generated on shareholders' equity in a year) of 18.5% mark strong profitability, and the diagnostic rates profitability as "excellent." On the financial side, a debt ratio of 171.9%, a current ratio of 197.2% and an interest-coverage ratio of 21.4x mean both debt-servicing capacity and short-term liquidity are sound, so it is classified as "stable." The current P/E of 21.86x and P/B of 4.04x are based on last year's confirmed full-year results.
- For a company like this, where profit has just turned from a loss to a gain, multiples set on a single past year tend to look more expensive than they are, so rather than reading this straight as a "burden," it should be viewed alongside the forward P/E (2.68x) that reflects coming earnings.
- The forward P/E is distinctly below the sector median, a signal that the price is on the cheaper side relative to profit.
- Growth has been clear over several years.
- Revenue rose from ₩10.7 billion in 2023 to ₩18.7 billion in 2024 and ₩26.9 billion in 2025, growing about 59% a year on average over two years, while operating profit swung from a loss in 2023 to ₩1.3 billion in 2024 and ₩4.0 billion in 2025 — more than doubling again in a single year after turning positive.
- Net profit also swung from a loss in 2024 to a ₩3.5 billion gain in 2025.
- The trend continued this year: Q1 2026 revenue was ₩3.2 billion, up 15.4% year over year, operating profit was ₩0.6 billion, up 522.6%, and net profit was ₩0.8 billion, up 708%.
- With revenue growing steadily in the single to double digits while profit grows far faster, the company appears to have entered a phase where, on equipment and staff already in place, profit accrues more quickly as revenue expands.
- On top of that, if the supply contracts landed this year (₩4.2 billion in February, ₩11.5 billion in May) are recognized as revenue, this year's profit has room to grow substantially over last year.
- The forward P/E reflects this faster profit, and since there is no evidence that the outlook from next year turns lower than this year, this is not a place to conclude a "cycle top."
- Recent disclosures center on supply contracts.
- The largest is the single-supply contract disclosed on May 8, 2026 (contract value ₩11.5 billion, or 42.5% of recent revenue), followed by a ₩4.2 billion contract (22.3% of revenue) on February 27, 2026, and a correction to a ₩4.2 billion contract from December 23, 2025.
- Because the contract values correspond to a substantial share of last year's revenue, when and how much of this volume is booked as revenue is the key variable for this year's results.
- Following whether these are one-off transactions or ones that recur helps in reading the medium-term trend.
- This is a stock with clear strengths.
- After profit swung from a loss to a gain, operating profit still more than sextupled in Q1, and with an ROE of 18.5% and a 15% operating margin, profitability is strong while debt and liquidity are stable.
- Even though the P/E and P/B on last year's results look high, this is a stock whose profit has just inflected, so the forward P/E is below the sector median — meaning it is on the cheaper side relative to the profit trend.
- The price is also down 63% from its high with RSI in a depressed zone, a place where expectations have cooled considerably.
- The condition that works strongly in its favor is this year's contracted volume converting into revenue and profit on schedule while the quarterly profit uptrend holds.
- The condition to view cautiously is that, because the market cap is small, the timing or size of a single contract's recognition can swing quarterly results considerably, and growth can slow when the inflow of new contracts eases.
- In short, understand it as a structure where the strength is clear as long as the order flow continues, and volatility rises if that flow breaks.
🔎 Valuation vs peers Undervalued
A peer set within machinery and equipment adjacent by market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik PNE | 87.49x | 0.82x | 0.94% |
| Daesung Hi-Tech | — | 1.07x | -8.69% |
| Rorze Systems | 7.80x | 0.69x | 8.90% |
The primary reference was a public-data peer set within machinery and equipment adjacent by market cap. The current P/E ratio (how many times a year's profit the price is) is 20.34x and the P/B (how many times book value the price is) is 3.76x. That said, for smaller-cap names, profit swings and financing filings have an outsized effect, so no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩31.1 billion | ₩25.1 billion | ₩28.1 billion |
| Next quarter | Q2 2026 | ₩6.9 billion | ₩3.7 billion | ₩4.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,830 and the market capitalization is ₩70.7 billion. The price sits below its 20-day moving average (₩10,953) and below its 60-day moving average (₩14,595). 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 30.1, a neutral level. The one-month change is -31.8%, the three-month change is -17.1%, and the position relative to the 52-week high is -65.8%. 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 outpaced the index by 6.0%. 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 +6.04% / 6M +108.05% / 12M +19.22%
Key metrics vs sector median
Valuation
The P/E of 20.34x is above the sector median (14.44x). The P/B of 3.76x is above the sector median (1.44x). 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.
Intrinsic value (DCF estimate)
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 18.5%, above the sector average (5.0%). The operating margin is 15.0%. The debt ratio is 171.9%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $7.1M | $12.4M | $17.9M | +44.03% ↓ slower |
| Operating profit | -$424,814 | $847,784 | $2.7M | +215.03% |
| Net profit | $58,753 | -$2.7M | $2.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $7.1M | $12.4M | $17.9M |
| Operating profit | — | — | -$424,814 | $847,784 | $2.7M |
| Net profit | — | — | $58,753 | -$2.7M | $2.3M |
| Revenue CAGR | 2-yr avg 59.01% | ||||
Revenue rose 44.0% year over year (2023 ₩10.7 billion → 2024 ₩18.7 billion → 2025 ₩26.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 215.0% year over year. Over the 3 years on record, revenue compound annual growth (CAGR) is 59.0%. The two-year revenue CAGR is 59.0%. In the most recent quarter (Q1 2026), revenue was 15.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 18.5% points to solid profitability.
- Revenue grew 44.0% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-08ContractSingle supply contract signed: contract value ₩11.5 billion · 42.5% of recent revenueThe contract value and term are key to future revenue recognition. Whether it is a one-off or a recurring transaction shapes the medium-term reading. Source
- 2026-02-27ContractSingle supply contract signed: contract value ₩4.2 billion · 22.3% of recent revenueThe contract value and term are key to future revenue recognition. Whether it is a one-off or a recurring transaction shapes the medium-term reading. Source
- 2025-12-23Contract[Correction] Single supply contract signed: contract value ₩4.2 billion · 22.3% of recent revenueThe contract value and term are key to future revenue recognition. Whether it is a one-off or a recurring transaction shapes the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,830 | ₩8,830 | Confirmed | link |
| Latest quarterly results | revenue ₩3.2 billion, operating profit ₩0.6 billion | revenue ₩3.2 billion, operating profit ₩0.6 billion | Confirmed | link |
| Annual results | revenue ₩26.9 billion, operating profit ₩4.0 billion | revenue ₩26.9 billion, operating profit ₩4.0 billion | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩11.5 billion · revenue 42.5% | ㆍapprox. : approx. ₩11.5 billion · revenue 42.5% | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩4.2 billion · revenue 22.3% | ㆍapprox. : approx. ₩4.2 billion · revenue 22.3% | Confirmed | link |
| Contract disclosure source text | []ㆍapprox. : approx. ₩4.2 billion · revenue 22.3% | []ㆍapprox. : approx. ₩4.2 billion · revenue 22.3% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-14OwnershipAmended filing
- 2026-05-14OwnershipOwnership-change filing
- 2026-05-13OwnershipAmended filing
- 2026-05-12OwnershipOwnership-change filing
- 2026-05-08Single supply/sales contract
- 2026-04-15Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
📖 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.