VUNO applies deep-learning technology to medicine, supplying hospitals with software that uses artificial intelligence to analyze medical images such as X-ray, CT, MRI and fundus photographs, along with signals like ECGs, to help clinicians make diagnoses, earning usage fees and product sales in return; it was the company behind Korea's first AI medical device in 2018. Corrective filings on single supply contracts followed in August-September 2025, and in February 2026 there was a filing on acquiring convertible bonds before maturity after issuance (₩1.6 billion in bond value, conversion price ₩25,337). On the plus side, from its leading domestic position in the growth field of medical AI, revenue is climbing fast and the operating loss has narrowed from -₩15.7 billion to -₩4.9 billion over two years, approaching break-even; on the cautious side, the company is not yet profitable, so quarterly results vary widely, and growth can be uneven, as seen in Q1 2026 revenue falling from a year earlier.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 34.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 19.7% lower than a year earlier.
- ROE is -16.0% (total-net basis). It is below the sector average.
- Operating margin is -14.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Ye-ha 15.38% (individual)
Controlling bloc incl. related parties 15.59%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- VUNO earns its money by applying deep learning (an AI approach that learns rules on its own from data) to the medical field.
- It is regarded as the company that first opened Korea's AI medical-device market, launching the country's first AI medical device, 'VUNO Med-BoneAge,' in 2018.
- Its mainstay is software that uses AI to analyze medical images such as X-ray, CT, MRI and fundus photographs, and biosignals such as ECGs, to help clinicians make diagnoses.
- The model is to supply solutions to hospitals and receive usage fees and product sales, and it also runs side businesses such as medical-device repair and the sale of diabetes consumables.
- Because its market cap is on the smaller side, it helps to look not only at the business itself but also at the effect each contract filing has on revenue and the share count.
- The latest close is ₩7,770 and the market cap is ₩108.8 billion.
- The price sits below its 20-day line (₩8,014) and its 60-day line (₩11,572).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that weighs the strength of recent gains against losses over the past 14 days on a 0-100 scale) is 39.8, a neutral reading.
- It is down 0.4% over one month and 47.5% over three months, and sits 71.9% below its 52-week high.
- Relative strength versus the KOSDAQ is 14 (on a 1-99 scale that converts return against the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 87% of all stocks for strength.
- Over the past three months it has lagged the index by 32.2%.
- Chart reading is best done alongside trading volume and the dates of filings.
- Full-year 2025 revenue was ₩34.8 billion, with an operating loss of -₩4.9 billion and a net loss of -₩5.8 billion.
- The operating margin was -14.2% and ROE (how much is earned in a year on shareholders' equity) was -16.0%, still in loss territory.
- That said, the debt ratio of 139.5% is not heavy, and a current ratio (assets convertible to cash within a year against debt due within a year) of 305% means short-term liquidity is comfortable.
- Because earnings are still negative, a P/E cannot be calculated, and the P/B is 3.01x.
- For a loss-making company, the P/B is less a yardstick of expensive-versus-cheap in itself than a figure whose meaning depends on whether the company can turn profitable ahead.
- The heart of the growth story is that two things are improving at once.
- Revenue rose from ₩13.3 billion in 2023 to ₩25.9 billion in 2024 and ₩34.8 billion in 2025, a two-year average of about 62% growth, while over the same span the operating loss narrowed quickly from -₩15.7 billion to -₩12.5 billion and then -₩4.9 billion.
- The net loss also shrank from -₩15.6 billion to -₩5.8 billion.
- As revenue grows, the effect of spreading fixed costs kicks in, and the company appears to have entered the phase, typical of AI-solution businesses, where losses shrink sharply once revenue passes a certain scale.
- Revenue for 2026 is estimated at roughly ₩32.2 billion, but Q1 revenue of ₩6.0 billion (down 19.7% year on year) marks a pause that should be viewed as quarterly volatility.
- Whether the trend of approaching break-even (the point where revenue equals costs, so there is neither loss nor profit) stays alive, and whether the loss keeps shrinking quarter after quarter, are the points to watch from here.
- Looking at the flow of filings, corrective disclosures on single supply contracts followed in August-September 2025.
- More than the contract amounts themselves, whether those contracts are one-off or repeatable is the key to how future revenue is recognized.
- In February 2026 there was a filing on acquiring a convertible bond (a bond that can be converted into shares) before maturity after issuance (₩1.6 billion in value, conversion price ₩25,337).
- Because a convertible bond brings in funds but can later increase the share count, it helps to check the intended use of the funds alongside any change in the share count.
- The strengths are clear.
- In the growth field of medical AI it holds a leading domestic position, and as revenue climbs fast the operating loss has narrowed sharply from -₩15.7 billion to -₩4.9 billion over two years, closing in on break-even.
- Debt and short-term liquidity are also relatively stable.
- On the cautious side, the company is not yet profitable, so quarterly results vary widely, and growth can be uneven, as in Q1 2026 revenue falling from a year earlier.
- In short, if revenue growth continues and the loss-narrowing trend is confirmed quarter by quarter, the stock could be re-valued quickly along with crossing break-even; conversely, if revenue growth stalls or the loss-narrowing slows, the timing of turning profitable moves further out.
🔎 Valuation vs peers Overvalued
Peers with nearby market caps within the games and software sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Neptune | — | 0.32x | -12.71% |
| Atton | 58.14x | 0.91x | 1.56% |
| Genians | 14.55x | 1.75x | 12.05% |
Within games and software, the comparison drew first on public-data peers with nearby market caps. The current P/E is not available and the P/B is 3.01x. Because smaller-cap names are heavily affected by swings in earnings and by financing-related filings, the read does not rest on last year's confirmed results alone. The basis for the outlook box is DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩32.2 billion | — | — |
| Next quarter | Q2 2026 | ₩7.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,770 and the market capitalization is ₩108.8 billion. The price sits below its 20-day moving average (₩8,014) and below its 60-day moving average (₩11,572). 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 39.8, a neutral level. The one-month change is -0.4%, the three-month change is -47.5%, and the position relative to the 52-week high is -71.9%. Relative strength versus the KOSDAQ is 14 (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 13% of all stocks. Over the past three months it lagged the index by 32.2%. 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 -32.20% / 6M -58.70% / 12M -60.59%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.01x is above the sector median (1.58x).
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 -16.0%, below the sector average (5.0%). The operating margin is -14.2%. The debt ratio is 139.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $8.8M | $17.1M | $23.1M | +34.71% ↓ slower |
| Operating profit | -$10.4M | -$8.3M | -$3.3M | — |
| Net profit | -$10.4M | -$8.6M | -$3.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5M | $5.5M | $8.8M | $17.1M | $23.1M |
| Operating profit | -$11.8M | -$10.2M | -$10.4M | -$8.3M | -$3.3M |
| Net profit | -$13.0M | -$10.4M | -$10.4M | -$8.6M | -$3.8M |
| Revenue CAGR | 4-yr avg 98.43% | ||||
Revenue rose 34.7% year over year (2023 ₩13.3 billion → 2024 ₩25.9 billion → 2025 ₩34.8 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 5 years on record, revenue compound annual growth (CAGR) is 98.4%. The two-year revenue CAGR is 62.0%. In the most recent quarter (Q1 2026), revenue was 19.7% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 34.7% 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
- 2025-09-10Contract[Correction] Single supply contract signed: contract value ₩0.4 billion · 31.1% of recent revenueThe contract value and term are central to how future revenue is recognized. Whether it is one-off or a repeatable transaction shapes the medium-term read. Source
- 2025-08-21Contract[Correction] Single supply contract signed: contract value ₩507 · 40.3% of recent revenueThe contract value and term are central to how future revenue is recognized. Whether it is one-off or a repeatable transaction shapes the medium-term read. Source
- 2026-02-26UpdateAcquisition of convertible bonds (including overseas convertible bonds) before maturity after issuance: bond value ₩1.6 billion · conversion price ₩25,337This is a filing where the intended use of incoming funds and the change in share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and linked to revenue is the key point. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,770 | ₩7,770 | Confirmed | link |
| Latest quarterly results | revenue ₩6.0 billion, operating profit -₩4.1 billion | revenue ₩6.0 billion, operating profit -₩4.1 billion | Confirmed | link |
| Annual results | revenue ₩34.8 billion, operating profit -₩4.9 billion | revenue ₩34.8 billion, operating profit -₩4.9 billion | Confirmed | link |
| Contract filing (original text) | []ㆍapprox. : approx. ₩0.4 billion · revenue 31.1% | []ㆍapprox. : approx. ₩0.4 billion · revenue 31.1% | Confirmed | link |
| Contract filing (original text) | []ㆍapprox. : approx. ₩507 · revenue 40.3% | []ㆍapprox. : approx. ₩507 · revenue 40.3% | Confirmed | link |
| Financing filing (original text) | : ₩1.6 billion · ₩25,337 | : ₩1.6 billion · ₩25,337 | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-01Amended filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-04Amended filing
- 2026-03-03Disclosure
- 2026-03-03Shareholders' meeting notice
- 2026-02-27Disclosure
- 2026-02-26Convertible-bond issuance
- 2026-02-25Shareholders' 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.