Neuromeka designs and builds collaborative robots (its Indy series) that work alongside people, together with its own in-house controllers and software, earning revenue from robot hardware sales, automation buildouts, and robot-operation services; but its R&D and sales spending still exceeds revenue, the classic structure of an early-stage growth company. A June 2026 paid-and-bonus share issuance and a May decision to raise short-term borrowings filled operating and investment funds for the loss-making phase while creating dilution, the Q1 quarterly report confirmed a revenue decline and losses, and the price has fallen to about -70% below its 52-week high. What stands out lately is that in the growing collaborative-robot market the company has 2.5x its revenue in four years, and its proprietary-technology base is strong if revenue growth reaccelerates and the raised funds lead to a turn to profit, whereas a debt ratio of 658% and a current ratio of 55% leave little financial room, so if losses and borrowings keep rising, further fundraising and dilution could repeat.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 658.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 55.1%).
- The most recent full-year net result was a loss.
- Revenue fell 25.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 5.7% lower than a year earlier.
- ROE is -158.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -78.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Park Jong-hoon 19.26% (individual)
Controlling bloc incl. related parties 19.92%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Neuromeka designs, builds, and sells collaborative robots (industrial robots designed to work alongside people).
- Its mainstay is the Indy-series collaborative-robot body and the in-house controllers and software that drive it, joined by autonomous mobile robots (Moby) and solution and system-integration revenue that automates entire processes with robots.
- It earns money in three broad ways: (1) robot hardware sales, (2) automation buildouts that install robots in factories and stores, and (3) services that rent out or operate robots.
- Making its own controllers and software sets it apart from simple assembly or distribution firms.
- That said, the company is still small and spends more on R&D and sales than it earns in revenue, so it loses money at the operating level even as revenue grows — the classic structure of an early-stage growth company.
- The latest close is ₩32,050 and the market cap is ₩397.7 billion.
- The price sits below its 20-day line (₩39,598) and its 60-day line (₩54,448).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 33.1, a neutral level.
- The one-month change is -30.3%, the three-month change is -43.5%, and it stands -73.7% below its 52-week high.
- Its relative strength against the KOSDAQ is 82 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 18% of all stocks by strength.
- Over the past three months it lagged the index by 28.6%.
- Chart readings are best viewed alongside trading volume and the dates of disclosures.
- Because net profit is in the red, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated.
- So it is viewed by P/B (how many times the company's net assets the price represents), which at 30.14x is far above the robot-and-machinery sector median (1.59x).
- But this should be seen in context: the comparable robot companies mostly earn little profit yet as well, so their P/Bs are formed in the double digits.
- Within the frame of a 'robot growth stock,' then, a high number in itself is not immediately an anomaly, and is better read as a state where future growth expectations are priced in.
- On profitability, an ROE (how much is earned in a year on equity) of -158.2% and an operating margin of -78.4% show it is still in a spending phase, not an earning one.
- The balance sheet carries a high debt ratio (debt relative to equity) of 658.1% and a current ratio (assets readily convertible to cash versus debt due within a year) of 55.1%, below 100%, so short-term cash room is tight.
- One caveat is that all the figures shown are on last year's confirmed results (trailing).
- For a loss-making company, trailing numbers can distort real strength at the inflection where earnings turn positive, so the direction the quarterly results move should be watched together.
- Revenue moved from ₩7.4 billion in 2021 to ₩9.8 billion in 2022 to ₩13.7 billion in 2023 to ₩25.3 billion in 2024 to ₩19.0 billion in 2025 — growing quickly for four years, then turning down for the first time last year (-25.0% year over year).
- The five-year revenue CAGR (compound annual growth rate, the annual-average conversion of multi-year growth) is 26.7%, so the long-term trend is steep.
- Even so, the operating loss widened from -₩3.0 billion (2021) to -₩14.9 billion (2025), so losses grew alongside the top line — this company's core challenge.
- Q1 2026 revenue was ₩3.0 billion, -5.7% from a year earlier, and the operating loss was -₩4.3 billion.
- There is no official company outlook for this year's (forward) annual figures.
- So only a reference approximation based on past quarterly weights exists, not a confirmed forecast, and this company has pronounced seasonality with revenue concentrated in Q4, making it hard to judge the full year from first-half numbers alone.
- In sum, the direction of growth and the market (collaborative robots) are alive, but whether revenue growth resumes after last year's contraction and a weak Q1, and whether the loss narrows in the process, are what to confirm this year.
- The center of recent disclosures is 'funding' more than 'results.' The June 2, 2026 paid-and-bonus share-issuance decision (a corrective filing) is a decision to raise external funds by issuing new shares, filling operating and investment funds for a company running losses while diluting existing shareholders — a two-sided event.
- The May 8 decision to raise short-term borrowings is in the same vein, a signal of filling short-term working capital with debt while the current ratio is below 100%.
- The May 14 quarterly report (2026.03) is the official document confirming the losses and revenue decline above, and the May 21 large-holding report (simplified form) discloses a change in a 5%-plus major shareholder's stake.
- In sum, in this phase, how the company raises the funds to endure, and whether those funds lead to a turn to profit, is as much a key share-price variable as business expansion.
- The strengths are clear.
- In the growing collaborative-robot market the company has 2.5x its revenue in four years, and with its own controllers and software it holds a technology base different from a simple assembly firm.
- The price falling to about -70% below its 52-week high, unwinding much of the prior expectation, is another point to weigh.
- On the other side, the cautions are just as clear.
- Revenue contracted for the first time last year, Q1 was weak too, operating and net losses have accumulated leaving little financial room at a debt ratio of 658% and a current ratio of 55%, and as a result it is in a phase of raising funds through share issuance and short-term borrowings, with dilution attached.
- Rather than declaring one direction, this company is strong 'when revenue growth reaccelerates, the loss narrows, and the raised funds lead to a turn to profit,' and weak 'when the revenue slowdown drags on and losses and borrowings keep rising, so further fundraising repeats.' The current price (P/B in the 30x range) sits somewhere between those expectations, so it is appropriate to watch while confirming the direction of quarterly results and the path to profitability.
🔎 Valuation vs peers Inconclusive
Rather than a simple sector code (machinery and equipment), the comparison set was built from domestic listed robot companies whose actual business — collaborative and service-robot manufacturing — overlaps and whose data is verifiable.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Rainbow Robotics | 5845.84x | 62.11x | 1.06% |
| Robotis | 589.25x | 9.56x | 1.62% |
| Yujin Robot | — | 15.88x | -24.32% |
(a) Position versus peers: Neuromeka's P/B of 30.14x is above Robotis (13.4x) and Yujin Robot (24.8x) and below Rainbow Robotics (87.7x), placing it in the upper-middle of the robot sector by embedded expectation. (b) Premium/discount: the sector broadly runs losses and low ROE, so a P/E comparison itself is meaningless, and versus net assets Neuromeka is on the expensive side of the peer average. But with revenue scale and growth stage varying widely, 'cheap or expensive' is hard to declare. (c) Limits of trailing and the case for forward: the current metrics are all on last year's confirmed results, so at a loss inflection they can distort real strength. With no official company outlook, the forward figure can only be gauged from a DART seasonality approximation (2026 revenue of roughly ₩23.5 billion), an unverified reference. On balance, since the peers are all loss-making with high P/Bs, a relative valuation does not hold, so the verdict is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩5.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩32,050 and the market capitalization is ₩397.7 billion. The price sits below its 20-day moving average (₩39,598) and below its 60-day moving average (₩54,448). 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 33.1, a neutral level. The one-month change is -30.3%, the three-month change is -43.5%, and the position relative to the 52-week high is -73.7%. Relative strength versus the KOSDAQ is 81 (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 82% of all stocks. Over the past three months it lagged the index by 28.6%. 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 -28.58% / 6M +16.93% / 12M +35.12%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 28.53x is above the sector median (1.44x).
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 -158.2%, below the sector average (5.0%). The operating margin is -78.4%. The debt ratio is 658.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $9.1M | $16.7M | $12.6M | -24.99% ↓ slower |
| Operating profit | -$9.8M | -$12.6M | -$9.8M | — |
| Net profit | -$11.7M | -$11.0M | -$14.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.9M | $6.5M | $9.1M | $16.7M | $12.6M |
| Operating profit | -$2.0M | -$5.2M | -$9.8M | -$12.6M | -$9.8M |
| Net profit | -$4.4M | -$5.4M | -$11.7M | -$11.0M | -$14.6M |
| Revenue CAGR | 4-yr avg 26.72% | ||||
Revenue fell 25.0% year over year (2023 ₩13.7 billion → 2024 ₩25.3 billion → 2025 ₩19.0 billion), and the three-year trend is 'mixed'. The rate of decline widened 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 26.7%. The two-year revenue CAGR is 17.4%. In the most recent quarter (Q1 2026), revenue was 5.7% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 658.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 55.1%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 25.0% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02UpdatePaid-and-bonus share-issuance decision (corrective filing) — a decision to raise external funds by issuing new sharesShort term it fills operating and investment funds but dilutes existing shareholders. In a loss-making, high-leverage phase it is a key event where funding and dilution must be weighed together. Source
- 2026-05-14EarningsQuarterly report (2026.03) — Q1 revenue of ₩3.0 billion (-5.7% year over year) and an operating loss of -₩4.3 billion confirmedThe document that officially confirms the revenue decline and operating loss. With a seasonally weak first half, whether the second half recovers drives the annual direction. Source
- 2026-05-08UpdateDecision to raise short-term borrowings — funding short-term working capital through debtA signal of covering short-term funds with debt while the current ratio is below 100%. Rising interest and repayment burdens narrow financial flexibility, a caution factor. Source
- 2026-05-21FilingLarge-holding report (simplified form) — filing of a change in a 5%-plus major shareholder's stakeA disclosure of a change in a major shareholder's holdings, a source for checking the ownership structure alongside the ongoing share issuance. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B (price-to-net-assets multiple) | 40.82x | BPS ₩1,123 · ₩45,850 approx. 40.8x | Confirmed | link |
| Q1 2026 revenue | ₩3.0 billion | ₩3.0 billion | Confirmed | link |
| Existence of the paid-and-bonus share-issuance decision | 2026-06-02 | DART | Confirmed | link |
| 2026 annual revenue (approximation) | approx. ₩23.5 billion | — | Unverified | link |
Recent filings
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02Amended filing
- 2026-06-02Material-fact report (amended)
- 2026-05-28Amended filing
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-14Amended filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-11Amended filing
- 2026-05-08Disclosure
📖 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.