Genoray is an aerospace-and-defense communication-equipment company that localizes high-value communication gear once dependent on imports, developing and manufacturing satellite-communication equipment, avionics, and the like in-house; a large part of its revenue comes from defense and national programs, so orders (supply contracts) translate directly into future revenue. Between February and March 2026 it signed a run of supply contracts worth ₩6.1 billion (10.8% of recent revenue), ₩5.6 billion (9.8%), and ₩2.8 billion (5.0%), producing a combined ₩14.5 billion in contracts over a short span for a company with around ₩60 billion in revenue. The upside case is that in a localized, high-barrier area, revenue has grown for three straight years and a 331% current ratio provides funding room; the downside is that operating and net results have been in the red for two years, so growing revenue has yet to translate into profit - meaning the judgment should rest on whether new orders carry margins that lead to a swing to profit.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 4.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.9% higher than a year earlier.
- ROE is -4.1% (total-net basis).
- Operating margin is -3.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Korea Aerospace Industries 37.95% (corporate)
Controlling bloc incl. related parties 50.22%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Genoray earns its money by developing and manufacturing communication equipment for the aerospace-and-defense field in-house.
- Its flagship products are satellite-communication equipment, avionics, and other defense communication gear.
- It has supplied the military and government programs by localizing high-value communication equipment once dependent on imports, and the technology and delivery record built up this way form the foundation of the business.
- Because a large part of revenue comes from defense and national programs, a distinctive feature is that orders (supply contracts) translate directly into future revenue.
- With a market cap of ₩119.5 billion - not large - it is best to watch how a single big contract or a financing disclosure affects results and share count.
- The latest close is ₩13,630 and the market cap is ₩132.7 billion.
- The price sits below both its 20-day line (₩14,544) and its 60-day line (₩22,126).
- Trading under both its short- and mid-term moving averages, the trend is subdued.
- The RSI (an indicator that gauges upward versus downward strength over the past 14 days on a 0-100 scale) is 36.8, a neutral level.
- The one-month change is -20.7%, the three-month change is -48.7%, and the price is -61.5% from its 52-week high.
- Relative strength versus the KOSDAQ is 55 (on a 1-99 scale, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 45% of all stocks by strength.
- Over the past three months it lagged the index by 33.1%.
- Chart readings are best viewed alongside volume and the dates of disclosures.
- Recent annual revenue is ₩59.6 billion, with an operating loss of -₩2.1 billion and a net loss of -₩2.1 billion.
- The operating margin is -3.5% and ROE (how much the company earns in a year on its equity) is -4.1%, both in the red.
- That said, the financial structure itself is holdable.
- The debt ratio (debt relative to equity) is 169.2%, an ordinary level, and the current ratio (assets convertible to cash within a year against debt due within a year) is 331%, leaving room in short-term liquidity.
- On valuation, the P/E ratio (how many times a year's earnings the price represents) cannot be calculated because of the loss, while the P/B (how many times book value the price represents) is 2.31x.
- The P/B is above 1x, but since that figure appears in a situation where earnings-based metrics cannot be used because of the loss, rather than concluding it is expensive, it is more accurate to view it alongside how earnings-based metrics land once the loss turns to profit.
- Revenue has climbed steadily.
- It rose for three straight years - ₩55.1 billion in 2023, ₩56.8 billion in 2024, and ₩59.6 billion in 2025 - and the pace of increase (+4.9% YoY) also quickened from the prior year (+3.1%).
- The most recent quarter's (Q1 2026) revenue was also up +9.9% year over year, so top-line growth is continuing on a quarterly basis too.
- Earnings, by contrast, tell a different story.
- Operating profit swung from a ₩1.1 billion profit in 2023 to losses in 2024 and 2025 (around -₩2.1 billion), and Q1 2026 was still in the red at -₩1.2 billion in operating profit.
- In other words, this is an inflection phase where revenue is growing but earnings are still in the red, and the key growth question is when the growing revenue starts to fall to profit.
- For reference, this year's total revenue estimate, an approximation reflecting Q1 results and the historical weight of each quarter, is around ₩54.5 billion, and because of the loss no earnings-based forward metric (price against next-twelve-month earnings) is produced.
- So the signal of an earnings recovery is best confirmed directly from quarterly results and the margin improvement of new orders rather than from an estimate.
- Recent disclosures are all supply contracts.
- It signed single-sale/supply contracts in a row: ₩6.1 billion (10.8% of recent revenue) on February 10, 2026; ₩5.6 billion (voluntary disclosure, 9.8%) on February 11; and ₩2.8 billion (voluntary disclosure, 5.0%) on March 10, 2026.
- For a company with revenue around ₩60 billion, a combined ₩14.5 billion in contracts over a short span is a meaningful volume for future revenue recognition.
- That said, whether these contracts are one-off and end at once, or lead to repeat and follow-on business, and at what margin they are delivered, is what divides the medium-term read, so the key is to check how they flow into the next quarter's revenue and profit.
- The strengths are clear.
- In a high-barrier area of localized defense communication equipment such as satellite communications and avionics, revenue has grown for three straight years, the most recent quarter grew close to double digits, and it secured a combined ₩14.5 billion of supply contracts in a short span.
- Short-term funding room (a 331% current ratio) also gives it a foundation for top-line growth.
- At the same time, the cautions are clear.
- The biggest task is that operating and net results have been in the red for two years, so growing revenue has yet to fall to profit.
- Taken together, this stock is strong when newly secured orders carry margins that lead to a swing to profit and quarterly results show the loss narrowing, and weak when revenue grows but earnings stay in the red or additional financing becomes necessary.
- With the price down 65% from its high and expectations much cooled, the weight of judgment is better placed on whether an earnings recovery actually appears than on price.
🔎 Valuation vs peers Overvalued
A market-cap-adjacent comparison set within communication and broadcasting equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| IDIS | 9.38x | 0.67x | 7.19% |
| Jungang Advanced Materials | — | 0.93x | -5.30% |
| AP Satellite | — | 1.15x | -2.67% |
Within communication and broadcasting equipment, we looked first at a public-data comparison set close in market cap. The current P/E ratio (how many times a year's earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 2.56x. That said, for smaller-cap stocks the swings in earnings and the impact of financing disclosures are large, so we did not draw firm conclusions from metrics based only on last year's confirmed results. 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 | ₩54.5 billion | — | — |
| Next quarter | Q2 2026 | ₩11.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩13,630 and the market capitalization is ₩132.7 billion. The price sits below its 20-day moving average (₩14,544) and below its 60-day moving average (₩22,126). 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 36.8, a neutral level. The one-month change is -20.7%, the three-month change is -48.7%, and the position relative to the 52-week high is -61.5%. Relative strength versus the KOSDAQ is 55 (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 55% of all stocks. Over the past three months it lagged the index by 33.1%. 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 -33.06% / 6M -28.49% / 12M -24.93%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.56x is above the sector median (1.32x).
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 -4.1%. The operating margin is -3.5%. The debt ratio is 169.2%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $36.5M | $37.7M | $39.5M | +4.93% ↑ faster |
| Operating profit | $762,905 | -$1.4M | -$1.4M | — |
| Net profit | $1.1M | -$2.0M | -$1.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $30.2M | $33.6M | $36.5M | $37.7M | $39.5M |
| Operating profit | $2.8M | $2.1M | $762,905 | -$1.4M | -$1.4M |
| Net profit | $3.9M | $1.8M | $1.1M | -$2.0M | -$1.4M |
| Revenue CAGR | 4-yr avg 6.91% | ||||
Revenue rose 4.9% year over year (2023 ₩55.1 billion → 2024 ₩56.8 billion → 2025 ₩59.6 billion), and the three-year trend is 'rising'. The pace of growth also quickened 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 6.9%. The two-year revenue CAGR is 4.0%. In the most recent quarter (Q1 2026), revenue was 9.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
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
- 2026-03-10ContractSingle-sale/supply contract signed (voluntary disclosure): contract value of ₩2.8 billion, 5.0% of recent revenueThe contract value and term are key to future revenue recognition. Whether it is one-off or a repeatable transaction is what divides the medium-term read. Source
- 2026-02-11ContractSingle-sale/supply contract signed (voluntary disclosure): contract value of ₩5.6 billion, 9.8% of recent revenueThe contract value and term are key to future revenue recognition. Whether it is one-off or a repeatable transaction is what divides the medium-term read. Source
- 2026-02-10ContractSingle-sale/supply contract signed: contract value of ₩6.1 billion, 10.8% of recent revenueThe contract value and term are key to future revenue recognition. Whether it is one-off or a repeatable transaction is what divides the medium-term read. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩13,630 | ₩13,630 | Confirmed | link |
| Latest quarterly results | revenue ₩11.6 billion, operating profit -₩1.2 billion | revenue ₩11.6 billion, operating profit -₩1.2 billion | Confirmed | link |
| Annual results | revenue ₩59.6 billion, operating profit -₩2.1 billion | revenue ₩59.6 billion, operating profit -₩2.1 billion | Confirmed | link |
| Original contract disclosure text | ㆍapprox. : approx. ₩2.8 billion · revenue 5.0% | ㆍapprox. : approx. ₩2.8 billion · revenue 5.0% | Confirmed | link |
| Original contract disclosure text | ㆍapprox. : approx. ₩5.6 billion · revenue 9.8% | ㆍapprox. : approx. ₩5.6 billion · revenue 9.8% | Confirmed | link |
| Original contract disclosure text | ㆍapprox. : approx. ₩6.1 billion · revenue 10.8% | ㆍapprox. : approx. ₩6.1 billion · revenue 10.8% | Confirmed | link |
| Basis for the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-20OwnershipOwnership-change filing
- 2026-04-20Disclosure
- 2026-03-27Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-13Amended filing
- 2026-03-10Single supply/sales contract
- 2026-03-10Disclosure
📖 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.