FiberPro (368770) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
FiberPro makes fiber-optic gyroscopes (FOG) that sense rotation inside optical fiber and inertial measurement units (IMU), supplied to defense and aerospace, where integrated navigation systems make up about 60% of revenue, followed by optical-measurement instruments and photonic-component exports; it has a track record of supplying navigation gyros to the Nuri launch vehicle and to satellites. In April-May 2026 it landed a run of optical-component supply contracts to overseas customers - Japan's Santec (about ₩4.63 billion) and the U.S.'s Viavi (about ₩4.89 billion) - Q1 profit jumped to roughly triple the prior year, and it holds solid finances with an ROE in the 20% range, a 23% operating margin and a 560% current ratio. What stands out lately is the two-sided picture: while the stability of the core navigation business, overseas export momentum and an earnings step-up are alive, last year's P/E of 50x falls to a forward 23.9x this year (below peers at 48-63x), making it more appealing; on the other hand, optical-measurement and photonic components carry a share of one-off contracts, so quarterly results have a wide swing.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Defense & Aerospace” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through forward P/E.
Defense and aerospace carry long order backlogs and multi-year program execution, which makes the direction of future results relatively visible. Since booked orders feed into earnings ahead, forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 32.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 100.6% higher than a year earlier.
- ROE is 26.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 26.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Ko Yeon-wan 31.5% (individual)
Controlling bloc incl. related parties 47.64%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis Reading
FiberPro actually earns money across roughly four streams. The largest axis is the integrated navigation system: it makes fiber-optic gyroscopes (FOG) that sense rotation inside optical fiber where light circulates, and inertial measurement units (IMU) and navigation devices that bundle these into three axes, supplied to defense and aerospace. Its history of supplying navigation gyros to launch vehicles such as Nuri and to satellites belongs here. As of Q1 2026, this integrated navigation system made up about 60% of revenue, with optical-measurement instruments that measure temperature, displacement and pressure with light at about 26%, photonic integrated devices (optical components) that combine and split optical signals at about 11%, and fiber-optic sensing systems such as distributed temperature sensors at about 2%. In other words, the revenue base is supported jointly by stable domestic demand for defense and space navigation and by optical-component and instrument exports to overseas customers.
The latest close is ₩12,400 and the market capitalization is ₩407.4 billion. The price sits above its 20-day moving average (₩11,914) and below its 60-day moving average (₩14,884). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.2, a neutral level. The one-month change is -2.4%, the three-month change is -45.0%, and the position relative to the 52-week high is -53.2%. Relative strength versus the KOSDAQ is 87 (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 87% of all stocks. Over the past three months it lagged the index by 11.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the most recent annual (2025 confirmed) basis, the P/E ratio (how many times a year's profit the share price is) is 43.77x and the P/B (how many times net assets the price is) is 8.52x. Profitability is robust: ROE (how much it earns in a year on equity) is 20.3% and the operating margin is 23.3%, well above the industry medians (ROE 5.0%, operating margin 9.0%). The debt ratio (debt against equity) is 132.6%, but with a current ratio of 560% and an interest coverage ratio of 13.7x, short-term liquidity and interest burden are in good shape. The key point here is that the P/E of 50x is a trailing figure divided by 'last year's' profit. For a company like FiberPro whose profit is growing fast, a P/E computed on past earnings ends up looking more expensive than reality. The forward P/E, which reflects this year's earnings as well, is 23.9x and the forward P/B is 8.81x - falling below half of last year's basis. Seen together with comparable precision-measurement companies trading in the 48-63x P/E range, FiberPro's forward 23.9x is not an unreasonable level relative to its profitability.
Over five years, revenue grew roughly threefold, from ₩14.7 billion in 2021 to ₩43.5 billion in 2025 (2021 to 2022 ₩18.8 billion, 2023 ₩19.4 billion, 2024 ₩32.9 billion, 2025 ₩43.5 billion), for a five-year revenue CAGR (how much it grew on average each year) of 31.1%. Over the same period operating profit rose from ₩2.6 billion to ₩10.1 billion, and after one net loss (-₩1.7 billion) in 2022 it widened its profit. The top-line growth rate itself slowed a beat, from +69.9% in 2024 to +32.0% in 2025, but a clear reversal appeared again in Q1 2026. Revenue was ₩14.3 billion (+100.6% YoY), operating profit ₩4.8 billion (+282.8%), and net profit ₩4.8 billion (+250.5%), with profit growing far faster than revenue. This is the result not simply of revenue getting bigger but of the margin itself rising as the share of high-value photonic-component and measurement exports grew. The forward P/E of 13.21x that reflects this year's earnings is a figure derived on the premise of this earnings step-up, and it fits a picture in which the improvement in demand, pricing and mix confirmed in Q1 carries through the year. In a phase where overseas optical-component contracts are being added while domestic demand for the core navigation business is stable, there is a good chance this year's earnings form a notch higher than last year's.
This year has seen a run of optical-component supply contracts to overseas customers. On 2026-04-16 it filed a multi-channel optical-component supply contract with Japanese optical-component maker Santec LIS Corporation (about ₩4.63 billion, 10.6% of the prior year's revenue), and on 2026-05-15 a corrective disclosure of a supply contract with U.S. measurement-instrument maker Viavi Solutions (about ₩4.89 billion, 14.9%). Both are export contracts in the photonic-component and optical-measurement space, showing the overseas revenue base is broadening. The Q1 2026 quarterly report filed on 2026-05-11 is the official document confirming the sharp profit rebound seen above. Beyond that, there were a May extraordinary general meeting and stock-option grant, and frequent recent large-holding reports, so changes on the shareholding-structure and employee-compensation side are also worth following.
Strengths: 60% of revenue comes from defense and aerospace navigation, a high-barrier area; profitability is excellent at an ROE in the 20% range and a 23% operating margin; and with a 560% current ratio, financial headroom is ample. On top of this comes momentum - Q1 profit jumping to roughly triple the prior year and overseas optical-component export contracts expanding. On valuation too, last year's P/E is 50x but the forward P/E reflecting this year's earnings is 23.9x, actually below comparable precision-measurement companies (48-63x), so it is not a spot with a heavy burden relative to profitability. Points to be careful about: optical-measurement and photonic components carry a share of one-off supply contracts, so quarterly results have a wide swing, and the share price too has been volatile. In sum, when the stability of the core navigation business, overseas export momentum and the earnings step-up are alive, the forward valuation reads as more appealing; when quarterly results turn uneven or the flow of new contracts cools, that appeal weakens.
🔎 Valuation vs peers Inconclusive
The comparison set is drawn from KOSDAQ and KOSPI precision-measurement companies close in business substance (optical and precision measurement and optical-component equipment). Names with different businesses, such as medical-aesthetic devices, were excluded.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Park Systems | 51.39x | 7.72x | 10.74% |
| TSE | 59.89x | 5.38x | 17.95% |
(a) Position versus peers: last year's confirmed P/E of 53.6x is similar to Park Systems (53.6x) and lower than TSE (75.2x). Its P/B of 10.9x is higher than the two peers (7-8x), but its highest capital profitability - a 20.3% ROE - partly supports that P/B gap. (b) Premium/discount: because the precision-measurement industry overall sits in a high-multiple zone on growth expectations, it is hard to call FiberPro expensive on the sole fact that its absolute P/E far exceeds the industry median (21.7x). (c) The limits of trailing and the basis for forward: the key is that Q1 profit jumped to about triple the prior year, so the P/E on last year's basis is overstated. Converting this year's net profit to about ₩30.8 billion using DART's quarterly ratios over the past three years brings the forward P/E down to around 16x, but that is a seasonality approximation, not an official company outlook. With the high trailing figure and the low seasonality-forward figure widely apart, rather than concluding either way, it needs confirming whether Q2-Q4 results actually fill in the forward, so judgment is held.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩20.2 billion | approx. ₩8.4 billion | approx. ₩6.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩12,400 and the market capitalization is ₩407.4 billion. The price sits above its 20-day moving average (₩11,914) and below its 60-day moving average (₩14,884). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.2, a neutral level. The one-month change is -2.4%, the three-month change is -45.0%, and the position relative to the 52-week high is -53.2%. Relative strength versus the KOSDAQ is 87 (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 87% of all stocks. Over the past three months it lagged the index by 11.9%. 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 -11.88% / 6M -5.62% / 12M +101.47%
Key metrics Computed vs sector median
Valuation
The P/E of 43.77x is above the sector median (21.36x). The P/B of 8.52x is above the sector median (1.23x). 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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 26.6%, above the sector average (2.0%). The operating margin is 26.9%. The debt ratio is 51.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $13.6M | $23.1M | $30.5M | +31.96% ↓ slower |
| Operating profit | $1.8M | $5.1M | $7.1M | +40.39% ↓ slower |
| Net profit | $2.0M | $5.0M | $6.5M | +30.15% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $10.3M | $13.2M | $13.6M | $23.1M | $30.5M |
| Operating profit | $1.8M | $2.4M | $1.8M | $5.1M | $7.1M |
| Net profit | $1.9M | -$1.2M | $2.0M | $5.0M | $6.5M |
| Revenue CAGR | 4-yr avg 31.15% | ||||
Revenue rose 32.0% year over year (2023 ₩19.4 billion → 2024 ₩32.9 billion → 2025 ₩43.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 40.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 31.1%. The two-year revenue CAGR is 49.8%. In the most recent quarter (Q1 2026), revenue was 100.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 26.6% points to solid profitability.
- Revenue grew 32.0% 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
- 2026-05-15UpdateOptical-component/measurement supply contract with U.S. Viavi Solutions (corrective disclosure) - about ₩4.89 billion, 14.9% of the prior year's revenueAn export contract to an overseas measurement-instrument customer that contributes directly to near-term revenue. With the corrective disclosure adjusting the contract period to 2026-07-30, the timing of recognition needs to be checked alongside. Source
- 2026-05-11EarningsQ1 2026 quarterly report - revenue ₩14.3 billion (+100.6%), operating profit ₩4.8 billion (+282.8%)An official document confirming the sharp Q1 profit rebound. It becomes a starting point for correcting the limitation that the P/E on last year's basis looks high. Source
- 2026-04-16UpdateMulti-channel optical-component supply contract with Japan's Santec LIS - about ₩4.63 billion, 10.6% of the prior year's revenueA photonic-component export contract that broadens the overseas revenue base. With a contract period to 2026-11-30, the flow of revenue recognition in subsequent quarters should be watched. Source
- 2026-05-12FilingResults of the extraordinary general meeting and filing of a stock-option (share-selection right) grantWith employee-compensation stock options and articles-of-incorporation agenda items handled, this is a matter to check on the potential-share-count and governance side. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Santec LIS supply-contract amount and revenue share | approx. ₩4.6 billion / revenue 10.6% | contract value ₩4,626,727,211, revenue 10.64% | Confirmed | link |
| Viavi Solutions supply-contract amount and revenue share | approx. ₩4.9 billion / revenue 14.9% | contract value ₩4,892,020,000, revenue 14.85% | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩14.3 billion(+100.6%), operating profit ₩4.8 billion(+282.8%) | DART 2026 1 | Confirmed | link |
| Seasonality-approximated annual operating profit | approx. ₩41.9 billion | — | Unverified | link |
Recent filings Source
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-15Single supply/sales contract (amended)
- 2026-05-13Amended filing
- 2026-05-12Disclosure
- 2026-05-12Shareholders' meeting notice
- 2026-05-11PeriodicQuarterly report
- 2026-04-27Shareholders' meeting notice
- 2026-04-16Single supply/sales contract
- 2026-04-16OwnershipOwnership-change filing
- 2026-04-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-14OwnershipOwnership-change filing
- 2026-04-06OwnershipOwnership-change filing
📖 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.