Wonik (382840) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Wonik earns money through two businesses: directly fabricating, installing, and commissioning heat-treatment kilns needed to produce advanced materials, and EPC engineering that takes on the entire materials-production process from design and procurement through construction. Because it builds and delivers whole 'heating furnaces' - used to make products such as secondary-battery cathode materials - and entire production lines as a single package, large sums come in as orders at once when a customer expands capacity. In October and November 2025 it disclosed supply contracts worth ₩138.2 billion each (96.5% of the prior year's revenue) and a ₩16.6 billion contract (11.6%) in December, securing orders equivalent to a year's revenue. What stands out is that even while holding a large backlog, the work has yet to be booked as revenue, so the price is pinned in oversold territory (RSI 25.8) at a P/B of 0.73x, down more than half from its 52-week high - a strength - while the prior year was a net loss and Q1 revenue this year is nearly empty, so the pace at which the secured backlog converts into revenue and profit on schedule is the key variable that sets the direction.
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 “Battery Equipment” (Secondary Batteries · Battery Materials, Parts & Equipment), a type typically read first through forward P/E.
Battery equipment makers hinge on the capacity expansions of cell producers, so profit swings widely between order-rich and order-lean years. Because booked orders turn into future revenue and earnings, 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
- The most recent full-year net result was a loss.
- Revenue fell 0.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 99.4% lower than a year earlier.
- ROE is -12.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.7%.
- 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 Kang Sook-ja 20.5% (individual)
Controlling bloc incl. related parties 40.3%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis Reading
Wonik makes money through two businesses: directly fabricating, installing, and commissioning the heat-treatment kilns essential to producing advanced materials, and EPC (engineering, procurement, and construction as a single turnkey package) engineering that takes on the entire materials-production process - design, materials procurement, and construction - at once. Put simply, it is an equipment and facilities company that builds and delivers, as a whole package, the 'heating furnaces' that react raw materials with heat and gas to create materials with the desired properties (for example, secondary-battery cathode materials) along with their entire production lines. Because large sums come in as a single order when a customer builds a new line, it is important to weigh how a single recent order filing affects revenue and results, alongside the business itself.
The latest close is ₩4,600 and the market capitalization is ₩70.2 billion. The price sits above its 20-day moving average (₩4,415) and below its 60-day moving average (₩6,248). 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 46.1, a neutral level. The one-month change is -9.3%, the three-month change is -54.5%, and the position relative to the 52-week high is -57.6%. Relative strength versus the KOSDAQ is 13 (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 12% of all stocks. Over the past three months it lagged the index by 30.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩149.1 billion and operating profit was ₩7.0 billion, so the company was profitable at the operating level, with an operating margin of 4.7%. Net income, however, was a loss of ₩13.1 billion, as non-operating costs pushed it into a net loss. As a result, ROE (how much it earns in a year on its equity) was -12.4%, and because earnings are negative, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated. The debt ratio (debt relative to equity) of 164.3% is not exactly low, but a current ratio (assets convertible to cash within a year against debt due within a year) of 190.7% supports short-term ability to pay. The point to note is valuation. With a P/B (how many times book value the price represents) of 0.67x, the stock trades even below the company's net asset value (book value), so this figure itself is better read not as a burden but rather as a signal of undervaluation relative to assets. In the current net-loss phase, it is hard to assess on a P/E basis, and on an asset-value basis (P/B) the stock can be summed up as sitting at a cheap level.
Revenue held with little variation in the ₩140 billion range - ₩137.3 billion in 2023, ₩149.9 billion in 2024, and ₩149.1 billion in 2025 (2025 was down 0.5% year on year). Operating profit rose sharply from ₩4.6 billion in 2023 to ₩12.4 billion in 2024, then pulled back to ₩7.0 billion in 2025, and net income turned to a loss in 2025. In Q1 2026, revenue was ₩0.6 billion, with an operating loss of ₩4.5 billion and a net loss of ₩2.2 billion; quarterly revenue was 99.4% empty versus the same period a year earlier, which stems from the order-driven nature of the business, where large equipment and EPC projects are booked as revenue all at once at delivery, producing large quarterly swings. The thread of growth lies in the backlog in hand. Orders including a single supply contract worth ₩138.2 billion (96.5% of the prior year's revenue) were secured in the second half of 2025, so as that work is recognized as revenue per the delivery schedule, there is room for the top line to recover, filling in the empty quarters. How much of this backlog is booked as revenue and profit, and when, is what remains to be confirmed in coming quarterly results; and because the currently disclosed outlook carries no separate earnings-based figures, it is reasonable to view asset value and the order backlog together.
Recent filings are concentrated in large supply contracts. On October 31 and November 14, 2025, single supply contracts worth ₩138.2 billion each (96.5% of the prior year's revenue) were disclosed, and on December 29 a ₩16.6 billion contract (11.6% of revenue) was added (all including corrective filings). Orders of this size are equivalent to a year of the company's revenue, so the contract value and delivery period are central to how revenue will be recognized. Whether these transactions are one-off or repeatable, and which quarter they are booked as revenue, are the points that shape the medium-term reading of results.
Wonik is a stock with a sharply divided set of strengths and points to confirm. The strengths are clear. The stock sits at a cheap level relative to assets, with a P/B of 0.73x below book value; the price has fallen more than half from its 52-week high into oversold territory (RSI 25.8); and above all, it has secured a large ₩138.2 billion order equivalent to the prior year's revenue. In other words, it is not cheap because work is scarce - it is pinned in price because it holds a large backlog that has yet to be booked as revenue. The points to confirm are just as clear. The prior year was a net loss and this year's Q1 revenue is nearly empty, so quarterly results must confirm whether the operating-level profit carries steadily through to net income, and whether the backlog in hand converts into revenue and profit on schedule. In short, this is a spot where undervaluation relative to assets and an order recovery could stand out together if the secured backlog is recognized as revenue and profit on schedule, and a phase where the top-line recovery is delayed if delivery slips or the net loss drags on. The pace at which the backlog converts to revenue is the single most important variable setting this stock's direction.
🔎 Valuation vs peers Undervalued
Public-data peers with adjacent market caps within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dong-A Eltek | 1.98x | 0.52x | 28.91% |
| DMS | 1.41x | 0.43x | 27.92% |
| Rorze Systems | 7.61x | 0.66x | 8.48% |
The comparison starts with public-data peers of similar market cap within machinery and equipment. The current P/E ratio (how many times one year's earnings the price represents) cannot be confirmed, and the P/B (how many times book value the price represents) is 0.67x. That said, smaller-cap names are heavily swayed by earnings volatility and funding-related filings, so no firm conclusion was drawn from last year's confirmed results alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩1.5 billion | — | — |
| Next quarter | Q2 2026 | ₩0.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩4,600 and the market capitalization is ₩70.2 billion. The price sits above its 20-day moving average (₩4,415) and below its 60-day moving average (₩6,248). 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 46.1, a neutral level. The one-month change is -9.3%, the three-month change is -54.5%, and the position relative to the 52-week high is -57.6%. Relative strength versus the KOSDAQ is 13 (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 12% of all stocks. Over the past three months it lagged the index by 30.8%. 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 -30.78% / 6M -34.83% / 12M -53.51%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.67x is below the sector median (1.01x).
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 -12.4%, below the sector average (2.0%). The operating margin is 4.7%. The debt ratio is 67.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $96.4M | $105.3M | $104.7M | -0.50% ↓ slower |
| Operating profit | $3.3M | $8.7M | $4.9M | -43.85% ↓ slower |
| Net profit | $3.9M | $2.6M | -$9.2M | -451.62% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $43.6M | $100.6M | $96.4M | $105.3M | $104.7M |
| Operating profit | $8.7M | $7.7M | $3.3M | $8.7M | $4.9M |
| Net profit | $4.7M | $10.7M | $3.9M | $2.6M | -$9.2M |
| Revenue CAGR | 4-yr avg 24.48% | ||||
Revenue fell 0.5% year over year (2023 ₩137.3 billion → 2024 ₩149.9 billion → 2025 ₩149.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 43.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 24.5%. The two-year revenue CAGR is 4.2%. In the most recent quarter (Q1 2026), revenue was 99.4% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 0.5% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2025-12-29Contract[Corrective] Single supply contract signed: contract value ₩16.6 billion, 11.6% of recent revenueThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2025-11-14Contract[Corrective] Single supply contract signed: contract value ₩138.2 billion, 96.5% of recent revenueThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2025-10-31Contract[Corrective] Single supply contract signed: contract value ₩138.2 billion, 96.5% of recent revenueThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,600 | ₩4,600 | Confirmed | link |
| Latest quarterly results | revenue ₩0.6 billion, operating profit -₩4.5 billion | revenue ₩0.6 billion, operating profit -₩4.5 billion | Confirmed | link |
| Annual results | revenue ₩149.1 billion, operating profit ₩7.0 billion | revenue ₩149.1 billion, operating profit ₩7.0 billion | Confirmed | link |
| Contract filing source text | [amended] single supply contract signed: contract value ₩16.6 billion · vs recent revenue 11.6% | [amended] single supply contract signed: contract value ₩16.6 billion · vs recent revenue 11.6% | Confirmed | link |
| Contract filing source text | [amended] single supply contract signed: contract value ₩138.2 billion · vs recent revenue 96.5% | [amended] single supply contract signed: contract value ₩138.2 billion · vs recent revenue 96.5% | Confirmed | link |
| Contract filing source text | [amended] single supply contract signed: contract value ₩138.2 billion · vs recent revenue 96.5% | [amended] single supply contract signed: contract value ₩138.2 billion · vs recent revenue 96.5% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-02-13EarningsEarnings 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.