GT Power designs and builds switchgear (equipment that receives power and distributes it to buildings and facilities) and solar power systems, which it supplies and installs for public agencies and companies. Its differentiator versus ordinary switchgear is CMD (condition monitoring and diagnosis) technology, which watches equipment status in real time. Preliminary results for the first quarter of 2026 came in at revenue of ₩19.2 billion, operating profit of ₩2.3 billion and net profit of ₩1.9 billion, marking a phase in which earnings have swung from a loss into profit and are climbing more steeply. The company also disclosed a supply contract worth ₩4.3 billion and a corporate value-up plan, and ROE stands at 13.2%. What stands out lately is that if demand for switchgear and solar equipment continues and new contracts keep filling the pipeline, the appeal is strong given this year's earnings-based undervaluation and a price that has fallen more than half from its high; conversely, if the large contracts prove one-off or the somewhat heavy debt burden is not managed, the pace of growth could slow.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 213.3%).
- Revenue rose 39.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 92.3% higher than a year earlier.
- ROE is 13.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.4%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Young-il 21.91% (individual)
Controlling bloc incl. related parties 35.43%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis
- GT Power makes and installs switchgear that distributes electricity safely (a distribution device that receives power and channels it to buildings and facilities) and solar power systems.
- At its core is a technology it calls CMD (condition monitoring and diagnosis), a kind of energy management system that embeds IoT, artificial intelligence and information-and-communication technology inside the switchgear to monitor equipment status in real time and catch signs of failure early.
- So rather than simply selling electrical equipment, it offers 'equipment that also monitors for safety,' which is what sets it apart from ordinary switchgear.
- Revenue comes from supplying and installing this switchgear and solar equipment for public agencies and companies.
- Because its market capitalization is not large, each big supply contract tends to show up fairly clearly in the results.
- The latest close is ₩6,980 and market capitalization is ₩130.6 billion.
- The price sits below the 20-day line (₩8,190) and below the 60-day line (₩11,110).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that measures upward versus downward force over the last 14 days on a 0-100 scale) is 33.0, a neutral level.
- The one-month change is -20.6%, the three-month change is -42.6%, and the position versus the 52-week high is -59.5%.
- Relative strength against the KOSDAQ is 62 (on a 1-99 scale, computed from returns versus the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That puts it in roughly the top 38% of all stocks by strength.
- Over the past three months it lagged the index by 24.0%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On a recent annual basis, revenue was ₩77.4 billion, operating profit ₩8.8 billion and net profit ₩5.6 billion.
- With an operating margin of 11.4% and ROE (how much is earned on equity in a year) of 13.2%, profitability runs above the sector average.
- The debt ratio (debt relative to equity) is 213.3%, so debt somewhat exceeds equity, but the current ratio of 157.7% gives short-term payment capacity, and an interest coverage ratio of 26.8x means operating profit comfortably covers interest, so the finances are viewed as stable.
- On the surface the P/E ratio (how many times a year's earnings the price is) of 23.51x and P/B of 3.10x do not look low, but these are based on last year's confirmed earnings.
- For a stock like this, whose earnings have just turned and are rising, the picture fits better when judged on this year's earnings rather than last year's.
- The forward P/E based on this year's earnings is below the sector median, which reads as a signal of undervaluation.
- The pace of growth is clear.
- Revenue rose from ₩49.4 billion in 2023 to ₩55.4 billion in 2024 and ₩77.4 billion in 2025, and the rate of increase itself is accelerating (+39.6% year on year, a two-year average of +25.1%).
- Operating profit went from a loss (-₩0.9 billion) in 2023 to ₩3.7 billion in 2024 and ₩8.8 billion in 2025, then rose a further +140% in a single year after turning profitable.
- And it has steepened further this year: first-quarter 2026 revenue was ₩19.2 billion, up +92.3% from the same quarter a year earlier, and the company has already secured quarterly operating profit of ₩2.3 billion and net profit of ₩1.9 billion.
- For the full year, revenue is projected at roughly ₩132.7 billion, operating profit at about ₩22.7 billion and net profit at about ₩14.1 billion.
- These figures are not simply the first quarter multiplied by four; they assume the trend continues in which demand for switchgear rises with power-infrastructure replacement and expansion of renewable facilities, and margins climb as growing revenue absorbs fixed costs after the company emerged from losses.
- The fact that the first quarter alone already exceeded a quarter of last year's full-year operating profit supports this direction.
- There is as yet no clear basis to expect next year's outlook to fall below this year's, so it is hard to conclude that this year's earnings are a temporary peak.
- The disclosure flow points in the same direction as the results.
- On February 25, 2026, a fair disclosure released preliminary first-quarter 2026 results (revenue ₩19.2 billion, operating profit ₩2.3 billion, net profit ₩1.9 billion), confirming the growth in numbers.
- On October 27, 2025, the company signed a single supply contract worth ₩4.3 billion (about 7.8% of recent revenue); whether such contracts are one-off or recurring is key to how mid-term revenue recognition is read.
- On March 31, 2026, it voluntarily disclosed a corporate value-up plan, which can be referenced as material laying out the company's own direction.
- For each disclosure, it helps to check whether one-off factors are mixed in and whether it points the same way as the annual trend.
- The strengths are clear.
- Revenue is growing fast and earnings have swung from loss to profit and are jumping more this year, while ROE of 13.2% keeps profitability above the sector average.
- Judged only on last year's P/E and P/B, the stock looks expensive, but because this is a company that has just passed an inflection in earnings, the forward P/E based on this year's earnings looks close to undervalued versus peers.
- On top of that, the price has fallen more than half from its high, so the direction of results and price have diverged.
- Points to watch: because the market cap is not large, a single big supply contract can swing results, so whether contracts recur matters, and because the debt ratio is somewhat high, whether the financial burden is managed in step with growth.
- In short, so long as demand for switchgear and solar continues and new contracts keep filling in, the appeal on this year's earnings is strong; conversely, if the large contracts prove one-off or demand slows, the pace of growth could ease.
🔎 Valuation vs peers Undervalued
Companies with adjacent market capitalization within electrical equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongyang E&P | 3.10x | 0.35x | 11.22% |
| Everybot | — | 2.10x | -20.06% |
| Eco&Dream | — | 0.60x | -4.03% |
Within electrical equipment, we first looked at a public-data peer set with nearby market capitalization. The current P/E ratio (how many times a year's earnings the price is) is 23.51x and P/B is 3.10x. That said, for smaller-cap names, earnings swings and financing disclosures carry a lot of weight, so we did not draw firm conclusions from metrics based solely 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 | ₩132.7 billion | ₩22.7 billion | ₩14.1 billion |
| Next quarter | Q2 2026 | ₩27.1 billion | ₩1.1 billion | ₩1.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩6,980 and the market capitalization is ₩130.6 billion. The price sits below its 20-day moving average (₩8,190) and below its 60-day moving average (₩11,110). 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 33.0, a neutral level. The one-month change is -20.6%, the three-month change is -42.6%, and the position relative to the 52-week high is -59.5%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 24.0%. 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 -23.96% / 6M +1.25% / 12M -25.57%
Key metrics vs sector median
Valuation
The P/E of 23.51x is above the sector median (19.17x). The P/B of 3.10x is above the sector median (2.15x).
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)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.2%, above the sector average (2.0%). The operating margin is 11.4%. The debt ratio is 213.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $32.7M | $36.7M | $51.3M | +39.61% ↑ faster |
| Operating profit | -$626,613 | $2.4M | $5.8M | +139.95% |
| Net profit | $444,878 | $2.8M | $3.7M | +31.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $24.8M | $24.8M | $32.7M | $36.7M | $51.3M |
| Operating profit | $2.0M | $135,525 | -$626,613 | $2.4M | $5.8M |
| Net profit | $357,245 | $487,820 | $444,878 | $2.8M | $3.7M |
| Revenue CAGR | 4-yr avg 19.95% | ||||
Revenue rose 39.6% year over year (2023 ₩49.4 billion → 2024 ₩55.4 billion → 2025 ₩77.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 139.9% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 20.0%. The two-year revenue CAGR is 25.1%. In the most recent quarter (Q1 2026), revenue was 92.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 13.2% points to solid profitability.
- Revenue grew 39.6% 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
- 2026-03-31UpdateCorporate value-up plan (voluntary disclosure): check the original plan textMaterial the company itself put forward. If it contains figures, treat them as the primary basis for the outlook box; if not, treat it only as directional material. Source
- 2025-10-27ContractSingle supply contract signed (voluntary disclosure): contract value ₩4.3 billion, 7.8% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is a one-off or a recurring transaction shapes the mid-term read. Source
- 2026-02-25EarningsOperating results on a consolidated basis (preliminary, fair disclosure): Q1 2026 revenue ₩19.2 billion, operating profit ₩2.3 billion, net profit ₩1.9 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩6,980 | ₩6,980 | Confirmed | link |
| Latest quarterly results | revenue ₩19.2 billion, operating profit ₩2.3 billion | revenue ₩19.2 billion, operating profit ₩2.3 billion | Confirmed | link |
| Annual results | revenue ₩77.4 billion, operating profit ₩8.8 billion | revenue ₩77.4 billion, operating profit ₩8.8 billion | Confirmed | link |
| Outlook/plan disclosure original text | : | : | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩4.3 billion · revenue 7.8% | ㆍapprox. : approx. ₩4.3 billion · revenue 7.8% | Confirmed | link |
| Results disclosure original text | : 2026 1 revenue ₩19.2 billion · operating profit ₩2.3 billion · net profit ₩1.9 billion | : 2026 1 revenue ₩19.2 billion · operating profit ₩2.3 billion · net profit ₩1.9 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-10TreasuryMaterial-fact report
- 2026-05-29PeriodicAnnual business report (amended)
- 2026-05-18Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
📖 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.