Green Resource is a materials and coating specialist that applies protective coatings such as yttrium oxide (Y2O3) to the parts of semiconductor and display process equipment, making them resistant to corrosive gases and plasma and extending part life. In December 2025, three supply contracts worth ₩4.5 billion, ₩3.0 billion, and ₩2.7 billion were clustered together, booking orders exceeding half of revenue in a short span; ROE is 14.7%, and with profit rising sharply this year, the forward P/E has come down. What stands out lately is that if semiconductor process equipment runs actively and orders convert steadily into revenue, the appeal of a subdued price (-64.3% from the 52-week high, RSI 27.8) and a low forward P/E can come alive; but with a debt ratio of 210.7% and a current ratio of 84.8%, the balance sheet has little slack, so the name could weaken if the pace at which the December-clustered contracts convert into revenue is interrupted.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 210.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 84.8%).
- Revenue rose 452.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.7% higher than a year earlier.
- ROE is 14.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.9%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jong-beom 25.03% (individual)
Controlling bloc incl. related parties 50.13%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Green Resource earns money by applying protective coatings to the parts of the process equipment used to make semiconductors and displays.
- Inside dry-etch equipment that carves away semiconductors, corrosive gases and plasma eat away at parts and generate contaminating particles; the company applies coatings that withstand this well, extending part life and reducing defects.
- Its flagship material is yttrium oxide (Y2O3), and it has lately been expanding into YAG-family materials as well.
- In other words, it is not a company that sells equipment directly, but a materials and coating specialist that makes equipment parts last longer.
- It is not a large-cap name, so it is worth watching not only the business flow but also how a single disclosure such as a supply contract can affect results and the share count.
- The latest closing price is ₩7,550 and the market cap is ₩127.9 billion.
- The price sits below its 20-day line (₩9,462) and below its 60-day line (₩15,126).
- Trading below both its short- and mid-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that compares upward versus downward strength over the last 14 days on a 0-100 scale) is 29.3, close to oversold territory.
- The one-month change is -31.6%, the three-month change is -49.0%, and the position relative to the 52-week high is -68.7%.
- Relative strength versus the KOSDAQ is 63 (on a 1-99 scale that converts return against the index over the past year, weighting more recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 37% by strength among all stocks.
- Over the past three months it has trailed the index by 33.5%.
- Chart reading is best done alongside trading volume and the dates disclosures occurred.
- Recent annual revenue is ₩102.2 billion, operating profit ₩6.0 billion, and net profit ₩10.2 billion.
- The operating margin is 5.9%, and ROE (how much is earned in a year on shareholders' equity) is 14.7%, profitability above the peer average.
- The P/E (how many times a year's profit the share price is) is 14.21x on trailing results and the P/B (how many times book value the share price is) is 1.83x; but for a name like this, whose profit has just turned up from a trough, looking only at trailing multiples makes it appear more expensive than it is.
- The forward P/E, which reflects this year's expected profit, is below the peer median, a signal that the share price is cheap relative to earning power.
- That said, the debt ratio of 210.7% means debt is somewhat greater than equity, and a current ratio of 84.8% means assets readily convertible to cash are slightly less than debt due within a year, points to keep in view.
- The growth trend is clear.
- Revenue rose sharply in 2025 versus the prior year, and operating profit and net profit jumped alongside it, with the pace of increase accelerating.
- The trend continues this year.
- First-quarter 2026 revenue was ₩20.9 billion, operating profit ₩2.5 billion, and net profit ₩6.4 billion, with revenue up 4.7% year over year while operating profit jumped 196.1% and net profit 123%.
- The fact that profit grew several-fold even though revenue rose little means margins improved, a phase in which demand for protective coatings revived as semiconductor equipment utilization rose and unit prices and production efficiency improved together.
- This year's expected results are revenue of about ₩100.7 billion, operating profit of ₩17.9 billion, and net profit of ₩17.3 billion.
- The notable recent disclosures are three supply contracts clustered in December 2025.
- On December 18, ₩4.5 billion (24.3% of recent revenue); on December 19, ₩3.0 billion (15.9%); and on December 22, ₩2.7 billion (16.2%, a correction) were booked, so orders exceeding half of revenue landed in a short span.
- For such contracts, the amount and term govern future revenue recognition, so confirming whether they are one-off or repeatable helps read the medium-term picture.
- The strengths are clear.
- With an ROE of 14.7%, profitability is good, and with profit rising sharply this year, the forward P/E has come down so that the share price sits cheap relative to earning power.
- The price is also subdued, at -64.3% from the 52-week high with an RSI of 27.8, so both valuation and position are on the low side.
- The business structure works strongly the more actively semiconductor process equipment runs, lifting demand for protective coatings.
- On the other hand, with a debt ratio of 210.7% and a current ratio of 84.8%, the balance sheet does not have ample slack, and because a large share of recent orders is clustered in the December supply contracts, the pace at which these convert into actual revenue and profit will decide this year's picture.
- In sum, it is a name that is strong when semiconductor equipment demand is alive and orders convert steadily into revenue, and weak when that flow is interrupted or the financial burden comes to the fore.
🔎 Valuation vs peers Undervalued
Compared against a peer set of adjacent market caps within semiconductors.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ABOV Semiconductor | 12.65x | 1.08x | 8.50% |
| Telechips | — | 1.07x | -43.11% |
| Fidelix | — | 3.62x | -6.61% |
We looked first at a public-data peer set of adjacent market caps within semiconductors. The current P/E (how many times a year's profit the share price is) is 12.48x and the P/B (how many times book value the share price is) is 1.83x. That said, for smaller-cap names, profit swings and fundraising disclosures carry more weight, so we did not draw firm conclusions from last year's confirmed-results metrics alone. 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 | ₩100.7 billion | ₩17.9 billion | ₩17.3 billion |
| Next quarter | Q2 2026 | ₩24.5 billion | ₩2.5 billion | ₩3.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩7,550 and the market capitalization is ₩127.9 billion. The price sits below its 20-day moving average (₩9,462) and below its 60-day moving average (₩15,126). 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 29.3, near oversold territory. The one-month change is -31.6%, the three-month change is -49.0%, and the position relative to the 52-week high is -68.7%. Relative strength versus the KOSDAQ is 63 (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 63% of all stocks. Over the past three months it lagged the index by 33.5%. 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 -33.53% / 6M +0.89% / 12M -45.53%
Key metrics vs sector median
Valuation
The P/E of 12.48x is below the sector median (27.09x). The P/B of 1.83x is in line with the sector median (2.10x). 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)
DCF (discounted cash flow) estimate — discount rate 11.0%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 5.9%. The debt ratio is 210.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $10.9M | $12.3M | $67.7M | +452.22% ↑ faster |
| Operating profit | $2.2M | $710,312 | $4.0M | +462.90% ↑ faster |
| Net profit | $1.7M | $1.5M | $6.8M | +342.39% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $10.9M | $12.3M | $67.7M |
| Operating profit | — | — | $2.2M | $710,312 | $4.0M |
| Net profit | — | — | $1.7M | $1.5M | $6.8M |
| Revenue CAGR | 2-yr avg 148.81% | ||||
Revenue rose 452.2% year over year (2023 ₩16.5 billion → 2024 ₩18.5 billion → 2025 ₩102.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 462.9% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 148.8%. The two-year revenue CAGR is 148.8%. In the most recent quarter (Q1 2026), revenue was 4.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 14.7% points to solid profitability.
- Revenue grew 452.2% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2025-12-22Contract[Correction] Single sales and supply contract signed: contract amount ₩2.7 billion, 16.2% of recent revenueThe contract amount and term are central to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term read. Source
- 2025-12-19ContractSingle sales and supply contract signed: contract amount ₩3.0 billion, 15.9% of recent revenueThe contract amount and term are central to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term read. Source
- 2025-12-18ContractSingle sales and supply contract signed: contract amount ₩4.5 billion, 24.3% of recent revenueThe contract amount and term are central to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term read. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,550 | ₩7,550 | Confirmed | link |
| Latest quarterly results | revenue ₩20.9 billion, operating profit ₩2.5 billion | revenue ₩20.9 billion, operating profit ₩2.5 billion | Confirmed | link |
| Annual results | revenue ₩102.2 billion, operating profit ₩6.0 billion | revenue ₩102.2 billion, operating profit ₩6.0 billion | Confirmed | link |
| Contract disclosure original text | []ㆍapprox. : approx. ₩2.7 billion · revenue 16.2% | []ㆍapprox. : approx. ₩2.7 billion · revenue 16.2% | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩3.0 billion · revenue 15.9% | ㆍapprox. : approx. ₩3.0 billion · revenue 15.9% | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩4.5 billion · revenue 24.3% | ㆍapprox. : approx. ₩4.5 billion · revenue 24.3% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-02Material-fact report
- 2026-06-02Material-fact report
- 2026-06-01Amended filing
- 2026-05-14PeriodicQuarterly report
- 2026-03-31Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-19Amended filing
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Amended 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.