Angel Robotics (455900) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Angel Robotics makes wearable robots that people put on their bodies. Medical and rehabilitation robots that help stroke and spinal-cord-injury patients practice walking are the center of its revenue, and it is widening its applications with strength-assist suits and industrial gear that protects the musculoskeletal system on worksites, developing its core component (the actuator) in-house. In June 2026 it was selected for a national R&D project to develop a system for real-time linkage between implantable brain-AI robots, but that is strongly oriented toward securing mid-to-long-term technology, so productization and revenue linkage will take time; in March, along with the annual report, a grant of stock options to employees was filed. The point worth watching is that the company has established itself in the walk-rehabilitation medical market, where regulatory barriers are high, and holds cards for technological expansion, with a P/B of 9.43x that is below the middle of the robotics sector and cash from its listing plus low debt giving it the stamina to endure the loss-making phase; the flip side is that revenue is still small so the P/S is high, quarterly revenue swings are large, and the timing of a turn to profit is undecided, so the pace of quarterly revenue recovery and loss reduction needs to be confirmed.
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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 “Robotics” (Shipbuilding, Machinery, Defense & Power Equipment · Machinery), a type typically read first through EV/Sales.
Robotics is an early-stage growth market, so revenue can rise while profit stays thin or negative under heavy R&D and capital spending. Earnings-based multiples distort in that setting, so enterprise-value-to-sales (EV/Sales, alongside price-to-sales) is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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 rose 10.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 52.7% lower than a year earlier.
- ROE is -29.8% (total-net basis). It is below the sector average.
- Operating margin is -221.4%.
- 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 Kong Kyoung-chul 22.79% (individual)
Controlling bloc incl. related parties 27.87%
With the controlling bloc holding 28%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Angel Robotics makes and sells wearable robots that people put on their bodies. The business has three branches. First, medical and rehabilitation robots (Angel Legs M20 and MW10) that help stroke and spinal-cord-injury patients practice walking, supplied to hospitals, rehabilitation centers, and welfare facilities — this is the current center of revenue. Second, a strength-assist suit (Angel Suit H10), introduced in 2025, that assists daily activities and walking. Third, an industrial gear line (ANGEL GEAR) that protects the backs and musculoskeletal systems of workers on job sites. Developing its core component — the actuator, which functions like a motor — in-house, and capturing the medical market where certification is demanding before widening into industrial and defense uses, is what characterizes this company's business.
The latest close is ₩23,100 and the market capitalization is ₩355.6 billion. The price sits above its 20-day moving average (₩18,396) and above its 60-day moving average (₩22,119). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.5, a neutral level. The one-month change is +33.1%, the three-month change is -20.8%, and the position relative to the 52-week high is -41.5%. Relative strength versus the KOSDAQ is 58 (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 58% of all stocks. Over the past three months it outpaced the index by 21.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Because it is still loss-making, the P/E ratio (how many times one year's profit the price represents) is not calculable. So it is viewed by P/B (how many times net assets the price represents), which at 9.43x is actually below the robotics-sector median (about 10.98x). Within the peer set it is lower than Doosan Robotics and Rainbow Robotics and similar to Robostar — a below-middle position — so on an asset-value basis it is not particularly expensive for the sector. The P/S (how many times one year's revenue the price represents) looks high at 82.8x, but that comes from a small base, since revenue (about ₩4.6 billion in 2025) is at a stage before full-scale top-line expansion, meaning growth expectations are already loaded into the price in advance. Profitability metrics are in the red, with an ROE (how much is earned in a year on equity) of -29.8% and an operating margin of -221.4%. By contrast, the debt ratio (debt relative to equity) of 113.5% is not heavy, and the current ratio (assets that can be turned into cash immediately against debt due within a year) is a very high 23.4x, so cash secured through the listing amply supports operations during the loss-making phase. Confirmed (trailing) metrics are in the red and hard to use on their own to judge valuation, so the quarterly trend in revenue and the size of the loss must be viewed together for the picture to sharpen.
Revenue was a mixed trend of ups and downs — about ₩5.1 billion in 2023, about ₩4.2 billion in 2024, and about ₩4.6 billion in 2025 — with 2025 alone up 10.2% year on year. The growth driver is clear: on top of establishing itself in the walk-rehabilitation medical market, in 2025 it introduced a strength-assist suit (Angel Suit H10), widening its applications into everyday and industrial areas, and it also entered the worker-protection market with an industrial gear line. Making core components in-house is a move to capture both cost and product competitiveness. Still, the top line is at an early stage. Operating results have stayed in the red — a ₩6.5 billion loss in 2023, a ₩10.8 billion loss in 2024, and a ₩10.3 billion loss in 2025 — so whether the loss narrows as revenue grows must be watched together. In the most recent quarter, Q1 2026, revenue was about ₩0.51 billion, down from the same quarter a year earlier (about ₩1.07 billion); because business-to-business equipment deliveries (B2B) make quarterly revenue swing widely with contract timing, it is too early to declare a trend from a single quarter. Because the company has not confirmed an official full-year outlook figure for this year, confirming quarter by quarter the widening of the mass-market product lineup and the pace at which new projects link to revenue is the way to gauge the substance of growth.
The most notable recent disclosure is the June 12, 2026 'material management matter related to investment judgment,' stating that the company was selected for a national R&D project to develop a system for real-time linkage between implantable brain-AI robots. It is a signal that the scope of research is widening beyond walk rehabilitation into the next-generation area of brain-AI linkage, but national research projects are strongly oriented toward securing mid-to-long-term technology rather than immediate top-line expansion, so productization and revenue linkage will take time. Besides that, the May 15, 2026 quarterly report (as of March 2026) and the March 23, 2026 annual report (as of December 2025) disclosed confirmed results, and on March 31, 2026 the annual general meeting results and a filing of a stock-option grant (the right to buy the company's own shares at a set price) to employees were released together. Stock options are meant to attract and motivate talent, but it is worth noting that if the rights are later exercised, the share count rises and existing shareholders' stakes can be slightly diluted.
The strengths are clear: the company has established itself in the walk-rehabilitation medical market, where regulatory barriers are high; it is widening applications with strength-assist suits and industrial gear; and it holds cards for technological expansion such as in-house core components and brain-AI linkage. Its asset-based valuation (P/B of 9.43x) is below the middle of the robotics sector, so it is not particularly expensive, and the cash secured through its listing plus low debt give it the stamina to endure the loss-making phase. The points to watch are also clear: revenue is still small so the P/S is high, quarterly revenue swings are large so it is hard to read a trend from one or two quarters, and with losses continuing, the timing of a turn to profit is not yet set. In short, this is a strong structure if the adoption of medical and industrial wearable robots quickens and new projects turn into actual revenue, but the high P/S becomes a burden if top-line expansion is slow or losses drag on. Rather than concluding either way, confirming the pace of quarterly revenue recovery and loss reduction each quarter is the key.
🔎 Valuation vs peers Inconclusive
KOSDAQ and KOSPI robotics stocks close in business character as wearable and service robots were used as the peer set. That said, Rainbow Robotics and Doosan Robotics center on collaborative robots and humanoids, and Robotis centers on modules and drive units, so the business details differ. Angel Robotics is differentiated in that it is a medical and rehabilitation wearable maker.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Doosan Robotics | — | 13.44x | -15.92% |
| Rainbow Robotics | 6678.04x | 71.45x | 1.06% |
| Robotis | 674.47x | 9.61x | 1.62% |
| Robostar | — | 8.92x | -5.99% |
(a) Position versus peers: a P/B of 11.77x is lower than Doosan Robotics (20.53), Rainbow Robotics (90.45), and Robotis (15.46) and similar to Robostar (12.71), so among robotics stocks it is below the middle. (b) Premium/discount: that said, the P/S of 82.8x is a high value stemming from small revenue (about ₩4.6 billion), a premium area where growth expectations are pre-loaded. Many peers are loss-making or barely profitable, so lining them up by P/E is difficult. (c) Limits of trailing and the basis for forward: confirmed results last year were in the red so no P/E is derived, and no official company outlook figure is confirmed either. In place of an official outlook, an approximation applying seasonality to DART's confirmed Q1 results (about ₩2.1 billion for 2026) is actually lower than last year, so with large quarterly swings a firm conclusion is difficult. Rather than declaring it expensive or cheap, the valuation judgment becomes clearer once the pace of top-line expansion and loss reduction is confirmed.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩0.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩23,100 and the market capitalization is ₩355.6 billion. The price sits above its 20-day moving average (₩18,396) and above its 60-day moving average (₩22,119). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.5, a neutral level. The one-month change is +33.1%, the three-month change is -20.8%, and the position relative to the 52-week high is -41.5%. Relative strength versus the KOSDAQ is 58 (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 58% of all stocks. Over the past three months it outpaced the index by 21.2%. 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 +21.24% / 6M -10.09% / 12M +0.47%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 11.65x is above the sector median (4.51x).
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
The operating margin is -221.4%. The debt ratio is 15.9%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.6M | $3.0M | $3.3M | +10.22% ↑ faster |
| Operating profit | -$4.6M | -$7.6M | -$7.2M | — |
| Net profit | -$6.5M | -$7.0M | -$6.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $3.6M | $3.0M | $3.3M |
| Operating profit | — | — | -$4.6M | -$7.6M | -$7.2M |
| Net profit | — | — | -$6.5M | -$7.0M | -$6.8M |
| Revenue CAGR | 2-yr avg -5.03% | ||||
Revenue rose 10.2% year over year (2023 ₩5.1 billion → 2024 ₩4.2 billion → 2025 ₩4.6 billion), and the three-year trend is 'mixed'. 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 3 years on record, revenue compound annual growth (CAGR) is -5.0%. The two-year revenue CAGR is -5.0%. In the most recent quarter (Q1 2026), revenue was 52.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 10.2% year over year, a sign of growth.
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
- 2026-06-12FilingSelected for a national R&D project to develop a system for real-time linkage between implantable brain-AI robots (material management matter related to investment judgment)Short term: theme momentum, with a same-day surge in trading volume and share-price swings. Medium term: the research area expands beyond walk rehabilitation into brain-AI linkage, but as a national research project it is oriented toward securing mid-to-long-term technology rather than immediate revenue. Source
- 2026-05-15EarningsQuarterly report (as of March 2026) filed — Q1 revenue about ₩0.51 billion (down 52.7% year on year), operating loss about ₩2.7 billionShort term: confirms falling revenue and continued losses. Medium term: given the nature of B2B deliveries, quarterly swings are large, so it is too early to declare a trend from a single quarter, and cumulative flows should be viewed together. Source
- 2026-03-31FilingFiling of a stock-option grant to employees and annual general meeting resultsShort term: limited impact. Medium term: positive for attracting and motivating talent, but note the potential for existing-stake dilution from a rise in issued shares upon future exercise. Source
- 2026-03-23EarningsAnnual report (as of December 2025) filed — 2025 revenue about ₩4.6 billion (up 10.2%), operating loss about ₩10.3 billionShort term: confirms continued annual losses. Medium term: revenue recovered year on year, but with the loss still wide, the path to a turn to profit needs to be reviewed quarter by quarter. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B (price to net assets) | 11.77x | ₩384,075,958,100 ÷ ₩32,626,209,747 = 11.77x | Confirmed | link |
| Q1 2026 revenue year on year | -52.7% | 2026 1Q ₩507,051,232 vs 2025 1Q ₩1,071,827,569 | Confirmed | link |
| 2025 full-year revenue | approx. ₩4.6 billion | ₩4,641,312,180 | Confirmed | link |
| 2026 seasonality-approximated full-year revenue | approx. ₩2.1 billion | — | Unverified | link |
Recent filings Source
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
📖 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.