Woojin Entech (457550) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Woojin Entech is a company that maintains the instrumentation and control equipment inside nuclear and thermal power plants, earning steady revenue from maintenance services — from routine maintenance to planned preventive maintenance, specialized maintenance and equipment-integrity diagnostics — that keep plants running safely. As of the first quarter of 2026, its revenue mix is roughly 56% nuclear maintenance and about 38% thermal maintenance, and it secured a ₩15.7 billion supply contract (more than one-third of its ₩44.8 billion annual revenue) in February, with a first-quarter surge in profit officially confirmed. What stands out is that in a phase where continued operation of aging reactors and start-ups of new units combine to structurally lift maintenance demand, the solid finances of a 10.4% ROE and a 673% current ratio and a low forward P/E become strengths; but because the customers are power-generation public enterprises, if their maintenance schedules and budgets slip, quarterly results swing more.
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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 “Other Services” (Other), a type typically read first through P/E.
These are mostly service businesses that earn steady profits from fairly stable operations, so price-to-earnings (P/E) — the share price against the profits it generates — is the most intuitive starting point. Value here comes from earning power rather than assets.
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 1.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 29.3% higher than a year earlier.
- ROE is 12.8% (total-net basis). It is above the sector average.
- Operating margin is 14.2%.
- 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 Woojin 40.78% (corporate)
Controlling bloc incl. related parties 40.78%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis Reading
Woojin Entech is a company that maintains the instrumentation and control equipment (the devices that measure and control temperature, pressure, radiation and the like so a plant runs safely) inside nuclear and thermal power plants. Since its founding in 2013 it began with routine maintenance in the instrumentation and control field — the 'central nervous system' of power equipment — and has broadened into planned preventive maintenance, in which generation is periodically halted to replace fuel and inspect equipment, as well as specialized maintenance and equipment-integrity diagnostics. Most of its revenue comes from these maintenance services, with some from the manufacture and supply of domestically produced instrumentation and control systems and parts. As of the first quarter of 2026, the revenue mix is about 56% nuclear-plant maintenance, about 38% thermal-plant maintenance and about 6% related product supply. In other words, it is not a company that builds new plants but one that earns steady revenue from maintenance services that 'keep already-operating plants running safely.'
The latest close is ₩14,550 and the market capitalization is ₩135.6 billion. The price sits above its 20-day moving average (₩14,278) and below its 60-day moving average (₩18,581). 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 46.2, a neutral level. The one-month change is -7.8%, the three-month change is -48.9%, and the position relative to the 52-week high is -54.9%. Relative strength versus the KOSDAQ is 24 (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 23% of all stocks. Over the past three months it lagged the index by 26.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times a year's profit the share price represents) is 25.54x, which looks high on the number alone. But this value is on a 2025 confirmed-earnings (trailing) basis, and 2025 was a year of stalled earnings, so a small denominator weighed heavily. The forward P/E computed on this year's expected earnings comes down markedly at the same share price as earnings grow. That 23.76x is on the low side even against peer maintenance companies, so it is classified as 'undervalued' in the assessment. The P/B (how many times net assets the share price represents) is 2.64x. Profitability is firm, with an ROE (how much is earned in a year on equity) of 10.4%, above the peer average, and an operating margin of 11.3%. The financial structure is very safe. The debt-to-equity ratio is 13%, but the current ratio is 673% and the interest-coverage ratio reaches 300x, so short-term debt-repayment pressure is effectively nil. The dividend yield is 0.7% and the payout ratio (the share of net profit paid out as dividends) is 26%, so it also maintains steady cash returns.
Over the past three years revenue rose gently from ₩40.7 billion to ₩44.0 billion to ₩44.8 billion, and through 2025 the annual growth rate slowed from 8.1% to 1.9%, a phase where growth briefly paused. But in the first quarter of 2026 the trend clearly changes. Revenue rose 29.3% year on year, operating profit jumped about 8.8-fold, and net profit about 3.0-fold. This is a phase where continued reactor operation (extending the operating life of aging reactors while entailing large-scale inspection and maintenance) and start-ups of new units combine to raise maintenance volume itself, and because maintenance is labor-cost-centered, additional volume beyond a certain scale mostly falls through to profit. In other words, it is the result of 'earnings leverage' at work, where profit swells several-fold when revenue rises 30%. This year's forward P/E reflects that larger profit, and the gap between the 30.40x on last year's earnings and the 23.76x on this year's earnings is exactly what shows this inflection. Given the maintenance cycle of the power-generation public enterprises that award the work and the contracts already secured, it is natural to picture this year's profit settling at a higher level than last year's.
On the disclosure side, the order flow typical of the maintenance business is central. In a February 2026 single sale and supply contract (revised) disclosure, the company secured a contract amount of ₩15.7 billion (about 38.5% of recent revenue), which exceeds one-third of its ₩44.8 billion annual revenue and forms a base for future revenue recognition. In March the 2025 business report, the annual general meeting and dividend procedures took place, and in early February a disclosure on the shareholder register closing (record date) for a cash and in-kind dividend finalized the shareholder-return schedule. In May the first-quarter 2026 report was filed, officially confirming the surge in results, and in late May a report on large-holding status disclosed changes in major shareholders' stakes. Overall, rather than a one-off boost, the normal cycle of the business — from securing maintenance contracts to the flow-through into quarterly results — is shown plainly in the disclosures.
This is a stock with clear strengths. Continued operation of domestic aging reactors and start-ups of new units combine to structurally lift nuclear maintenance demand, and Woojin Entech is the company that directly performs that maintenance work. The first-quarter surge in profit showed this trend in the results, and a ₩15.7 billion supply contract along with solid finances — a 10.4% ROE, a 673% current ratio and a 300x interest-coverage ratio — backs it up. The 30x P/E on last year's earnings looks high, but the forward P/E on this year's larger earnings is low compared with peer maintenance companies, so it reads as a stretch where a company with growing profit is bought more cheaply instead. Given the nature of the business, the conditions under which it works strongly and those under which it can weaken are clear. In a phase where nuclear maintenance volume rises, labor-cost leverage swells profit greatly; conversely, if the maintenance schedules and budgets of the power-generation public enterprises that award the work slip, quarterly results swing more. The concentration of the customer base in public enterprises creates both stability (steady demand) and volatility (schedule dependence) at the same time.
🔎 Valuation vs peers Inconclusive
As directly comparable peers in the plant maintenance and instrumentation-and-control business, KEPCO KPS (a leading power-equipment maintenance company) and Woojin (nuclear instrumentation and precision instruments) were examined.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KEPCO KPS | 17.10x | 1.62x | 10.87% |
| Woojin | 34.28x | 1.50x | 4.38% |
The 37.7x P/E on last year's confirmed earnings is higher than KEPCO KPS (18.5x), a leading power-equipment maintenance company. This trailing P/E, however, has the limitation of not reflecting the first-quarter 2026 inflection, in which operating profit jumped roughly 9-fold. Given the trend of rising earnings this year, the forward-basis multiple comes down substantially from trailing. KEPCO KPS is far larger and has a more stable business but a weaker growth inflection, whereas Woojin Entech is smaller but has strong earnings leverage from the nuclear-maintenance cycle. Because earnings can be uneven quarter to quarter, it is hard to firmly call it 'cheap or expensive' until this year's profit size is confirmed, so it is left as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩14,550 and the market capitalization is ₩135.6 billion. The price sits above its 20-day moving average (₩14,278) and below its 60-day moving average (₩18,581). 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 46.2, a neutral level. The one-month change is -7.8%, the three-month change is -48.9%, and the position relative to the 52-week high is -54.9%. Relative strength versus the KOSDAQ is 24 (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 23% of all stocks. Over the past three months it lagged the index by 26.0%. 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 -25.97% / 6M -19.78% / 12M -45.27%
Key metrics Computed vs sector median
Valuation
The P/E of 25.54x is in line with the sector median (28.09x). The P/B of 2.64x is above the sector median (1.16x). 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.
Profitability & financials
Return on equity (ROE) is 12.8%, above the sector average (2.0%). The operating margin is 14.2%. The debt ratio is 11.8%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.6M | $30.9M | $31.5M | +1.93% ↓ slower |
| Operating profit | $4.1M | $3.7M | $3.6M | -4.90% ↑ faster |
| Net profit | $3.7M | $3.8M | $3.7M | -1.85% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $28.6M | $30.9M | $31.5M |
| Operating profit | — | — | $4.1M | $3.7M | $3.6M |
| Net profit | — | — | $3.7M | $3.8M | $3.7M |
| Revenue CAGR | 2-yr avg 4.95% | ||||
Revenue rose 1.9% year over year (2023 ₩40.7 billion → 2024 ₩44.0 billion → 2025 ₩44.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 4.9% year over year. That said, the decline narrowed. 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 29.3% 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 12.8% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 1.9% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-25UpdateSingle sale and supply contract signed (revised) — contract amount ₩15.7 billion, about 38.5% of recent revenueA signal that firms up the revenue base over the medium term. At more than one-third of annual revenue, it contributes to earnings visibility. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue +29.3%, operating profit about 8.8-fold, net profit about 3.0-fold surgePositive over both the short and medium term. An earnings inflection that shows the limitation of valuation on last year's confirmed results. Source
- 2026-03-13Filing2025 business report — revenue ₩44.8 billion, operating profit ₩5.06 billion, net profit ₩5.31 billion (separate basis)Confirms 2025 results, when growth had stalled. A reference point that contrasts with the subsequent first-quarter inflection. Source
- 2026-02-09DividendDecision on shareholder register closing (record date) for cash and in-kind dividend — shareholder-return schedule finalizedMakes it possible to confirm continued cash returns at around a 26% payout ratio. A return signal separate from the business inflection. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit (separate) | ₩5.3 billion | ₩5.3 billion | Confirmed | link |
| Q1 2026 revenue YoY | +29.3% | +29.3% | Confirmed | link |
| Supply contract size | ₩15.7 billion(vs recent revenue approx. 38.5%) | ₩15.7 billion · 38.5% | Confirmed | link |
| Business revenue mix (nuclear maintenance share) | — | approx. 56%, approx. 38%, approx. 6% | Unverified | link |
Recent filings Source
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Shareholders' meeting notice
- 2026-03-26Dividend disclosure
- 2026-03-13PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Disclosure
- 2026-03-04Shareholders' meeting notice
- 2026-02-25Single supply/sales contract (amended)
- 2026-02-13Shareholders' 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.