Now Robotics is an industrial robot maker headquartered in Incheon that supplies both the articulated robots it builds in-house and the automation equipment built around those robots. Because it tailors equipment to a customer's specific product line one project at a time — an order-based model — revenue is booked only after it wins a sizable project and completes delivery and inspection. In March 2026 it won an order worth about ₩3.51 billion (29.1% of last year's revenue) for engine-damper assembly automation equipment bound for a U.S. auto-parts plant, and in May it won about ₩800 million from a beauty-device company, broadening its customer base; in May it also resolved to absorb its subsidiary Hanyang Robotics through a small-scale merger with no new share issuance. What stands out lately is that, with orders building, first-quarter revenue jumped 165.6% year over year and the merger consolidated the businesses into one, but operating and net results are still in the red, the 2025 loss widened to roughly double the prior year's, and with P/B and P/S higher than peers while in the red, the crux is whether revenue converts to earnings and the loss narrows.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 3.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 165.6% higher than a year earlier.
- ROE is -51.5% (total-net basis). It is below the sector average.
- Operating margin is -65.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jong-joo 44.85% (individual)
Controlling bloc incl. related parties 45.22%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- Now Robotics is an industrial robot maker headquartered in Incheon that supplies both the articulated robots it builds in-house and the "robot automation equipment" built around those robots.
- Automation systems that design, build and install production processes — such as assembly and inspection lines — so robots handle them instead of people form a large pillar of revenue.
- In fact, in early 2026 it won an order for "automotive engine-damper assembly automation" equipment (about ₩3.51 billion) bound for a U.S. auto-parts plant, and in May it won a "Probe Ass'y automation" order (about ₩800 million) for a beauty-device company.
- Because it tailors equipment to a customer's specific product line one project at a time — an order-based model — it is not a company that sells standard products in volume, but one that books revenue only after winning a sizable automation project and completing delivery and inspection.
- The latest close is ₩12,600 and market cap is ₩163.5 billion.
- The price sits below the 20-day line (₩15,398) and below the 60-day line (₩21,330).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the last 14 days on a 0-100 scale) is 29.0, close to depressed territory.
- The one-month change is -32.2%, the three-month change is -34.0%, and the position versus the 52-week high is -64.1%.
- Relative strength against the KOSDAQ is 46 (on a 1-99 scale that weights recent index-relative returns more heavily over the past year, with higher meaning stronger than the market).
- That places it in roughly the top 55% of all stocks by strength.
- Over the past three months it lagged the index by 16.4%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Profitability metrics are all in the red at present.
- ROE (the ratio showing how much is earned on shareholders' equity in a year) is -51.5%, the operating margin (operating profit as a share of revenue) is -65.5%, and the net margin is -66.5% — at this stage it does not keep a profit from what it sells.
- Because earnings are negative, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated; instead the P/B (how many times the company's net assets the price represents) is about 11-14x and the P/S (how many times one year's revenue the price represents) is around 18x, so market cap is priced high relative to the scale of assets and revenue.
- The debt ratio (debt relative to equity) is 198%, somewhat high, but the current ratio (assets convertible to cash within a year versus debt due within a year) is 215%, so short-term liquidity is not at an urgent stage.
- High P/B and P/S at a loss-making company means expectations that "earnings will improve going forward" are already priced in, so this is a zone where you have to watch whether those expectations are confirmed in the results.
- Revenue rose from ₩10.4 billion in 2023 to ₩12.1 billion in 2024 to ₩12.5 billion in 2025, but the growth rate slowed from +15.9% in 2024 to +3.9% in 2025.
- The operating loss, by contrast, widened from -₩2.86 billion in 2024 to -₩8.21 billion in 2025, and the net loss from -₩3.68 billion to -₩8.32 billion.
- It was a year in which the top line grew a little but costs outran revenue and the loss deepened.
- A sign that the trend shifted came in the first quarter of 2026: cumulative first-quarter revenue was ₩3.02 billion, up 165.6% from the same period last year, apparently as automation-equipment volume — including the large U.S.-bound order — began to be booked as revenue.
- In that same first quarter, however, there was an operating loss of -₩2.63 billion and a net loss of -₩3.20 billion, so even with revenue rising it has not yet turned to profit.
- As a result, a forward-earnings valuation (a P/E calculated on expected earnings) is hard to assign meaningfully until a swing to profit is confirmed, and the core of the growth story right now lies in "how much the added orders grow revenue, and from when that revenue is left as profit."
- Recent developments can be summed up as "expanding orders plus a subsidiary merger." In March 2026 it won, through Korea Fukoku, an order worth about ₩3.51 billion for engine-damper assembly automation equipment bound for a U.S. auto-parts plant (FKC America) — a sizable deal equal to 29.1% of last year's revenue (contract period through February 2027).
- In May it agreed to supply booster Pro X2 Probe assembly automation equipment to beauty-device company APR Factory for about ₩800 million (6.4% of last year's revenue), broadening its customers beyond autos into consumer goods.
- In the same month it resolved to absorb Hanyang Robotics — a subsidiary in which it already held 98.92% — through a small-scale merger with no new share issuance (merger date June 30, 2026).
- Because no new shares are issued, there is no dilution for existing shareholders; this is an efficiency move that combines an already-consolidated subsidiary to run the industrial-robot and automation businesses as one company.
- The strengths are clear.
- Automation-equipment orders — including the large export deal bound for a U.S. auto-parts plant — have built up, first-quarter 2026 revenue jumped 165.6% from a year earlier, and the merger brought the robot businesses under one roof.
- The price has also fallen nearly 60% from its high, so the picture of orders growing revenue is itself under way.
- On the other side, points to watch are that operating and net results are still in the red, the 2025 loss widened to roughly double the prior year's, and while in the red the P/B and P/S are on the high side even among robot peers, meaning expectations for an earnings recovery are largely priced in.
- In short, this is a zone where, if the quarterly results confirm that accumulated orders are delivered and inspected on time so revenue leads to earnings and the loss narrows, the current high multiples are explained and the stock strengthens; but if only revenue grows while the loss-making structure persists, those expectations become hard to justify.
🔎 Valuation vs peers Overvalued
Domestic peers that both manufacture industrial robots and build robot automation equipment. Rather than the mega-cap collaborative-robot names (Doosan Robotics, Rainbow Robotics), the peer set is small- and mid-cap companies with a similar automation-equipment, order-based business structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Yuil Robotics | — | 9.00x | -27.50% |
| CMES Robotics | — | 3.23x | -28.45% |
| TXR Robotics | — | 2.38x | -27.69% |
| Robostar | — | 7.64x | -5.99% |
Because most peer industrial-robot and automation companies are still loss-making so no P/E is available, the comparison uses P/B (how many times net assets the price represents). Now Robotics' P/B of 14.28x is higher than Yuil Robotics (10.86x) and Robostar (11.65x), and far higher than Cmes Robotics (4.56x) and TXR Robotics (3.68x). At the same time its ROE of -51.5% is the weakest even among the peer set (-6% to -28%), leaving it the most expensive relative to asset value while its profitability is the weakest. The trailing P/E on last year's confirmed results is not calculable because of the loss, and this year too a net loss of -₩3.2 billion was already booked in the first quarter alone, so justifying the valuation on forward earnings that assume a swing to profit is difficult. In other words, order and growth expectations are largely pre-reflected in a premium zone, and until it is confirmed that orders translate into actual earnings the high-multiple burden is on the large side. That said, a loss-making company's P/B reflects expectations of a future earnings recovery, so if a profitability improvement is confirmed the assessment could change, and we avoid a firm conclusion.
Price history Close · MA20 · MA60
The latest close is ₩12,600 and the market capitalization is ₩163.5 billion. The price sits below its 20-day moving average (₩15,398) and below its 60-day moving average (₩21,330). 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 29.0, near oversold territory. The one-month change is -32.2%, the three-month change is -34.0%, and the position relative to the 52-week high is -64.1%. Relative strength versus the KOSDAQ is 46 (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 45% of all stocks. Over the past three months it lagged the index by 16.4%. 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 -16.45% / 6M -30.41% / 12M -33.81%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 10.12x is above the sector median (6.92x).
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 -65.5%. The debt ratio is 198.0%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $6.9M | $8.0M | $8.3M | +3.87% ↓ slower |
| Operating profit | -$3.6M | -$1.9M | -$5.4M | — |
| Net profit | -$3.0M | -$2.4M | -$5.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $6.9M | $8.0M | $8.3M |
| Operating profit | — | — | -$3.6M | -$1.9M | -$5.4M |
| Net profit | — | — | -$3.0M | -$2.4M | -$5.5M |
| Revenue CAGR | 2-yr avg 9.71% | ||||
Revenue rose 3.9% year over year (2023 ₩10.4 billion → 2024 ₩12.1 billion → 2025 ₩12.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed 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 9.7%. The two-year revenue CAGR is 9.7%. In the most recent quarter (Q1 2026), revenue was 165.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 3.9% 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
- 2026-03-04UpdateWon an order, through Korea Fukoku, worth about ₩3.511 billion for automotive engine-damper robot assembly automation equipment bound for a U.S. auto-parts plant (FKC America) — 29.11% of last year's revenue; contract period 2026-03-04 to 2027-02-28. Contract amount and payment terms partially amended on May 15.A large export order equal to about 30% of last year's revenue, the key driver of 2026 top-line expansion. That said, revenue recognition is spread out as delivery and inspection proceed, and profitability must be confirmed separately. Source
- 2026-05-18UpdateSigned a contract to supply the 'booster Pro X2 Probe Ass'y automation equipment' to beauty-device company APR Factory for ₩800 million (6.39% of last year's revenue); contract period 2026-05-18 to 2026-09-18.A case of broadening automation-equipment customers beyond autos into consumer goods (beauty devices). The size is modest, but it is a near-term positive in terms of diversifying the customer base. Source
- 2026-05-29FilingApproved a small-scale absorption merger, with no new share issuance, of subsidiary Hanyang Robotics (unlisted, already 98.92%-owned), with a board resolution in lieu of a shareholders' meeting; merger date 2026-06-30. Now Robotics is the surviving company, aimed at integrating the industrial-robot and automation businesses.With no new shares issued there is no dilution; it is an efficiency move that combines an already-consolidated subsidiary to unify the businesses and management. Rather than sharply changing the financial structure, it is closer to operational simplification. Source
- 2026-06-01EarningsQ1 2026 report disclosed. Cumulative first-quarter revenue of ₩3.02 billion (+165.6% year over year) surged on the top line, but with an operating loss of -₩2.63 billion and a net loss of -₩3.20 billion the loss persisted.Confirms that as orders convert to revenue the top line grew sharply, but the loss-making structure remained. Whether it swings to profit is the point to watch in coming quarters. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FKC America order amount | approx. ₩3.5 billion | ₩3,511,000,000, revenue 29.11% | Confirmed | link |
| Hanyang Robotics merger form and merger date | 2026-06-30 | 2026 6 30 | Confirmed | link |
| 2025 revenue | ₩12.5 billion | ₩12,526,033,167 | Confirmed | link |
| 2026 full-year net profit seasonality estimate | (seasonal_estimate=null) | — | Unverified | link |
Recent filings
- 2026-06-01PeriodicQuarterly report
- 2026-05-29Amended filing
- 2026-05-29Merger decision
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18Single supply/sales contract
- 2026-05-18Shareholders' meeting notice
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15Single supply/sales contract (amended)
- 2026-04-30Shareholders' meeting notice
- 2026-04-30Amended filing
- 2026-04-30Material-fact report (amended)
📖 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.