Lumir (474170) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Lumir works on satellite bodies and equipment and on synthetic aperture radar (SAR, a technology that emits radio waves to image terrain even at night or through clouds) for observing the ground from orbit; with annual revenue still small at around ₩10 billion, it is at a stage where one must watch how each disclosure affects revenue, financials and share count. In April 2026 it decided to issue convertible bonds of ₩1 billion and ₩20 billion for operating funds (conversion price ₩16,641), and in the same month an amended disclosure changed the investment amount and period of a new facility-investment plan. What stands out most recently is that the operating loss has narrowed for three straight years while net profit turned positive, and first-quarter 2026 revenue rebounded 34.3%, so profit and top line are improving together at the outset; but profit is still small, so the durability of the recovery must be confirmed each quarter, and the convertible bonds could raise the future share count, making it key whether the shrinking loss and revenue recovery continue into the next quarter.
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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 “Space, Satellites & Drones” (Shipbuilding, Machinery, Defense & Power Equipment · Defense & Aerospace), a type typically read first through EV/Sales.
Space, satellite and drone businesses front-load heavy development and early investment while profits arrive later, so with earnings thin or absent an earnings multiple offers little. That makes EV/Sales — enterprise value against revenue — 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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 26.0% year over year (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 34.3% higher than a year earlier.
- ROE is 0.1% (total-net basis). It is below the sector average.
- Operating margin is -5.6%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Nam Myung-yong 46.4% (individual)
Controlling bloc incl. related parties 49.5%
With the controlling bloc holding 50%, the ownership structure is stable.
🔎 In-depth analysis Reading
Put simply, Lumir works on satellite bodies and equipment and on synthetic aperture radar (SAR, a technology that emits radio waves instead of light to image terrain even at night or through clouds) for observing the ground from orbit. With annual revenue still on the small side at around ₩10 billion, it is at a stage where one must watch not only the business itself but also how each disclosure affects revenue, financials and share count.
The latest close is ₩6,130 and the market capitalization is ₩109.2 billion. The price sits above its 20-day moving average (₩5,892) and below its 60-day moving average (₩8,728). 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 45.6, a neutral level. The one-month change is -11.8%, the three-month change is -61.8%, and the position relative to the 52-week high is -71.3%. Relative strength versus the KOSDAQ is 35 (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 35% of all stocks. Over the past three months it lagged the index by 36.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the most recent full year, revenue was ₩10.6 billion, the operating loss was ₩0.6 billion, and net profit was ₩45.66 million. The operating margin of -5.6% is still in the red, but the loss narrows each year, and net profit has turned positive. The ROE (how much it earns in a year on equity) is 0.1%, the debt ratio (debt relative to equity) is 113%, and the current ratio (assets soon to become cash versus debt due within a year) is 577%, so short-term funding capacity is fairly ample. The P/E (how many times one year's earnings the share price represents) prints at a very high 2,792x, but this is not because the stock is expensive; rather, in its first year back in the black, net profit itself was only ₩45.66 million, close to zero, so the multiple is greatly inflated. At this earnings-inflection stage, it is closer to reality to view the pace at which the loss is narrowing and the recovery in revenue together, rather than a single year's multiple.
Revenue moved from ₩12.1 billion in 2023 and ₩14.3 billion in 2024 to ₩10.6 billion in 2025, a 26% drop in one year. But over the same period the operating loss narrowed rapidly for three straight years, from ₩3.0 billion to ₩1.2 billion to ₩0.6 billion, and net profit swung from a loss to a profit, from -₩5.9 billion to -₩1.1 billion to +₩0.046 billion. Though the revenue top line shrank, the bottom line is clearly improving, a classic turnaround pattern. On top of that, first-quarter 2026 revenue of ₩1.9 billion was up 34.3% year on year, so the top line is beginning to show recovery signals again. This year's revenue outlook is set at around ₩14.2 billion, meaning a recovery that once again clears the recent weak year. The key variable for this recovery is whether orders and fund deployment in the satellite and SAR fields actually translate into revenue.
On April 30, 2026, two convertible-bond (bonds that can later be converted into stock) issuance decisions were disclosed: ₩1 billion and ₩20 billion for operating funds, both at a conversion price of ₩16,641; these are disclosures to read alongside the use of funds, since the share count may later rise even as money comes in. On April 24, 2026, an amended disclosure changed the investment amount and period of a new facility-investment plan. As this is planning material the company issued directly, it is worth confirming in the next quarter's results whether these funds and this investment connect to actual revenue and profit.
The strong side is clear. The operating loss has narrowed for three straight years while net profit turned positive, and first-quarter 2026 revenue rebounded 34.3%, putting profit and top line at the start of improving together. A current ratio of 577% also gives ample short-term funding capacity. The P/E looks high at 2,792x, but that is simply because profit was near zero in the first year back in the black, so it need not be read straight away as a signal that the stock is excessively expensive. On the other side, the points to watch are that profit is still small, so the durability of the recovery must be confirmed each quarter; that the convertible-bond issuance could raise the future share count; and that the new facility investment may take time to translate into actual revenue. In sum, if the shrinking loss and revenue recovery continue into the next quarter, the turnaround logic strengthens; if revenue recovery stalls or the financing fails to connect to core results, it weakens.
🔎 Valuation vs peers Overvalued
Peers of comparable market capitalization within aircraft.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KP Aero Industries | 36.28x | 3.19x | 11.47% |
| Vitzro Nextech | — | 4.39x | -11.19% |
| Satrec Initiative | 53.36x | 3.31x | 6.14% |
We looked first at public-data peers of comparable market capitalization within aircraft. The current P/E (how many times one year's earnings the share price represents) is 2357.69x and the P/B (how many times book value) is 1.78x. That said, smaller-cap stocks are heavily affected by earnings swings and financing disclosures, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩14.2 billion | — | — |
| Next quarter | Q2 2026 | ₩2.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩6,130 and the market capitalization is ₩109.2 billion. The price sits above its 20-day moving average (₩5,892) and below its 60-day moving average (₩8,728). 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 45.6, a neutral level. The one-month change is -11.8%, the three-month change is -61.8%, and the position relative to the 52-week high is -71.3%. Relative strength versus the KOSDAQ is 35 (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 35% of all stocks. Over the past three months it lagged the index by 36.9%. 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 -36.85% / 6M -52.17% / 12M -15.12%
Key metrics Computed vs whole-market median
Valuation
The P/E of 2357.69x is above the whole-market median (12.97x). The P/B of 1.78x is above the whole-market median (0.84x).
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 0.1%, below the whole-market average (3.0%). The operating margin is -5.6%. The debt ratio is 20.5%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $8.5M | $10.0M | $7.4M | -25.98% ↓ slower |
| Operating profit | -$2.1M | -$844,228 | -$417,561 | — |
| Net profit | -$4.2M | -$804,241 | $32,078 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $8.5M | $10.0M | $7.4M |
| Operating profit | — | — | -$2.1M | -$844,228 | -$417,561 |
| Net profit | — | — | -$4.2M | -$804,241 | $32,078 |
| Revenue CAGR | 2-yr avg -6.64% | ||||
Revenue fell 26.0% year over year (2023 ₩12.1 billion → 2024 ₩14.3 billion → 2025 ₩10.6 billion), and the three-year trend is 'mixed'. The rate of decline widened 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 -6.6%. The two-year revenue CAGR is -6.6%. In the most recent quarter (Q1 2026), revenue was 34.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 26.0% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-30UpdateMajor-matters report (convertible-bond issuance decision): conversion price ₩16,641, operating funds ₩1 billionThis disclosure should be read with both the purpose of the incoming funds and the change in share count. Where a facility or operating purpose is stated, the key is whether the actual investment is executed and connects to revenue. Source
- 2026-04-30UpdateMajor-matters report (convertible-bond issuance decision): conversion price ₩16,641, operating funds ₩20 billionThis disclosure should be read with both the purpose of the incoming funds and the change in share count. Where a facility or operating purpose is stated, the key is whether the actual investment is executed and connects to revenue. Source
- 2026-04-24Update[Amended] New facility investment: new facility investment / (2026.04.24) new facility investment. Amendment filing. Amendment date 2026-04-24. 1. Filing subject to amendment: new facility investment. 2. Original filing date: 2025.09.01. 3. Reason for amendment: change in investment amount and period. 4. Amended items: item / before / after. 2. Investment details - investment amountThis is planning material the company issued directly. Where figures are given, treat it as primary support for the outlook box; where absent, treat it only as directional material. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩6,130 | ₩6,130 | Confirmed | link |
| Latest quarterly results | revenue ₩1.9 billion, operating profit -₩0.3 billion | revenue ₩1.9 billion, operating profit -₩0.3 billion | Confirmed | link |
| Annual results | revenue ₩10.6 billion, operating profit -₩0.6 billion | revenue ₩10.6 billion, operating profit -₩0.6 billion | Confirmed | link |
| Financing disclosure (source text) | ₩16,641 · ₩1.0 billion | ₩16,641 · ₩1.0 billion | Confirmed | link |
| Financing disclosure (source text) | ₩16,641 · ₩20.0 billion | ₩16,641 · ₩20.0 billion | Confirmed | link |
| Outlook and plan disclosure (source text) | [amended] : /(2026.04.24) 2026-04-24 1. 2. 2025.09.01. 3. , 4. 2. - | [amended] : /(2026.04.24) 2026-04-24 1. 2. 2025.09.01. 3. , 4. 2. - | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-02Disclosure
- 2026-05-29Disclosure
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-04-30Material-fact report
- 2026-04-30Material-fact report
- 2026-04-30Material-fact report
- 2026-04-30Material-fact report
- 2026-04-24Amended filing
- 2026-04-17Disclosure
- 2026-04-02OwnershipOwnership-change 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.