Link Solution is an additive manufacturing (3D printing) company that builds shapes by laying down material one layer at a time. It makes money by selling industrial 3D printers and by printing customers' designs for them as a service. Of the ₩13.1 billion in 2025 revenue, the 3D printer product line accounted for roughly 73.5% and the printing service for 26.1%, with the service share climbing quickly from 10.6% in 2023. Through 2026 the company has stacked up reference orders from large corporations such as Samsung Electronics (₩899 million) and Hyundai Motor (₩725 million), but its operating and net losses widened over 2024-2025 and continued into Q1. The key point to watch: in a phase where orders turn into revenue and revenue turns back into profit with a narrowing loss, its 33.5% three-year average growth and low P/B of 4.54x are strengths, but if revenue keeps rising while losses drag on, the P/S of 13.21x that already prices in growth expectations becomes a burden.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 17.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.8% higher than a year earlier.
- ROE is -18.3% (total-net basis). It is below the sector average.
- Operating margin is -56.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Geun-sik 25.08% (individual)
Controlling bloc incl. related parties 27.18%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Link Solution is an additive manufacturing company, commonly known as 3D printing, that takes a three-dimensional design and builds the shape by stacking material one layer at a time.
- It earns money along two main lines.
- The first is making and selling industrial 3D printers, supplying several types: SLA, which cures liquid photopolymer resin with a laser; FDM, which extrudes melted filament through a nozzle to build up layers; and metal binder-jet, which sprays a binding agent onto metal powder.
- The second is a 3D printing service, where a customer simply sends a design and the company prints it for them.
- Of the ₩13.1 billion in 2025 revenue, the 3D printer product line made up about 73.5% (polymer printers 34.7%, monitoring 23.2%, metal 7.2%, other 8.4%), with the printing service at 26.1%; the service share rose quickly from 10.6% in 2023.
- End customers span automotive, aerospace/defense, semiconductors, consumer goods and national defense, and the core demand is for making complex shapes that are hard to machine in one piece, or small custom parts, using an additive approach.
- The latest close is ₩24,050 and the market cap is ₩138.3 billion.
- The price sits below the 20-day line (₩32,380) and below the 60-day line (₩46,405).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 24.8, closer to depressed territory.
- It is down 36.3% over one month, down 56.3% over three months, and sits 72.4% below its 52-week high.
- Relative strength versus the KOSDAQ is 81 (on a 1-99 scale, converting the past year's return against the index with more recent weight; higher means stronger than the market), placing it in roughly the top 19% of all stocks by strength.
- Over the past three months it lagged the index by 45.7%.
- Chart reading is best done alongside volume and disclosure dates.
- Starting with valuation metrics, the P/E (how many times one year's profit the price is) is not calculable because the company has yet to turn a profit.
- The P/B (how many times net assets the price is) is 3.62x, which is actually on the lower side compared with the loss-making, transitional equipment names in the same reference set (roughly 5.8-10.4x), so it is hard to call heavy relative to net assets.
- The P/S (how many times revenue the price is) is 13.21x; given the still-small ₩13.1 billion revenue base, the market has priced in a fair amount of future revenue growth in advance.
- Profitability is in a loss phase, with an operating margin of -56.2%, a net margin of -53.2%, and ROE (how much is earned in a year on shareholders' equity) of -18.3%.
- On the balance sheet, the debt ratio (debt against shareholders' equity) is about 173% and the current ratio (assets that can be turned into cash within a year against debt due within a year) is 185.8%, so short-term liquidity is holding up.
- In short, on an asset-value (P/B) basis it is not expensive, but with no profit yet, the core yardsticks for this company are the durability of revenue growth and the timing of the swing to profit.
- Revenue grew from ₩7.4 billion (2023) to ₩11.2 billion (2024) to ₩13.1 billion (2025), a roughly 33.5% average annual rate over three years.
- That said, the annual growth rate stepped down from 52% in 2024 to 17.3% in 2025, and Q1 2026 revenue of about ₩1.57 billion was up 9.8% year on year, so growth continues but at a more moderate pace.
- On the quality side, one notable point is that the printing-service share rose quickly from 10.6% in 2023 to 26.1% in 2025, a sign that weight is shifting from one-time equipment sales toward recurring revenue.
- Profit, however, has yet to follow.
- After an operating profit in 2023 (about ₩780 million), the operating loss widened to -₩4.0 billion in 2024 and -₩7.4 billion in 2025, and Q1 2026 posted an operating loss of -₩3.69 billion and a net loss of -₩3.81 billion.
- As a result, a forward P/E based on this year's profit cannot yet be produced (there is no basis for assuming positive net profit), and for now the growth in this name is better read through 'the size and composition of revenue' than through 'profit.'
- Reference orders from large corporations continued through 2026.
- On April 1, the company signed a contract to supply Samsung Electronics with 3D printing equipment for ₩899 million (6.85% of 2025 revenue, delivery by June 30, 2026), and an earlier equipment sales contract with Hyundai Motor (₩725 million, 6.48% of revenue) had its end date extended to July 10, 2026, due to on-site circumstances at the delivery location.
- Both confirm major downstream customers in semiconductors/electronics and automotive.
- Meanwhile, the March annual report (as of Dec 2025) and the May quarterly report (as of Mar 2026) were filed, disclosing results, and there were also equity- and compensation-related disclosures including changes in holdings by executives and major shareholders, a grant of stock options, and a May large-holding report (short form).
- It is a good stretch to check whether orders are converting into actual revenue alongside changes in ownership.
- Starting with the clear strengths, Link Solution is one of the few domestic additive-manufacturing firms that combine industrial 3D printers with a printing service; the recurring-revenue service share is climbing quickly, and reference orders from large corporations like Samsung Electronics and Hyundai Motor are accumulating.
- Revenue growth (33.5% three-year average) is alive, and on an asset-value basis the P/B (4.54x) is on the low side versus peers, so it is hard to call expensive relative to net assets.
- At the same time, the point clearly to keep in mind is that the company is not yet profitable, its operating and net losses widened over 2024-2025, and the loss continued in Q1 2026.
- With no profit, the P/S (13.21x) already carries a degree of future growth expectation, so the pace at which revenue growth converts into profit will decide this name's outcome.
- Put simply, this company is strong in a phase where 'orders turn into revenue and revenue turns back into profit with a narrowing loss,' and weak in a phase where revenue rises but the loss drags on.
🔎 Valuation vs peers Overvalued
With essentially no pure domestic listed 3D-printing comparables, this uses a rough reference set of loss-making, transitional machinery and equipment names in a similar market-cap band, viewed through P/S and P/B.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Taesung | 0.00x | 8.51x | -1.98% |
| Robostar | 0.00x | 7.64x | -5.99% |
| Philoptics | 0.00x | 5.81x | -14.63% |
| Yes-T (Yesti) | 0.00x | 4.05x | -0.44% |
(a) Position versus peers: the P/B of loss-making transitional equipment names sits roughly in the 6-12x band, and while Link Solution's 5.93x looks lower on the surface, its revenue base is far smaller than the peers' and its loss is deeper (operating margin -56%), so the simple P/B comparison only appears favorable. (b) Premium/discount: a P/S of 17.24x means the market cap is very large relative to ₩13.1 billion of revenue, a premium zone where growth expectations are already priced in. (c) Trailing limitation and forward basis: with losses since 2023 a trailing P/E cannot be produced, and with a sizable loss again in Q1 2026 a forward figure premised on positive profit this year is also hard to derive. So rather than declaring it 'cheap' or 'expensive,' with profit absent it is more appropriate to view expectations as already high on a P/S and P/B basis.
Price history Close · MA20 · MA60
The latest close is ₩24,050 and the market capitalization is ₩138.3 billion. The price sits below its 20-day moving average (₩32,380) and below its 60-day moving average (₩46,405). 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 24.8, near oversold territory. The one-month change is -36.3%, the three-month change is -56.3%, and the position relative to the 52-week high is -72.4%. Relative strength versus the KOSDAQ is 81 (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 81% of all stocks. Over the past three months it lagged the index by 45.7%. 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 -45.71% / 6M -36.08% / 12M +31.24%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.62x is above the sector median (1.44x).
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 -18.3%, below the sector average (5.0%). The operating margin is -56.2%. The debt ratio is 172.9%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.9M | $7.4M | $8.7M | +17.31% ↓ slower |
| Operating profit | $515,993 | -$2.6M | -$4.9M | — |
| Net profit | -$8.1M | -$1.7M | -$4.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $4.9M | $7.4M | $8.7M |
| Operating profit | — | — | $515,993 | -$2.6M | -$4.9M |
| Net profit | — | — | -$8.1M | -$1.7M | -$4.6M |
| Revenue CAGR | 2-yr avg 33.53% | ||||
Revenue rose 17.3% year over year (2023 ₩7.4 billion → 2024 ₩11.2 billion → 2025 ₩13.1 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 33.5%. The two-year revenue CAGR is 33.5%. In the most recent quarter (Q1 2026), revenue was 9.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 17.3% 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
- 2026-04-01UpdateSupply of 3D printing equipment to Samsung Electronics (confirmed contract value ₩899 million, 6.85% of 2025 revenue, delivery by 2026-06-30)Short term: a large-corporation reference win and a contribution to quarterly revenue. Medium term: a signal of potential expansion into semiconductor/electronics downstream customers. Source
- 2026-03-27UpdateAmendment to Hyundai Motor 3D printing equipment sales contract (contract value ₩725 million, 6.48% of revenue) - end date extended to 2026-07-10 due to on-site delay at the delivery locationShort term: revenue recognition is pushed back a quarter. Medium term: confirmation that the automotive downstream relationship is being maintained. Source
- 2026-05-15EarningsQuarterly report filed (as of Mar 2026) - Q1 cumulative revenue about ₩1.57 billion, operating -₩3.69 billion, net -₩3.81 billionShort term: revenue rose year on year, but the widening loss brings profitability pressure into focus. Source
- 2026-05-22FilingLarge-holding report (short form) filed - reporting a change in a major shareholder's stakeMedium term: a signal that the ownership structure needs checking (a supply-and-demand consideration). Source
- 2026-03-19FilingAnnual report filed (as of Dec 2025) - 2025 revenue ₩13.1 billion (+17.3% YoY), operating -₩7.4 billion, net -₩7.0 billion, with revenue composition disclosedMedium term: the rising service revenue share (26.1%) is confirmed, but with the deepening loss, whether profitability recovers is the key point. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Samsung Electronics supply contract value | ₩0.9 billion | ₩899,000,000, revenue ₩13,124,605,399 6.85% | Confirmed | link |
| 2025 revenue | ₩13.1 billion | ₩13,124,605,399 | Confirmed | link |
| 2025 revenue composition (service share) | base | 73.5% + 3D 26.1% + 0.4% | Confirmed | link |
| Q1 2026 net profit/loss | approx. -₩3.8 billion | -₩3,814,009,016 | Confirmed | link |
Recent filings
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-02Single supply/sales contract
- 2026-03-27Single supply/sales contract (amended)
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-25OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' 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.