NRB (475230) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
NRB develops, fabricates, installs, and maintains modular buildings, producing room- and floor-sized units in a factory and then assembling them on site. Although it is classified under metal processing, the business is closer to a building-solutions company whose edge lies in standardized factory production and fast on-site construction. In April 2026 it announced supply contracts worth ₩8.1 billion each (13.6% of recent annual revenue), and a February 11 filing confirmed annual revenue of ₩59.5 billion, operating profit of ₩4.5 billion, and a net loss of ₩0.5 billion; new orders have already translated into a Q1 revenue jump of +60.7% and operating profit growth of +191.3%. What stands out is the tension between two sides: on the strength side, the top line is expanding quickly, new orders are flowing through to revenue, and the P/B has fallen to 1.01x, near book value; on the caution side, non-operating items pushed net income into the red, and with a debt ratio of 105%, a current ratio of 41.7%, and an interest-coverage ratio below 1x, the balance sheet has limited slack, so whether shrinking non-operating losses turn net income positive is worth watching alongside the growth.
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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 “Construction & Real Estate” (Construction & Building Materials), a type typically read first through P/B.
Construction and real estate swing sharply with the timing of pre-sales and completions, and downturns bring write-downs and unsold units that jolt the bottom line. Because earnings can be so lumpy, price-to-book (P/B) — the share price against the company's asset value — is the first lens rather than volatile current profit.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 41.5%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 12.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 60.7% higher than a year earlier.
- ROE is -0.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 8.3%.
- 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 Kang Gun-woo 33.04% (individual)
Controlling bloc incl. related parties 47.96%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis Reading
NRB is a maker of modular buildings. Modular construction means building the room- and floor-sized units of a structure in a factory in advance (in precast concrete or steel frame) and then assembling and installing them on site. NRB handles the entire process in-house, from product development, planning, and design through factory fabrication, on-site assembly and installation, and maintenance. Its applications are broad, spanning residential, educational, military, and office and commercial facilities, and revenue arises not only from product sales but also from leasing, services, and construction work. By industry classification it falls under metal processing, but the true nature of the business is closer to a building-solutions company whose edge is standardized factory production and fast on-site construction.
The latest close is ₩7,740 and the market capitalization is ₩84.4 billion. The price sits above its 20-day moving average (₩7,086) and below its 60-day moving average (₩9,921). 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 50.5, a neutral level. The one-month change is +6.8%, the three-month change is -57.9%, and the position relative to the 52-week high is -72.9%. Relative strength versus the KOSDAQ is 22 (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 21% of all stocks. Over the past three months it lagged the index by 36.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩59.5 billion and operating profit was ₩4.5 billion, so the company is profitable at the operating level (operating margin of 7.6%). Net income, however, was a loss of ₩0.5 billion, the result of non-operating costs eating into earnings. Because earnings are negative, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated; using P/B instead (how many times book value the price represents), the figure is 1.01x. In other words, the price is roughly level with the company's net asset value, and on the site's read it is classified as undervalued. With a debt ratio of 105%, a current ratio of 41.7%, and an interest-coverage ratio below 1x, financial burden is on the heavier side, so financial soundness is viewed with caution. In short, on the valuation side the price is not a demanding one, while the points to watch are the recovery of profitability from loss to profit and the improvement of the financial structure.
The top-line growth is clear. Annual revenue rose from ₩51.5 billion in 2023 to ₩52.8 billion in 2024 and ₩59.5 billion in 2025, with the growth rate accelerating from 2.5% to 12.7%. Notably, first-quarter revenue in 2026, the most recent period, jumped 60.7% year on year to ₩17.2 billion, and quarterly operating profit rose 191.3% to ₩1.5 billion. As demand for modular construction grows and new contracts are recognized as revenue, the top line and operating profit appear to be expanding together. That said, Q1 net income was a loss of ₩3.2 billion, as non-operating items dragged down quarterly results separately from what the operations earned. Because the company has not disclosed an official full-year outlook, the key is to watch, on a quarterly basis, whether the growth in revenue and operating profit continues and whether non-operating losses shrink.
Recent filings center on items that flow directly into revenue. On April 16 and April 27, 2026 (the latter a corrective filing), the company announced single supply contracts worth ₩8.1 billion each, equal to 13.6% of recent annual revenue. Whether these contracts are one-off or repeatable, and over what period the revenue is recognized, shapes the medium-term reading of results. Earlier, on February 11, a filing on changes to its profit structure disclosed annual revenue of ₩59.5 billion, operating profit of ₩4.5 billion, and a net loss of ₩0.5 billion. Since new contracts are actually translating into a sharp jump in quarterly revenue, additional orders and the pace at which they are recognized as revenue will steer the direction of next quarter's results.
The strengths are clear. The top line is expanding quickly (annual revenue +12.7%, Q1 revenue +60.7%, operating profit +191.3%), and new supply contracts are visibly flowing through to actual revenue growth. On price, too, the P/B has fallen to 1.01x, near net asset value, so this is not a demanding entry point. On the other side, profitability and the financial structure need confirmation. The company is profitable at the operating level, but non-operating items pushed both annual and quarterly net income into the red, and with a debt ratio of 105%, a current ratio of 41.7%, and an interest-coverage ratio below 1x, the balance sheet has limited slack. This stock therefore tends to be strong when modular demand and new orders provide support and shrinking non-operating losses turn net income positive, and weaker when order momentum cools or funding pressure builds. It is a stock to view with the clear strength of revenue growth and the open questions on financials and profitability held side by side.
🔎 Valuation vs peers Undervalued
Public-data peers with adjacent market caps within metal processing.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SY Steeltech | — | 0.75x | -2.19% |
| Sea Mechanics | 76.35x | 1.42x | 1.92% |
| Samyoung M-Tek | 10.71x | 0.97x | 10.83% |
The comparison starts with public-data peers of similar market cap within metal processing. The current P/E ratio (how many times one year's earnings the price represents) cannot be confirmed, and the P/B (how many times book value the price represents) is 0.94x. That said, smaller-cap names are heavily swayed by earnings volatility and funding-related filings, so no firm conclusion was drawn from last year's confirmed results alone. The outlook box is based on the fact that the company's official guidance cannot be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩7,740 and the market capitalization is ₩84.4 billion. The price sits above its 20-day moving average (₩7,086) and below its 60-day moving average (₩9,921). 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 50.5, a neutral level. The one-month change is +6.8%, the three-month change is -57.9%, and the position relative to the 52-week high is -72.9%. Relative strength versus the KOSDAQ is 22 (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 21% of all stocks. Over the past three months it lagged the index by 36.3%. 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 -36.32% / 6M -43.23% / 12M -49.91%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.94x is above the sector median (0.78x).
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 -0.6%, below the sector average (1.0%). The operating margin is 8.3%. The debt ratio is 140.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $36.2M | $37.1M | $41.8M | +12.65% ↑ faster |
| Operating profit | $8.5M | $4.4M | $3.2M | -27.62% ↑ faster |
| Net profit | $1.1M | $1.4M | -$374,196 | -126.62% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $36.2M | $37.1M | $41.8M |
| Operating profit | — | — | $8.5M | $4.4M | $3.2M |
| Net profit | — | — | $1.1M | $1.4M | -$374,196 |
| Revenue CAGR | 2-yr avg 7.44% | ||||
Revenue rose 12.7% year over year (2023 ₩51.5 billion → 2024 ₩52.8 billion → 2025 ₩59.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 27.6% year over year. That said, the decline narrowed. Over the 3 years on record, revenue compound annual growth (CAGR) is 7.4%. The two-year revenue CAGR is 7.4%. In the most recent quarter (Q1 2026), revenue was 60.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 12.7% year over year, a sign of growth.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 41.5%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-04-27Contract[Corrective] Single supply contract signed: contract value ₩8.1 billion, 13.6% of recent revenueThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2026-04-16ContractSingle supply contract signed: contract value ₩8.1 billion, 13.6% of recent revenueThe contract value and term are central to how revenue will be recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2026-02-11EarningsRevenue or profit-structure change of 30% or more (15% for large corporations): annual revenue ₩59.5 billion, operating profit ₩4.5 billion, net loss ₩0.5 billionThis is recent confirmed or preliminary results. Check whether it points in the same direction as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,740 | ₩7,740 | Confirmed | link |
| Latest quarterly results | revenue ₩17.2 billion, operating profit ₩1.5 billion | revenue ₩17.2 billion, operating profit ₩1.5 billion | Confirmed | link |
| Annual results | revenue ₩59.5 billion, operating profit ₩4.5 billion | revenue ₩59.5 billion, operating profit ₩4.5 billion | Confirmed | link |
| Contract filing source text | [amended] single supply contract signed: contract value ₩8.1 billion · vs recent revenue 13.6% | [amended] single supply contract signed: contract value ₩8.1 billion · vs recent revenue 13.6% | Confirmed | link |
| Contract filing source text | single supply contract signed: contract value ₩8.1 billion · vs recent revenue 13.6% | single supply contract signed: contract value ₩8.1 billion · vs recent revenue 13.6% | Confirmed | link |
| Results filing source text | revenue30%: revenue ₩59.5 billion · operating profit ₩4.5 billion · net profit -₩0.5 billion | revenue30%: revenue ₩59.5 billion · operating profit ₩4.5 billion · net profit -₩0.5 billion | Confirmed | link |
| Outlook box basis | — | — | Unverified | — |
Recent filings Source
- 2026-05-18PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-27Single supply/sales contract (amended)
- 2026-04-16Single supply/sales contract
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
📖 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.