CMES Robotics combines AI 3D vision, which reads the three-dimensional shape of objects through cameras, with robot-arm control to let machines take over manual tasks once done by hand; its revenue comes from intelligent robot solutions (about 73% in 2024), 3D inspection solutions (about 16%) and parts distribution (about 11%), and the company says its systems have been validated on the lines of Hyundai Motor, Nike and Coupang. It signed two single sales and supply contracts in May 2026, and at its March general meeting it changed its name from CMES to CMES Robotics, reflecting a shift in its business structure toward standard products. What stands out lately is that alongside fast revenue growth, automation demand and large reference customers, a P/B of 3.93x is lower than robot peers (12-75x), while operating losses have widened as the top line has grown, the timing of a swing to profit is unconfirmed, and quarterly volatility is large depending on when supply contracts are recognized.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 89.5% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 562.0% higher than a year earlier.
- ROE is -28.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -141.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Seong-ho 26.83% (individual)
Controlling bloc incl. related parties 37.42%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- CMES Robotics combines AI 3D vision technology, which reads the three-dimensional shape of objects through cameras, with robot-arm control to let machines take over manual tasks once done by hand.
- Its revenue comes largely from three streams.
- The biggest is intelligent robot solutions (about 73% of 2024 revenue), where robots perform tasks such as piece-picking of jumbled incoming parts, palletizing and de-palletizing of irregularly stacked boxes, and precision assembly and surface finishing (deburring and polishing).
- The second is 3D inspection solutions (about 16%), which use vision to automatically judge surface defects or dimensions on products.
- The third is a distribution business buying and selling parts and equipment (about 11%).
- The company says its systems have been validated on the production and logistics lines of Hyundai Motor, Kia, Nike and Coupang, and it is growing its overseas share, with about ₩2.5 billion in revenue coming from North America in 2025.
- The latest close is ₩16,180 and the market cap is ₩191.0 billion.
- The price sits below its 20-day line (₩20,302) and below its 60-day line (₩26,977).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 29.8, close to oversold territory.
- The one-month change is -32.7%, the three-month change is -44.2%, and the price sits -62.3% from its 52-week high.
- Relative strength versus the KOSDAQ is 45 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 56% of all stocks by strength.
- Over the past three months it lagged the index by 27.1%.
- Chart readings are best viewed together with trading volume and disclosure dates.
- The valuation picture splits depending on the yardstick.
- On an asset basis, the P/B (how many times net assets per share the price is) is 3.93x, which is far below robot peers such as Rainbow Robotics, Doosan Robotics, Robotis and Yujin Robot (roughly 12-75x), so it actually trades cheap relative to asset value.
- On a revenue basis, however, the P/S (how many times revenue the price is) is 23.7x, meaning some expectation of fast growth is priced in.
- The P/E (how many times one year's net profit the price is) cannot even be calculated, since net profit is still negative.
- One thing should be made clear here: these metrics are all based on results that ended last year, and in an inflection phase where revenue swings by nearly 90% in a single year, last year's numbers do not fully capture the company's current shape.
- So rather than treating a trailing P/B or P/S as a 'burden' in itself, it is better to read them alongside the fast-growing top line.
- Financial stability is sound.
- The debt ratio (debt against equity) is a manageable 116.9%, and the current ratio, which weighs cash-like assets against debt due within a year, is 619%, leaving ample short-term funding room.
- Top-line growth is the company's clearest strength.
- Revenue went from ₩7.6 billion in 2023 to ₩6.9 billion in 2024 to ₩13.1 billion in 2025, jumping again by +89.5% year-on-year in 2025 after a one-time dip in 2024, for a three-year compound annual growth rate (CAGR) of 30.7%.
- That pace is no accident but the result of a structural rise in demand for manufacturing and logistics automation driven by higher labor costs, combined with expanding overseas (North American) orders built on references validated at Hyundai Motor, Kia, Coupang and others.
- First-quarter 2026 revenue was ₩5.8 billion, up +562.0% from the same period a year earlier.
- Applying the recent quarter's revenue mix to this confirmed first-quarter figure and scaling to the full year gives annual revenue of about ₩86.4 billion, with the second quarter alone gauged at around ₩25.6 billion.
- The company itself, alongside the name change, set out a direction of 'more than doubling versus the prior year' for 2026, and this scaled figure is in the same vein.
- Since it is not an official figure the company itself pinned down, it is a reference only, but because it starts from the actual first-quarter number, the picture of top-line growth itself is clear.
- Meanwhile, the operating result went from a ₩10.0 billion loss in 2023 to a ₩14.3 billion loss in 2024 to an ₩18.4 billion loss in 2025, with the loss still widening, so even as revenue grows it does not yet translate directly into profit.
- The key thing to watch for this stock is therefore not the growth rate itself but 'when revenue growth starts turning into a narrowing loss.'
- The disclosures carrying the most weight are the two single sales and supply contracts of May 7 and 11, 2026.
- The smaller a company's revenue, the more a single supply contract can swing a quarter's results, so it is important to confirm in later quarterly reports when the contract amounts are actually recognized as revenue and cash.
- At the March 27 general meeting, a proposal to change the name from CMES to CMES Robotics passed; this is not a simple rename but reflects the company's shift in business structure from custom projects to standardized products.
- The May 14 quarterly report (March 2026) is the official document showing how the above played out in actual numbers.
- On June 8, several filings on ownership changes by executives and major shareholders were posted; while these do not sway results on their own, the direction of insider ownership changes is worth noting.
- This is a stock with clear strengths.
- Revenue is growing fast, backed by the structural trend of automation demand driven by higher labor costs, large-customer references and an overseas-expansion strategy.
- On top of that, its price relative to asset value (a P/B of 3.93x) is markedly below robot peers (12-75x), so on an asset basis it actually trades at a discount.
- At the same time, there are points to note honestly.
- As the top line has grown, the operating loss has widened too, so the timing of a swing to profit is not yet confirmed, and its price relative to revenue (a P/S of 23.7x) has some growth expectation priced in.
- The company is also small, so quarterly results are highly volatile depending on when a single supply contract is recognized.
- In sum, it is strong, paired with a cheap price relative to assets, on a path where fast top-line growth and a productization strategy lead to a narrowing loss, and weak on a path where contract recognition is delayed or losses keep accumulating.
- So rather than concluding one way, the appropriate view is to check the 'pace of the swing to profit' and 'the flow of supply contracts into revenue' each quarter.
🔎 Valuation vs peers Inconclusive
KOSDAQ and KOSPI robotics firms handling AI vision and robotic automation for which data is available were taken as peers; even so, their sub-fields differ (humanoids, collaborative robots, service robots), so direct comparison has limits.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Rainbow Robotics | 5845.84x | 62.11x | 1.06% |
| Doosan Robotics | — | 13.09x | -15.92% |
| Robotis | 589.25x | 9.56x | 1.62% |
| Yujin Robot | — | 15.88x | -24.32% |
Looking at its position versus peers, the P/B (5.25x) is markedly below robot peers (15-90x), so on an asset basis it trades at a discount. But that discount pairs with the fact that it 'is still loss-making and the timing of a swing to profit is unclear.' At the same time, its price relative to revenue (a P/S of 23.7x) is high, a mixed picture: cheap on assets, expensive on revenue. The trailing metrics that ended last year have no P/E because of the losses, and forward can only be gauged from a seasonality approximation based on confirmed first-quarter results (around ₩86.4 billion for the year), since the company has not officially announced a specific figure. Because the structure makes it hard to declare 'cheap or expensive' on any single metric, judgment is withheld, and it is appropriate to revisit while confirming the pace of the narrowing loss and the flow of supply contracts into revenue.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩25.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩16,180 and the market capitalization is ₩191.0 billion. The price sits below its 20-day moving average (₩20,302) and below its 60-day moving average (₩26,977). 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 29.8, near oversold territory. The one-month change is -32.7%, the three-month change is -44.2%, and the position relative to the 52-week high is -62.3%. Relative strength versus the KOSDAQ is 45 (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 27.1%. 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 -27.06% / 6M -38.16% / 12M -31.35%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.23x is below 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 -141.0%. The debt ratio is 116.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.1M | $4.6M | $8.7M | +89.54% ↑ faster |
| Operating profit | -$6.6M | -$9.5M | -$12.2M | — |
| Net profit | -$10.4M | -$8.9M | -$11.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $5.1M | $4.6M | $8.7M |
| Operating profit | — | — | -$6.6M | -$9.5M | -$12.2M |
| Net profit | — | — | -$10.4M | -$8.9M | -$11.1M |
| Revenue CAGR | 2-yr avg 30.73% | ||||
Revenue rose 89.5% year over year (2023 ₩7.6 billion → 2024 ₩6.9 billion → 2025 ₩13.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened 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 30.7%. The two-year revenue CAGR is 30.7%. In the most recent quarter (Q1 2026), revenue was 562.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- Revenue grew 89.5% 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.
Recent news & events searched · sourced
- 2026-05-11UpdateSingle sales and supply contract disclosure (second supply contract of the year)For a company with small revenue, a supply contract is a variable that can greatly swing a quarter's results. It is necessary to confirm how the contract amount and the timing of revenue recognition are reflected in the subsequent quarterly report. Source
- 2026-05-07UpdateSingle sales and supply contract disclosure (first supply contract of the year)An official supply-contract disclosure. Whether the contracted items and the timing of recognition carry through to follow-on revenue is a clue to whether top-line growth continues. Source
- 2026-05-14UpdateQuarterly report (March 2026) filedThe official document holding confirmed first-quarter 2026 results (revenue ₩5.8 billion, operating loss ₩5.1 billion). Whether the surge in revenue leads to profit should be viewed together with the latest results box. Source
- 2026-03-27FilingAt the general meeting, the corporate name was changed from CMES to CMES RoboticsA change reflecting the company's intent to shift its business direction from custom projects toward standardized products and global expansion. Whether this strategic shift shows up in actual product revenue is the point to watch. Source
- 2026-06-08UpdateReports on holdings of specific securities by executives and major shareholders (multiple filings)Filings on insider ownership changes. They do not sway results on their own, but the direction of the changes can be viewed together as a reference indicator. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-05-11Single supply/sales contract
- 2026-05-07Single supply/sales contract
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' 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.