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Nara Space Technology (478340) 🔎 In-depth

KOSDAQ · Price as of 2026-07-09 · Updated 2026-07-10

Nara Space Technology is a space and satellite company that designs and manufactures small satellites (CubeSats) in-house and sells AI-processed imagery captured by its 'Observer' satellites in orbit; although it is classified under fintech, its actual business has nothing to do with finance. In 2025, a large share of its ₩13.2 billion in revenue came from satellite manufacturing, and in 2026 defense and national-project orders followed from Hanwha Systems and the Agency for Defense Development, totaling about ₩6.29 billion across three deals (nearly half of last year's revenue), while its losses have narrowed each year. What stands out lately is that in a phase where orders convert into revenue and profit on their delivery schedules, its funding capacity, with a 897% current ratio and low debt, and its growth momentum are strengths. On the other hand, because operating and net profit are both still in the red, the timing and scale of the turn to profit are not confirmed, and this is a business whose revenue volatility shows through plainly when deliveries are pushed back.

At-a-glance assessment financial health · growth · profitability · valuation

Financial healthModerate
  • The most recent full-year net result was a loss.
GrowthHigh growth
  • Revenue rose 207.9% year over year, and the pace is quickening (3-year trend: rising).
  • Most recent quarter (Q1 2026) revenue was 81.4% higher than a year earlier.
ProfitabilityLoss-making
  • ROE is -16.1% (total-net basis). It is below the sector average.
  • Operating margin is -41.3%.
ValuationOvervalued
  • P/E is hard to compute here, so this is read on P/B.

Ownership & governance As of 2025-12-31

Largest shareholder Park Jae-pil 20.3% (individual)

Controlling bloc incl. related parties 31.6%

With the controlling bloc holding 32%, the ownership structure is stable.

🔎 In-depth analysis

🏢Business
  • Nara Space Technology designs and manufactures small satellites (CubeSats) of the 6U, 12U, and 16U classes in-house, and after launch it sells processed imagery captured by its 'Observer' satellites looking down at Earth from orbit.
  • Although it is classified under fintech, its actual business is a space and satellite company with nothing to do with finance.
  • There are broadly two ways it earns money.
  • The first is manufacturing, designing and delivering satellite bodies, payloads, and control systems, which accounted for a large share of its ₩13.2 billion in 2025 revenue.
  • The second is an imagery service that analyzes and sells the high-resolution imagery its satellites send back using AI, with both super-resolution (SR) technology that raises resolution so a narrow area can be viewed more often and inpainting (GF) technology that fills in blurred parts.
  • In short, making and selling satellites is the current mainstay, and processing and selling the data those satellites gather is the business it is growing alongside it.
📈Price & chart
  • The latest close is ₩11,300 and the market cap is ₩130.7 billion.
  • The price sits below the 20-day line (₩15,475) and below the 60-day line (₩25,677).
  • Trading beneath both its short- and mid-term moving averages, the trend is on the soft side.
  • The RSI (an indicator that gauges upward versus downward strength over the past 14 days on a 0-100 scale) is 26.6, close to oversold territory.
  • The one-month change is -45.1%, the three-month change is -63.2%, and it sits -81.7% from its 52-week high.
  • Its relative strength versus the KOSDAQ is 2 (on a 1-99 scale that weights recent index-relative returns more heavily; higher means stronger than the market).
  • That places it in roughly the top 99% of all stocks by strength.
  • Over the past three months it has lagged the index by 53.0%.
  • Chart reading is best done alongside volume and disclosure dates.
📊Key metrics
  • This is a company that does not yet turn a profit.
  • The ROE (how much it earned in a year on its own equity) is -16.1%, the operating margin -41.3%, and the net margin -58.0%, and the 2025 net loss was ₩7.68 billion.
  • That said, this loss is less a sign of weakness than a picture of the early growth stage, where money goes in first to build and launch satellites.
  • Because earnings are still in the red, the P/E (how many times a year's earnings the price represents) cannot be calculated, and since it has not yet turned profitable, a forward P/E on this year's estimate cannot be derived either.
  • So for now it is hard to judge cheap or expensive by P/E, and it is more fitting to look at measures against net assets and revenue.
  • The P/B (how many times its net assets the price represents) is 2.74x, and the P/S (how many times its revenue the price represents) is about 12x.
  • It is natural for such measures to run somewhat high for an early-growth company, and rather than declaring that a burden outright, it should be viewed together with the pace of growth.
  • Financial stability is in fact fairly solid, with a current ratio of 897% (assets soon convertible to cash against debt due within a year), a debt ratio (debt against equity) of 116%, and shareholders' equity of ₩47.6 billion, so short-term funding pressure is not large.
🚀Growth
  • The growth trend is clear.
  • Revenue grew from ₩1.6 billion in 2023 to ₩4.3 billion in 2024 and ₩13.2 billion in 2025, with the 2025 growth rate reaching +207.9% (accelerating from +164.1% the prior year).
  • Losses have narrowed each year too, with the net loss shrinking from -₩13.9 billion in 2023 to -₩10.7 billion in 2024 and -₩7.7 billion in 2025.
  • This company has a business characteristic in which revenue is concentrated at the point of building and delivering satellites, so the numbers swing widely quarter to quarter.
  • That cumulative Q1 2026 revenue came to just ₩410 million with an operating loss of ₩3.03 billion is also not weakness but an expected pattern, arising from a structure in which deliveries are recognized more heavily toward the second half.
  • What determines the direction of this year's results is the orders secured one after another in 2026.
  • Contracts for satellite bodies, payloads, and control systems signed with Hanwha Systems and the Agency for Defense Development amount to nearly half of last year's revenue, and how far these orders are recognized as actual revenue on their delivery schedules will drive this year's top line.
  • That said, the company has not disclosed official future results figures, and given the loss-narrowing trajectory and the cumulative Q1 loss, this year's net profit is still hard to see turning positive, so we do not present specific forward earnings-outlook figures.
📰Recent news & filings
  • The biggest change in the business this year is a run of substantial orders in 2026.
  • On April 10 it signed a contract with Hanwha Systems for 'greenhouse-gas observation small-satellite system integration and body development' (₩2.93 billion, 22.2% of last year's revenue); on April 13 a contract with the Agency for Defense Development for a 'simulated satellite / control system' (₩1.98 billion, 14.9%, a multi-year contract running through 2028); and on May 28 a contract with Hanwha Systems for 'greenhouse-gas observation small-satellite payload development' (₩1.38 billion, 10.4%).
  • The three deals total about ₩6.29 billion, nearly half of last year's full-year revenue, and as transactions with defense and national-project demand sources such as Hanwha Systems and the Agency for Defense Development, they carry weight for business credibility.
  • On May 28, several disclosures on shareholding changes by executives and major shareholders (ownership-status reports) were filed, an item to examine on the supply-and-demand side beyond results.
  • The revenue gap in the Q1 report filed on the same May 15 stems from the business characteristic of satellite deliveries being concentrated in the second half.
🧭Bottom line
  • Starting with the strengths: first, revenue has grown quickly for three straight years while losses narrow each year, so the business is improving on both scale and efficiency; second, the multiple orders signed in 2026 with Hanwha Systems and the Agency for Defense Development confirm defense and national-project demand as actual contracts; and third, a 897% current ratio and low debt give ample short-term funding capacity.
  • The cautions are that operating and net profit are both still in the red, so the timing and scale of the turn to profit are not confirmed in official figures, and that a substantial part of the value hinges on future orders actually converting into profitable results.
  • A P/B of 3.32x and a P/S of about 12x are not low among satellite companies at the same loss-making stage, but they are natural for an early-growth company and do not in themselves signal risk.
  • In sum, this company is strong in a phase where orders convert into revenue and profit on their delivery schedules, and in a phase where deliveries slip or the turn to profit is delayed, its revenue volatility shows through plainly.
  • It suits a view that takes a long look at the growth stage of satellite manufacturing while also confirming the pace at which orders are realized.

🔎 Valuation vs peers Inconclusive

The peer set is built from domestic listed space and satellite companies with the same substance of business: Contec for satellite-imagery and ground-station data, AP Satellite for satellite parts and communications, and Intellian Technologies for satellite-communication antennas.

PeerP/EP/BROE
Contec0.00x1.58x-8.83%
AP Satellite0.00x1.15x-2.67%
Intellian Technologies96.25x2.70x2.80%

A P/B of 4.82x is clearly higher than that of same-loss-stage satellite peers Contec (2.36) and AP Satellite (1.61), and higher even than the larger, profitable Intellian Technologies (3.87). In other words, against net assets it carries the highest premium among the peer set. That said, because it is loss-making, the trailing P/E on last year's confirmed results cannot be calculated at all, and a forward P/E on this year's estimate only takes on meaning if a turn to profit is assumed. No official future results figures are confirmed in disclosures, so a forward basis is hard to establish, and a substantial part of the value still rests on growth expectations yet to be realized, so rather than declaring it cheap or expensive, withholding judgment is appropriate. Whether orders actually convert into profitable results is the crux of whether this premium is justified.

₩11,300 +0.71%
Market cap $86.7M

Price history Close · MA20 · MA60

Close MA20MA60

The latest close is ₩11,300 and the market capitalization is ₩130.7 billion. The price sits below its 20-day moving average (₩15,475) and below its 60-day moving average (₩25,677). 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 26.6, near oversold territory. The one-month change is -45.1%, the three-month change is -63.2%, and the position relative to the 52-week high is -81.7%. Relative strength versus the KOSDAQ is 2 (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 1% of all stocks. Over the past three months it lagged the index by 53.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.

Relative performance stock vs index · start = 100

2Relative strength vs KOSDAQ1–99 · last 12 months’ return vs the index, recency-weighted · higher = stronger than the marketTop 99% strength

Excess return vs index · 3M -53.00% / 6M -59.87% / 12M -52.24%

StockKOSDAQ

Key metrics vs whole-market median

Valuation

P/E (trailing)—
P/B2.74x
P/S9.89x
EPS₩-666
BPS (book value/share)₩4,128
Dividend yield—
DPS—

A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.74x is above the whole-market median (1.15x).

Enterprise value (EV)

Net debt-$20.3M
EV (enterprise value)$77.7M
EV/Sales8.86x
FCF (free cash flow)-$5.1M
FCF yield-5.23%

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

ROE-16.13%
Operating margin-41.26%
Net margin-58.01%
Debt ratio116.18%
Payout ratio—

Return on equity (ROE) is -16.1%, below the whole-market average (5.0%). The operating margin is -41.3%. The debt ratio is 116.2%, so the financial structure is moderate.

Growth FY2025 · annual report (separate)

Item202320242025YoY
Revenue$1.1M$2.8M$8.8M+207.91% ↑ faster
Operating profit-$2.0M-$2.9M-$3.6M—
Net profit-$9.2M-$7.1M-$5.1M—
5-year20212022202320242025
Revenue——$1.1M$2.8M$8.8M
Operating profit——-$2.0M-$2.9M-$3.6M
Net profit——-$9.2M-$7.1M-$5.1M
Revenue CAGR2-yr avg 185.16%

Revenue rose 207.9% year over year (2023 ₩1.6 billion → 2024 ₩4.3 billion → 2025 ₩13.2 billion), and the three-year trend is 'rising'. 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 185.2%. The two-year revenue CAGR is 185.2%. In the most recent quarter (Q1 2026), revenue was 81.4% higher than the same period a year earlier.

Latest quarterly results Q1 2026 · vs year-ago

Revenue$273,938
Revenue YoY+81.38%
Operating profit-$2.0M
Op. profit YoY—
Net profit-$1.9M
Net profit YoY—

Technical indicators

RSI (14)26.6
MA20₩15,475
MA60₩25,677
1-month-45.15%
3-month-63.25%
vs 52-wk high-81.69%

What stands out

  • Revenue grew 207.9% 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

Figure cross-check computed ↔ external

MetricComputedExternalStatusSource
2025 revenue₩13,236,859,805₩13,236,859,805Confirmedlink
2026 new supply contracts, combined₩6.3 billion(29.3+19.8+13.8)2,932,749,745 / 1,975,395,455 / ₩1,379,582,500Confirmedlink
Q1 2026 cumulative revenue₩413,320,760(2026.03)Confirmedlink
2026 estimated annual net profitDART—Unverified—

Recent filings

📖 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.

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