Samyang Comtech is a defense contractor whose core product is silicon carbide (SiC) ceramic armor used in K1A1 and K2 tanks and in armored vehicles; it also supplies protective plating for tactical vehicles as well as body armor and helmets to the Korean military. Of its ₩141.6 billion in 2024 revenue, special armor for tanks accounted for roughly 58%. In 2025 the company expanded both its top and bottom lines for a second straight year, posting ₩154.6 billion in revenue and ₩26.6 billion in operating profit, with profitability above the peer average (ROE 14.5%, operating margin 17.2%) yet a relatively modest valuation (trailing P/E 12.8x, P/B 1.85x). First-quarter revenue, however, fell 45% because of the timing of deliveries. The point worth watching is that in a ceramic-armor niche with real barriers to entry, if annual orders and deliveries stay on a normal track and exports are added, the picture of buying solid profitability at a cheap multiple holds up; but if quarterly deliveries slip or an order gap opens, quarterly swings widen, so results are best read on a cumulative annual basis.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 9.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 45.0% lower than a year earlier.
- ROE is 14.5% (total-net basis). It is above the sector average.
- Operating margin is 17.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Zeo Holdings 24.1% (corporate)
Controlling bloc incl. related parties 44.69%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- Samyang Comtech is a defense contractor that makes military ballistic and protective materials (it was designated a defense supplier in 1973).
- Its largest source of revenue is silicon carbide (SiC)-based ceramic armor used in tanks such as the K1A1 and the K2 Black Panther and in armored vehicles; of the company's ₩141.6 billion in 2024 revenue, special armor for tanks made up roughly ₩82.3 billion (about 58%).
- Next come protective plating for tactical and armored vehicles (about ₩34.4 billion) and aircraft parts and other items (about ₩24.9 billion).
- Separately, it supplies body armor and ballistic helmets used by infantry to the Korean military.
- In other words, rather than a company that machines metal, it is more accurately seen as one that supplies military demand with lightweight, penetration-resistant ceramic and composite protective technology.
- The latest closing price is ₩5,820 and the market cap is ₩239.8 billion.
- The price sits below the 20-day line (₩7,542) and below the 60-day line (₩9,677).
- Trading below both its short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures upward versus downward force over the past 14 days on a 0-100 scale) is 32.4, a neutral level.
- The one-month change is -20.7%, the three-month change is -52.0%, and the position versus the 52-week high is -73.0%.
- Relative strength versus the KOSPI is 7 (1-99, computed from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 94% of all stocks by strength.
- Over the past three months it lagged the index by 32.9%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On a last-confirmed annual basis (FY2025), the P/E ratio (how many times one year's net profit the price represents) is 10.58x and the P/B (how many times net assets the price represents) is 1.53x.
- These levels sit below the peer median, so the diagnostic classifies the stock as undervalued -- meaning the price is on the cheap side rather than the expensive side relative to earnings and assets.
- Profitability is also sound, with ROE (how much is earned in a year on equity) at 14.5% and an operating margin of 17.2%, both above the peer average.
- On the balance sheet, the debt ratio (debt against equity) is 153.2%, but a current ratio of 215.9% and an interest coverage ratio of 11.9x make short-term repayment ability and interest burden stable.
- The P/E and P/B are calculated on full-year 2025 confirmed (trailing) results, so given the quarter-to-quarter swings typical of defense, they are more accurate when read together with quarterly results.
- That said, it is hard to argue the current multiple is burdensome on account of that volatility; placed alongside the profitability, the stock actually looks cheap.
- The annual trajectory has been steep.
- Revenue rose from ₩83.0 billion in 2023 to ₩141.6 billion in 2024 and ₩154.6 billion in 2025, while operating profit climbed from ₩6.9 billion to ₩18.1 billion to ₩26.6 billion, for a three-year revenue CAGR of about 36%.
- Revenue nearly doubled in two years and profit grew even faster, which is read as the result of rising demand for special ceramic armor as mass production and deliveries of key weapon systems such as the K2 tank moved onto their main track.
- The pace of growth slowed from 2024 (revenue +70.5%) to 2025 (+9.2%), but this reflects the high base from the prior year's explosive increase, not a shrinking top line.
- On a quarterly basis the swings are large.
- First-quarter 2026 revenue was ₩16.5 billion, down 45.0% from the same period a year earlier, and operating profit fell 64.1% to ₩2.0 billion; the company explained this as a temporary deferral from deliveries pushed to a later schedule.
- Because defense delivers large contracts on a quarter-by-quarter basis, sharp swings in any single quarter arise structurally, so it is appropriate to judge by cumulative annual results and the order flow rather than a single quarter.
- Numeric revenue and profit targets for this year have been left blank because official company figures could not be confirmed.
- Recent disclosures center on results and IR.
- On February 11, 2026, a 'change of 30% or more in revenue or profit structure' disclosure gave advance confirmation of a large improvement in 2025 annual results; the March 23 business report (2025.12) and the May 15 quarterly report (2026.03) then disclosed confirmed annual and first-quarter figures respectively.
- The annual report confirmed ₩154.6 billion in revenue and ₩26.6 billion in operating profit -- a second straight year of top- and bottom-line expansion -- while the first-quarter report released about a month later carried revenue down 45%, so strong full-year results and a weak quarter crossing paths at short intervals is the current picture.
- The company also held investor briefings (IR) several times in April and May (4/14, 5/22, 5/27), frequently creating occasions to explain its business directly, and on April 30 there was a disclosure on a change of market classification.
- These disclosures and IR materials, not general news articles, are the primary source for fact-checking.
- This is a stock with clear strengths.
- In the niche of ceramic armor for tanks and armored vehicles -- an area with real barriers to entry -- revenue has grown sharply over two years, and with ROE of 14.5% and an operating margin of 17.2% profitability sits above the peer average, yet the valuation is relatively low versus peers at a trailing P/E of 12.8x and P/B of 1.85x.
- That resembles buying good profitability at a cheap multiple, and diagnostically it reads as undervalued, highly profitable, and financially stable.
- The balance sheet is also stable in terms of liquidity and interest burden.
- What to consider alongside comes from the business structure.
- First, because quarterly results swing sharply with delivery timing -- as with the -45% first-quarter revenue -- it is better to look at cumulative annual figures than to react to a single quarter.
- Second, since the company provides no official forward guidance, this year's annual figures must be gauged from the quarterly recovery trend.
- In short, this is a stock that is strong when annual orders and deliveries stay on a normal track and exports progress, and weak when quarterly deferrals drag on or an order gap opens; rather than a one-sided verdict, it is best watched by confirming delivery recovery quarter by quarter.
- That said, looking only at the current multiple and profitability, it is clearly not an expensive spot.
🔎 Valuation vs peers Inconclusive
Candidates were drawn from the base metal-processing pool (KSIC 25200) where market cap and data are available, but their businesses differ (wind towers, LNG materials, forging), making them hard to treat as direct peers for Samyang Comtech's defense protective materials.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Carbon | 11.81x | 2.07x | 17.54% |
| CS Wind | 47.64x | 1.43x | 3.01% |
| TAEWOONG | 96.82x | 0.86x | 0.89% |
(a) Hankuk Carbon, CS Wind and Taewoong in the base pool share the same KSIC code but have different businesses, so direct comparison is difficult; Samyang Comtech's P/E of 14.4x and P/B of 2.09x are at a level similar to Hankuk Carbon (P/E 16.1, P/B 2.83), while its ROE is if anything not the lower one. (b) Profitability (ROE and operating margin) is above the average of the comparison candidates, which is a premium factor, but (c) the trailing P/E on last year's figures does not yet reflect the -45% first-quarter 2026 revenue. Taking together the quarterly volatility of defense deliveries and the fact that official company forward guidance could not be confirmed, for now it is better to hold off on a cheap-or-expensive verdict and treat this as a period for confirming the delivery recovery trend, so the call is Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩5,820 and the market capitalization is ₩239.8 billion. The price sits below its 20-day moving average (₩7,542) and below its 60-day moving average (₩9,677). 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 32.4, a neutral level. The one-month change is -20.7%, the three-month change is -52.0%, and the position relative to the 52-week high is -73.0%. Relative strength versus the KOSDAQ is 7 (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 6% of all stocks. Over the past three months it lagged the index by 32.9%. 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 -32.87% / 6M -50.41% / 12M -64.85%
Key metrics vs sector median
Valuation
The P/E of 10.58x is below the sector median (16.68x). The P/B of 1.53x is in line with the sector median (1.43x).
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 14.5%, above the sector average (10.0%). The operating margin is 17.2%. The debt ratio is 153.2%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $55.0M | $93.8M | $102.5M | +9.19% ↓ slower |
| Operating profit | $4.6M | $12.0M | $17.7M | +47.47% ↓ slower |
| Net profit | $6.1M | $10.9M | $15.0M | +37.46% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $55.0M | $93.8M | $102.5M |
| Operating profit | — | — | $4.6M | $12.0M | $17.7M |
| Net profit | — | — | $6.1M | $10.9M | $15.0M |
| Revenue CAGR | 2-yr avg 36.45% | ||||
Revenue rose 9.2% year over year (2023 ₩83.0 billion → 2024 ₩141.6 billion → 2025 ₩154.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 47.5% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 36.4%. The two-year revenue CAGR is 36.4%. In the most recent quarter (Q1 2026), revenue was 45.0% lower 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.
- ROE of 14.5% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 9.2% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 quarterly report disclosed -- revenue ₩16.5 billion (-45.0% YoY), operating profit ₩2.0 billion (-64.1%), net profit ₩2.4 billion (-38.7%)A short-term drag. That said, the company explained it as a temporary revenue decline from deferred delivery schedules, and whether it normalizes on an annual basis needs confirmation in the next quarter. Source
- 2026-03-23Filing2025 business report disclosed -- annual revenue ₩154.6 billion, operating profit ₩26.6 billion, net profit ₩22.7 billion, confirming a year-over-year increase in both top line and profitPositive for the medium term. Confirming two straight years of top-line expansion and margin improvement supports the business growth trend. Source
- 2026-02-11EarningsDisclosure of a change of 30% or more (15% for large corporations) in revenue or profit structure -- advance confirmation of a sharp improvement in 2025 annual resultsPositive for the medium term. This flagged the large improvement in results via disclosure ahead of the formal business report. Source
- 2026-05-27IRInvestor briefing (IR) held -- occasions to explain the business were arranged several times across April and May (4/14, 5/22, 5/27)Neutral to positive. As an official channel for the company to explain its business and results directly, it can be seen as a sign of increased communication during a weak quarter. Source
- 2026-04-30FilingDisclosure of a change in market classification -- notice of a change in the company's segment within KOSDAQNeutral. It has little direct bearing on business results but is an administrative disclosure noting a change in position within the market's classification. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-27Disclosure
- 2026-05-22Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-14Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-26PeriodicAnnual business report (amended)
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-02-11EarningsEarnings filing
- 2026-02-11Shareholders' 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.