Vitzro Nextech makes 'big-science' equipment components, including core engine parts such as combustors, gas generators, and cryogenic piping for space launch vehicles (Nuri and the next-generation launch vehicle), and plasma-facing components for the international fusion reactor (ITER) and Korea's KSTAR. In 2025, roughly 60% of revenue came from aerospace, and it also handles synchrotron and heavy-ion accelerator parts, so its revenue is driven by the ordering schedules of the government and research institutions. On March 10, 2026, it signed a single order of about ₩4.5 billion (more than 12% of 2025 revenue of ₩36.8 billion) related to next-generation launch-vehicle combustors; a February 13 disclosure of a 30%-plus change in the profit-and-loss structure showed a clear narrowing of the 2025 loss, and the figures were confirmed in the regular reports filed in March and May. Having listed only in November 2025, the company is at the stage where regular reports are first accumulating. The notable point is that holding a hard-to-replace localized position in space launch vehicles and fusion, along with a revenue rebound, a narrowing loss, and the ₩4.5 billion new order adding follow-on revenue visibility, is a strength, but both operating and net profit are still in the red, operating profit does not cover interest, and quarterly swings are large due to ordering schedules, so the chain of 'orders → revenue → return to profit' must be checked each quarter.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 21.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 12.6% higher than a year earlier.
- ROE is -11.2% (total-net basis). It is below the sector average.
- Operating margin is -20.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Vitzro Tech 69.02% (individual)
Controlling bloc incl. related parties 69.55%
With the controlling bloc holding 70%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Vitzro Nextech makes and sells core components for 'big-science' equipment.
- Its largest revenue pillar is space launch vehicles, producing core engine parts such as combustors, gas generators, heat-exchange exhaust systems, and cryogenic piping for the Korean launch vehicle (Nuri) and the next-generation launch vehicle.
- In 2025, roughly 60% of total revenue came from this aerospace segment.
- The second pillar is fusion, supplying plasma-facing components (protective and shielding devices that come into direct contact with ultra-high-temperature plasma) for the international fusion reactor (ITER) and Korea's KSTAR.
- It also handles parts for synchrotron and heavy-ion accelerators (RAON, KOMAC, Pohang 4th-generation) and plasma waste-treatment facilities.
- In short, it earns money by supplying components for national R&D projects and large infrastructure orders, taking on high-barrier localized areas that are both a strength and the source of revenue's dependence on government and research-institution ordering schedules.
- The latest close was ₩7,220 and the market cap is ₩209.2 billion.
- The price sits below both the 20-day line (₩9,068) and the 60-day line (₩14,162).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a gauge comparing recent upward and downward strength over the past 14 days on a 0-100 scale) is 28.5, close to oversold territory.
- The one-month change is -35.1%, the three-month change is -57.1%, and the position versus the 52-week high is -75.8%.
- Relative strength against the KOSDAQ is 4 (on a 1-99 scale, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 97% of all stocks by strength.
- Over the past three months it lagged the index by 44.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On a confirmed annual (2025) basis, the P/E (how many times one year of net profit the share price is) cannot be calculated because net profit is negative, and the P/B (how many times book value per share the price is) is 3.55x.
- The key point is that the P/E is not absent because the stock is 'expensive' but because it is undefined without a profit.
- Trailing (confirmed-results) metrics alone therefore cannot settle whether it is cheap or expensive; only once the timing and scale of a return to profit are confirmed does a profit-based valuation carry meaning.
- A P/B of 4.00x is not far off from space and aerospace-component peers, and should be read in light of the business character of handling localized components in a national strategic field.
- Profitability metrics are still pre-profit: ROE (how much is earned on equity in a year) is -11.2% and the operating margin is -20.0%.
- The debt-to-equity ratio is 193.0% and the current ratio is 162%, so short-term liquidity is holding up, but with a negative interest-coverage ratio, operating profit does not cover interest, which is a point to watch until the return to profit.
- Revenue fell sharply once from ₩45.5 billion in 2023 to ₩30.4 billion in 2024, then rebounded 21.1% to ₩36.8 billion in 2025.
- The three-year revenue CAGR is -10.1%, so the trend is still mixed, but the direction is toward recovery.
- The profit-and-loss side is more notable: the operating result was -₩7.9 billion in 2023, -₩14.1 billion in 2024, and -₩7.4 billion in 2025, with the loss nearly halving in a single year in 2025.
- Rising revenue with a narrowing loss is the classic early shape of a profitability recovery.
- In Q1 2026, revenue rose 12.6% year on year to ₩7.1 billion, continuing the growth, while the operating result stayed negative at -₩3.4 billion (on a quarterly-cumulative rather than confirmed-annual basis).
- No company-provided numerical annual or quarterly outlook is confirmed, so rather than filling in future profit with arbitrary numbers, only confirmed results and directly calculated trends are presented.
- The point to watch for growth is not the simple revenue growth rate but whether rising revenue keeps narrowing the loss into a return to profit, and the fact that it rests on large national projects such as the next-generation launch vehicle and fusion supports this recovery scenario.
- The key recent disclosure is the March 10, 2026 single-sale/supply contract related to next-generation launch-vehicle combustors.
- At about ₩4.5 billion, exceeding 12% of 2025 annual revenue (₩36.8 billion), this single order carries significant weight in the coming quarters' revenue-recognition flow.
- On February 13, 2026, a disclosure of a 30%-plus change in revenue/profit-and-loss structure was filed, read as reporting confirmed results in which the 2025 loss narrowed markedly from the prior year.
- The business report (2025.12) filed on March 24 and the quarterly report (2026.03) filed on May 15 are the documents that officially confirm and update these figures.
- Having listed on the KOSDAQ in November 2025, the company is at the stage where regular reports are first accumulating, and whether new orders translate into actual revenue and cash flow is the point to watch going forward.
- The strengths are clear: it holds a hard-to-replace position, supplying localized core engine and plasma components in the national strategic fields of space launch vehicles and fusion.
- Add to that the 2025 revenue rebound, a clear narrowing of the loss, and the follow-on revenue visibility from the ₩4.5 billion new order, and clues to a profitability recovery are appearing in both results and disclosures.
- The price has also fallen well off its 52-week high, so it is hard to argue that all expectations are already fully priced in.
- Points to weigh alongside these are that both operating and net profit are still negative and operating profit does not cover interest, that revenue depends on government and research-institution ordering schedules and can vary widely by quarter, and that with less than a year since listing, it is hard to gauge value from trailing metrics alone.
- Overall, this company is strong when orders quickly translate into revenue and profit and the loss keeps narrowing, and weak when orders are delayed or the loss narrowing stalls.
- Rather than concluding one way, it is reasonable to track whether the 'orders → revenue → return to profit' chain continues each quarter.
🔎 Valuation vs peers Inconclusive
Compared against KOSDAQ names in the same business making space launch-vehicle, satellite, and aerospace components where data is available; because many peers are profitable (positive ROE) while Vitzro Nextech is loss-making, direct P/E comparison has limits.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Satrec Initiative | 56.94x | 3.50x | 6.14% |
| Lumir | 2550.00x | 1.92x | 0.07% |
| KP Aero Industries | 41.89x | 3.81x | 9.09% |
(a) Position versus the true peer set: on a P/B basis it sits in a 5-6x range similar to Satrec Initiative and KP Aero Industries, so on the surface it does not look markedly expensive. (b) However, peers have positive ROE (profitable) while this stock has an ROE of -11.2% (loss-making), so at the same P/B there is a difference between a company that grows equity through profit and one that is still eroding equity. (c) This is a case where the limits of trailing metrics loom large — with a loss there is no P/E, and when profit is at an inflection point (a return to profit), value cannot be settled from last year's results alone. No company-provided numerical forward outlook is confirmed, so for now, until a return to profit is confirmed, Inconclusive is the honest conclusion. Rather than declaring it cheap or expensive, the pace of loss narrowing and the order flow should be watched together.
Price history Close · MA20 · MA60
The latest close is ₩7,220 and the market capitalization is ₩209.2 billion. The price sits below its 20-day moving average (₩9,068) and below its 60-day moving average (₩14,162). 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 28.5, near oversold territory. The one-month change is -35.1%, the three-month change is -57.1%, and the position relative to the 52-week high is -75.8%. Relative strength versus the KOSDAQ is 4 (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 3% of all stocks. Over the past three months it lagged the index by 44.1%. 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 -44.10% / 6M -54.84% / 12M -38.67%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.55x is above the whole-market median (1.15x).
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 -11.2%, below the whole-market average (5.0%). The operating margin is -20.0%. The debt ratio is 193.0%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $30.2M | $20.1M | $24.4M | +21.12% ↑ faster |
| Operating profit | -$5.2M | -$9.3M | -$4.9M | — |
| Net profit | -$6.8M | -$10.2M | -$4.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $30.2M | $20.1M | $24.4M |
| Operating profit | — | — | -$5.2M | -$9.3M | -$4.9M |
| Net profit | — | — | -$6.8M | -$10.2M | -$4.4M |
| Revenue CAGR | 2-yr avg -10.10% | ||||
Revenue rose 21.1% year over year (2023 ₩45.5 billion → 2024 ₩30.4 billion → 2025 ₩36.8 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 -10.1%. The two-year revenue CAGR is -10.1%. In the most recent quarter (Q1 2026), revenue was 12.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 21.1% 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
- 2026-03-10UpdateSigned a single-sale/supply contract related to next-generation launch-vehicle combustors (about ₩4.5 billion)As a single order equal to more than 12% of 2025 annual revenue, it is a short- to mid-term positive that raises the visibility of revenue recognition in the coming quarters. However, if the timing of revenue recognition is spread out, quarterly results could vary more widely. Source
- 2026-02-13EarningsDisclosure of a 30%-plus change (15% for large corporations) in revenue or profit-and-loss structureA disclosure reporting confirmed results in which the 2025 loss narrowed sharply from the prior year (operating loss of -₩14.1 billion) to -₩7.4 billion, a mid-term observation point confirming the direction of the profitability improvement. Source
- 2026-05-15FilingFiled quarterly report (2026.03) — Q1 2026 revenue ₩7.1 billion (up 12.6%), operating loss -₩3.4 billionThe first quarterly results accumulating after listing, confirming that revenue growth continued while the loss persisted. It serves as a basis, together with the annual trend, for gauging the pace of a return to profit. Source
- 2026-03-24FilingFiled business report (2025.12) — revenue ₩36.8 billion, operating loss -₩7.4 billion, net loss -₩6.6 billion confirmedThe reference document for 2025 confirmed annual results, and the starting point for interpreting valuation and growth rates. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-24PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-19Amended filing
- 2026-03-19Amended filing
- 2026-03-18Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-03-10Single supply/sales contract
- 2026-02-13EarningsEarnings filing
📖 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.