PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩250 per share · Prices as of the 2026-10-02 close
PS Tec has extended a four-year streak of rising revenue and operating profit after emerging from a 2022 net loss, while simultaneously strengthening its dividend and share-cancellation policies.
Operating profit improved for four straight years, from a loss in 2022 to KRW 5.28bn (5.4% margin) in 2025.
Q1 2026 revenue dipped on delayed renewable and meter delivery schedules, but Q2 revenue and operating profit rebounded sharply, confirming company guidance.
The sharp net income jump in Q1-Q2 2026 was driven more by non-operating gains on financial asset valuations than by operating profit.
A 2026-2028 mid-term shareholder return plan commits to maintaining annual dividends and canceling 5.9% of shares outstanding.
Overseas and new-business expansion is underway, including a Ghana subsidiary and eco-friendly switchgear development.
PS Tec was founded in 1957 and listed on KOSDAQ in 1990, operating from its Seongsu-dong headquarters in Seoul along with production sites in Gimpo, Gwangcheon, and Naju.
Its core business is electronic power meters and AMR (automatic meter reading) central systems, and the company holds the number-one share of newly installed electronic meters in Korea along with type approvals for all six domestic electronic meter categories.
Its main customer is Korea Electric Power Corporation (KEPCO), and it also supplies meters and AMR systems together with after-sales service to large construction companies, with names such as Samsung C&T and Hyundai Engineering & Construction mentioned as clients.
A separate gas-meter business serves city gas utilities, and a security-enhanced 'secure meter' lineup has recently emerged as a growth driver. The renewable energy segment is run through PS Green Energy, a wholly owned joint venture with PS Power, executing large-scale projects.
According to data compiled by information provider Alphasquare, recent revenue mix shows the core meter business at roughly 61%, renewables at about 22%, and other segments at about 17%.
The company is also building a foothold in the heavy electrical equipment market through new businesses such as EV chargers and eco-friendly switchgear.
Overseas expansion has accelerated since the establishment of a Ghana subsidiary in 2025, alongside overseas smart meter development and collaboration discussions with companies in multiple countries.
Domestic peers in the meter industry include names such as Omni System, and whether the company secures KEPCO order volumes directly affects its results.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩30B | ₩1.7B | 5.5% |
| 2025Q3 | ₩22.7B | ₩600M | 2.8% |
| 2025Q4 | ₩18.7B | ₩1.2B | 6.6% |
| 2026Q1 | ₩17.6B | ₩400M | 2.3% |
| 2026Q2 | ₩23.3B | ₩1.5B | 6.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩71B | -₩1.8B | -₩4.6B | −2.6% | −3.5% | 17.1% |
| 2023 | ₩69.6B | ₩900M | ₩3.9B | 1.2% | 3.0% | 18.8% |
| 2024 | ₩80.6B | ₩3.4B | ₩5.6B | 4.3% | 4.4% | 33.4% |
| 2025 | ₩97.2B | ₩5.3B | ₩9.1B | 5.4% | 6.7% | 28.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
PS Tec's consolidated revenue slipped slightly from KRW 70.98bn in 2022 to KRW 69.63bn in 2023, before recovering clearly to KRW 80.59bn in 2024 and KRW 97.16bn in 2025.
Operating profit swung from a KRW 1.84bn loss in 2022 to a KRW 0.85bn profit in 2023, then expanded to KRW 3.43bn in 2024 and KRW 5.28bn in 2025, lifting the operating margin from -2.6% in 2022 to 5.4% in 2025.
Net income attributable to owners also improved for four consecutive years, from a KRW 4.63bn loss in 2022 to KRW 3.90bn in 2023, KRW 5.64bn in 2024, and KRW 9.13bn in 2025.
The company attributed the 2025 improvement to growth in the secure-meter market, higher renewable energy and AMI revenue, and increased non-operating income from fair-value gains on financial investment assets.
By quarter, Q1 2026 revenue of KRW 17.58bn came in below both Q4 2025 (KRW 18.72bn) and Q2 2025 (KRW 30.00bn), which the company attributed to a temporary overlap of delayed renewable revenue recognition and meter delivery schedules, while guiding for improvement from Q2 onward.
That guidance materialized as Q2 2026 revenue reached KRW 23.33bn with operating profit of KRW 1.45bn, a marked improvement from Q1's KRW 0.41bn.
However, owner net income in Q1 and Q2 2026 reached KRW 6.95bn and KRW 8.78bn respectively, far exceeding operating profit, reflecting a heavy contribution from non-operating items such as financial asset valuation gains tied to a favorable domestic stock market, which should be interpreted separately from the revenue and operating profit trend.
Cash flow also improved markedly: operating cash flow was negative in both 2022 (-KRW 9.17bn) and 2024 (-KRW 1.62bn) before turning strongly positive at KRW 19.13bn in 2025, while the debt ratio rose from 17.1% in 2022 to 33.4% in 2024 before easing to 28.1% in 2025, maintaining relatively low leverage.
Korea's power meter market is shaped by KEPCO's expansion of AMI (advanced metering infrastructure) and AMR systems alongside demand to replace aging analog meters with electronic ones.
According to information provider WiseReport, KEPCO's adoption of AMIGO meters and expanding AMR system demand have driven higher power meter sales, with the 2025 award of KEPCO's annual supply contract cited as a contributor to earnings improvement.
Participation in AMIGO meter contracts, expanded sales to premium villas and apartments, and delivery of a mold counter co-developed with Samsung Electronics are cited as potential drivers of further margin improvement.
In the city-gas segment, expanding volumes from existing customers have driven double-digit growth in gas meter sales.
The renewable energy segment continues to see large-project demand aligned with government energy transition policy, though revenue recognition can swing significantly by quarter depending on project progress.
Within the domestic meter industry, competitors such as Omni System exist, with type approvals, quality certifications, and success in KEPCO tenders serving as key differentiators of market position.
Entry into the heavy electrical equipment market through eco-friendly switchgear development remains at an early stage, requiring proof of results against established heavy-equipment incumbents.
The company attributed the Q1 2026 revenue contraction to a temporary overlap of delayed renewable energy revenue recognition and meter delivery schedules, and guided for improvement from Q2 onward—a claim partly borne out by the subsequent rebound in Q2 revenue and operating profit.
Management stated that large renewable energy projects continue to progress and that secure meters and eco-friendly switchgear are entering a phase of more substantial revenue contribution.
On shareholder returns, a corporate value-up plan disclosed in March 2026 commits, over 2026-2028, to maintaining an annual dividend level including interim payouts and canceling shares equal to 5.9% of shares outstanding, aiming to make the policy more predictable.
Stated execution priorities include cost reduction, production efficiency gains, and strengthening cash flow liquidity through improved financial soundness.
Overseas, building on the 2025 Ghana subsidiary, the company is pursuing overseas smart meter development and collaboration discussions with companies in multiple countries, and it has identified renewable energy and overseas market expansion as mid-to-long-term growth drivers.
The company is also reported to be exploring strategic investment or M&A opportunities in the power infrastructure sector that could create synergies with its core business, backed by ample cash on hand.
PS Tec has extended a four-year recovery from its 2022 loss, with revenue and operating profit rising each year, and net income expanded sharply in the two most recent quarters.
However, a substantial portion of that recent net income growth stemmed from non-operating gains tied to fair-value changes in financial assets rather than from operations, making it difficult to read profit size purely as an operating result.
The current share price trades at a discount to the company's per-share net asset value, and appears to sit below the multiple ranges the stock has traded at on an earnings basis historically. The company has committed to maintaining a minimum annual dividend level and canceling treasury shares over the medium term.
Given a history of volatility tied at times to political-theme classification, how this recent push toward stronger shareholder returns continues alongside earnings improvement remains a point of investor interest.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
Operating profit rose every year from a 2022 loss to KRW 5.28bn in 2025, lifting the operating margin to 5.4%. Net income also improved for four consecutive years starting in 2023.
Q2 2026 saw a clear rebound in both revenue and operating profit versus Q1, partly confirming the improvement trend the company had guided for.
The company disclosed a 2026-2028 mid-term plan to maintain a minimum annual dividend level and cancel 5.9% of shares outstanding, an attempt to improve predictability versus a history of variable dividend sizes.
Earning the top A+ ESG grade from NICE D&B is also cited as a positive factor on governance and environmental management.
Following the 2025 establishment of a Ghana subsidiary, the company is pursuing overseas smart meter development and collaboration with companies in multiple countries.
It is also building a foothold in the heavy electrical equipment market through eco-friendly switchgear development, moving beyond its meter-centric business structure. The renewable energy segment continues to grow its revenue share through large-scale project execution.
Q1 2026 revenue declined from both the prior quarter and the year-earlier quarter as renewable revenue recognition and meter delivery schedules were delayed and overlapped.
Renewable energy project revenue can be concentrated in specific quarters depending on progress, which can widen quarter-to-quarter earnings swings. This volatility could recur in future periods.
Net income in Q1 and Q2 2026 far exceeded operating profit, reflecting a large contribution from non-operating items such as financial asset valuation gains tied to a favorable domestic stock market.
The company itself noted that fair-value gains on financial investment assets were a key driver of higher non-operating income in 2025. A reversal in market conditions could unwind some of these valuation gains.
Market commentary has noted that PS Tec was at one point classified as a political-theme stock and experienced sharp short-term price swings as a result.
While management has expressed intent to be valued on fundamentals such as revenue and profitability rather than theme association, renewed theme-driven flows in either direction could increase price volatility independent of underlying fundamentals.
The core power meter business relies heavily on order volume from KEPCO. Whether the company wins the annual supply contract and the pace of new specification adoption such as AMIGO meters directly affect results. High dependence on a specific customer means changes in procurement policy could translate into revenue swings.
Net income can swing significantly with stock market conditions due to fair-value accounting on the company's financial investment assets. The recent net income surge reflects a substantial contribution from such valuation gains, meaning net income could revert closer to operating profit levels if the market weakens. This factor should be assessed separately from operating performance.
New businesses such as renewable energy, overseas subsidiaries, and eco-friendly switchgear remain at an early stage, with uncertain timing and scale for monetization. Delayed renewable revenue recognition already affected Q1 2026 results, and similar delays cannot be ruled out in the future.
Overseas business is still at the stage of discussing collaboration with companies in multiple countries, with concrete results not yet confirmed.
In the Q3 2026 quarterly report, check whether delayed renewable and meter revenue recognition has resolved, how much revenue and operating profit recover, and how the share of financial asset valuation gains in net income changes.
Check the outcome of KEPCO's next annual power meter supply contract award and allocation of new-specification volumes such as AMIGO meters, to assess revenue visibility from the core customer.
Check the fiscal year 2026 year-end dividend decision disclosure to confirm whether the mid-term shareholder return plan (maintaining annual dividends, share cancellation) is actually being implemented.
Check IR and disclosure updates on how much of the renewable energy project revenue delayed in Q1 2026 is recognized in the second half, and on the progress of large-scale projects.
Check whether concrete progress (contract signing, order wins) on the Ghana subsidiary and overseas smart meter collaboration is disclosed, to assess whether overseas business is beginning to contribute meaningfully to revenue.
PS Tec has sustained a recovery trend with revenue and operating profit improving for four consecutive years after emerging from a 2022 net loss, with the secure meter, gas meter, and renewable energy segments growing evenly in 2025 to lift the operating margin to 5.4%.
The Q1 2026 revenue contraction appears to have been partly temporary as the company explained, a claim partially confirmed by the Q2 rebound, but the recent surge in net income owes more to non-operating factors such as financial asset valuation gains than to operating performance, warranting separate scrutiny of earnings quality.
The company has disclosed a shareholder return policy for 2026-2028 that includes maintaining a minimum annual dividend and canceling treasury shares, while also pursuing overseas and new-business expansion through its Ghana subsidiary and eco-friendly switchgear development.
However, its core revenue source remains heavily dependent on order volume from KEPCO, quarterly results can vary widely depending on renewable project revenue recognition timing, and supply-demand volatility tied to its past classification as a political-theme stock remains a lingering factor.
Going forward, Q3 results, the outcome of KEPCO's annual contract award, and the execution of the dividend and share-cancellation plans are likely to be key variables in assessing the durability of both earnings and the shareholder return policy.
Report written 2026-09-05 · Data as of 2026-09-04
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