PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
Booster's revenue has grown for four consecutive years through 2025 with improving operating margin, but three of the last four quarters (2025Q3-2026Q2) posted operating losses, showing increased earnings volatility.
2025 consolidated revenue reached KRW 120.76bn with operating profit of KRW 1.81bn (OPM 1.5%), a margin recovery from 0.2% in 2024.
Three of the last four quarters — 2025Q4, 2026Q1, and 2026Q2 — posted operating losses, with the 2026Q2 net loss attributable to owners widening to KRW 1.61bn.
The company is diversifying its portfolio through heat pump market entry, distribution of AERCO high-efficiency condensing boilers, and an air pollution prevention facility business.
A 1-for-1 bonus share issuance resolved in July 2026 doubled shares outstanding from 8,404,800 to 16,809,600, with new shares listed on August 14, 2026.
The debt ratio stood at a low 25.4% in 2025, and operating cash flow remained positive in both 2024 and 2025, indicating a relatively stable financial structure.
Booster was founded in 1973 and is a manufacturer of structural metal tanks and steam generators that listed on KOSDAQ on February 23, 2011. Its main product is the once-through boiler, positioning the company as a specialized industrial boiler manufacturer.
Once-through boilers offer high energy efficiency and compact design, and their inspection-exemption benefit reduces maintenance costs, making them favored in the market.
The company focuses on developing low-NOx burners and high-efficiency combustion technology, holding 24 patents through its affiliated research institute. It operates 35 offices nationwide with about 200 service personnel to provide thorough after-sales service, which supports brand recognition and customer trust.
Its main customers span construction companies, public institutions, hotels, and commercial buildings, with domestic sales accounting for 97.8% of revenue. The company holds approximately 30.3% share of the industrial boiler market, maintaining the number-one position.
More recently, it has entered the heat pump market to expand its eco-friendly energy business and is diversifying its portfolio through distribution of AERCO high-efficiency condensing boilers and an air pollution prevention facility business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩31.8B | ₩1.3B | 4.2% |
| 2025Q3 | ₩31.7B | ₩1B | 3.1% |
| 2025Q4 | ₩28.5B | -₩500M | −1.6% |
| 2026Q1 | ₩25.3B | -₩1B | −4.1% |
| 2026Q2 | ₩26.9B | -₩400M | −1.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩91.9B | -₩3.3B | -₩1.2B | −3.6% | −1.6% | 22.3% |
| 2023 | ₩101.1B | ₩1.5B | ₩1.4B | 1.5% | 1.9% | 22.0% |
| 2024 | ₩106.2B | ₩200M | ₩1.7B | 0.2% | 2.1% | 33.6% |
| 2025 | ₩120.8B | ₩1.8B | ₩1.6B | 1.5% | 1.9% | 25.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Booster's consolidated revenue rose for four consecutive years, from KRW 91.87bn in 2022 to KRW 101.06bn in 2023, KRW 106.18bn in 2024, and KRW 120.76bn in 2025.
Operating profit swung from a loss of KRW 3.31bn in 2022 to a profit of KRW 1.54bn (OPM 1.5%) in 2023, then dropped sharply to KRW 0.23bn (OPM 0.2%) in 2024 before recovering to KRW 1.81bn (OPM 1.5%) in 2025.
Net income attributable to owners moved from a loss of KRW 1.24bn in 2022 to KRW 1.45bn in 2023 and KRW 1.69bn in 2024, but edged down to KRW 1.56bn in 2025, diverging from the operating profit trend.
Operating cash flow was negative in 2022 (KRW -0.61bn) and 2023 (KRW -1.90bn), misaligned with reported net income, but turned strongly positive at KRW 4.48bn in 2024 and KRW 2.98bn in 2025, marking a clear improvement in cash generation over the past two years.
On a quarterly basis, 2025Q3 showed a favorable pattern with revenue of KRW 31.66bn, operating profit of KRW 0.99bn, and net income attributable to owners of KRW 1.29bn.
However, 2025Q4 reverted to a loss, with revenue of KRW 28.48bn and an operating loss of KRW 0.45bn, and the losses continued into 2026Q1 (revenue KRW 25.33bn, operating loss KRW 1.03bn) and 2026Q2 (revenue KRW 26.87bn, operating loss KRW 0.43bn) — three of the last four quarters in operating loss.
Notably, the 2026Q2 net loss attributable to owners widened to KRW 1.61bn, considerably larger than the operating loss, suggesting non-operating factors added further pressure on the bottom line.
The debt ratio rose from 22.3% in 2022 to 33.6% in 2024 before declining to 25.4% in 2025, keeping overall financial soundness in a relatively stable range.
The industrial boiler market is dominated by domestic orders from construction companies, public institutions, and hotel/commercial building operators, and domestic sales account for 97.8% of Booster's revenue, tying its results closely to the domestic construction and capital investment cycle.
The company holds roughly 30.3% share of this market, maintaining the number-one position, giving it a relatively strong competitive footing domestically.
More recently, rising preference for high-efficiency, eco-friendly boilers has driven growth in product-segment sales, with service-segment revenue growth also contributing to the improvement.
Replacement demand for aging boilers and tightening energy-efficiency regulations are structural factors supporting demand for eco-friendly products such as heat pumps and low-NOx burners.
However, because once-through boilers are delivered against large construction projects or public tenders, order and delivery timing tends to cluster, resulting in significant quarterly seasonality and volatility in revenue and profit — a defining characteristic of the industry.
Competitively, domestic boiler makers compete continually on price and technology, and individual companies' quarterly results can be heavily influenced by the budget execution timing of large customers.
In March 2026, Booster's board disclosed a value-up plan aimed at establishing a stable earnings structure through new-business activation and increasing orders and profit by diversifying customers for existing businesses.
Execution items included streamlining the organizational structure, maintaining financial soundness, securing sales talent for new businesses, and expanding profitability through cost competitiveness.
The new-business direction is taking shape through entry into the heat pump market, distribution of AERCO high-efficiency condensing boilers, and an air pollution prevention facility business.
On shareholder returns, the company disclosed that its 2025 dividend payout ratio was 41.44% and its dividend payment of KRW 646.5mn rose 60% from KRW 404.1mn the prior year, and stated that it qualifies as a high-dividend company under Article 104-27 of the Restriction of Special Taxation Act.
On the capital structure side, the board in July 2026 resolved a bonus issue allocating one new common share for every share held, doubling shares outstanding from 8,404,800 to 16,809,600, with the new shares scheduled to list on August 14.
That said, the specific timing and scale of new-business revenue contribution have not yet been confirmed through disclosure, warranting attention to upcoming quarterly results and individual order announcements to track execution progress.
Booster has posted net losses over the last four quarters, putting it in a range where a conventional price-to-earnings calculation is not meaningful. The share price trades in a range below the company's per-share net asset value, meaning the price-to-book ratio sits at a discount to net asset value.
Even during the profitable 2023-2025 period, the operating margin ranged only between 0.2% and 1.5%, reflecting a thin margin structure where earnings volatility directly feeds into valuation discussions.
Because the July 2026 bonus issue doubled the share count, this should be factored in when comparing per-share metrics before and after the issuance.
On dividend policy, the company has a history of being classified as a high-dividend company, but given the recent deterioration in quarterly earnings, whether that dividend level can be sustained going forward will depend on the earnings trajectory.
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 2026-09-05
Revenue grew for four consecutive years, from KRW 91.87bn in 2022 to KRW 120.76bn in 2025, with the operating margin improving from 0.2% in 2024 to 1.5% in 2025.
New-business expansion and customer diversification have been presented as additional growth drivers, providing an expanding revenue base as a foundation for further margin recovery.
The company is broadening its portfolio through heat pump market entry, distribution of AERCO high-efficiency condensing boilers, and an air pollution prevention facility business. Replacement demand for aging boilers and tightening energy-efficiency regulations could align with this diversification direction.
The debt ratio remained low at 25.4% in 2025, and operating cash flow stayed positive for two straight years (2024-2025). The company disclosed a 2025 dividend payout ratio of 41.44% with the dividend payment up 60% from the prior year, and it was classified as a high-dividend company.
Operating losses occurred in three consecutive quarters from 2025Q4 through 2026Q2, and the net loss attributable to owners widened to KRW 1.61bn in 2026Q2, larger than in prior quarters. This diverges from the annual earnings improvement trend seen through 2025.
Over the past four years, the operating margin has ranged from -3.6% to 1.5%, staying in the low-single-digit range even in profitable years. This leaves the business sensitive to cost and demand fluctuations.
With domestic sales accounting for 97.8% of revenue, most demand comes from domestic construction companies, public institutions, and commercial building orders, tying results closely to the domestic construction and capex cycle.
As a small-cap stock, liquidity is limited and price volatility can be elevated, a characteristic feature of micro-cap names.
Because industrial boilers are ordered and delivered on a project-by-project basis, quarterly revenue and profit can be irregular. This volatility was clearly evident in the last four quarters of reported results.
Changes in raw material and labor costs can easily erode the already thin operating margin. In 2024, the operating margin fell to 0.2% even as revenue increased, illustrating this sensitivity.
New businesses such as heat pumps, AERCO distribution, and air pollution prevention facilities are still in an early stage, with the timing and scale of revenue contribution not yet detailed in disclosures. Their competitiveness and profitability relative to the core boiler business still need to be validated.
Once 2026Q3 results are disclosed, check whether the recent string of operating losses continues or shows signs of improvement.
Watch for new order or contract disclosures related to heat pumps, AERCO distribution, or the air pollution prevention business to gauge the execution pace of the diversification strategy.
Check the FY2026 annual report and dividend resolution disclosure to see whether the payout ratio and dividend amount are maintained at 2025 levels.
If a one-year follow-up disclosure on the 2026 value-up plan is released, it can be compared against the original targets for new-business activation and order growth.
Booster emerged from a 2022 loss and posted four consecutive years of revenue growth through 2025, with operating margin improving to 1.5%, continuing a recovery trend.
However, narrowing the view to the most recent four quarters (2025Q3-2026Q2), three quarters posted operating losses, and the 2026Q2 net loss widened to over KRW 1.6bn, sending a different signal than the annual improvement trend.
The company has disclosed plans to broaden its portfolio through new businesses such as heat pumps, AERCO high-efficiency condensing boiler distribution, and air pollution prevention facilities, while maintaining dividends and financial soundness.
The debt ratio remains stable at around 25%, and operating cash flow has stayed positive for the past two years, indicating a relatively solid financial base.
That said, the timing and scale of new-business revenue contribution, and when the recent quarterly earnings volatility might stabilize, remain unconfirmed by disclosure. Tracking the next quarterly results and new-business-related disclosures will be necessary to monitor the trend going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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