PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Nuintek posted operating profit in both Q1 and Q2 2026, but during the same period it was designated an administrative issue stock for falling short of share-price and market-cap thresholds, leaving earnings recovery and listing risk in view at the same time.
Q2 2026 consolidated revenue was KRW 26.519 billion with operating profit of KRW 233 million and net profit of KRW 303 million, turning both operating and net results positive.
Full-year 2025 revenue rose to KRW 82.799 billion, yet the company posted an operating loss of KRW 7.228 billion and a net loss of KRW 12.660 billion, extending losses to a fourth straight year.
In August 2026 Nuintek was designated an administrative issue stock for trading below KRW 1,000 for 30 sessions, and a market-cap shortfall below KRW 20 billion was later added as a further reason.
Controlling shareholder and CEO Jang Gi-su alone subscribed to a KRW 3.0 billion third-party share placement and made additional open-market purchases, lifting his stake to roughly 32%.
The debt ratio stood at 383.1% at the end of 2025, and the company has relied on repeated capital raises over the past several years.
Founded in 1968, Nuintek manufactures and sells capacitors and the metallized film used to make them. Its largest revenue source is sales of metallized film (PECAP), followed by AC capacitors.
The company produces and sells both capacitors and the deposited film that goes into them, serving applications across home appliances, power equipment and renewable energy.
More recently it has repositioned its portfolio around eco-friendly vehicle capacitors and deposited film, and in the first half of 2026, on a standalone basis, automotive-capacitor sales grew 30% and deposited-film sales grew 11%, with balanced growth in core products driving the earnings improvement.
Its main subsidiaries are Geukgwang Electric in Suzhou, China, and NUINTEK EUROPE SRL, spreading production and sales across domestic and overseas markets. The end markets it serves—appliances, industrial power equipment, and EVs/renewables—are diversified but also exposed to macro cycles and raw-material cost swings.
Management has outlined a plan to add power-capacitor sales as a new growth driver from the second half of 2026 to diversify the product mix further.
The domestic capacitor and film market includes numerous small and mid-sized electronic component makers, making category-level market share and quality certification with automakers and power-equipment customers key competitive variables.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩21.5B | -₩1.7B | −7.7% |
| 2025Q3 | ₩20.2B | -₩1.2B | −5.9% |
| 2025Q4 | ₩20.4B | -₩3.8B | −18.6% |
| 2026Q1 | ₩23.1B | ₩24,482,507 | 0.1% |
| 2026Q2 | ₩26.5B | ₩200M | 0.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩75.3B | -₩8.2B | -₩9.6B | −10.9% | −52.4% | 342.9% |
| 2023 | ₩79.1B | -₩11.1B | -₩12.8B | −14.0% | −40.3% | 139.6% |
| 2024 | ₩79.5B | -₩5.9B | -₩6.6B | −7.4% | −25.6% | 194.9% |
| 2025 | ₩82.8B | -₩7.2B | -₩12.7B | −8.7% | −83.7% | 383.1% |
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
On an annual basis, revenue rose gradually from KRW 75.322 billion in 2022 to KRW 79.095 billion in 2023, KRW 79.500 billion in 2024 and KRW 82.799 billion in 2025.
Operating profit, however, stayed negative throughout at -KRW 8.216 billion, -KRW 11.093 billion, -KRW 5.859 billion and -KRW 7.228 billion, while net loss attributable to owners moved from -KRW 9.632 billion to -KRW 12.828 billion to -KRW 6.574 billion and back to -KRW 12.660 billion.
In 2025, both the operating loss and net loss widened from 2024 even as revenue increased.
Quarterly, the operating loss narrowed from KRW 1.656 billion in Q2 2025 to KRW 1.199 billion in Q3 2025, before widening sharply to an operating loss of KRW 3.809 billion and a net loss of KRW 7.708 billion in Q4 2025, which accounted for much of the full-year shortfall.
Operating profit then turned marginally positive at KRW 24 million in Q1 2026, though the net result stayed negative at -KRW 234 million, before Q2 2026 delivered revenue of KRW 26.519 billion, operating profit of KRW 233 million and net profit of KRW 303 million—operating and net profitability at the same time.
This was described as two consecutive quarters of profit following Q1. Summed over the trailing four quarters (Q3 2025-Q2 2026), revenue reached KRW 90.267 billion while the net loss attributable to owners totaled KRW 9.100 billion, still in loss territory mainly due to the large Q4 2025 shortfall.
On cash flow, operating cash flow turned positive at KRW 5.399 billion in 2025 after three straight negative years in 2022-2024 (-KRW 3.086 billion, -KRW 4.059 billion, -KRW 1.227 billion), showing that cash generation has been at least as volatile as reported earnings.
The capacitor and metallized-film industry Nuintek operates in has expanded its application base beyond home appliances into EVs, renewable energy and industrial power equipment.
Industry observers note that as demand for EVs and industrial power equipment recovers, the capacitor market is improving gradually and related component makers' earnings are entering a recovery phase.
That said, this cyclical improvement has not automatically translated into better listing conditions for individual stocks.
In fact, Nuintek, a maker of film capacitors for electric vehicles, posted operating profit of KRW 257 million in the first half of this year, turning positive from an operating loss of KRW 2.22 billion a year earlier.
Even so, Nuintek was designated an administrative issue stock last month for the penny-stock reason, and this month a market-cap shortfall reason was added.
This reflects a regulatory shift in which the government raised the market-cap delisting threshold from KRW 15 billion to KRW 20 billion and newly introduced the penny-stock requirement, and the market-cap shortfall threshold is set at KRW 20 billion through the end of 2026, rising to KRW 30 billion from 2027.
In other words, a favorable industry-cycle signal and tightened listing-maintenance rules aimed at small-cap stocks are both in play at the same time.
Competitively, numerous domestic and overseas capacitor and film makers compete by product category, making quality certification with automakers and power-equipment customers, along with cost competitiveness, key to expanding sales.
Management has said its second-half plan is for continued growth in deposited-film and automotive-capacitor sales, with power-capacitor sales added to sustain top-line growth and profitability improvement.
On funding, in July 2026 the company decided on a KRW 3.0 billion third-party share placement to controlling shareholder and CEO Jang Gi-su, and the proceeds were earmarked for operating funds, to be used for raw-material purchases and general expenses.
In addition, Jang purchased 217,613 treasury-related shares on the open market, raising his holdings to 7,104,535 shares and his stake to 32.23%, having earlier alone subscribed to the KRW 3.0 billion placement at KRW 897 per share for 3,344,481 shares.
Earlier in 2026 the company also restructured its capital base through an 80% reverse split combining five common shares into one, which cut paid-in capital from KRW 28.2 billion to KRW 5.6 billion.
The most urgent task is restoring the share-price and market-cap thresholds needed to lift the administrative-issue designation, under a structure in which the designation can be lifted only if the relevant criteria are met for 45 consecutive trading days within 90 trading days of designation.
Failure to meet this could trigger formal delisting grounds, making the pace of price and market-cap recovery as important a variable for listing status as the pace of earnings improvement.
Because Nuintek has posted net losses for four consecutive years, conventional price-to-earnings comparisons are difficult to apply here. Both the company's own and the exchange's price-to-book ratios sit below 1x, indicating the current market capitalization sits below book net asset value.
With the trailing four-quarter net result still a loss attributable to owners, asset-value and balance-sheet metrics carry relatively more weight than profit-based valuation metrics for now. There has been no dividend in recent years, so a dividend-yield comparison is not meaningful either.
Two consecutive quarters of operating profit in 2026 can be read as establishing a precondition for profit-based metrics to become more meaningful going forward.
At the same time, the administrative-issue designation—a listing-maintenance risk—exists in parallel, so valuation interpretation needs to weigh regulatory variables alongside earnings metrics.
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
Nuintek followed a profitable Q1 2026 with a second straight quarter of operating profit. Q2 revenue rose 23.1% year on year to KRW 26.519 billion, and operating profit of KRW 233 million reversed from an operating loss a year earlier. Balanced growth in core products—automotive capacitors and deposited film drove the improvement.
CEO Jang Gi-su alone subscribed to a KRW 3.0 billion third-party placement in July 2026, and in August he purchased an additional 217,613 treasury-related shares on the open market, lifting his stake to 32.23%. The consecutive injections of personal capital can be read as a sign of management's commitment to the company.
Industry watchers note the capacitor market is improving gradually as demand recovers for EVs and industrial power equipment. Nuintek has also outlined plans to add power-capacitor sales in the second half to diversify its product mix.
If power capacitors join automotive capacitors and deposited film as growth drivers, the revenue base could become more diversified.
Nuintek was designated an administrative issue stock under KOSDAQ listing rules for the penny-stock reason, effective August 13, 2026. A market-cap shortfall reason was later added.
Observers note that clearing the price or market-cap threshold for 45 consecutive sessions within 90 trading days is nearly impossible for a stock that keeps oscillating around the KRW 1,000 line.
Nuintek's debt ratio reached 383.1% at the end of last year. Since 2018, roughly KRW 51.1 billion has been raised through multiple rights offerings and equity-linked bond issuances.
Repeated external funding has also diluted the controlling shareholder's stake over time, and if earnings improvement does not accompany future raises, the need for further funding could resurface.
Nuintek posted a net loss in every year from 2022 through 2025, and the 2025 net loss of KRW 12.660 billion was actually larger than the KRW 6.574 billion loss in 2024. A net loss of KRW 7.708 billion in Q4 2025 alone accounted for much of the annual shortfall.
Even with quarterly profits continuing into 2026, the trailing four-quarter total remains in net-loss territory.
If the share-price and market-cap thresholds are not restored while under administrative-issue designation, formal delisting grounds can be triggered.
Since market capitalization is share price multiplied by share count, a reverse split does not change the total itself, so the share price must rise in real terms to clear the market-cap threshold and exit administrative-issue status.
Under the strict structure requiring 45 consecutive qualifying sessions within a 90-trading-day window, a volatile low-priced stock can struggle to clear the bar.
A debt ratio of 383.1% at the end of 2025 points to a heavy liability burden relative to equity, and the company has relied on external funding through multiple rights offerings. Operating cash flow was negative for three straight years in 2022-2024 before turning positive in 2025, showing high volatility. If earnings improvement slows, further equity raises or increased borrowing cannot be ruled out.
While quarterly operating profit turned positive in 2026, the absolute scale of profit remains small, making it premature to conclude sustainability. The appliance, power-equipment and EV end markets are sensitive to the economic cycle and raw-material costs, which can widen profitability swings.
The timing and scale of revenue contribution from new growth drivers such as power capacitors have not yet been formalized, adding to uncertainty.
Timing of the Q3 2026 (July-September) quarterly report, when investors can check whether the profit trend continued into Q3 and whether power-capacitor sales began contributing.
Whether the share-price and market-cap thresholds were met for 45 consecutive sessions will determine whether the administrative-issue designation is lifted or a formal delisting reason is confirmed.
Whether the planned expansion into power-capacitor sales is executed on schedule, and whether any additional capital raise (rights offering or borrowing) occurs, should be checked.
Filing of the FY2026 audit report, when the audit opinion and any capital-impairment status should be checked again for financial soundness.
Nuintek posted operating profit in both Q1 and Q2 2026, showing signs of a shift after four years of losses. Growth in automotive-capacitor and deposited-film sales drove the improvement, and the company also plans to add power-capacitor sales in the second half.
At the same time, controlling shareholder and CEO Jang Gi-su raised his stake to roughly 32% through a share placement and open-market purchases, signaling commitment to the business.
However, the stock was designated an administrative issue in August 2026 for trading below the penny-stock threshold, with a market-cap shortfall added as a further reason in September, raising listing-related uncertainty at the same time.
A debt ratio of 383.1% at the end of 2025 and a history of repeated external funding remain balance-sheet concerns. The trailing four-quarter total still shows a net loss, so it remains to be seen whether quarterly profitability will translate into a full-year improvement.
Ultimately, the pace of the core business's recovery and whether the share-price and market-cap thresholds are met to lift the administrative-issue designation stand out as the key items to watch going forward.
Report written 2026-10-01 · Data as of 2026-09-30
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