PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩10 per share · Prices as of the 2026-10-02 close
CAS, the domestic leader in electronic scales, posted higher revenue but swung to a net loss in 2025, and quarterly earnings have shown wide swings through 2026.
Holds roughly 70% share of the domestic electronic scale market, with five overseas subsidiaries in China, Turkey, Germany and the US
2025 revenue rose to KRW 161.1bn, yet net income turned negative at roughly -KRW 1.66bn
Operating profit fell sharply year-on-year in Q1 2026 before rebounding in Q2, underscoring quarter-to-quarter volatility
The company is expanding into semiconductor/robot sensors and healthcare-related segments beyond its core scale business
The debt ratio has gradually improved from 184.3% in 2022 to 143.2% in 2025
CAS was founded in 1983 with electronic scales and load cells as its core business, and listed on KOSDAQ in 1989.
The company holds roughly 70% share of the domestic electronic scale market as the No.1 brand, and carries KOLAS-accredited calibration certification status as a specialized weighing and measurement company.
Under parent CAS Corporation, the group operates five overseas subsidiaries in China, Turkey, Germany and the United States; the China unit manufactures and sells electronic scales locally, the Turkey and Germany units handle sales, and the US unit is engaged in real estate leasing.
The product lineup spans industrial electronic scales and indicators, commercial/retail scales, load cells, and label supplies, with industrial products accounting for a substantial share of revenue. The company has built a global export network covering more than 100 countries.
More recently, CAS has leveraged its strain-gauge sensing technology base to develop new products including ultra-high-purity (UHP) pressure sensors for semiconductor processes and non-contact torque sensors, broadening its addressable markets.
It has also discussed new smart-factory system-integration collaboration with collaborative-robot specialist Neuromeka, signaling an attempt to extend its measurement technology into robotics and automation.
Competitively, while CAS faces large overseas measurement equipment makers globally, country-specific certification and calibration requirements create entry barriers that have helped the company sustain its long-established domestic position.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩38.5B | ₩700M | 1.7% |
| 2025Q3 | ₩36.6B | -₩1B | −2.8% |
| 2025Q4 | ₩47B | ₩1.8B | 3.8% |
| 2026Q1 | ₩37.7B | ₩40,906,008 | 0.1% |
| 2026Q2 | ₩39.3B | ₩2.3B | 5.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩168.4B | ₩4.4B | ₩2.7B | 2.6% | 4.5% | 184.3% |
| 2023 | ₩156B | ₩5B | ₩1.7B | 3.2% | 2.7% | 151.7% |
| 2024 | ₩156B | ₩3.6B | ₩1.3B | 2.3% | 1.9% | 147.8% |
| 2025 | ₩161.1B | ₩2B | -₩1.7B | 1.3% | −2.4% | 143.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
On an annual basis, revenue moved from KRW 168.4bn in 2022 to roughly KRW 156.0bn in both 2023 and 2024 before rising again to KRW 161.1bn in 2025.
Operating profit, however, declined steadily from KRW 4.39bn in 2022 and KRW 4.96bn in 2023 to KRW 3.61bn in 2024 and KRW 2.01bn in 2025, with the operating margin falling from 3.2% in 2023 to 1.3% in 2025.
Net income attributable to owners stayed profitable at KRW 2.74bn (2022), KRW 1.73bn (2023) and KRW 1.31bn (2024), before turning negative for the first time at roughly -KRW 1.66bn in 2025. The quarterly pattern shows even more volatility.
Q3 2025 posted revenue of KRW 36.6bn with an operating loss of about KRW 1.03bn and a net loss of roughly KRW 1.00bn, before Q4 2025 revenue rose to KRW 47.0bn with operating profit of KRW 1.81bn and net income of KRW 172mn.
Q1 2026 then saw revenue of KRW 37.7bn with operating profit of only about KRW 41mn—near breakeven—and a net loss of roughly KRW 656mn; per FnGuide, this represented a 93.0% year-on-year decline in operating profit, marking a period of pronounced deterioration.
Q2 2026, however, showed a clear recovery with revenue of KRW 39.3bn, operating profit of KRW 2.31bn and net income of KRW 1.24bn. Across the most recent five quarters (2025Q2 through 2026Q2), profits and losses alternated repeatedly, reducing the predictability of quarterly results.
On the balance sheet side, the debt ratio gradually improved from 184.3% in 2022 to 143.2% in 2025, while operating cash flow varied year to year, from KRW 10.2bn in 2023 to KRW 3.5bn in 2024 and KRW 5.7bn in 2025.
The electronic scale and load cell industry is a regulated business requiring country-specific certification and calibration, creating entry barriers since new entrants must secure approvals in each market at considerable time and cost.
Within this structure, CAS has maintained roughly 70% domestic market share over a long period as the dominant No.1 player, backed by its status as a nationally accredited calibration institution that reinforces measurement reliability.
On the demand side, the ongoing shift toward automation and smart factories across distribution, logistics, food processing and industrial manufacturing is cited as a structural driver of scale and load-cell demand.
According to company materials, tightening supply-chain traceability regulation such as the European Union's planned Digital Product Passport (DPP) could increase demand for verifying the validity of manufacturing origin and process data, presenting an opportunity for calibration and measurement service providers.
The company has also pointed to China's proposed 'calibration traceability system' legislation aimed at preventing falsification of metrology data as a potential driver of replacement demand for commercial scales there.
That said, the domestic measurement industry itself has matured; FnGuide noted that relatively underdeveloped domestic electronics base technology combined with ongoing R&D investment needs contributed to the recent earnings deterioration.
Competitively, large overseas measurement equipment makers compete globally, but certification barriers and long-standing brand trust within Korea continue to support CAS's domestic position.
Beyond its core electronic scale and load cell business, the company says it has completed a new product lineup including ultra-high-purity (UHP) pressure sensors for semiconductor processes and non-contact torque sensors rated up to 10,000 RPM, aiming to enter high-end measurement markets.
With collaborative-robot specialist Neuromeka, CAS has agreed to jointly explore new smart-factory-related system-integration and collaborative-robot opportunities.
Its Chinese subsidiary operates a local factory of roughly 16,000 pyeong as its core production base, and the company has said that completing smart automation equipment investment there would help reduce manufacturing costs and strengthen price competitiveness.
The company has set a goal of building capacity for one million units of annual production aimed at large-scale commercial scale replacement demand, and has referenced plans to expand healthcare-related revenue through what it calls an "Inbody project." These new-business and capacity plans, however, are targets presented by the company itself, and the timing and scale of any actual revenue contribution will need to be confirmed through future quarterly and annual disclosures.
Given that 2026 first-half results showed a sharp profit decline in Q1 followed by a clear rebound in Q2, whether second-half results sustain this recovery will be a key point to watch.
The price-to-book ratio sits well below 1x, indicating the stock trades at a discount to net asset value, a pattern that can be read in the context of the 2025 swing to a net loss and the volatility seen in recent quarterly earnings.
Combined net income over the trailing four quarters (Q3 2025 through Q2 2026) has been slightly negative, making a conventional price-to-earnings read less meaningful in this stretch. The company has continued to pay a modest annual cash dividend, though the payout itself remains small in scale.
Considered alongside the decline in operating margin from the 2-3% range down to roughly 1%, together with a gradually improving debt ratio, profitability and balance-sheet trends have moved in different directions, complicating valuation interpretation.
Whether the new-business expansion into semiconductor/robot sensors and healthcare translates into actual earnings improvement is likely to be a key variable in whether the current discount to book value narrows or widens going forward.
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 2026-08-23
CAS maintains roughly 70% share of the domestic electronic scale market as the No.1 brand, underpinned by its status as a nationally accredited calibration institution.
Because country-specific certification and calibration are prerequisites in this industry, new entry is difficult, allowing long-established customer relationships and brand trust to act as a defensive moat. This market dominance is a structural strength supporting revenue base stability.
The company has developed new products such as UHP pressure sensors for semiconductor processes and non-contact torque sensors, expanding beyond its traditional electronic scale and load cell business into higher-value-added measurement markets.
Collaboration with collaborative-robot specialist Neuromeka and references to healthcare-related projects also represent attempts to diversify revenue sources. If these new businesses gain traction, they have the potential to offset slowing growth in the mature core business.
The debt ratio declined for three consecutive years, from 184.3% in 2022 to 143.2% in 2025. In Q2 2026, operating profit of KRW 2.31bn and net income of KRW 1.24bn marked a clear rebound from the preceding quarter's weakness.
This suggests that balance-sheet management and earnings resilience have both been evident despite overall volatility.
Although 2025 revenue rose year-on-year, operating profit shrank to KRW 2.01bn and net income turned negative for the first time at roughly -KRW 1.66bn.
The operating margin also fell from 3.2% in 2023 to 1.3% in 2025, showing that profitability deteriorated independently of revenue growth—revealing a structural disconnect between top-line expansion and bottom-line improvement.
The pattern of an operating loss in Q3 2025, a profit in Q4, near-breakeven with a net loss in Q1 2026, and a return to profit in Q2 has made the earnings trajectory difficult to gauge. Per FnGuide, Q1 2026 operating profit fell 93.0% year-on-year, illustrating the fragility of any single quarter's results. This volatility makes it difficult to judge the company's direction from any one quarter's figures alone.
Revenue actually declined from KRW 168.4bn in 2022 to KRW 161.1bn in 2025 over the period, reflecting an essentially stagnant trend. FnGuide noted that relatively underdeveloped domestic electronics base technology and the ongoing need for R&D investment underpinned the recent earnings deterioration.
With new businesses yet to demonstrate meaningful revenue contribution, continued stagnation in the core business could constrain overall growth momentum.
CAS operates subsidiaries in China, Turkey, Germany and the United States, exposing it to currency fluctuations, local economic conditions, and changes in tariff and trade policy across these markets.
Given the company's already thin operating margin, even small swings in FX rates or raw material costs can have a relatively large effect on quarterly results. Automation equipment investment at the Chinese subsidiary could also weigh on near-term profitability due to upfront execution costs.
New businesses in semiconductor/robot sensors and healthcare have not yet shown a confirmed revenue contribution scale or timeline through disclosures. The company's stated goals—such as one-million-unit annual production capacity or expanded healthcare revenue—remain at the planning stage as described by the company.
With the core business stagnant, any delay in new-business execution could affect the credibility of the growth narrative.
CAS is a small-cap KOSDAQ stock with relatively limited liquidity.
In the past, it was swept into political theme-stock trading after a former outside director was reported to be a judicial training institute classmate of a certain politician, causing sharp price swings, even though that individual is no longer associated with the company.
Such theme-driven flows remain a factor that can amplify share price volatility independent of company fundamentals.
Check the Q3 2026 earnings disclosure to see whether the profit recovery seen in Q2 2026 continues.
Verify whether the Chinese subsidiary's smart automation equipment investment is completed and whether resulting manufacturing cost savings show up in results.
Monitor the implementation timeline of EU supply-chain traceability regulations such as the Digital Product Passport, and any resulting change in demand for calibration and measurement services.
Watch whether the collaborative-robot SI partnership with Neuromeka results in concrete contracts or products, and track when new semiconductor/robot sensor products begin contributing to revenue.
Check for any recurrence of political theme-driven flows or exchange market-alert designations, in order to distinguish such volatility drivers from fundamentals.
CAS remains the long-established No.1 player in the domestic electronic scale market, but net income turned negative for the first time in 2025, and quarterly profits continued to swing widely through the first half of 2026.
Revenue moved past a period of stagnation to post a modest increase, yet the operating margin has continued to trend lower, pointing to a structural challenge in reconciling top-line growth with profitability.
New businesses in semiconductor/robot sensors and healthcare carry the potential to offset stagnation in the mature core business, but remain at the planning stage without disclosure-confirmed revenue contribution so far.
A gradually improving debt ratio and a clear profit rebound in Q2 2026 are positive signs, but the alternating pattern of profit and loss across five consecutive quarters also underscores low predictability in results.
The stock's small-cap liquidity characteristics and past inclusion in political theme-stock trading are additional factors to weigh separately from fundamentals.
Upcoming quarterly earnings, progress on new businesses, and shifts in the overseas regulatory environment are likely to be the key points to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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