PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
WISCOM swung from a large net loss in 2024 to a modest net profit in 2025, and over the most recent four quarters its operating result has alternated between loss and profit, marking an early-stage recovery.
2025 revenue rose to about KRW 103.3 billion from KRW 98.5 billion in 2024, but remains below the 2022 level of about KRW 125.7 billion.
The company swung from a net loss of roughly KRW 23.9 billion in 2024 to a net profit of about KRW 1.3 billion in 2025.
Operating profit turned positive in 2025Q4 and 2026Q2 but reverted to a loss in 2026Q1, showing significant quarter-to-quarter swings.
The debt ratio stands at a low 15.1%, indicating limited financial leverage.
The processing division performs OEM manufacturing for LG Chem and LG MMA, creating exposure to a concentrated customer base.
WISCOM is a specialized plastic compound manufacturer established in the 1970s, operating its production base mainly in Ansan, Gyeonggi Province. The business is organized into two divisions: the PNP division and the processing division.
The PNP division produces its own branded flexible and rigid PVC compounds, PO (polyolefin) compounds, masterbatch, and conductive compounds, supplying construction materials, wire and cable, and electronics industries.
The processing division carries out OEM manufacturing for LG Chem and LG MMA, producing ABS/PS compounds, engineering plastic (EP) compounds, and PMMA compounds. Under this structure, a portion of the company's revenue is tied to order volumes from large chemical companies.
The compounding industry blends base resins with additives, stabilizers, and impact modifiers to achieve properties suited to end applications; entry barriers are moderate, and the ability to pass through raw material costs depends on quality standing and customer relationships.
The competitive landscape mixes small and mid-sized domestic compounders with in-house production lines of large chemical groups. End demand is closely linked to construction (window frames, flooring, piping), home appliances, automotive parts, and wire and cable industries.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩26.5B | -₩300M | −1.2% |
| 2025Q3 | ₩27.1B | -₩700M | −2.7% |
| 2025Q4 | ₩24.1B | ₩1.1B | 4.5% |
| 2026Q1 | ₩28B | -₩1.2B | −4.4% |
| 2026Q2 | ₩30.8B | ₩900M | 3.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩125.7B | ₩700M | -₩7.4B | 0.6% | −6.6% | 14.1% |
| 2023 | ₩112.3B | -₩2.9B | -₩500M | −2.5% | −0.4% | 10.9% |
| 2024 | ₩98.5B | -₩8.9B | -₩23.9B | −9.0% | −27.4% | 14.7% |
| 2025 | ₩103.3B | -₩700M | ₩1.3B | −0.7% | 1.5% | 15.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue fell for three straight years, from about KRW 125.7 billion in 2022 to KRW 112.3 billion in 2023 and KRW 98.5 billion in 2024, before rebounding modestly to about KRW 103.3 billion in 2025.
Operating profit was positive at about KRW 0.7 billion in 2022 but turned to losses of about KRW 2.9 billion in 2023 and KRW 8.9 billion in 2024, before the loss narrowed sharply to about KRW 0.7 billion in 2025.
Net income attributable to owners recorded losses of roughly KRW 7.4 billion in 2022, KRW 0.5 billion in 2023, and a much larger KRW 23.9 billion in 2024, before turning to a profit of about KRW 1.3 billion in 2025; the outsized 2024 loss appears to reflect additional items below the operating line on top of the wider operating loss.
On a quarterly basis, operating losses of about KRW 0.3 billion in 2025Q2 and KRW 0.7 billion in 2025Q3 were followed by a swing to a profit of about KRW 1.1 billion in 2025Q4, then back to a loss of about KRW 1.2 billion in 2026Q1, before returning to a profit of about KRW 0.9 billion in 2026Q2.
Owners' net income also showed profits of about KRW 1.4 billion in 2025Q4 and KRW 2.6 billion in 2026Q2, at times improving by more than the operating line, suggesting non-operating items played a role in some quarters.
Over the latest four quarters (2025Q3 through 2026Q2), cumulative owners' net income totaled about KRW 3.2 billion, exceeding full-year 2025 net income of about KRW 1.3 billion and indicating an ongoing recovery in the most recent window.
On the cash flow side, operating cash flow was about KRW 1.0 billion in 2025, down from KRW 2.7 billion in 2024 but still positive. While revenue shows signs of recovery, the operating margin has only recently emerged from negative territory, and quarter-to-quarter swings remain notably large.
Plastic compounding is an intermediate processing industry that blends additives into base resins such as PVC, PO, ABS, and PMMA to supply materials to construction, electronics, and automotive industries.
Market research firm MRFR estimated that the PVC compound market was valued at about USD 15.662 billion in 2024, and is expected to grow from USD 16.457 billion in 2025 to USD 26.991 billion by 2035, a compound annual growth rate of 5.07%.
Within this market, North America remains the largest market on the back of construction activity, while Asia-Pacific is emerging as the fastest-growing region driven by industrialization and urbanization.
However, in 2026 Korea's petrochemical sector faced feedstock supply instability; an April 2026 report noted that Yeochun NCC, one of Korea's largest NCC operators, declared force majeure to major customers and cut production, LG Chem also suspended its No. 2 NCC plant in Yeosu, and Lotte Chemical moved up scheduled maintenance to effectively curtail output.
This is a factor that could directly affect the cost and supply of base materials such as PVC and MMA that WISCOM handles.
The same report added that domestic reliance on Middle Eastern naphtha exceeding 70% led to a supply bottleneck, dropping NCC utilization rates at major industrial complexes such as Yeosu and Ulsan to the 60-65% range.
Such feedstock issues represent a structural variable whose earnings impact can diverge based on a small or mid-sized compounder's ability to pass through costs and manage inventory.
Meanwhile, the fact that WISCOM's processing division depends on OEM volumes from large chemical companies suggests it can also be affected by shifts in those companies' production policies, independent of end-market conditions.
No specific company-level revenue guidance or capacity expansion plans have been identified in currently available disclosures.
That said, the confirmed earnings pattern shows operating profit emerging in 2025Q4 and 2026Q2, only to revert to a loss in 2026Q1, indicating that a sustained return to profitability has not yet fully taken hold.
Revenue itself rose for two consecutive quarters, reaching about KRW 28.0 billion in 2026Q1 and KRW 30.8 billion in 2026Q2, confirming that a top-line recovery is underway. Going forward, a key point to watch will be whether this revenue growth translates into an improving operating margin.
On the industry side, whether the domestic naphtha supply instability that emerged in the first half of 2026 stabilizes, and how resulting price changes in base materials such as PVC and MMA feed into the company's cost structure, could be variables affecting the following quarters' results.
Because the processing division's OEM revenue is tied to the production policies of LG Chem and LG MMA, changes in those large chemical companies' petrochemical utilization rates also warrant attention. The low debt ratio (15.1%) can be viewed as a factor providing some financial buffer even if cost shocks occur.
During 2023-2024 when the company posted net losses, calculating a profit-based valuation multiple was effectively meaningless; but with the 2025 swing to profit and the earnings recovery visible over the latest four quarters, the stock has now entered a phase where an earnings-based multiple can be computed.
The share price trades below net asset value per share, placing it in a discount range relative to book value. The company has a recent history of paying cash dividends, and the dividend level is not large relative to its market capitalization.
Because the shift from loss to profit is still recent, the direction of upcoming quarterly results is likely to continue shaping how the valuation is interpreted.
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
Operating profit came in at about KRW 1.1 billion and KRW 0.9 billion in 2025Q4 and 2026Q2, respectively, marking a departure from the large 2024 operating loss. On an annual basis, the operating loss narrowed sharply from about KRW 8.9 billion in 2024 to about KRW 0.7 billion in 2025. Revenue also rose for two consecutive quarters in 2026Q1 and Q2, accompanying the top-line recovery.
The debt ratio stood at a very low 15.1% at the end of 2025, providing relatively large financial buffer capacity even if cost shocks or revenue slowdowns occur. The debt ratio has been stably managed in the low double digits across the last four years. Operating cash flow has also remained positive for four consecutive years from 2022 through 2025.
According to market researcher MRFR, the global PVC compound market is expected to grow at a compound annual rate of 5.07% from 2025 to 2035. Asia-Pacific is cited as the fastest-growing region, driven by industrialization and urbanization. The PVC and PO compounds produced by the company's PNP division have a demand base tied to this growth trend.
As shown by the swing from an operating profit of about KRW 1.1 billion in 2025Q4 back to a loss of about KRW 1.2 billion in 2026Q1, the earnings trend remains unstable. Of the five quarters from 2025Q2 through 2026Q2, only two posted an operating profit. Whether profitability becomes sustained still needs to be observed.
Revenue declined for three consecutive years, from about KRW 125.7 billion in 2022 to KRW 112.3 billion in 2023 and KRW 98.5 billion in 2024. It rebounded to about KRW 103.3 billion in 2025, but this still falls short of the 2022 level. Whether the top-line recovery continues needs to be confirmed by additional quarterly results.
The processing division depends on OEM production for LG Chem and LG MMA, making it susceptible to changes in those companies' production policies.
In the first half of 2026, feedstock supply instability originating in the Middle East pushed domestic NCC utilization rates down to the 60-65% range, a factor that can directly affect the cost and supply of base materials such as PVC and MMA. If cost pass-through is insufficient, margins could come under renewed pressure.
The base resins the company uses, including PVC, PO, and MMA, are derived from naphtha-based feedstock, and geopolitical instability in the Middle East can affect supply and pricing.
Given the sharp drop in domestic NCC utilization rates seen in early 2026, the stability of feedstock procurement remains an ongoing watch item. If cost increases cannot be passed through to selling prices, the operating margin could deteriorate again.
A significant portion of the processing division's revenue depends on OEM order volumes from LG Chem and LG MMA. Any change in these large chemical companies' production policies or order volumes could directly affect the company's revenue. The progress of customer diversification is an item requiring ongoing verification.
End demand for PVC and PO compounds is linked to cyclical industries such as construction, wire and cable, electronics, and automotive. A slowdown in construction activity or reduced orders from end-market industries could reverse the recent revenue recovery trend. Since revenue has not yet returned to the 2022 level, demand-side uncertainty remains a factor to watch.
Around the expected 2026Q3 earnings disclosure date, it will be worth checking whether the 2026Q2 operating profit of about KRW 0.9 billion continues or reverts to a loss as in 2026Q1.
Whether Middle East-driven naphtha supply instability stabilizes and domestic NCC utilization rates recover will determine if cost pressure on base materials such as PVC and MMA eases.
The FY2026 annual results will be finalized, allowing confirmation of whether the profit trend from 2025 persists and whether year-end dividend policy changes.
It is worth continuously checking for disclosures or news related to OEM order volumes for LG Chem and LG MMA in the processing division to monitor changes in customer concentration risk.
WISCOM swung from a large net loss of about KRW 23.9 billion in 2024 to a modest net profit of about KRW 1.3 billion in 2025, and cumulative owners' net income over the latest four quarters (2025Q3 through 2026Q2) reached about KRW 3.2 billion, exceeding the full 2025 annual result and signaling an ongoing recovery.
However, operating profit was positive only in 2025Q4 and 2026Q2, reverting to a loss in 2026Q1, so quarter-to-quarter volatility remains significant. Revenue fell for three consecutive years from about KRW 125.7 billion in 2022 before rebounding to about KRW 103.3 billion in 2025, still short of its earlier level.
The financial structure is quite stable, with a debt ratio of 15.1% providing a buffer against cost shocks.
On the industry side, there are two contrasting variables: a moderate long-term growth outlook for the global PVC compound market, and the naphtha supply instability originating from the Middle East that emerged in the first half of 2026.
The processing division's dependence on OEM volumes from LG Chem and LG MMA remains a customer concentration risk.
Overall, the company appears to be in an early phase of transitioning from losses to profits, and the direction of upcoming quarterly results together with the stabilization of feedstock supply will be key points to monitor going forward.
Report written 2026-09-12 · Data as of 2026-09-11
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