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
Aztech WB turned its owner net income positive in 2025 after three straight years of losses, but revenue has declined for four consecutive years, and recent quarters show operating and net income moving in opposite directions.
2025 owner net income turned positive at KRW 929 million, ending three straight years of net losses from 2022-2024.
Revenue fell for four consecutive years, from KRW 45.47 billion in 2022 to KRW 30.23 billion in 2025.
The debt ratio improved every year, from 29.1% in 2022 to 10.4% in 2025, showing a steadily strengthening balance sheet.
2025Q4 posted an operating profit but a net loss, while 2026Q1-Q2 posted widening operating losses but net profit — non-operating items appear to have driven the divergence.
The company is expanding into workwear (protective and firefighting garments) and golf promotion businesses, and is also classified as a political theme stock due to the CEO's alumni ties to a politician.
Aztech WB was founded in Busan in 1969 and listed on KOSDAQ in 2000 as a specialty wool fabric maker that produces and sells fabrics for men's suits, women's wear, and uniforms.
The business is organized into a fashion-market materials segment (men's/women's fabrics), a uniform materials segment, and a fashion promotion (apparel) segment.
According to a first-quarter 2026 revenue breakdown reported by Jobkorea, golf promotion accounted for 27% of sales, woven-fabric promotion 22%, men's-wear fabrics 19%, uniforms 17%, and other items 16%, suggesting the golf and promotion businesses have overtaken traditional men's fabric sales in scale.
In the domestic premium fabric market, Italian-made products lead premium demand, positioning Aztech WB as a domestic leader carving out a niche in wool fabrics. The company also sells its own branded products under names such as Rossum and AVAMOLLI.
It operates a vertically integrated production system in Busan spanning spinning, dyeing, weaving, and finishing.
More recently, the company has focused on functional wool fabric development, pursuing the workwear materials market (protective and firefighting garments) and launching a golf promotion segment to expand into sportswear.
It is also developing animal-welfare-certified wool and GRS-certified recycled materials as part of a push into the global high-end materials market. Given its heavy reliance on domestic demand, however, results remain closely tied to Korea's fashion consumption cycle and retail structure shifts.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.9B | -₩400M | −5.4% |
| 2025Q3 | ₩7.9B | -₩300M | −3.2% |
| 2025Q4 | ₩9.2B | ₩1.3B | 13.9% |
| 2026Q1 | ₩4.8B | -₩1.1B | −22.3% |
| 2026Q2 | ₩5.8B | -₩1.4B | −24.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩45.5B | ₩2.1B | -₩1.4B | 4.7% | −1.3% | 29.1% |
| 2023 | ₩37.1B | -₩75,126,221 | -₩1.3B | −0.2% | −1.2% | 15.0% |
| 2024 | ₩35.4B | ₩500M | -₩2B | 1.5% | −1.9% | 11.0% |
| 2025 | ₩30.2B | ₩500M | ₩900M | 1.5% | 0.9% | 10.4% |
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 declined for four consecutive years, from KRW 45.47 billion in 2022 to KRW 37.09 billion in 2023, KRW 35.37 billion in 2024, and KRW 30.23 billion in 2025.
Operating profit swung from KRW 2.15 billion (4.7% margin) in 2022 to an operating loss of KRW 75 million (-0.2%) in 2023, before recovering to KRW 545 million (1.5%) in 2024 and KRW 459 million (1.5%) in 2025.
Owner net income posted losses for three straight years — KRW -1.42 billion in 2022, KRW -1.32 billion in 2023, and KRW -2.04 billion in 2024 — before turning positive at KRW 929 million in 2025.
The quarterly pattern is more complex: 2025Q2 posted an operating loss of KRW 375 million yet a net profit of KRW 2.14 billion, while 2025Q4 recorded the year's largest operating profit of KRW 1.28 billion yet a net loss of KRW 2.02 billion, showing operating and net results moving in opposite directions.
In 2026, operating losses continued at KRW 1.08 billion in Q1 and KRW 1.45 billion in Q2, yet net income stayed positive at KRW 350 million and KRW 773 million respectively. This divergence indicates that non-operating items have materially affected quarterly results.
Over the trailing four-quarter window (2025Q3-2026Q2), cumulative owner net income was KRW -499 million, meaning the company has slipped back into a loss position on this rolling basis even though full-year 2025 was profitable.
On the cash-generation side, operating cash flow remained positive every year — KRW 4.03 billion in 2022, KRW 7.75 billion in 2023, KRW 2.57 billion in 2024, and KRW 6.33 billion in 2025 — a relatively steady cash base compared with the volatility in reported earnings.
Korea's textile and fashion industry is highly sensitive to domestic consumption conditions, and continued high inflation and economic slowdown tend to weaken fashion market growth while simultaneously hurting promotion and fabric segment results.
In particular, the mid-price suit fabric market has faced long-term contraction as global SPA brands such as Uniqlo, Zara, and H&M expand and as retail shifts toward department stores, outlets, and online channels.
In contrast, the workwear materials market — centered on functional and protective garment fabrics — is seen as having a relatively stable demand base amid tightening industrial safety regulations.
Development of sustainable materials, including animal-welfare-certified raw wool and GRS-certified recycled fibers, has become a broader industry trend.
In the premium domestic fabric market, Italian-made products dominate the high-end segment, making it difficult for domestic brands to compete on both price and quality simultaneously.
Against this backdrop, the company appears to be pursuing a diversification strategy aimed at offsetting the contraction of its traditional wool fabric business with new areas such as workwear and golf promotion.
The company continues to position functional wool fabric development and the pursuit of the workwear materials market (protective and firefighting garments) as a core pillar of its business expansion.
The golf promotion segment, launched as a new business, is being used as a gateway into the sportswear market, and appears to represent the largest single revenue category as of the first quarter of 2026.
Development of animal-welfare-certified wool and GRS-certified new materials also continues, extending a strategy aimed at the global high-end materials market through sustainability-compliant fabrics.
However, no specific numerical guidance has been confirmed regarding when or how much these new businesses will offset the contraction in the traditional wool fabric business.
In the first quarter of 2026, standalone-basis revenue fell 22.1% year-on-year with a sharply widened operating loss, indicating that a clear improvement in first-half results has not yet materialized.
Key items to watch going forward are whether the growing revenue share of workwear and golf promotion translates into actual annual earnings improvement, and whether the non-operating factors driving the gap between operating and net results recur.
The current share price sits well below the company's self-calculated net asset value per share, a level the market appears to be pricing at a discount to book value.
While 2025 owner net income turned from loss to profit on a full-year basis, the trailing four-quarter total has slipped back into a net loss, suggesting the direction of earnings has not yet clearly solidified. The company has not been paying dividends recently, limiting any income-oriented appeal.
A debt ratio that has improved every year and consistently positive operating cash flow may partially offset the factors behind the discount to book value, but four consecutive years of revenue decline and the quarter-to-quarter divergence between operating and net results remain factors that complicate valuation judgment.
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
After three consecutive years of owner net losses from 2022-2024, the company posted net income of KRW 929 million in 2025, marking a turnaround. Operating profit also recovered from a 2023 loss to small but consistent profits in 2024 and 2025, indicating an improving earnings structure. This can be interpreted as a partial payoff from business diversification and cost management efforts.
The debt ratio fell every year from 29.1% in 2022 to 10.4% in 2025, and operating cash flow remained positive across all four years. This shows the company has steadily built a financial cushion despite earnings volatility.
The low debt ratio can be seen as supporting its capacity to invest in new businesses or absorb external shocks.
In response to the contraction of its traditional wool fabric business, the company has expanded into workwear materials such as protective and firefighting garments, as well as golf promotion.
Golf promotion accounted for the largest revenue share in the first quarter of 2026, suggesting new businesses already hold a significant position in the sales mix. Continued development of animal-welfare and GRS-certified new materials also keeps the door open to the global high-end market.
Revenue fell for four consecutive years, shrinking about 33% from KRW 45.47 billion in 2022 to KRW 30.23 billion in 2025. This reflects both weakening domestic consumption and the structural contraction of the traditional wool fabric business. While new businesses are expanding, they have not yet offset the overall decline in sales scale.
Four of the last five quarters — 2025Q2, 2025Q3, 2026Q1, and 2026Q2 — posted operating losses, with the 2026Q2 operating loss widening to KRW 1.45 billion. While net income has stayed positive thanks to non-operating factors, a clear recovery in core operating profitability has not yet emerged. Trailing four-quarter cumulative owner net income has also turned negative again, at KRW -499 million.
According to multiple news reports, Aztech WB has been classified as a stock linked to a particular politician, reportedly due to the CEO's alumni ties, and has seen trading flows concentrate around political news unrelated to its actual business performance.
Such flows have no direct connection to company fundamentals and can create periods where the share price moves independently of earnings trends. Should the thematic narrative fade, corresponding shifts in trading flows could also occur.
The recurring divergence between operating and net income direction each quarter makes it difficult to predict how non-operating factors will affect results going forward. This adds uncertainty to gauging future earnings trends.
Amid continued revenue decline, the direction of operating profit itself has also worsened again in recent quarters.
Given the company's heavy reliance on domestic demand, weaker consumer sentiment amid high inflation and economic slowdown directly affects fabric and promotion segment sales.
The expansion of global SPA brands and shifting retail structures also weigh on the traditional wool fabric business over the medium to long term. If these structural pressures persist, the revenue decline trend could continue.
Due to the CEO's alumni ties, the stock has a history of being classified as linked to a particular politician, and share price volatility unrelated to earnings can widen when political issues gain attention.
Such flow-driven moves are difficult to predict and need to be managed as a risk factor separate from fundamental analysis. Continued monitoring of theme-related news flow is warranted.
Third-quarter 2026 earnings are due to be disclosed around this time; it will be important to check whether the recent pattern of operating losses continues and whether the gap between operating and net income reappears.
It will be worth checking additional disclosures or IR materials on whether the growing revenue share of workwear and golf promotion translates into full-year earnings improvement.
This will be the point to reconfirm full-year 2026 confirmed results, segment revenue mix, and annual changes in financial stability metrics such as the debt ratio and cash flow.
Aztech WB showed improving financial stability in 2025, with owner net income turning positive for the first time in three years and the debt ratio improving every year.
However, revenue has declined for four consecutive years since 2022, and operating losses were recorded in four of the last five quarters, meaning core operating profitability has not yet clearly recovered.
The recurring divergence between operating and net income direction each quarter means non-operating factors need to be considered alongside reported results.
New businesses such as workwear and golf promotion already appear to hold a significant share of the revenue mix, but whether this translates into overall earnings improvement remains to be confirmed through future quarterly results.
The stock's history of being classified as linked to a particular politician also means flow-driven volatility unrelated to fundamentals should be factored in.
Overall, this appears to be a period where signs of financial stability and an improving profit direction coexist with revenue contraction and earnings volatility.
Report written 2026-09-05 · Data as of 2026-09-04
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