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
Kisan Telecom runs a three-segment structure combining 5G repeater-centered telecom business with defense and aviation subsidiaries; 2025 operating margin recovered to the 8% range, but net income fell from the prior year, leaving questions about earnings quality.
2025 consolidated revenue reached KRW 99.47bn with operating profit of KRW 8.08bn, lifting the operating margin to 8.1%.
Net income attributable to owners fell from KRW 7.01bn in 2024 to KRW 4.23bn in 2025, diverging from the top- and operating-line improvement.
Operating cash flow swung to negative KRW 3.50bn in 2025 from positive KRW 12.44bn in 2024.
After an operating loss in Q2 2025, the company turned profitable from Q3 2025 and has posted operating profit in each of the following four quarters.
Subsidiaries Morpheus (aviation) and Hyundai J-Comm (defense) have contributed to earnings improvement through expanding overseas exports.
Kisan Telecom operates across three segments-telecom, defense, and aviation-manufacturing mobile repeaters and Wi-Fi access points in telecom, defense materiel and communication equipment in defense, and aviation navigation safety radio equipment in aviation.
The telecom segment's core products are 5G optical repeaters and RF/DAS (in-building) repeaters, alongside wired network gear such as Wi-Fi APs. The defense and security segment is handled by subsidiary Hyundai J-Comm, which supplies onboard training devices for the K2 tank and satellite communication terminals.
The aviation segment is run by subsidiary Morpheus, the only domestic developer of DVOR equipment, a core navigation safety radio technology. Morpheus's aviation equipment is exported to 15 countries worldwide, an area seen as having further growth potential as overseas infrastructure investment expands.
The company is pursuing business diversification and global market expansion through growth in the 5G in-building repeater market, re-entry into Japan, and expanded exports to the Middle East and Southeast Asia. The largest shareholder group, led by Park Byung-ki and related parties, holds a 35.22% stake.
In terms of competitive landscape, the company competes with Solid, Ace Technology, and FRTEK in the domestic repeater market, while in defense it participates as a supplier to prime contractors such as Hyundai Rotem.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩19B | -₩1.9B | −10.2% |
| 2025Q3 | ₩20.7B | ₩3.6B | 17.4% |
| 2025Q4 | ₩41.6B | ₩6B | 14.5% |
| 2026Q1 | ₩17.8B | ₩3.1B | 17.6% |
| 2026Q2 | ₩19.9B | ₩5.3B | 26.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩67.8B | ₩4.6B | ₩3B | 6.8% | 8.5% | 87.7% |
| 2023 | ₩73.9B | ₩4.4B | ₩3.3B | 6.0% | 8.4% | 101.2% |
| 2024 | ₩93.1B | ₩4.9B | ₩7B | 5.3% | 15.0% | 114.7% |
| 2025 | ₩99.5B | ₩8.1B | ₩4.2B | 8.1% | 7.8% | 95.9% |
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 rose for four consecutive years: KRW 67.8bn in 2022, KRW 73.9bn in 2023, KRW 93.1bn in 2024, and KRW 99.5bn in 2025. Operating margin declined from 6.8% in 2022 to 6.0% in 2023 and 5.3% in 2024, before rebounding to 8.1% in 2025.
However, owners' net income rose from KRW 3.03bn in 2022 to KRW 3.26bn in 2023 and KRW 7.01bn in 2024, then fell to KRW 4.23bn in 2025, diverging from the improvement in revenue and operating profit.
Operating cash flow also flipped from positive KRW 12.44bn in 2024 to negative KRW 3.50bn in 2025, a point that warrants scrutiny of earnings quality.
On a quarterly basis, Q2 2025 marked a trough with revenue of KRW 19.0bn, an operating loss of KRW 1.93bn, and a net loss of KRW 3.03bn, before turning profitable in Q3 with revenue of KRW 20.7bn and operating profit of KRW 3.62bn.
Q4 revenue jumped to KRW 41.6bn with operating profit of KRW 6.01bn and net income of KRW 3.80bn, the year's strongest quarter, which appears to reflect seasonal factors such as year-end delivery concentration in the defense and aviation segments.
In 2026, Q1 posted revenue of KRW 17.8bn and operating profit of KRW 3.14bn, while Q2 posted revenue of KRW 19.9bn and operating profit of KRW 5.33bn, sustaining a double-digit operating margin.
Combined owners' net income over the most recent four quarters (Q3 2025-Q2 2026) totaled roughly KRW 11.36bn, well above the full-year 2025 figure of KRW 4.23bn, underscoring a clear improvement in recent quarterly performance.
With domestic 5G commercialization now past its fifth year, the telecom infrastructure investment cycle is regarded as having entered a mature phase, shifting repeater vendors' focus from new coverage buildout toward quality-enhancing demand such as in-building and DAS systems.
Following regional conflicts including the Russia-Ukraine and Israel-Hamas wars, demand for defense capability buildup has risen across countries, and the defense industry environment is broadly viewed as improving.
The aviation industry is expected to continue growing amid globalization and rising traveler numbers, which could also support demand for safety infrastructure such as navigation aids.
In telecom equipment, domestic players including Solid, Ace Technology, FRTEK, and KMW compete in their respective niches, and Kisan Telecom is at a stage of attempting to expand its overseas revenue mix through 5G in-building products and re-entry into Japan.
In the defense segment, Korea's K2 tank exports to Poland advanced with a second implementation contract signed in July 2025, a large deal covering both domestic production and development/local production of the Poland-specific K2PL variant, which could have spillover effects for suppliers of related parts and equipment.
However, revenue for defense sub-suppliers depends on the timing of final contract execution and volume allocation, so the size and timing of any spillover hinges on the progress of individual contracts.
The company has indicated it aims to build growth momentum in telecom through expansion of the 5G in-building repeater market and preparation for Japanese DAS repeater tenders.
In defense, it states it is continuing participation in the K2 tank export program to Poland while diversifying through satellite communication terminal deliveries. In aviation, it appears to be continuing to expand navigation safety system exports through subsidiary Morpheus.
The company maintains a stated direction of pursuing business diversification and global market expansion via 5G in-building products, Japan re-entry, and expanded Middle East/Southeast Asia exports.
However, no official guidance on the specific size or timing of these orders was found in available sources, so progress will need to be tracked through future disclosures and quarterly results.
Whether the Q4-heavy revenue pattern persists and whether the double-digit operating margin holds through the second half of 2026 are points to watch in upcoming earnings.
Kisan Telecom's share price stands below its self-calculated book value per share, indicating it trades at a discount to net asset value.
The operating margin turned from lower levels in 2023-2024 to the 8% range in 2025, yet owners' net income actually declined from the prior year, leaving room for differing views on the durability of the earnings improvement.
The company has not paid a cash dividend through its most recent fiscal year, so market attention centers more on the earnings trend itself than on shareholder returns.
As a small-cap stock, trading volume and price volatility are relatively high, and the stability of valuation metrics versus peers in the same industry is comparatively lower.
Combined net income over the most recent four quarters well exceeds the full 2025 annual figure, confirming a quarter-by-quarter improvement, meaning upcoming quarterly results are likely to be an important variable in valuation assessment.
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 falling to the low-6% range in 2023-2024, operating margin rebounded to 8.1% in 2025 and stayed near double digits in Q1 and Q2 2026. Profitability has improved alongside growing revenue over the past five quarters. This may be related to a growing revenue mix from relatively higher-margin defense and aviation segments.
Subsidiary Hyundai J-Comm supplies satellite communication terminals for the K2 tank export program to Poland as part of defense diversification, while Morpheus exports navigation safety systems to 15 countries.
Unlike the past when the business was concentrated in a single telecom segment, the expansion into defense and aviation broadens revenue sources. The company holds two structurally different growth drivers-global defense buildup demand and rising air travel.
Multiple avenues of overseas expansion are underway simultaneously, including growth in the 5G in-building repeater market, preparation for Japanese DAS repeater tenders, and expanded exports to the Middle East and Southeast Asia.
Notably, the company is resuming its push into the Japanese market after it was interrupted by COVID-19. However, concrete results from these initiatives remain to be confirmed through future disclosures.
Q4 2025 revenue of KRW 41.6bn was roughly double that of other quarters, while Q2 2025 posted an operating loss, reflecting very large quarter-to-quarter swings. This seasonality makes annual results difficult to forecast and carries the risk that weakness in any single quarter could be overinterpreted.
It appears to reflect structural factors in defense and public procurement, where delivery timing tends to concentrate in specific quarters.
2025 net income attributable to owners fell 39.6% to KRW 4.23bn from KRW 7.01bn in 2024, while operating cash flow swung from positive KRW 12.44bn to negative KRW 3.50bn over the same period.
The decline in net income and cash generation despite higher revenue and operating profit could point to non-operating factors or working-capital burdens such as inventory and receivables. Determining the underlying earnings quality will require confirming the cause through subsequent disclosures.
As a small-cap stock, trading volatility is high, and the number of outstanding shares has continued to rise as executives exercise stock options. In April 2026, multiple executives were disclosed to have exercised stock options to increase their holdings. Such increases in share count can act as a dilution factor for existing shareholders.
The recurring pattern of revenue and profit concentration in Q4 makes it difficult to judge the annual trend from any single quarter. There have also been trough periods with operating losses, such as Q2 2025, underscoring the need to understand quarterly volatility.
As the company expands exports to Japan, Poland, and the Middle East/Southeast Asia, it may be affected by currency fluctuations, each country's procurement and certification procedures, and shifting geopolitical conditions.
Defense exports carry a strong government-to-government contract character, and the possibility of delays or changes to implementation schedules cannot be ruled out.
In contrast to the operating profit improvement in 2025, the decline in net income and the shift of operating cash flow to negative territory suggest possible working-capital burdens from inventory and receivables, or non-operating factors. If this pattern recurs, it could sustain questions about the company's ability to convert profit into cash.
Q3 2026 earnings are expected to be disclosed around this time, and it will be important to check whether the recent double-digit operating margin and profit trend continue.
It will be worth checking the outcome of Japanese DAS repeater tenders and whether supply contracts with telecom carriers are finalized.
Disclosures on subsequent volume allocation and supplier contracts related to the second Poland K2 tank implementation agreement should be monitored.
It will be worth checking whether the Q4 revenue/profit concentration pattern seen in 2025 repeats in 2026, and whether operating cash flow improves accordingly.
Kisan Telecom operates a three-segment structure centered on its telecom repeater business, complemented by defense subsidiary Hyundai J-Comm and aviation subsidiary Morpheus, and has shown signs of profitability recovery, with operating margin improving to 8.1% in 2025 and staying near double digits through the first half of 2026.
However, over the same period, net income attributable to owners actually declined and operating cash flow turned negative, making the divergence between revenue/operating profit improvement and net income/cash generation an important point to interpret.
Revenue shows pronounced seasonality concentrated in Q4, making it difficult to judge the annual trend from any single quarter.
Overseas expansion in defense (components related to the Poland K2 tank program) and aviation (exports to 15 countries), along with the telecom segment's push into 5G in-building products and re-entry into Japan, can be viewed as factors diversifying revenue sources, though the specific size and timing of orders have not yet been confirmed through disclosures.
Given that combined net income over the most recent four quarters well exceeds the full 2025 annual figure, the recent improvement is notable, and monitoring subsequent quarterly results and disclosures will be important to assess whether this trend continues. Readers should weigh these facts to form their own investment judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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