PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩60 per share · Prices as of the 2026-10-02 close
Backed by stable cash generation from its core power equipment business, Vitzro Tech's battery unit (Vitzro Cell) and space/fusion unit (Vitzro Nextek) are winning more orders, and group earnings have entered a recovery phase.
2025 consolidated revenue reached KRW 432.3 billion with operating profit of KRW 55.7 billion, showing a clearly improved operating margin versus 2022-2023.
2023 was an unusual period where operating profit rose year-on-year but net income attributable to owners turned negative; net income recovered to the KRW 40 billion range in 2024-2025.
Subsidiary Vitzro Nextek won consecutive supply contracts from Hanwha Aerospace for a next-generation launch vehicle combustor (KRW 4.5 billion) and Nuri rocket engine components (KRW 53.5 billion).
The battery segment (Vitzro Cell) ranks among the world's top three lithium primary battery makers and holds the global No.1 share in utility meter power sources.
The debt ratio fell from 54.1% in 2022 to 32.8% in 2025, alongside steady improvement in operating cash flow.
Vitzro Tech is a KOSDAQ-listed group company organized into three business segments: power equipment, battery, and special projects (space, fusion energy, and accelerators).
The power equipment business develops, manufactures, and sells electric control devices, the battery business produces lithium primary batteries, and the special business carries out plasma-application technology projects.
In power equipment, the company vertically integrated a key component by developing its own vacuum interrupter.
The battery segment operates through subsidiary Vitzro Cell, which ranks among the world's top three lithium primary battery makers and holds the global No.1 share in utility meter and smart grid power sources, with customers including North American smart water solutions company Badger Meter.
The special segment is run through Vitzro Nextek, established via a spin-off in 2016 and separately listed on KOSDAQ in November 2025.
Vitzro Nextek is regarded as the country's only dedicated liquid rocket engine company, having supplied Korea's first Nuri rocket engine components, with Hanwha Aerospace as its key customer.
In 2025 the group also restructured, merging affiliates Vitzro EM and Vitzro ES into Vitzro Electric and completing the divestment of its Vitzro Meltech stake. All three segments compete against large domestic and global players in power equipment, batteries, and aerospace, respectively.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩104.5B | ₩10.7B | 10.3% |
| 2025Q3 | ₩102.5B | ₩15.3B | 14.9% |
| 2025Q4 | ₩127.6B | ₩18.3B | 14.3% |
| 2026Q1 | ₩105.6B | ₩13.3B | 12.6% |
| 2026Q2 | ₩123.2B | ₩11.8B | 9.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩347.7B | ₩32.7B | ₩19.5B | 9.4% | 9.1% | 54.1% |
| 2023 | ₩352.9B | ₩28.8B | -₩800M | 8.2% | −0.4% | 39.4% |
| 2024 | ₩428.3B | ₩51.1B | ₩41.5B | 11.9% | 17.7% | 39.7% |
| 2025 | ₩432.3B | ₩55.7B | ₩42.7B | 12.9% | 16.5% | 32.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
2025 consolidated revenue came in at KRW 432.29 billion, a modest increase from KRW 428.33 billion in 2024, with operating profit up 8.9% while net income attributable to owners fell 20.2% year-on-year.
The operating margin declined from 9.4% in 2022 to 8.2% in 2023, then improved markedly to 11.9% in 2024 and 12.9% in 2025.
Notably, 2023 operating profit of KRW 28.84 billion was slightly below the prior year's KRW 32.73 billion but still positive, yet net income attributable to owners swung to a loss of KRW 0.81 billion, which appears attributable to a one-off non-operating factor.
Net income attributable to owners then recovered to KRW 41.53 billion in 2024 and KRW 42.69 billion in 2025, holding in the KRW 40 billion range for two consecutive years.
On a quarterly basis, operating margin rose to roughly 14-15% in the third quarter of 2025 (revenue KRW 102.5 billion, operating profit KRW 15.3 billion) and fourth quarter (revenue KRW 127.6 billion, operating profit KRW 18.3 billion), before easing to roughly 9-13% in the first quarter of 2026 (revenue KRW 105.6 billion, operating profit KRW 13.3 billion) and second quarter (revenue KRW 123.2 billion, operating profit KRW 11.8 billion).
Net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) totaled KRW 53.8 billion, exceeding the full-year 2025 figure.
Operating cash flow fell sharply from KRW 51.7 billion in 2022 to KRW 16.5 billion in 2023, then rebounded to KRW 54.6 billion in 2024 and KRW 80.6 billion in 2025, while the debt ratio declined from 54.1% in 2022 to 32.8% in 2025, reflecting a parallel improvement in the balance sheet.
The battery segment's end markets are driven mainly by growing demand for lithium primary batteries and increasing utility meter power source needs as smart grid deployment expands.
The special segment's end market, the space launch vehicle sector, is understood to be growing at a compound annual rate of roughly 13.22% amid the expansion of reusable rockets and private-sector entry, while the fusion energy field is also growing at roughly 7.4% annually on rising investment.
In the aerospace space, the government has realigned its next-generation launch vehicle program and expanded the related budget from about KRW 2.1 trillion to roughly KRW 2.3 trillion, raising expectations for policy-driven benefits.
Vitzro Nextek is regarded as the country's only dedicated liquid rocket engine company and holds a track record that includes Korea's first Nuri rocket engine component deliveries, giving it a relatively solid position within that value chain.
The power equipment segment competes against large domestic and global power equipment makers, with responding to demand for eco-friendly, DC, smart, and safety-oriented power equipment under carbon-neutrality policy seen as a key growth task.
The battery segment is likewise pursuing steady order expansion across global smart metering, defense, and oil & gas markets.
In March 2026, Vitzro Nextek signed a supply contract with Hanwha Aerospace for a next-generation launch vehicle high-pressure combustor worth about KRW 4.5 billion (contract period March 2026 to November 2027), and in August 2026 it won an additional contract from the same customer for core liquid rocket engine components for the Nuri FM7 through FM11 launches, totaling KRW 53.5 billion (contract period August 2026 to November 2029).
The government is pursuing a plan to launch at least one Nuri rocket per year through 2032 to raise the launch success rate above 90%, and the next-generation launch vehicle is being developed with a goal of a 2032 lunar lander mission, suggesting further component supply opportunities may follow.
On the battery side, Vitzro Cell has a three-year lithium primary battery supply agreement worth a total of USD 29.64 million (about KRW 43.6 billion) with North American smart water solutions company Badger Meter, running from 2026 through 2028.
The company has stated it expects supply opportunities for launch vehicle engines and related components, beyond the combustor, to gradually increase in the aerospace segment.
The power equipment segment continues to cite eco-friendly power equipment development and overseas market expansion in response to carbon-neutrality scenarios as ongoing tasks.
That said, launch vehicle development projects have previously experienced schedule delays due to factors such as engine system changes, so the pace of future revenue recognition may vary with project progress.
The price-to-book ratio stands below 1x, indicating the stock trades at a discount to its per-share net asset value. The dividend yield runs below the industry average, which appears linked to a policy weighted more toward reinvestment than profit distribution.
With profitability having turned positive again in 2024-2025 after the 2023 net loss attributable to owners, the earnings-to-price burden appears to have eased relative to the loss-making period, though this does not amount to a definitive over- or under-valuation call.
In terms of market capitalization, the company is classified as a small-cap on KOSDAQ, and the stock has shown sensitivity to news flow around special-segment orders (space, fusion), meaning event-driven volatility separate from underlying earnings trends should also be considered.
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 2026-09-04
Subsidiary Vitzro Nextek has secured consecutive orders from Hanwha Aerospace for a next-generation launch vehicle combustor and Nuri rocket engine components, confirming its position in the aerospace value chain.
Government policy direction, including an expanded next-generation launch vehicle budget and a 2032 lunar lander goal, is also supportive. That said, the pace at which such orders translate into recognized revenue depends on project progress.
Vitzro Cell ranks among the world's top three lithium primary battery makers and holds the global No.1 share in utility meter power sources. Multi-year supply agreements such as the one with Badger Meter provide some revenue visibility. Continued smart grid expansion could broaden the related demand base.
Net income attributable to owners recovered from a loss in 2023 to the KRW 40 billion range in 2024-2025, while the operating margin improved from 8.2% in 2023 to 12.9% in 2025. The debt ratio fell from 54.1% in 2022 to 32.8% in 2025, alongside rising operating cash flow. This points to a stabilizing profit structure across the group.
In 2023, operating profit was positive yet net income attributable to owners turned negative, illustrating that the owners' share of consolidated results can swing sharply due to non-operating factors.
Operating margin in the first and second quarters of 2026 also eased compared with the third and fourth quarters of 2025. Similar quarter-to-quarter margin swings could recur going forward.
The next-generation launch vehicle program has previously experienced schedule delays due to factors such as engine system changes, so revenue recognition could lag behind plan. Aerospace projects are also exposed to launch outcomes and shifts in government policy. The pace at which order backlog converts into actual results warrants monitoring.
With the dividend yield below the industry average, the stock is not easily approached on dividend appeal alone. Because the share price tends to react sensitively to special-segment order news, event-driven volatility unrelated to underlying earnings can also appear.
This volatility represents a distinct risk factor apart from the more stable performance of the core power equipment and battery businesses.
Revenue recognition timing and scale for space- and fusion-related orders can vary with government budgets, policy direction, and launch outcomes. The power equipment and battery segments are also exposed to global economic conditions and end-market investment cycles.
Rising dependence on specific customers such as Hanwha Aerospace could increase vulnerability to changes in bargaining power or contract terms.
As seen in 2023, operating profit and net income attributable to owners can move in opposite directions, so one-off factors need to be examined when interpreting consolidated results. Quarterly operating margin has also fluctuated between roughly 9% and 15% over the most recent four quarters. Raw material and foreign exchange movements can affect costs in the battery and power equipment segments.
Vitzro Tech operates a group structure with multiple listed and unlisted affiliates including Vitzro Cell and Vitzro Nextek, and changes in the split between controlling and non-controlling interests can affect net income attributable to owners.
Given the 2025 restructuring involving an affiliate merger and stake sale, similar reorganizations could alter the financial structure going forward. The transparency of intra-group transactions and equity relationships also warrants ongoing monitoring.
Q3 2026 results are expected to be disclosed, and it will be important to check whether the operating margin deceleration seen in Q1-Q2 2026 continues.
The launch schedule and outcome of the Nuri FM7 mission and subsequent launches, which the government aims to conduct at a rate of at least one per year, could affect Vitzro Nextek's contract execution and follow-on orders.
It will be worth checking for disclosures of additional component orders won by Vitzro Nextek as the next-generation launch vehicle development program progresses.
Execution of Vitzro Cell's long-term supply agreement with Badger Meter (2026-2028) and any new customer wins will serve as indicators of revenue visibility in the battery segment.
The next annual general meeting is expected to confirm 2026 final results and the direction of shareholder returns through agenda items on dividend policy and financial statement approval.
Vitzro Tech is being reshaped around a structure where the stable cash generation of its core power equipment business is complemented by growth from the battery segment (Vitzro Cell) and the space/fusion segment (Vitzro Nextek).
Following a net loss attributable to owners in 2023, earnings recovered in 2024-2025, with operating margin and debt ratio also showing parallel improvement.
That said, the lower operating margin in Q1-Q2 2026 compared with the second half of 2025, and the possibility—as seen in 2023—that operating profit and net income attributable to owners diverge, are points to watch when interpreting results.
Orders related to space and fusion in the special segment carry event-driven volatility, as revenue recognition timing can shift with policy and project progress. The battery segment has a comparatively stable growth path underpinned by its global position and long-term supply agreements.
Going forward, Q3 results, follow-on orders tied to the Nuri and next-generation launch vehicle programs, and dividend policy will be key points to watch to confirm the durability of the earnings recovery.
Report written 2026-09-05 · Data as of 2026-09-04
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