PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩250 per share · Prices as of the 2026-10-02 close
Huvitz, the domestic market leader in ophthalmic diagnostic equipment, swung to a net loss in 2025 but returned to profit for three consecutive quarters afterward, with digital dentistry and implant ventures emerging as key growth variables to watch.
Huvitz holds the No.1 domestic and No.4 global market position in ophthalmic diagnostic equipment, exporting to over 120 countries.
Revenue edged up for a fourth straight year in 2025, but operating margin fell sharply from 17.4% in 2022 to 4.7% in 2025, and the company swung to a net loss.
A large loss in Q4 2025 drove the full-year net loss, but the company returned to profit in both Q1 and Q2 of 2026.
Digital dentistry products (intraoral scanner, milling machine, 3D printer) and subsidiary Osvis's entry into the China implant market have been positioned as new growth drivers.
The debt ratio also rose sharply from 61.9% in 2022 to 100.9% in 2025, a balance-sheet factor worth monitoring.
Founded in 1998, Huvitz is an ophthalmic medical device specialist that develops and manufactures diagnostic equipment for eye clinics and optical shops, including auto refractor-keratometers, auto lensmeters, slit-lamp microscopes, and optical coherence tomography (OCT) systems.
The company exports its products across North America, Europe, the Middle East, Latin America, and Asia, covering more than 120 countries worldwide.
Its competitive landscape includes Japanese optical majors such as Nikon, Canon, Topcon, and Shin-Nippon, as well as European players like Carl Zeiss, Essilor, Briot, and Indo. Amid this competition, Huvitz has stated that it holds a No.4 global market share and a No.1 domestic market share.
More recently, the company has been cultivating digital dentistry as a new growth pillar beyond its traditional ophthalmic optics core.
Centered on the intraoral scanner 'LS-100,' the company launched a dental milling machine called 'Lilyvis Mill' and, in 2023, a 3D printer called 'Lilyvis Print.' Huvitz is reportedly the only domestic company offering a full digital dentistry lineup spanning intraoral scanners, milling machines, and 3D printers.
Its subsidiary Osvis has entered the Chinese implant market after obtaining certification from China's National Medical Products Administration (NMPA). This move is seen as an attempt to reduce reliance on ophthalmic equipment sales and broaden the business portfolio into the dental sector.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩29.1B | ₩1.9B | 6.4% |
| 2025Q3 | ₩31.5B | ₩2.5B | 8.0% |
| 2025Q4 | ₩27.5B | -₩2.1B | −7.6% |
| 2026Q1 | ₩29.7B | ₩2.6B | 8.8% |
| 2026Q2 | ₩32.5B | ₩2.1B | 6.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩109.4B | ₩19B | ₩16.6B | 17.4% | 16.1% | 61.9% |
| 2023 | ₩117.7B | ₩16.4B | ₩9.6B | 13.9% | 8.7% | 72.5% |
| 2024 | ₩117.9B | ₩13.3B | ₩8.4B | 11.3% | 7.2% | 82.4% |
| 2025 | ₩118B | ₩5.6B | -₩5B | 4.7% | −4.7% | 100.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
Consolidated revenue rose modestly over four years, from KRW 109.4bn in 2022 to KRW 117.7bn in 2023, KRW 117.9bn in 2024, and KRW 118.0bn in 2025, indicating stalled top-line growth.
Operating profit, however, steadily declined from KRW 19.0bn in 2022 to KRW 16.4bn in 2023, KRW 13.3bn in 2024, and KRW 5.6bn in 2025, with operating margin falling each year from 17.4% to 13.9%, 11.3%, and finally 4.7%.
Net income deteriorated even more sharply: after posting owner-attributable profits of KRW 16.6bn in 2022, KRW 9.6bn in 2023, and KRW 8.4bn in 2024, the company swung to an owner-attributable net loss of roughly KRW 4.97bn in 2025.
On a quarterly basis, Q4 2025 saw a large operating loss of about KRW 2.09bn and an owner-attributable net loss of about KRW 9.53bn, which accounted for most of the full-year deterioration.
In contrast, the company remained profitable in Q3 2025 (operating profit ~KRW 2.51bn, net profit ~KRW 3.55bn), Q1 2026 (operating profit ~KRW 2.62bn, net profit ~KRW 3.83bn), and Q2 2026 (operating profit ~KRW 2.13bn, net profit ~KRW 1.15bn), suggesting the Q4 loss was driven by a one-off factor.
Cumulative owner-attributable net income over the trailing four quarters (Q3 2025 through Q2 2026) stood at roughly negative KRW 1.0bn, as three profitable quarters were not enough to fully offset the Q4 loss.
On the cash flow side, operating cash flow rose to about KRW 12.7bn in 2025 from about KRW 4.9bn in 2024, indicating actual cash generation held up better than the reported net loss would suggest.
Total equity grew only slightly from about KRW 109.4bn in 2022 to about KRW 111.9bn in 2025, while total liabilities rose sharply from about KRW 67.8bn to about KRW 112.9bn, pushing the debt ratio up from 61.9% to 100.9%.
The ophthalmic diagnostic equipment market continues to grow modestly, supported by global population aging and rising demand for vision care.
However, this is a mature industry long dominated by major optical manufacturers such as Japan's Nikon, Canon, and Topcon and Europe's Carl Zeiss and Essilor, with high entry barriers and intense price competition.
Within this landscape, Huvitz has positioned itself as a niche player, stating it holds the No.4 global and No.1 domestic market share.
More recently, industry attention has expanded toward digital dentistry, where the intraoral scanner and CAD/CAM equipment market is currently led by global player Medit, though the segment remains in an early growth stage, leaving room for new entrants.
The fact that Huvitz's LS-100 offers a wider field of view than Medit's existing flagship product is cited as an example of the company's technical competitiveness as a later entrant.
In the implant segment, China is considered the largest growth market; according to KOTRA data, the number of implant procedures in China reached 6.3 million in 2024, suggesting significant future growth potential.
That said, this market is already crowded with major domestic and global implant companies such as Osstem Implant, making competition intense.
The company has stated plans to expand sales of dentistry-related equipment centered on its intraoral scanner LS-100. Huvitz has separately indicated a target of roughly KRW 10bn in annual revenue for its dentistry business unit.
It has set a similarly sized revenue target for its implant business through subsidiary Osvis. However, the exact timing and target year for these goals were not clearly specified in the reporting reviewed, so actual achievement will need to be confirmed through future quarterly disclosures.
The core ophthalmic business continues despite stalled revenue growth, meaning that if new business contributions materialize, they could provide a positive lift to overall growth. Conversely, continued upfront investment costs (personnel, marketing, R&D) in the new businesses could constrain near-term margin recovery.
The next quarterly earnings release is tentatively estimated at November 18, 2026, according to a financial data aggregator; at that point, profit and loss trends through Q3 along with the revenue contribution of new businesses are expected to be disclosed.
Following the swing to a net loss in 2025, earnings per share over the trailing four quarters are negative, which limits conventional earnings-based valuation comparisons. The stock trades at a level below book value per share, meaning it is priced at a discount to net assets.
Dividends have continued in recent years, but whether the company maintains payouts following the 2025 net loss will be a key variable for dividend-related metrics going forward. The rise in the debt ratio from 61.9% in 2022 to 100.9% in 2025 could weigh on assessments based on net assets.
Should the new dentistry and implant businesses' revenue contributions become more visible, market assessment of the earnings recovery path could shift.
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 2026-08-24
Huvitz holds a No.4 global and No.1 domestic market share in ophthalmic diagnostic equipment, with a global export network spanning over 120 countries. Revenue has increased for four consecutive years from 2022 to 2025, indicating the core business foundation remains intact. A diverse diagnostic equipment portfolio also reduces reliance on any single product line.
Huvitz reportedly holds the only full digital dentistry lineup domestically, spanning the LS-100 intraoral scanner, the Lilyvis Mill milling machine, and the Lilyvis Print 3D printer. The LS-100's field of view is described as wider than that of competitor Medit's existing flagship product. Bundled equipment sales carry the potential to capture both revenue and pricing competitiveness simultaneously.
Subsidiary Osvis obtained NMPA certification, securing a foothold to enter China, the world's largest dental market. According to KOTRA data, implant procedures in China reached 6.3 million in 2024, pointing to substantial market growth potential.
This could serve as an opportunity to diversify a revenue structure currently concentrated in ophthalmic optics.
Operating margin declined for four consecutive years, from 17.4% in 2022 to 4.7% in 2025. The fact that margins kept eroding even as revenue grew modestly suggests structural pressure on the cost base or product mix. This ultimately led to an owner-attributable net loss in 2025.
A large owner-attributable net loss of about KRW 9.53bn in Q4 2025 drove the full-year swing to a net loss. While three quarters (Q3 2025, Q1 2026, Q2 2026) remained profitable, the trailing four-quarter cumulative net income is still negative. Further confirmation is needed on whether the Q4 loss was a one-off event or could recur.
Both the dentistry and implant businesses remain in an early stage of revenue ramp-up, and whether they reach targeted revenue levels is uncertain. The intraoral scanner market already has a strong incumbent in Medit, and the implant market includes major players such as Osstem Implant. Continued investment spending on these new businesses could constrain near-term profitability improvement.
The debt ratio rose for four consecutive years, from 61.9% in 2022 to 100.9% in 2025. While total equity increased only slightly, total liabilities grew substantially, raising financial leverage. Future interest burden and financing costs warrant monitoring.
Looking at the last five quarters, the relationship between operating profit and net profit has been inconsistent, with a large loss concentrated in a specific quarter (Q4 2025), indicating significant volatility.
Without a clear explanation for this volatility, the reliability of future earnings projections could be diminished.
Both the digital dentistry and implant markets already have strong incumbent leaders, making them highly competitive. Failure to reach targeted revenue, or slower-than-expected returns on initial investment, could weigh on overall profitability.
In the China market, risks remain around building actual sales channels and navigating regulatory changes even after obtaining certification.
The next quarterly earnings release is tentatively estimated at November 18, 2026, according to a financial data aggregator. It will be important to check whether Q3 operating margin recovers and whether a large loss similar to Q4 2025 recurs.
The revenue expansion of the dentistry business unit, centered on the LS-100 intraoral scanner, and progress toward the company's stated annual revenue target should be monitored.
It will be important to track whether subsidiary Osvis's China implant business translates NMPA certification into actual sales, and at what pace.
At the time of the regular business report for fiscal year 2026, confirmed annual results and whether the dividend policy is maintained following the 2025 net loss should be checked.
Huvitz is a niche leader in ophthalmic diagnostic equipment, holding the No.1 domestic and No.4 global market position, but its operating margin has declined every year since 2022, culminating in a net loss in 2025.
A large loss in Q4 2025 drove the full-year deterioration, though the company returned to profit in both Q1 and Q2 2026, leaving only a modest net loss over the trailing four quarters as a whole.
The company has positioned digital dentistry (intraoral scanner, milling machine, 3D printer) and its subsidiary Osvis's entry into the China implant market as new growth drivers, though both businesses remain in an early stage with target revenue achievement yet to be confirmed.
The debt ratio's sharp rise from 61.9% to 100.9% over four years is a balance-sheet factor worth noting. The interplay between the stability of the core ophthalmic business and the early execution of new ventures will likely shape future earnings trends.
The next quarterly earnings release and the revenue contribution from new businesses are the most important near-term checkpoints.
Report written 2026-09-05 · Data as of 2026-09-04
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