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
Wiable is expanding into defense and solar new businesses on top of stable cash flow from shared wireless base station leasing, with 2025 operating profit rising sharply from a year earlier.
2025 revenue fell 4.9% year over year, but operating profit rose 44.5% and net profit rose 52.7%, showing improved profitability.
Fourth-quarter 2025 revenue and operating profit jumped sharply from the prior quarter, driving full-year results.
Shared wireless base station leasing to the three telecom carriers remains the core cash cow, while AI defense surveillance systems and renewable solar power are being cultivated as new growth drivers.
In a voluntary value-up disclosure in March 2026, the company outlined plans to maintain CAPEX levels and dividend levels over the next three years.
Shareholder return measures, including treasury share cancellation equal to about 9.5% of shares outstanding, are also underway.
Wiable traces its roots to Korea Radio Base Station, founded in 1996 under the government's shared telecom tower policy, and its core business is the construction, sale, operation and maintenance of shared wireless base stations (relay networks) on the ground, in subways, and in tunnels.
The company partners with the three major telecom carriers—KT, SKT, and LG Uplus—to operate numerous shared base stations (towers) nationwide, leasing them to carriers for stable rental income, while also maintaining business relationships with public entities such as the Ministry of Oceans and Fisheries, Korea Expressway Corporation, and Seoul Metro.
A second pillar is its defense business, supplying communication equipment parts including armored vehicle speakers, radios, and signal systems for the Shingung portable anti-aircraft missile, while recently expanding into AI-based defense surveillance systems.
In August 2025 the company signed a supply contract with the Defense Acquisition Program Administration for items including Bigo detector units.
A third pillar is renewable solar power generation, focused on both power generation and power trading, with a partnership agreement signed with solar construction and operation specialist Solarplay to expand rooftop-lease solar projects.
The company also runs telecom network evolution projects such as LTE-X disaster networks, LTE-R railway networks, and C-ITS traffic communication infrastructure.
While the company is described as holding a dominant position in shared base station construction, operation, and maintenance, growth in its core telecom infrastructure business has plateaued, prompting the pursuit of new growth drivers through business diversification.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩16.7B | ₩500M | 3.0% |
| 2025Q3 | ₩15.6B | ₩900M | 5.7% |
| 2025Q4 | ₩30.8B | ₩3.8B | 12.2% |
| 2026Q1 | ₩12B | ₩1.3B | 11.1% |
| 2026Q2 | ₩16.4B | ₩1.2B | 7.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩64.3B | ₩3.4B | ₩2.4B | 5.3% | 3.2% | 66.0% |
| 2023 | ₩72.6B | ₩2.9B | ₩2.3B | 4.0% | 3.1% | 89.1% |
| 2024 | ₩79.4B | ₩3.8B | ₩3B | 4.8% | 3.9% | 83.1% |
| 2025 | ₩75.5B | ₩5.5B | ₩4.5B | 7.2% | 5.8% | 78.9% |
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
Consolidated revenue in 2025 came to KRW 75.5 billion, down 4.9% from KRW 79.4 billion in 2024, while operating profit rose 44.5% to KRW 5.5 billion from KRW 3.8 billion, and net profit attributable to owners increased 52.7% to KRW 4.5 billion from KRW 3.0 billion.
As a result, the operating margin improved from 4.8% in 2024 to 7.2% in 2025, marking a clear profitability recovery compared with 4.0% in 2023 and 5.3% in 2022. The company attributed this margin improvement primarily to cost reductions.
On a quarterly basis, revenue jumped from KRW 15.6 billion and operating profit of KRW 0.9 billion in Q3 2025 to revenue of KRW 30.8 billion and operating profit of KRW 3.8 billion in Q4 2025, driving the full-year result—a pattern that can be interpreted as tied to seasonal recognition timing of public and defense-sector projects.
Subsequently, Q1 2026 revenue eased to KRW 12.0 billion with operating profit of KRW 1.3 billion and net profit of KRW 1.1 billion, followed by Q2 2026 revenue of KRW 16.4 billion, operating profit of KRW 1.2 billion, and net profit of KRW 1.3 billion.
Combined owner net profit over the most recent four quarters (Q3 2025 through Q2 2026) reached roughly KRW 6.2 billion, indicating profit levels trending higher than the prior year on a rolling basis.
In terms of cash flow, operating cash flow in 2025 was KRW 15.7 billion, similar to KRW 16.0 billion in 2024, reflecting cash generation capacity well above the net profit figure. The debt ratio, however, rose from 66.0% in 2022 to 89.1% in 2023 before easing to 83.1% in 2024 and 78.9% in 2025.
South Korea's mobile telecom infrastructure market appears to have entered a stable operating phase focused on maintaining and incrementally improving existing network quality rather than driving new large-scale investment, following the substantial completion of nationwide 5G buildout.
In this environment, shared wireless base station operation offers carriers a way to avoid duplicate investment and reduce costs, and Wiable has secured stable lease revenue through long-term contracts with KT, SKT, and LG Uplus in this segment.
In the defense sector, amid the structural trend of troop reductions, the Defense Acquisition Program Administration continues to push forward projects converting General Out Post (GOP) surveillance networks to AI-based systems, with various companies including incumbent S-1 competing in this market.
In renewable energy, demand for solar power generation and rooftop-lease projects continues steadily, supported by the spread of RE100 commitments and government carbon-neutrality policy, with listed peers such as Hanwha Solutions, HD Hyundai Energy Solutions, SK Eternix, and Daemyung Energy also expanding their businesses.
Wiable is pursuing a strategy of extending its construction and operation capabilities accumulated in telecom infrastructure into adjacent fields such as defense and renewable energy, differentiating its business portfolio from pure telecom equipment or service providers.
However, in each new business area the company faces the challenge of proving its competitiveness as a relative latecomer against established specialist firms.
In its March 2026 value-up disclosure, the company stated it would maintain CAPEX at current levels over the next three years while continuing to pursue existing public-sector projects (solar power for government and public institutions, defense business, etc.).
For new growth drivers, it specifically outlined plans to build an integrated power trading management platform and expand investment in renewable solar power generation.
The company had previously announced a target of investing KRW 50 billion in renewable energy over five years to secure more than 35MW of generation capacity by 2029, and has completed registration as a power brokerage business, moving toward implementing small-scale power brokerage operations.
In the defense segment, revenue recognition appears tied to individual contracts, such as the August 2025 supply agreement with the Defense Acquisition Program Administration for items including Bigo detector units, meaning future order intake could influence earnings volatility.
On shareholder returns, the company decided to cancel treasury shares equal to 9.5% of total shares outstanding (approximately 5.02 million shares, worth about KRW 9.5 billion), and declared a year-end cash dividend of KRW 50 per common share for 2025.
While the company has stated a dividend policy aimed at maintaining its payout level, whether it can sustain both expanded new-business investment and dividend continuity remains something to be confirmed through future results.
The price-to-book ratio appears to trade at a discount to net asset value, while the price-to-earnings ratio sits within the range observed over recent years. Reflecting 2025 results, since net profit rose substantially year over year, the calculus of price relative to earnings has also shifted.
On the dividend front, since the company has stated a policy of maintaining dividend levels as part of its value-up plan, the continuity of that dividend policy going forward is a point worth watching.
However, no brokerage coverage reports or target price citations for this company could be confirmed through search, so this report does not cite a market consensus target price.
The simultaneous progress of treasury share cancellation and profit improvement is also worth monitoring as a structural factor affecting per-share metrics.
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
The 2025 operating margin improved markedly to 7.2% from 4.8% in 2024 and 4.0% in 2023, which the company attributes to cost reduction effects. The structure of rising profit despite slightly lower revenue can be interpreted as reflecting cost-control effects. Whether this trend continues in subsequent quarters is a point to watch.
Shared wireless base station leasing to the three telecom carriers provides stable cash flow based on long-term contracts, complemented by defense and solar renewable energy businesses as additional growth axes.
Individual contract wins in the defense segment and plans to build a power trading platform are concrete examples of business diversification. However, the contribution of these new businesses to overall revenue and profit still requires further verification.
The company decided to cancel treasury shares equal to 9.5% of total shares outstanding and declared a year-end cash dividend of KRW 50 per share for 2025. In its value-up plan, the company stated it intends to maintain dividend levels going forward.
Such measures are cited as examples demonstrating reduced share count and commitment to enhancing shareholder value.
2025 revenue declined 4.9% year over year, which can be viewed as reflecting slowing demand for new telecom infrastructure investment following the substantial completion of nationwide 5G buildout.
As the shared wireless base station business enters a stable operating phase, organic top-line growth momentum appears limited. It is also worth noting that profit improvement stemmed mainly from cost reduction rather than revenue growth.
The AI defense surveillance system and solar power trading businesses do not yet appear to have reached a stage of substantial revenue contribution, and an order-dependent revenue structure reliant on individual contracts can lower earnings predictability.
Whether the solar capacity expansion target (35MW by 2029) is achieved and the pace of progress also require ongoing confirmation. The challenge of demonstrating differentiated competitiveness against established specialist firms in each area also remains.
The debt ratio rose from 66.0% in 2022 to 89.1% in 2023 before easing somewhat, but still stands higher than the 2022 level at 78.9% in 2025.
Shareholders' equity has remained largely unchanged in the KRW 75-78 billion range between 2022 and 2025, making it worth watching how expanded new-business investment affects capital capacity. The capital allocation strategy of simultaneously maintaining CAPEX and dividend levels also warrants observation.
Revenue from defense and telecom facility construction tends to be recognized on a per-contract basis, which can produce significant quarter-to-quarter earnings variance.
If a pattern of revenue and profit concentration in specific quarters, as seen in Q4 2025, recurs, care is needed when interpreting quarter-over-quarter comparisons. Securing new orders is likely to remain a key variable for future earnings.
Revenue from defense and public-institution solar projects is structurally influenced by government and public-agency budget allocation and policy direction. Shifts in defense budget priorities or adjustments to GOP surveillance system project schedules could affect related revenue.
Changes in renewable energy policy, such as RE100 requirements or power trading systems, could also affect the pace of related new business execution.
In the AI defense surveillance system field, established security and system integration firms such as S-1 have already entered the market, potentially making competition challenging for a relative latecomer.
In solar power generation and power trading, numerous listed and unlisted companies are also expanding their businesses, raising the possibility of intensifying market competition. The possibility of lower-than-expected profitability or delays in the early stages of new business entry cannot be ruled out.
The Q3 2026 earnings disclosure will be worth checking to see whether revenue and operating profit trends continue the improvement seen in the first half, and whether defense and solar new businesses begin contributing to revenue.
It is worth watching whether the seasonal pattern of revenue and profit concentration at year-end, as seen in Q4 2025, repeats, and whether additional defense or public-sector contract disclosures emerge.
It is worth confirming whether the dividend-level maintenance policy stated in the value-up plan is actually upheld in the fiscal year 2026 year-end dividend decision.
It is worth tracking year-by-year progress (new plant completions, power brokerage business expansion, etc.) toward the target of securing more than 35MW of generation capacity by 2029.
Wiable has succeeded in significantly increasing operating profit and net profit through cost reduction in 2025, even as revenue declined slightly, building on the stable cash cow of shared wireless base station leasing.
A pattern of results concentrating in the fourth quarter was observed, and profit improvement continued into the first and second quarters of 2026.
The company is pursuing business diversification by cultivating defense (AI-based defense surveillance systems) and renewable solar power generation as new growth drivers, while its March 2026 value-up plan disclosure paired a policy of maintaining CAPEX and dividend levels with shareholder return measures such as treasury share cancellation.
However, these new businesses have not yet reached a stage of substantial earnings contribution, and factors such as a contract-dependent revenue structure, government policy and budget variables, and intensifying competition in new business areas warrant continued attention.
The debt ratio has eased somewhat from prior levels but still exceeds shareholders' equity, making the balance sheet trend an ongoing point to monitor. This report does not present an investment opinion or target price and is intended to provide information based on verifiable disclosures and financial data.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.