PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩430 per share · Prices as of the 2026-10-02 close
DSR Wire Corp swung from a 2024 net loss back to profit in 2025, with quarterly net income rising through H1 2026, though the company carries a history of two separate price-fixing penalties.
FY2025 consolidated revenue of KRW226.6bn, operating profit of KRW28.0bn, and net profit of KRW24.7bn marked a swing back to profit from the prior year's net loss
Net income rose sequentially across the four quarters from 2025Q3 to 2026Q2, from KRW5.88bn to KRW6.61bn to KRW9.02bn to KRW12.01bn
The company was fined twice by Korea's antitrust regulator, in 2023 for steel wire cartel activity and in 2025 for stainless steel wire cartel activity
The March 2026 annual shareholders meeting approved a cash dividend of KRW430 per common share for fiscal 2025
The debt ratio stood at a stable 37.5%, with operating cash flow of KRW16.6bn generated in fiscal 2025
DSR Wire Corp, established in 1971 and listed on the KOSPI, is a specialty manufacturer of wire rope and hard steel wire. Its operations are divided between a domestic segment producing wire rope and hard steel wire, and a Vietnam segment manufacturing wire rope and I.C. products.
The company sells through both agency channels and direct sales, with production tied to end-user orders.
It was the first in Korea to develop ultra-heavy-duty wire rope in-house, and produces higher value-added products under its own POWERMAX and POWERFLEX brands, including extra-large offshore ropes and oil-tempered wire (OT Wire) for automotive springs.
These products supply a range of end markets including shipbuilding and offshore plants, automotive springs, and industrial machinery. Under its accounting structure, the company reports a single business segment for the manufacture and sale of wire rope and steel wire.
It maintains regional managers who track overseas customer conditions through periodic visits, and manages credit risk for overseas clients through comprehensive export insurance.
Its stated strategy centers on new technology development, market expansion through specialized products, and improved customer convenience through related product-set supply.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩61.6B | ₩7.7B | 12.5% |
| 2025Q3 | ₩55.3B | ₩8.4B | 15.2% |
| 2025Q4 | ₩57.3B | ₩5.9B | 10.3% |
| 2026Q1 | ₩56.7B | ₩6.6B | 11.6% |
| 2026Q2 | ₩64.1B | ₩7.7B | 12.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩261.7B | ₩26.4B | ₩28.9B | 10.1% | 15.8% | 41.7% |
| 2023 | ₩213B | ₩23.5B | ₩12.9B | 11.0% | 6.6% | 34.7% |
| 2024 | ₩215.6B | ₩19.5B | -₩28.3B | 9.1% | −17.1% | 36.0% |
| 2025 | ₩226.6B | ₩28B | ₩24.7B | 12.4% | 13.1% | 37.5% |
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 for fiscal 2025 came in at KRW226.55bn, up from KRW215.58bn in 2024, while operating profit reached KRW28.04bn, lifting the operating margin to 12.4% from 9.1% in 2024. Net profit was KRW24.67bn, marking a swing from the 2024 net loss of KRW28.30bn.
Notably, 2024 operating profit remained positive at KRW19.51bn even as the bottom line swung to a large loss, reflecting a sizable non-operating drag that year.
Looking at recent quarters, 2025Q2 revenue of KRW61.61bn, operating profit of KRW7.72bn, and net profit of KRW6.06bn were followed by 2025Q3, when revenue dipped to KRW55.32bn yet operating profit actually rose to KRW8.39bn, indicating margin improvement.
In 2025Q4, revenue was KRW57.26bn with operating profit softening to KRW5.87bn, but net profit still rose to KRW6.61bn. 2026Q1 saw revenue of KRW56.75bn and operating profit of KRW6.57bn, with net profit jumping to KRW9.02bn.
In 2026Q2, revenue reached KRW64.08bn, the highest of the trailing four quarters, operating profit improved to KRW7.72bn, and net profit climbed further to KRW12.01bn.
As a result, net profit summed across the trailing four quarters from 2025Q3 to 2026Q2 reached KRW33.52bn, a level that on an annualized basis already exceeds full-year 2025 net profit.
Compared with 2022 (revenue of KRW261.69bn, net profit of KRW28.93bn), revenue scale has yet to fully recover, but the qualitative improvement in profitability is clearly visible.
The wire rod sector supplies intermediate materials used across automotive, shipbuilding, mining, and machinery industries, making it directly sensitive to downstream industrial cycles. Industry outlooks for the second half of 2026 suggest steel demand volume is recovering, but margins warrant caution.
The World Steel Association forecasts 2026 global steel demand at 1.7725 billion tons, up 1.3% year over year, while the OECD has warned that global overcapacity could expand to 721 million tons by 2027. This suggests a volume recovery will not necessarily translate directly into pricing or margin improvement.
On the positive side, shipbuilding and offshore markets, key end applications for DSR Wire Corp, continue to see historically elevated newbuilding orders in 2026. According to Clarksons Research, 1,778 vessels totaling 50.9 million CGT were contracted globally between January and July 2026.
However, shipbuilding involves a long lag between order and delivery, creating a considerable gap between contract signing and actual revenue recognition.
Domestically, the wire rod and wire rope industry is structured around a few large players such as Kiswire alongside numerous smaller manufacturers, with raw material (wire rod) price swings and export conditions serving as key performance drivers.
The company does not publicly disclose specific quantitative revenue or profit guidance, so the outlook must be assessed based on recent quarterly trends and industry conditions. The sequential increase in net income across four consecutive quarters from 2025Q3 through 2026Q2 points to improving earnings momentum.
The company also maintained its cash dividend for fiscal 2025, continuing dividend policy continuity despite the 2024 net loss.
On the industry side, modest growth in global steel demand is expected to coexist with concerns over overcapacity, while robust newbuilding orders in shipbuilding and offshore markets could support demand for higher value-added products such as extra-large offshore rope.
However, given the typical lag between vessel orders and deliveries in shipbuilding, the recent order strength may take time to flow through to DSR Wire Corp's revenue.
The company's history of repeated antitrust penalties remains a factor that could translate into additional cost burdens if similar investigations or sanctions recur.
Overall, future performance is likely to hinge on quarterly margin trends, the timing at which shipbuilding and offshore demand converts into actual sales, and movements in raw material (wire rod) costs and foreign exchange rates.
The stock tends to trade at a discount to net asset value, with the share price sitting below book value per share.
On the earnings side, the swing from a 2024 net loss back to profit in 2025, followed by sequential net income growth through the most recent quarters, is a relevant backdrop, though historical earnings volatility has caused valuation multiples to swing across a wide range over time.
On the dividend side, the company has maintained policy continuity with annual cash dividends, though the yield shifts daily with the share price and cannot be pinned to a fixed figure. Given its relatively small market capitalization, valuation metrics can also be sensitive to swings in trading volume and liquidity.
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
Net income rose sequentially over four consecutive quarters from 2025Q3 to 2026Q2, climbing from KRW5.88bn to KRW6.61bn to KRW9.02bn to KRW12.01bn. The sum of these four quarters (KRW33.52bn) already exceeds full-year 2025 net profit (KRW24.67bn). This trend reflects a recovery in earnings quality following the 2024 net loss.
The 2025 debt ratio of 37.5% has been managed stably within the 34.7-41.7% range seen from 2022 to 2024. Equity grew from KRW165.26bn in 2024 to KRW187.96bn in 2025, and operating cash flow that year reached KRW16.63bn, alongside net profit of KRW24.67bn, pointing to solid cash generation.
At its March 2026 annual general meeting, the company approved a cash dividend of KRW430 per common share for fiscal year 2025 (its 55th fiscal year).
Even in the year of the 2024 net loss, the company had a history of paying dividends, indicating a tendency to maintain shareholder return continuity through periods of weaker performance.
2025 revenue of KRW226.55bn remains below the 2022 level of KRW261.69bn. Quarterly revenue has also fluctuated between KRW55.32bn in 2025Q3 and KRW64.08bn in 2026Q2, showing volatility rather than a clear sustained upward trend.
In October 2023, Korea's antitrust regulator referred six steel wire makers including DSR Wire Corp to prosecutors for price-fixing steel wire products, and in July 2025 it fined DSR KRW1.635bn for a separate stainless steel wire cartel.
The two rounds of sanctions could translate into further financial and reputational burdens should additional investigations or similar cases arise.
The OECD has warned that global steel overcapacity could expand to 721 million tons by 2027. The World Steel Association projects only 1.3% demand growth for 2026, meaning volume recovery remains modest while concurrent oversupply concerns could pressure selling prices and margins.
DSR Wire Corp was sanctioned by Korea's antitrust regulator separately in 2023 for a steel wire price-fixing cartel and in 2025 for a stainless steel wire cartel.
The steel wire case was also referred to prosecutors, meaning criminal proceedings may be ongoing, and any further identification of similar cartel practices could lead to additional fines or litigation risk.
The company's structure is heavily export-oriented, and it relies on comprehensive export insurance to manage credit risk with overseas clients. Fluctuations in overseas economic conditions and exchange rates are structural factors that can directly affect sales performance and profitability.
Because the business uses wire rod as its core raw material, fluctuations in steel raw material prices feed directly into costs. With global steel demand growth remaining modest and concerns over expanding global overcapacity persisting simultaneously, pressure on selling prices and margins could continue.
The fiscal 2026 third-quarter regular filing will show whether the recent trend of sequential net income growth over the trailing four quarters continues.
Progress in the criminal proceedings following the 2023 prosecution referral over the steel wire cartel, as well as any additional antitrust investigations, warrant monitoring.
Tracking newbuilding orders and deliveries in the shipbuilding and offshore sectors can help gauge when demand for high value-added offshore rope translates into actual revenue.
It will be worth confirming whether the dividend policy resolved at the fiscal 2026 year-end and the following annual general meeting in early 2027 is maintained or adjusted relative to the fiscal 2025 level (KRW430 per share).
DSR Wire Corp swung from a 2024 net loss back to profit in 2025, and has shown sequential net income growth across four consecutive quarters from 2025Q3 through 2026Q2. Its debt ratio remains stable at 37.5% and operating cash flow is solid, both positive signals on the balance sheet front.
However, revenue scale has yet to recover to 2022 levels, and the company's history of two separate antitrust cartel sanctions, in 2023 and 2025, remains a lingering regulatory and reputational risk.
On the industry side, modest global steel demand growth coexists with concerns over expanding global overcapacity, while strong newbuilding orders in shipbuilding and offshore markets provide a potential backdrop for demand in high value-added offshore products, though the typical order-to-delivery lag should be considered.
The company has also shown policy continuity by maintaining cash dividends even in the year it posted a net loss.
Going forward, key points to watch include quarterly margin trends, progress in the criminal proceedings tied to the cartel cases, and whether shipbuilding and offshore demand actually converts into revenue.
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.