PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩20 per share · Prices as of the 2026-10-02 close
Revenue shows tentative signs of recovery, but sustained operating profitability has yet to be confirmed.
Consolidated revenue declined for four straight years from 2022 to 2025, but quarterly revenue rose sequentially from 2025Q4 through 2026Q2.
The operating margin fell from 2.5% in 2022 to 0.1% in 2025, and operating losses appeared in two of the most recent four quarters.
Net income attributable to owners turned negative at roughly -KRW 9.4 billion in 2025, but swung back to a positive sum of about KRW 3.5 billion over the trailing four quarters.
In 2026, the company carried out a capital reduction (share consolidation) to offset accumulated deficit followed by a 1-for-1 bonus share issuance, altering its capital structure and share count.
Business diversification is underway across two pillars: LED/electronic components and health functional foods plus medical cannabis research.
Woori Bio was established in 2000 and listed on KOSDAQ in 2005, operating a global production and sales network through four domestic and nine overseas subsidiaries.
Its core business covers electronic component manufacturing—LED package modules, SMT, LED backlight units, LED TV assembly, and flexible PCB circuit boards—complemented by health functional foods made from natural ingredients.
Its subsidiary Woori Green Science has obtained approval for medical cannabis cultivation and ingredient research, expanding the group's reach into health foods and bio-materials.
The company, under the Woori Group umbrella, has participated in industry exhibitions alongside affiliates such as Woori E&L Harutin, showing interest in new materials such as liposome-based ingredients.
In 2026, the company carried out a capital reduction (share consolidation) to cover accumulated deficit, followed by a 1-for-1 bonus share issuance funded from share premium reserves, altering its capital structure and share count.
During this process, common share trading was halted for a period before resuming following the listing of new shares. The company maintains a multi-product, multi-region production setup, though a detailed revenue breakdown by product or region has not been disclosed in recent filings.
As a result, electronic components (LED/FPCB) and health foods/bio-materials stand as the two pillars driving both revenue and growth strategy.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩231B | -₩2.3B | −1.0% |
| 2025Q3 | ₩263.9B | ₩2.4B | 0.9% |
| 2025Q4 | ₩250.8B | ₩200M | 0.1% |
| 2026Q1 | ₩269.2B | -₩4.3B | −1.6% |
| 2026Q2 | ₩316.4B | -₩2.4B | −0.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.4T | ₩34.4B | ₩21.8B | 2.5% | 12.2% | 146.5% |
| 2023 | ₩1.3T | ₩26B | ₩15.6B | 2.1% | 7.8% | 133.2% |
| 2024 | ₩1.2T | ₩15.2B | ₩4.7B | 1.2% | 2.2% | 126.5% |
| 2025 | ₩1T | ₩1B | -₩9.4B | 0.1% | −4.6% | 191.5% |
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 fell for four consecutive years, from KRW 1.355 trillion in 2022 to KRW 1.264 trillion in 2023, KRW 1.237 trillion in 2024, and KRW 1.044 trillion in 2025.
Operating profit also declined every year over the period—from KRW 34.4 billion to KRW 26.0 billion, KRW 15.2 billion, and KRW 0.95 billion—while the operating margin slipped from 2.5% to 2.1%, 1.2%, and finally 0.1%.
Net income attributable to owners stayed positive at KRW 21.8 billion in 2022, KRW 15.6 billion in 2023, and KRW 4.7 billion in 2024, before turning negative at roughly -KRW 9.4 billion in 2025.
On a quarterly basis, 2025Q2 was weak with revenue of KRW 231.0 billion, an operating loss of KRW 2.3 billion, and a net loss to owners of KRW 10.4 billion, but 2025Q3 swung to profit with revenue of KRW 263.9 billion, operating profit of KRW 2.4 billion, and net income of KRW 2.5 billion. 2025Q4 posted a slim operating profit of KRW 0.15 billion on revenue of KRW 250.8 billion, yet net income reverted to a loss of KRW 1.0 billion.
In 2026Q1, revenue reached KRW 269.2 billion with an operating loss of KRW 4.3 billion, though net income was positive at KRW 2.2 billion; in 2026Q2, revenue rose further to KRW 316.4 billion, but the company posted an operating loss of KRW 2.4 billion and a small net loss of KRW 0.18 billion.
Over the trailing four quarters (2025Q3–2026Q2), revenue rose sequentially from KRW 263.9 billion to KRW 250.8 billion, KRW 269.2 billion, and KRW 316.4 billion, while operating profit was positive in two quarters (Q3, Q4 2025) and negative in the other two (Q1, Q2 2026), reflecting significant earnings volatility.
Net income to owners summed to a positive roughly KRW 3.5 billion over that same window, suggesting non-operating factors played a role in periods where net income diverged from operating performance. On cash generation, full-year 2025 operating cash flow remained positive at KRW 34.8 billion despite the net loss.
The electronic components segment that includes LED products is seen as having entered a mature phase as the penetration rate of applications like LED TVs has risen. Aggressive investment and low-price competition from Chinese manufacturers are cited as driving structurally persistent oversupply and price declines.
Such conditions are pointed to as a factor increasing cost pressure for domestic LED and electronic component makers. By contrast, the health functional food market is generally described as maintaining moderate growth, supported by an aging population and rising health awareness.
The medical cannabis (cannabinoid) ingredient and materials industry is an emerging field where legalization and regulatory discussions continue both domestically and abroad, with many companies still at the research and licensing stage rather than commercialization.
Woori Bio, through Woori Green Science, holds approval for cultivation and research in this area, and the stock has at times drawn market attention when the theme gains prominence.
In terms of competitive positioning, LED and FPCB components are frequently discussed alongside larger display and semiconductor package substrate makers, suggesting that the comparatively smaller Woori Bio relies on niche applications or customer segments.
In 2026, the company decided on a capital reduction via share consolidation to cover accumulated deficit, structured under commercial law provisions for deficit-related capital reduction that allow a general shareholder resolution and exemption from creditor objection procedures.
In the same year, it also decided on a 1-for-1 bonus share issuance funded entirely from KRW 57.3 billion in share premium reserves, with new shares allotted based on a record date of August 3.
As a result, common share trading was suspended for a period before resuming following the listing procedure for the newly issued shares. Such capital restructuring may reduce the accumulated deficit burden on the balance sheet, but it is a separate matter from the recovery of core operating profitability.
On the business side, whether cost pressure eases in the LED/electronic components segment and how research progresses at Woori Green Science in medical cannabis and bio-materials are cited as key variables for future performance.
However, no formal revenue guidance or new capacity expansion plans from the company were confirmed as of the time of this research. While recent quarterly revenue has risen sequentially, whether operating profit has shifted to a stable profitable trend requires further confirmation in upcoming quarterly results.
Since net income attributable to owners turned negative in 2025 before swinging back to positive on a trailing four-quarter basis, earnings-based valuation metrics calculated over this window warrant caution given the quarter-to-quarter volatility in results.
The share price appears to trade below the company's book value per share, placing it in a discount range relative to net assets. On the dividend side, based on the recently disclosed per-share cash dividend level, the dividend yield appears to run below the sector average.
Because the 2026 capital reduction and bonus share issuance altered the share count and capital structure, per-share metrics going forward should be reassessed against the adjusted share count.
Taken together, while revenue shows tentative signs of recovery, the stability of operating profit turning sustainably positive has not yet been confirmed, making it difficult to draw conclusions about business or earnings improvement from valuation metrics alone.
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
Quarterly revenue rose sequentially from KRW 250.8 billion to KRW 269.2 billion and KRW 316.4 billion between 2025Q4 and 2026Q2. Net income to owners over the trailing four quarters also summed to a positive roughly KRW 3.5 billion, moving past the 2025 annual net loss. Whether this revenue growth trend continues will need confirmation in coming quarters.
Despite a net loss in 2025, consolidated operating cash flow remained positive at KRW 34.8 billion. This suggests the cash-generating base held up separately from the income statement loss. It is a relevant factor for liquidity management.
Beyond LED/electronic components, the company has expanded into natural-ingredient health functional foods and medical cannabis research via Woori Green Science. If related regulations and markets mature, this could become a new growth pillar. However, the timing and scale of commercialization remain unconfirmed.
The operating margin declined steadily from 2.5% in 2022 to 0.1% in 2025. This is tied to industry-wide structural factors including LED oversupply and low-price competition from Chinese producers. The timing of margin recovery remains unclear.
Net income to owners remained positive from 2022 through 2024 but turned negative at roughly -KRW 9.4 billion in 2025. This marks a break in a three-year run of profitability. Whether the loss stems from one-off or structural causes requires confirmation in subsequent quarterly results.
Operating losses occurred in two of the trailing four quarters—2026Q1 (-KRW 4.3 billion) and 2026Q2 (-KRW 2.4 billion). Revenue grew, but operating profit repeatedly failed to keep pace. Whether core profitability sustainably recovers has not yet been confirmed.
It has been noted that rising LED TV penetration and aggressive investment by Chinese manufacturers have sustained long-term oversupply, with improved performance and lower prices from Chinese LED products pressuring profitability. This represents a structural industry-wide risk that raises cost pressure. The timing of any competitive easing is uncertain.
In 2026, a deficit-related capital reduction (share consolidation) and a 1-for-1 bonus share issuance were carried out in succession, altering the share count and capital composition. If additional capital raising becomes necessary in the future, existing shareholders could face dilution risk.
The financial effect of these capital structure changes needs to be confirmed in the next settlement of accounts.
Medical cannabis-related research is heavily dependent on regulatory changes both domestically and abroad, and the timing and scale of commercialization remain uncertain. It is also worth considering that the stock can show volatility tied to thematic attention that is separate from underlying business substance. The direction of the business could shift depending on whether regulations ease or tighten.
The 2026Q3 consolidated quarterly report disclosure should be checked to see whether the revenue growth trend continues and whether operating profit turns sustainably positive.
At the time of the FY2026 annual report disclosure, it is worth checking whether the annual operating margin has changed and whether the balance sheet effects of the capital reduction and bonus issuance are reflected.
It is worth continuously monitoring whether cost pressure and competitive intensity from Chinese producers in the LED/electronic components segment ease, as reflected in the quarterly operating margin trend.
Follow-up disclosures on the progress of medical cannabis cultivation/research licensing at Woori Green Science, or on related domestic/international regulatory changes, should be monitored.
Woori Bio recorded a net loss in 2025 amid structural margin pressure in its LED/electronic components business, yet recovery signals have also emerged, with quarterly revenue rising sequentially from 2025Q4 through 2026Q2 and net income to owners over the trailing four quarters turning positive on a combined basis.
However, operating profit was negative in two of those same quarters, meaning a stable recovery in core profitability has not yet been confirmed.
In 2026, a deficit-related capital reduction followed by a 1-for-1 bonus share issuance changed the capital structure and share count, a factor that should be incorporated into future financial statement interpretation.
On the business side, the company straddles two very different pillars: a maturing LED/electronic components segment and an early-stage health functional food/medical cannabis research segment.
At the industry level, competitive pressure from Chinese producers persists, while the newer business areas carry regulatory and commercialization uncertainty.
Ahead of any investment judgment, it appears necessary to track both the direction of operating profit in coming quarters and the actual financial effects of the capital structure adjustments.
Report written 2026-09-05 · Data as of 2026-09-04
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