PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
NK Corp has maintained quarterly profitability since Q4 2025 after a sharp operating loss in Q3 2025, with the shipbuilding supercycle and growing semiconductor specialty-gas demand cited as tailwinds for its core businesses.
Both Q1 and Q2 2026 posted consecutive operating and owner net profits, extending the recovery trend.
Core businesses span high-pressure gas cylinders, marine fire-suppression/ballast water systems, and plant EPC, while diversifying into defense and medical devices.
In 2025, annual revenue rose year over year, but operating and net losses persisted, marking a fourth straight year of operating losses.
Korea's shipbuilding industry is viewed as entering an LNG-carrier-led order supercycle, a variable that could feed through to marine equipment demand.
The company completed a retirement of 4.7 million treasury shares and a 10-for-1 share consolidation in April 2026, restructuring its capital base.
NK Corp is a KOSPI-listed machinery company operating across three pillars: high-pressure gas cylinders, marine equipment such as fire-suppression systems, and plant EPC.
The gas cylinder segment produces CNG fuel cylinders, hydrogen and industrial gas cylinders, and semiconductor-process specialty gas cylinders; industry sources describe the advanced DDI manufacturing method as achievable by only three companies worldwide.
Its marine fire-suppression systems, developed after halon regulations phased out older agents, center on clean-gas and water-mist systems that have diversified toward larger-capacity, clean-agent units as ships have grown larger and LNG-carrier construction has increased.
Ballast water treatment systems and helideck production also fall under the marine equipment segment. The plant business handles fire-protection equipment production and EPC for onshore nuclear and thermal power facilities, as well as offshore plant equipment EPC.
The gas cylinder business is described as improving on the back of growth in the semiconductor specialty-gas market and enhanced quality reliability.
More recently, a defense affiliate supplied core equipment for the Korean-built KSS-III Batch-II submarine, demonstrating technical capability, while the group obtained Korea Good Manufacturing Practice (KGMP) certification and entered the medical platform market with hyperbaric oxygen therapy (HBOT) chambers.
The company states it holds 158 intellectual property rights supporting technical competitiveness in its core fields.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩28.6B | ₩300M | 1.2% |
| 2025Q3 | ₩28.6B | -₩5B | −17.6% |
| 2025Q4 | ₩49B | ₩5B | 10.2% |
| 2026Q1 | ₩31.9B | ₩500M | 1.7% |
| 2026Q2 | ₩36.8B | ₩3.1B | 8.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩76.7B | ₩900M | ₩10.7B | 1.1% | 9.3% | 44.9% |
| 2023 | ₩91.5B | -₩1.1B | ₩59.4B | −1.2% | 34.2% | 34.1% |
| 2024 | ₩110.9B | -₩4.8B | -₩900M | −4.3% | −0.5% | 24.1% |
| 2025 | ₩130.1B | -₩600M | -₩4.1B | −0.5% | −2.5% | 38.7% |
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 2025 revenue reached KRW 130.1 billion, up from KRW 110.9 billion in 2024, but the company posted an operating loss of KRW 0.65 billion and an owner net loss of KRW 4.1 billion, extending its losses.
In 2024, revenue was KRW 110.9 billion with an operating loss of KRW 4.8 billion and an owner net loss of KRW 0.9 billion; in 2023, revenue of KRW 91.5 billion came with an operating loss of KRW 1.1 billion yet an owner net profit of KRW 59.4 billion, a large gap likely reflecting non-operating items.
In 2022, revenue was KRW 76.7 billion with a modest operating profit of KRW 0.87 billion and an owner net profit of KRW 10.7 billion.
Looking at recent quarters, Q3 2025 revenue was KRW 28.6 billion with an operating loss that widened sharply to KRW 5.0 billion and an owner net loss of KRW 2.8 billion, the main driver of the deteriorated annual result.
Revenue then jumped to KRW 49.0 billion in Q4 2025, turning to an operating profit of KRW 5.0 billion and an owner net profit of KRW 1.2 billion.
Q1 2026 continued the profitable run with revenue of KRW 31.9 billion, operating profit of KRW 0.5 billion, and owner net profit of KRW 2.8 billion, while Q2 2026 showed the strongest profitability of the past four quarters with revenue of KRW 36.8 billion, operating profit of KRW 3.1 billion, and owner net profit of KRW 3.6 billion.
Management attributes the improvement to stable fixed fire-suppression system sales and a growing share of higher-value defense and special equipment products. Still, the wide swings between quarters mean further quarters are needed to confirm whether the company has settled onto a stable earnings track.
Korea's shipbuilding industry is assessed as having entered what is described as its first supercycle in 13 years, with LNG carriers cited as the core driver of new orders.
NH Investment & Securities projected that of an estimated 77 global LNG carrier orders in 2026, Korean shipbuilders would win 72, with newbuilding prices potentially rising as shipowners compete for remaining delivery slots.
Clarksons Research later put 2026 LNG carrier order demand at around 150 vessels, citing restarted LNG export projects in Qatar and the United States as supporting factors. Some analysis suggests the boom is spreading beyond the big three shipbuilders to equipment makers and mid-sized yards.
NK Corp's marine fire-suppression and ballast water treatment businesses are directly linked to orders for LNG carriers and other specialized vessels, meaning a continued order recovery could broaden the underlying demand base.
However, Chinese shipyards are reportedly expanding into higher-value ship types including LNG carriers, making the preservation of Korea's technology gap a medium-term challenge.
Separately, the semiconductor specialty-gas market—another pillar of the gas cylinder business—is described as an area where domestic and international investors continue to show interest amid expectations of a semiconductor cycle recovery.
Overall, NK Corp's results appear linked to two upstream industry variables: the shipbuilding cycle recovery and semiconductor specialty-gas demand.
The company has indicated it expects earnings improvement to continue as fixed fire-suppression system orders recover alongside the ramp-up of its defense affiliate's submarine parts supply business.
In defense, having already supplied core equipment for the Korean-built KSS-III Batch-II submarine, whether follow-on contracts or achievements materialize will be worth watching.
In medical devices, following KGMP certification, the company has begun entering the medical platform market with hyperbaric oxygen therapy (HBOT) chambers, making the timing of revenue contribution from this new business a point of interest.
On the shipbuilding order cycle, forecasts point to LNG carrier ordering picking up again from the second half of 2026, so it will be important to confirm whether this translates into orders for related marine equipment.
The specialty semiconductor gas business is said to be improving on the back of a semiconductor cycle recovery and enhanced quality reliability.
The company completed the retirement of 4.7 million treasury shares and a 10-for-1 share consolidation in April 2026 as part of capital structure efficiency measures, and whether these steps lead to a strengthened shareholder return policy is also worth monitoring.
Having posted consecutive profits in Q1 and Q2 2026, whether this trend is sustained from Q3 onward will be a key variable in gauging the future direction of earnings.
NK Corp trades at a level below its net asset value, suggesting the market has not yet fully reflected the company's total asset value.
Given a multi-year history of operating and net losses, whether the past two consecutive profitable quarters meaningfully narrow this discount is something that will need to be confirmed through further results.
There are signs of a shift from years of losses toward recent profitability, but the volatility between quarters makes it premature to call this an established trend. Dividend-related metrics show no clear recent payout in the confirmed data, limiting any assessment of dividend appeal.
Capital structure adjustments such as treasury share retirement and share consolidation are underway in parallel, and their effect on future per-share metrics warrants continued attention.
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
Both operating profit and owner net profit have been positive for three consecutive quarters from Q4 2025 through Q2 2026. Q2 2026 in particular showed the best profitability of the past four quarters, with revenue of KRW 36.8 billion and operating profit of KRW 3.1 billion.
Management attributes the sustained profitability to stable fixed fire-suppression system sales and a growing mix of higher-value products.
Korea's shipbuilding industry is viewed as being in an LNG-carrier-led order supercycle, with both NH Investment & Securities and Clarksons Research forecasting large 2026 LNG carrier order volumes.
NK Corp's marine fire-suppression and ballast water treatment businesses are marine equipment segments directly tied to such shipbuilding orders. Some analysis notes the order boom spreading beyond large shipbuilders to equipment makers and mid-sized yards.
The high-pressure gas cylinder business is described as improving on growing semiconductor specialty-gas market demand.
A defense affiliate demonstrated technical capability by supplying core equipment for the Korean-built KSS-III Batch-II submarine, and the group has obtained KGMP certification to enter the medical device market with hyperbaric oxygen chambers.
Whether these new businesses become established additional revenue sources beyond the core business is worth monitoring.
In Q3 2025, despite revenue of KRW 28.6 billion being similar to the prior quarter, the operating loss widened to KRW 5.0 billion, significantly damaging the annual result. This shows profit and loss can swing sharply even with similar revenue levels.
While recent quarters have shown profits, the wide swings between quarters make it difficult to conclude the company has entered a stable earnings track.
Excluding 2022, the company posted operating losses for three consecutive years from 2023 through 2025, and owner's equity declined from KRW 173.7 billion in 2023 to KRW 162.4 billion in 2025.
The large 2023 net profit, which diverged sharply from the operating loss that year, is interpreted as reflecting a one-time factor, limiting its usefulness in assessing sustained core profitability. This history of accumulated losses is worth considering when evaluating the reliability of future results.
The company adjusted its capital structure by retiring 4.7 million treasury shares and executing a 10-for-1 share consolidation in April 2026.
While such measures can improve per-share metrics by reducing share count, it should be noted that these are financial events separate from improvement in core business profitability. Given the company's relatively small market capitalization, liquidity and information asymmetry risks should also be considered.
Shipbuilding orders are cyclical and sensitive to the timing of final investment decisions (FID) on LNG projects, geopolitical variables, and raw material prices such as steel plate. There is a possibility that order recovery may not translate into marine equipment demand as quickly as expected.
Intensifying competition from Chinese shipyards expanding into higher-value ship types such as LNG carriers is another variable.
Operating cash flow was negative in 2022, 2024, and 2025, turning positive only in 2023. Alongside years of operating losses, cash generation has shown instability, making it necessary to continue monitoring whether cash flow improves going forward. The debt ratio declined from 44.9% in 2022 to 38.7% in 2025, though it has fluctuated year to year.
In 2026, treasury share retirement and a 10-for-1 share consolidation were carried out in succession, changing the number of shares outstanding and the par value. Such structural changes can alter the basis for calculating per-share metrics, potentially causing confusion when comparing against historical data. Similar interpretive caution will be needed if further capital structure adjustments occur in the future.
Watch the Q3 2026 quarterly report to confirm whether the profitability trend seen over the past three quarters continues.
Check for any follow-on supply contracts or disclosed achievements related to the defense affiliate's submarine parts business.
Confirm whether the expansion of LNG carrier orders at Korea's major shipbuilders actually translates into fire-suppression and ballast water treatment system orders for NK Corp.
Review the 2026 annual business report and regular shareholders' meeting for confirmed full-year results and the direction of dividend/shareholder return policy.
NK Corp has shown an improving earnings trend, posting three consecutive quarters of profit from Q4 2025 through Q2 2026 after a sharp operating loss in Q3 2025. However, multi-year financial burdens are also evident, including three straight years of operating losses from 2023 to 2025 and unstable operating cash flow.
On the business side, the company is diversifying beyond its existing pillars of gas cylinders, marine equipment, and plants into defense submarine parts and medical devices (HBOT), with results linked to two upstream variables: the shipbuilding supercycle and the growing semiconductor specialty-gas market.
The treasury share retirement and 10-for-1 share consolidation carried out in April 2026 were capital structure efficiency measures, and whether they lead to a strengthened shareholder return policy remains to be seen.
The stock trades below net asset value, suggesting the market has not fully reflected asset value, but given the high volatility in quarterly results, further quarters are needed to confirm whether the profitable trend has become stable.
Before making any investment decision, it is worth comprehensively examining the shipbuilding order cycle, the timing of revenue contribution from the defense and medical device new businesses, and whether cash flow improves.
Report written 2026-09-05 · Data as of 2026-09-04
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