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
Woorim PTS is at a juncture where signs of a turnaround in its traditional gearbox business coincide with growing attention to its entry into the Boston Dynamics-linked robotics supply chain.
FY2025 operating profit turned positive at KRW 1.19 billion, reversing the prior year's KRW 1.6 billion loss, though quarterly results remain volatile.
The company supplies ultra-precision reduction gears to Boston Dynamics, but large-scale mass-production orders have not yet been confirmed as it remains in the development and validation stage.
The revenue share of high value-added products including robotics, defense, and aerospace has reportedly increased significantly, according to the company.
Revenue from the traditional construction-equipment business shrank, with total sales falling from KRW 71.77 billion in 2024 to KRW 57.11 billion in 2025.
Brokerage coverage remains limited to a site-visit note from Hana Securities, which has not yet issued a rating or target price.
Woorim PTS has grown since the 1970s as a power-train specialist, building brand recognition through gearboxes used in steelmaking facilities, construction equipment, and wind turbines.
The company operates a dual-plant system in which Plant 1 handles steel-mill facilities, large precision gearboxes, and energy/plant-industry gearboxes, while Plant 2 mass-produces ultra-precision gearboxes for construction equipment, robotics, defense, aerospace, and wind power, and also possesses aerospace gearbox design capability.
Its core products are industrial reduction gears and transmissions, with a long-standing customer base including Hyundai Steel and POSCO domestically and internationally. More recently, global clients such as John Deere, SMS, HD Hyundai, and Doosan Enerbility have also been cited as customers.
The most notable recent development is that the company supplies ultra-precision reduction gears used in the joints of Boston Dynamics' humanoid robots, though the company has explained that this remains centered on development and validation rather than full-scale mass-production orders.
According to the company, the revenue share of high value-added gearbox products spanning robotics, aerospace, and defense has increased substantially, reflecting an attempted structural shift from a traditional industrial-parts supplier toward an advanced robotics and defense component maker.
In terms of competitive landscape, Japan's Harmonic Drive has long held a dominant position in the industrial robot reducer market, while domestic firms such as SPG and Samhyun are cited as localization competitors.
Ownership is relatively stable, with founder Han Hyun-seok and related parties holding a majority stake, while foreign ownership is reported to be very low.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩12B | -₩1.3B | −10.7% |
| 2025Q3 | ₩15.8B | ₩3.5B | 22.4% |
| 2025Q4 | ₩15.6B | -₩1.3B | −8.1% |
| 2026Q1 | ₩10.3B | -₩400M | −3.6% |
| 2026Q2 | ₩14.2B | ₩1B | 6.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩68.3B | ₩5.4B | ₩5.1B | 7.9% | 5.9% | 10.5% |
| 2023 | ₩57.3B | ₩2.5B | ₩5B | 4.3% | 5.6% | 18.5% |
| 2024 | ₩71.8B | -₩1.6B | -₩7.8B | −2.2% | −9.7% | 14.9% |
| 2025 | ₩57.1B | ₩1.2B | ₩2.4B | 2.1% | 2.9% | 12.3% |
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
On a confirmed-financials basis, FY2025 revenue was KRW 57.11 billion with operating profit of KRW 1.19 billion (2.1% operating margin), turning positive from FY2024's revenue of KRW 71.77 billion and operating loss of KRW 1.60 billion (-2.2% margin).
Net profit attributable to owners recovered to KRW 2.39 billion in 2025 from a large net loss of KRW 7.77 billion in 2024, though it remains below the KRW 5.04 billion and KRW 5.09 billion levels recorded in 2023 and 2022, respectively.
Quarterly results show marked volatility: 2Q25 revenue was KRW 12.00 billion with an operating loss of KRW 1.29 billion and a net loss of KRW 1.63 billion, before a sharp reversal in 3Q25 to revenue of KRW 15.80 billion, operating profit of KRW 3.54 billion, and net profit of KRW 3.42 billion.
However, 4Q25 slipped back into losses—an operating loss of KRW 1.26 billion and a net loss of KRW 0.02 billion—even as revenue held at KRW 15.59 billion, and 1Q26 revenue fell further to KRW 10.35 billion with an operating loss of KRW 0.37 billion, extending the quarter-to-quarter swings. 2Q26 then showed renewed improvement, with revenue of KRW 14.20 billion, operating profit of KRW 0.96 billion, and net profit of KRW 1.84 billion.
This quarterly variability appears to reflect the project-based nature of the business, where revenue and margins swing significantly depending on the timing of large orders and deliveries.
On the balance-sheet side, the debt ratio rose from 10.5% in 2022 to 14.9% in 2024 before easing to 12.3% in 2025, and in 2024 operating cash flow reached KRW 18.28 billion despite the net loss, likely reflecting one-off working-capital effects from inventory and receivables.
The end markets split broadly between traditional demand for steelmaking and construction-equipment gearboxes and newly emerging demand for robotics, defense, and aerospace components.
The traditional segment is closely tied to the global construction-equipment cycle, and weaker demand in this area appears to have weighed on results in 2024 and 2025.
In the new-growth segment, attention has grown around Boston Dynamics—acquired by Hyundai Motor Group—deploying its humanoid robot Atlas into factory automation, while Samsung Group is also expanding its robotics business, raising market interest in domestic robot-component supply chains.
However, Japan's Harmonic Drive has long held a dominant position in the industrial robot reducer market, and domestic localization remains at a gradual stage. Domestic competitors cited as pursuing reducer localization include SPG and Samhyun.
In the defense and aerospace segment, growing overseas orders for Korean defense companies and progress in component localization are cited as creating new entry opportunities for parts suppliers.
Separately, Hyundai Motor Group is reportedly reviewing a possible Nasdaq listing for Boston Dynamics, with some observers suggesting that a listing could accelerate the pace of robotics business expansion through large-scale capital raising.
In April 2026, the company disclosed a value-up plan targeting a dividend payout ratio of at least 25% and annual dividend increases of at least 10%.
On the precision-reducer front, it is reportedly developing a 50-arcsec high-end product under a government-supported project and plans to secure annual production capacity of 20,000 precision reducer units by the end of 2026.
Hana Securities, in a site-visit report, noted that the company is supplying gearboxes—a key component—to a global humanoid robot maker, but has maintained a 'Not Rated' status without issuing an investment rating or target price.
Hyundai Motor Group has reportedly finalized plans to deploy the electric-actuated Atlas at its Metaplant America facility in the United States starting in 2028, which could serve as a reference point for when related precision-reducer orders might materialize more fully.
That said, it should also be noted that it may take time before actual mass-production contracts are disclosed with specific figures.
The company is pursuing localization of high-end reducers through government projects and its selection for the 'Excellent Materials, Parts and Equipment Companies 100' program, and is reportedly planning to focus on the defense and aerospace segments going forward.
Combined results over the most recent four quarters (3Q25 through 2Q26) show earnings recovering from the large net loss recorded in 2024.
A past point-in-time check found the price-to-earnings ratio well above the sector median, illustrating episodes where the pace of earnings recovery and market expectations were not fully aligned.
In terms of the price-to-book relationship, the stock has at times traded at a premium to net asset value, while the dividend yield is understood to run below the sector average.
Given that brokerage coverage is effectively limited to a single 'Not Rated' report from Hana Securities, it should also be considered that no market consensus valuation has yet formed for this small-cap name.
Ultimately, the pace at which revenue contribution from the new robotics and defense businesses is confirmed in actual figures is likely to be the key variable in future valuation discussions.
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 company supplies ultra-precision reducers for humanoid robots to Boston Dynamics and is cited as a component supplier linked to the robotics expansion of both Hyundai Motor Group and Samsung Group.
Localization of a 50-arcsec high-end product under a government project and a plan to secure 20,000-unit annual production capacity are also underway. It should be noted, however, that this remains centered on the development and validation stage.
FY2025 operating profit turned positive at KRW 1.19 billion after the prior year's loss, and operating profit reached KRW 3.54 billion in 3Q25 and KRW 0.96 billion in 2Q26, indicating a recovery trend.
According to the company, an increasing share of high value-added products in robotics, aerospace, and defense is interpreted as improving the quality of earnings. However, since results reverted to losses in 4Q25 and 1Q26, continuity requires further confirmation.
The company possesses aerospace gearbox design capability, and new entry opportunities are being cited amid the localization trend for defense components. Rising overseas orders for Korean defense companies are mentioned as a favorable environment for related parts suppliers. The company is reportedly planning to focus on the defense and aerospace segments among its new businesses.
Net results swung between profit and loss each quarter—a net loss of KRW 1.63 billion in 2Q25, net profit of KRW 3.42 billion in 3Q25, a net loss of KRW 0.02 billion in 4Q25, and net profit of KRW 0.39 billion in 1Q26.
This reflects a project-based business structure in which revenue and margins fluctuate significantly depending on order and delivery timing. It is difficult to judge the earnings trend from any single quarter alone.
Annual revenue fell nearly 20%, from KRW 71.77 billion in 2024 to KRW 57.11 billion in 2025. Because the traditional construction-equipment segment is closely tied to end-market conditions, a prolonged demand slowdown could extend the revenue gap.
With the new businesses' revenue contribution not yet large enough, the shrinking traditional business weighs on overall top-line growth.
Supply to Boston Dynamics currently remains at the development and validation stage, and large-volume orders have not been confirmed. Since Hyundai Motor Group's plan to deploy Atlas at its factory is reported for 2028, it may take time before large-scale revenue is reflected.
Competition for market share also exists from incumbent Harmonic Drive and domestic rivals such as SPG and Samhyun.
Supply of precision reducers for robotics remains in the development and validation stage, leaving the timing and scale of actual mass-production orders uncertain. Given that Hyundai Motor Group's Atlas factory deployment is reported for 2028, related revenue could be delayed before becoming substantial. Potential competitive advances or changes in customer vendor selection should also be considered.
The steel-mill equipment and construction-equipment segments are tied to global infrastructure and construction investment cycles, so a prolonged downturn could widen the revenue gap. The revenue decline in 2024-2025 is interpreted as reflecting this end-market impact. With the new-business share not yet sufficiently large, reliance on the traditional business remains.
As a small-cap stock with limited brokerage coverage and low foreign and institutional ownership, trading volume and price volatility can rise significantly around robotics and defense-themed news.
If a gap widens between official earnings disclosures and market expectations, volatility from information asymmetry could increase. Investors need to distinguish thematic news from actual order and revenue disclosures.
The 3Q26 earnings disclosure should be checked to see whether the 2Q26 earnings improvement continues or whether the pattern of quarterly volatility resumes.
It is worth checking whether the targeted annual production capacity of 20,000 precision reducer units is actually achieved, along with related disclosures and IR updates.
It is worth monitoring whether additional brokerages beyond Hana Securities initiate coverage and issue a rating or target price.
News on Hyundai Motor Group's decision regarding a possible Nasdaq listing for Boston Dynamics, and its potential impact on the pace of robotics business expansion, should be monitored.
Woorim PTS is a company attempting to transform its business structure from traditional industrial reducers and transmissions toward higher value-added areas such as robotics, defense, and aerospace.
Confirmed financials show operating and net profit recovering in 2025 from the prior year's large losses, but quarterly results show pronounced volatility, alternating between profit and loss.
Supply of precision reducers to Boston Dynamics is drawing market attention, but it should also be considered that this remains at the development and validation stage, with large-scale mass-production orders not yet confirmed.
The traditional construction-equipment and steel-mill-equipment businesses show declining revenue, meaning that how quickly and how substantially the new businesses contribute to revenue will likely be the key variable for future performance.
Given the effective absence of brokerage coverage for this small-cap name, market discussion of valuation also remains at an early stage. Investors appear to need an approach that distinguishes thematic news from actual disclosed order and revenue results.
Report written 2026-09-29 · Data as of 2026-09-28
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