PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩700 per share · Prices as of the 2026-10-02 close
Consolidated revenue and operating profit hit record highs in 2025, but quarterly revenue has now contracted for three consecutive quarters into 2026, signaling a deceleration phase.
2025 consolidated revenue reached KRW 396.3bn and operating profit KRW 28.6bn, marking three straight years of growth since the 2022 loss, with owner net income expanding to KRW 25.4bn.
After swinging to an operating loss of KRW -9.7bn in 4Q2025, quarterly revenue fell to KRW 60.7bn in 1Q2026 and KRW 36.8bn in 2Q2026, roughly a third of the 3Q2025 peak of KRW 108.5bn.
2025 operating cash flow was KRW -24.5bn, deteriorating even as net income remained positive.
The debt-to-equity ratio improved sharply from 150.2% in 2024 to 64.8% in 2025.
Large contracts such as the Sambak LFT EPC project and the Namhae Chemical Nakpo pier improvement project remain the key drivers for future revenue recognition.
DYPNF was established in 1999 and listed on KOSDAQ in 2009 as an engineering firm specializing in pneumatic conveying systems (PCS). Its core product uses air pressure to move powder materials horizontally and vertically for petrochemical, power generation, and fine chemical process industries.
As of 3Q2023, revenue mix was estimated at 48.89% PCS, 30.26% E&R (engineering and remodeling), 12.77% environmental business, and 7.99% mechanical conveying systems (MCS).
The company is described as the only domestic firm capable of implementing both high-pressure/low-speed and low-pressure/high-speed conveying methods, and is regarded as ranking third globally in the PCS market behind Coperion and Zeppelin.
It entered the secondary battery market in 2020 through an order to supply transport equipment for Cosmo New Materials' NCM cathode active material capacity expansion, and has since expanded into precursor materials and waste battery recycling.
In December 2025 it signed a KRW 58.4bn contract with Namhae Chemical Corporation for the Nakpo pier logistics facility improvement project, running through June 2030, while also executing a large EPC (engineering, procurement, construction) contract with Sambak LFT, a Lotte Chemical affiliate, to build a compound materials plant.
In the battery business, the company signed an investment MOU with Daegu Metropolitan City to build a used-battery recycling plant, broadening its footprint into waste battery and environmental fields.
This combination of traditional petrochemical and power plant EPC work with newer secondary battery and environmental businesses defines the company's portfolio structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩107.6B | ₩15B | 13.9% |
| 2025Q3 | ₩108.5B | ₩11.1B | 10.2% |
| 2025Q4 | ₩86.3B | -₩9.7B | −11.3% |
| 2026Q1 | ₩60.7B | ₩3.6B | 5.9% |
| 2026Q2 | ₩36.8B | ₩1.1B | 2.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩113.1B | -₩11.8B | -₩11.2B | −10.4% | −10.5% | 96.7% |
| 2023 | ₩144.1B | ₩8.3B | ₩5.7B | 5.8% | 5.1% | 160.2% |
| 2024 | ₩281B | ₩24.6B | ₩18.2B | 8.8% | 14.2% | 150.2% |
| 2025 | ₩396.3B | ₩28.6B | ₩25.4B | 7.2% | 16.9% | 64.8% |
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
Annual results moved from a KRW 113.1bn revenue and KRW -11.8bn operating loss in 2022 to a turnaround with KRW 144.1bn revenue and KRW 8.3bn operating profit in 2023, then continued growing to KRW 281.0bn revenue and KRW 24.6bn operating profit in 2024, and KRW 396.3bn revenue and KRW 28.6bn operating profit in 2025 — three consecutive years of growth.
The operating margin improved from -10.4% in 2022 to 5.8% in 2023 and 8.8% in 2024, before easing slightly to 7.2% in 2025. Owner net income likewise expanded from KRW -11.2bn in 2022 to KRW 5.7bn in 2023, KRW 18.2bn in 2024, and KRW 25.4bn in 2025. However, the quarterly pattern tells a different story.
Revenue peaked at KRW 107.6bn with KRW 15.0bn operating profit in 2Q2025 and KRW 108.5bn with KRW 11.1bn operating profit in 3Q2025, before swinging to an operating loss of KRW -9.7bn on revenue of KRW 86.3bn in 4Q2025, and then contracting further to KRW 60.7bn revenue and KRW 3.6bn operating profit in 1Q2026 and KRW 36.8bn revenue and KRW 1.1bn operating profit in 2Q2026.
While the full-year figures set records, this reflects the typical EPC-industry pattern where revenue recognition is concentrated around specific large projects, producing wide quarter-to-quarter swings.
Cash flow is a notable area of concern: 2025 operating cash flow was KRW -24.5bn, a reversal from positive flows of KRW 47.2bn in 2023 and KRW 7.8bn in 2024 despite a profitable year, suggesting increased working-capital strain possibly linked to delayed collection of progress payments on large projects.
The debt-to-equity ratio fell sharply from 160.2% in 2023 and 150.2% in 2024 to 64.8% in 2025, marking a clear improvement in the balance sheet.
The pneumatic conveying system (PCS) industry is heavily dependent on the capital investment cycles of large-scale process industries such as petrochemicals, power generation, and fine chemicals.
The global market is led by Germany's Coperion and Zeppelin, with DYPNF regarded as holding a top-three position as the only domestic firm capable of implementing both high-pressure and low-pressure conveying methods.
Large-scale petrochemical plant investment in the Middle East has been an important variable for the company's results, in a structure where expanded plant-project orders won by domestic general contractors and engineering firms translate into subcontracted volume for DYPNF.
The secondary battery and waste battery recycling market represents a relatively new business area; while its revenue contribution remains limited, the company appears to be building references with domestic battery cell and material makers.
The environmental equipment segment (water treatment, air pollution control, etc.) is also seeing demand support from the energy transition and tightening regulations.
Because revenue recognition in this industry is tied to individual large projects, the gap between cyclical peaks and troughs is wide, and the pace at which the order pipeline is executed at any given time has a more immediate impact on results than a company's overall market position.
In October 2025 the company outlined a target of securing more than KRW 100bn in new 4Q orders, split between roughly KRW 50-60bn in powder conveying projects and over KRW 60bn in secondary battery projects; however, actual 4Q2025 results closed with KRW 86.3bn revenue and a KRW -9.7bn operating loss, indicating a gap in timing and execution relative to that target.
The December 2025 Namhae Chemical Nakpo pier logistics improvement contract (KRW 58.4bn, running through June 2030) and the EPC contract with Lotte Chemical affiliate Sambak LFT for a compound materials plant are major projects whose revenue is expected to be recognized progressively over multiple years.
The company has continued pursuing new orders from domestic and overseas petrochemical and energy firms, and has previously set a goal of winning mega-scale Middle East projects in Qatar, Kuwait, and Saudi Arabia.
In the secondary battery and waste battery segment, it signed an investment MOU with Daegu Metropolitan City in July 2025 to build a used-battery recycling plant, seeking to expand into this newer business area.
Still, how quickly new large-scale orders can offset the revenue and profit contraction seen in the 1Q and 2Q2026 results will be a key determinant of forward performance.
Management has stated a policy of strengthening competitiveness through profitability-focused order intake and additional orders in future-growth industries.
The current share price appears to trade below the double-digit multiple range seen in the early stages of the company's earnings turnaround. It also trades at a discount to book value per share, rather than at a significant premium to net assets.
On the dividend side, per-share cash dividends have continued, and the dividend yield appears to run above the average for the KOSDAQ machinery and equipment sector.
However, since 4Q2025 quarterly revenue and profit have been contracting, and profit levels over the most recent four quarters are markedly lower than the full-year 2025 result.
Interpreting valuation metrics requires weighing both the annual-basis earnings improvement (from losses to profitability, and subsequent profit growth) and the recent quarterly deceleration together.
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
Following the swing from a loss in 2022 to profitability in 2023, revenue and operating profit expanded for three consecutive years through 2025. Over the same period the debt-to-equity ratio improved sharply from 150.2% in 2024 to 64.8% in 2025, strengthening balance sheet stability. This reflects the resumption of projects delayed by the pandemic and expanded new order intake.
Beyond the traditional petrochemical and power plant PCS business, the company is expanding into secondary battery and waste battery recycling and environmental equipment.
The investment MOU with Daegu City for a waste battery recycling plant and the secondary battery references built since the initial Cosmo New Materials order are cited as new growth pillars. This could work to reduce dependence on any single end-market.
The company secured large multi-year projects, including the KRW 58.4bn Namhae Chemical Nakpo pier logistics improvement contract in December 2025 and an EPC contract with Lotte Chemical affiliate Sambak LFT for a compound materials plant.
These contracts could form the basis for revenue recognition over the coming years. The company has continued to pursue new orders from domestic and overseas petrochemical and energy firms.
After peaking at KRW 108.5bn revenue and KRW 11.1bn operating profit in 3Q2025, the company swung to an operating loss in 4Q2025, and revenue contracted further to KRW 60.7bn and KRW 36.8bn in 1Q and 2Q2026, respectively.
This means profit over the most recent four quarters is markedly lower than the full-year 2025 result, reflecting the industry characteristic where large-project revenue recognition is concentrated at specific points in time.
2025 operating cash flow was KRW -24.5bn, turning negative even though net income was positive, contrasting with the positive flows of KRW 47.2bn in 2023 and KRW 7.8bn in 2024. This suggests possible increased working-capital strain linked to delayed collection of progress payments on large EPC projects.
The company set a target of over KRW 100bn in new 4Q2025 orders in October 2025, but actual 4Q results closed with KRW 86.3bn revenue and a KRW -9.7bn operating loss, showing a gap between target and outcome.
Given the project-driven business structure, delays in specific contracts or shifts in revenue recognition timing can have an immediate impact on results.
Revenue is concentrated among a small number of large customers and projects, including Sambak LFT (a Lotte Chemical affiliate) and Namhae Chemical. Delays, modifications, or early termination of a specific contract could have a significant impact on results.
The Nakpo pier contract itself includes a provision that its term may change by mutual agreement between the two companies.
With a portion of orders coming from overseas, including large Middle East petrochemical projects and Russia's Baltic project, geopolitical conditions in those regions or changes in client investment decisions can affect the timing of revenue recognition.
The Baltic project was previously delayed due to the war in Ukraine. Currency fluctuations can also affect the profitability of overseas projects.
In March 2026 DYPNF was designated by the Korea Exchange as a short-selling overheated stock, resulting in a temporary short-selling ban. This illustrates that short-term supply-demand dynamics for the shares can shift rapidly.
Given the limited float typical of small-cap stocks, price volatility tied to shifting demand and supply can be relatively pronounced.
The 3Q2026 earnings disclosure will show whether the revenue and profit contraction seen in 1Q and 2Q2026 continues, or whether recognition of new large-order revenue drives a rebound.
Investors should monitor the pace of revenue recognition tied to the progress of the Sambak LFT EPC and Namhae Chemical Nakpo pier projects, as well as any disclosures of additional new orders beyond these two.
It will be worth confirming whether the mega-scale Middle East petrochemical projects in Qatar, Kuwait, and Saudi Arabia that the company has targeted are actually secured as new orders.
The preliminary 2026 full-year earnings disclosure will allow a check of whether revenue and operating profit rise or fall versus the 2025 records of KRW 396.3bn and KRW 28.6bn, and whether operating cash flow improves.
Investors should track the concrete progress of the investment MOU signed with Daegu City for a used-battery recycling plant, including construction start and operational timelines.
DYPNF turned from a loss in 2022 to profitability in 2023 and posted record results with revenue and operating profit expanding for three consecutive years through 2025. Its debt-to-equity ratio also improved sharply, from 150.2% in 2024 to 64.8% in 2025, strengthening balance sheet stability.
However, following the swing to an operating loss in 4Q2025, quarterly revenue contracted to KRW 60.7bn and KRW 36.8bn in 1Q and 2Q2026 respectively, marking a clear deceleration, with profit over the most recent four quarters falling well short of the full-year 2025 result.
It is also notable that 2025 operating cash flow deteriorated to KRW -24.5bn despite positive net income.
The company has secured large multi-year contracts, including the Namhae Chemical Nakpo pier project and the Sambak LFT EPC contract, and is expanding into new areas such as secondary battery and waste battery recycling.
Overall, structural improvement on an annual basis coexists with a clear deceleration in recent quarters, and how quickly new large orders can offset this slowdown remains the key point to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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