PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩500 per share · Prices as of the 2026-10-02 close
After a large annual loss in 2025, WiSol swung to owner net profit in both quarters of the first half of 2026, but whether the revenue base and margin recovery can be sustained still needs further confirmation.
Owner net profit turned positive in both Q1 2026 (KRW 6.3bn) and Q2 2026 (KRW 1.8bn), breaking a streak of four consecutive quarterly losses in 2025.
Full-year 2025 revenue fell to KRW 321.2bn, with an operating loss of KRW 36.3bn and an owner net loss of KRW 41.4bn.
The debt ratio stayed low, in the mid-teens to around 17% range from 2022-2025, and operating cash flow remained positive even in loss years.
5G proliferation and growing automotive RF demand are cited as structural growth drivers, but the company remains a late mover versus leaders such as Broadcom in high-value BAW (FBAR) filters.
The shares trade at a discount to book value, leaving the durability of the return to profit as the key variable for future assessment.
WiSol was established in 2008 as a spin-off from Samsung Electro-Mechanics' radio-frequency (RF) business unit and listed on KOSDAQ in 2010.
Its core business is RF Front End, producing and selling SAW (surface acoustic wave) filters and duplexers used in mobile phones, along with RF modules that integrate these with semiconductor devices. As of 2023, revenue mix by segment was reported at roughly 54% for SAW products and 46% for filter/module products.
By customer, sales are said to be concentrated at around 56% to Samsung Electronics and over 41% to Chinese mobile customers, meaning the vast majority of revenue is tied to the mobile market.
Production is split so that front-end wafer processing is handled at the Korean headquarters, with wafers then sent to production subsidiaries in China and Vietnam for back-end packaging into finished products.
IC components needed for RF modules, such as switches, low-noise amplifiers, and power amplifiers, are increasingly sourced through affiliate NRLab as part of an internalization push.
The company holds four affiliates in total, three overseas and one domestic, and its current largest shareholder is holding company Daedeok (formerly Daeduck Electronics), which seeks synergy between semiconductor substrate and communication component businesses.
In RF modules, the LFEM product is reported to hold roughly 60% share within Samsung Electronics, while later-entry products such as FEMiD are believed to hold comparatively lower share, and the company has more recently been expanding into automotive electronics RF components to diversify its revenue base.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩78B | -₩21B | −27.0% |
| 2025Q3 | ₩81.8B | -₩3.8B | −4.6% |
| 2025Q4 | ₩76B | ₩55,394,970 | 0.1% |
| 2026Q1 | ₩97.2B | ₩2.1B | 2.2% |
| 2026Q2 | ₩81.3B | -₩1.8B | −2.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩345.9B | -₩13B | -₩14.8B | −3.8% | −4.3% | 17.2% |
| 2023 | ₩369.7B | ₩13.5B | ₩13.2B | 3.6% | 3.8% | 14.1% |
| 2024 | ₩375B | ₩500M | ₩11B | 0.1% | 3.1% | 14.5% |
| 2025 | ₩321.2B | -₩36.3B | -₩41.4B | −11.3% | −14.1% | 17.5% |
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
WiSol's annual results have swung markedly over the past four years.
In 2022, revenue was KRW 345.9bn with an operating loss of KRW 13.0bn and an owner net loss of KRW 14.8bn (operating margin -3.8%), but in 2023 revenue rose to KRW 369.7bn with operating profit of KRW 13.5bn and owner net profit of KRW 13.2bn, lifting the operating margin to 3.6%.
In 2024, revenue edged up slightly to KRW 375.0bn, but operating profit collapsed to about KRW 0.46bn (margin 0.1%), while owner net profit came in at KRW 11.0bn.
In 2025, revenue dropped sharply to KRW 321.2bn and the company swung to a large operating loss of KRW 36.3bn and an owner net loss of KRW 41.4bn (operating margin -11.3%), a deterioration attributed to intensifying competition from Chinese customers, among other structural factors.
On a quarterly basis, losses persisted through Q2 2025 (operating loss of KRW 21.0bn, net loss of KRW 13.8bn) and Q3 2025 (operating loss of KRW 3.8bn, net loss of KRW 1.4bn); in Q4 2025 the operating result was near breakeven at about KRW 0.06bn, yet the owner net loss actually widened to KRW 19.1bn, suggesting a large non-operating loss factor.
However, Q1 2026 revenue jumped to KRW 97.2bn with operating profit of KRW 2.1bn and owner net profit of KRW 6.3bn, and external data likewise confirm that consolidated revenue rose 13.8% year-on-year in Q1 2026 with both operating profit and net profit turning positive.
Q2 2026 revenue came in at KRW 81.3bn with an operating loss of KRW 1.8bn, meaning operating results slipped back into the red, but owner net profit stayed positive at KRW 1.8bn, marking two straight quarters of net profit.
On the balance sheet, the debt ratio remained stable in the mid-teens to around 17% range from 2022-2025 (17.5% in 2025), and operating cash flow stayed positive at KRW 6.1bn in 2025 despite the annual loss.
The RF front-end industry is generally viewed as a structural growth market, since the number of filters used per handset tends to rise as mobile communication standards evolve.
Demand for high-performance acoustic filters and modules is said to be surging with the spread of 5G, improving SAW product sales as smartphone volumes increase, and RF Front End business growth is expected to continue on the back of expanding connectivity, IoT commercialization, and rising automotive electronics demand.
However, the competitive landscape is bifurcated: in low- and mid-tier SAW filters, intensifying low-price competition from Chinese makers is eroding price competitiveness, while in high-value BAW (FBAR) filters, Broadcom is described as holding an overwhelming advantage in a technically difficult, higher-priced segment with high barriers to entry.
Within RF modules, WiSol's main products are LFEM and FEMiD, with LFEM reportedly holding around 60% share inside Samsung Electronics, while later-entry products such as FEMiD and BAW-class filters are believed to have comparatively lower share.
The downstream smartphone market ties results closely to the new-model launch cycles and sales volumes of Samsung Electronics and Chinese manufacturers, so weak sales at a single customer can directly translate into revenue swings.
Automotive RF module demand still represents a small share of revenue but is being cultivated as a new growth pillar through quality management system certification.
The company is positioning 5G smartphone adoption and rising automotive RF demand as growth drivers, and external commentary suggests continued growth for the RF Front End business is expected on the back of collaboration with RF module makers, expanding connectivity, IoT commercialization, and growing automotive electronics demand.
The fact that Q1 2026 results improved across revenue, operating profit, and net profit, breaking out of losses, could serve as an important reference point for gauging whether quarterly results stabilize going forward.
A past brokerage report (2024) assessed the company as laying the groundwork for long-term growth through expansion of its high-frequency filter and transmit (Tx) module lineup, so it remains worth watching how this product diversification affects the medium-term revenue structure.
The same report noted that years of heavy capital expenditure and subsequent depreciation burdens had weighed on results, but that the depreciation burden had peaked and internalization of key raw materials had achieved results; how much of this cost-structure improvement is actually reflected in the 2026 earnings recovery needs confirmation through further quarterly results.
That assessment, however, dates to 2024, and given subsequent developments such as intensifying competition in the Chinese market, it may not apply directly to the current situation.
The pace at which high-value new products such as HS (high-performance) filters, FBAR (BAW) filters, and PAMiD gain adoption among domestic and overseas customers remains the key variable for improving the revenue mix going forward.
WiSol is at a stage where net profit turned positive in the first half of 2026 after a large loss in 2025, a phase in which market valuation judgments could become more sensitive to the durability of the profit recovery than to past results.
The stock trades at a discount to net asset value, sitting in a range where the price-to-book ratio is below 1x.
The stock has historically shown a pattern of a low price-to-book ratio during downturns and a modest recovery during profit-turning periods, so how this valuation range evolves may depend on whether the current turn to profit proves temporary or structural.
On dividends, the company has a recent history of cash dividend payments, but given high earnings volatility, the consistency of dividend policy going forward may hinge on future earnings trends. Such valuation judgments can differ by investor perspective, and it is difficult to presuppose any particular direction.
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
Owner net profit was positive in both Q1 2026 (KRW 6.3bn) and Q2 2026 (KRW 1.8bn), ending a streak of four consecutive quarterly losses in 2025. In Q1 in particular, revenue rose sharply to KRW 97.2bn and operating profit also turned positive at KRW 2.1bn, improving top line and profitability together. Whether this trend continues beyond Q3 will be a key factor for the credibility of the earnings recovery.
The debt ratio has stayed low, in the mid-teens to around 17% range, from 2022-2025, and operating cash flow remained positive at KRW 6.1bn even in the loss-making year of 2025. The fact that cash generation held up even in a year of a large net loss can be viewed positively from a financial stability standpoint. This could translate into continued capacity for R&D and capital investment going forward.
Surging demand for high-performance acoustic filters and modules amid 5G proliferation, along with rising demand for automotive RF modules, are cited as factors expanding the medium-term revenue base.
The industry's structural feature of rising filter counts per device as mobile communication standards evolve is also favorable. However, the pace at which these tailwinds translate into actual revenue and margin improvement depends on customer-specific adoption of new models.
2025 revenue fell markedly to KRW 321.2bn from KRW 375.0bn in 2024, and the company posted a large operating loss of KRW 36.3bn and an owner net loss of KRW 41.4bn.
Given that the operating margin had already dropped to just 0.1% in 2024 despite a slight revenue increase, the possibility that the profitability decline is structural rather than one-off cannot be ruled out.
Intensifying competition targeting Chinese customers is repeatedly cited as a background factor for the weak results.
In Q4 2025, the operating result was near breakeven at about KRW 0.06bn, yet the owner net loss actually widened sharply to KRW 19.1bn.
A large non-operating loss factor appears to have occurred, and since the specific details are not confirmed, the possibility of similar one-off losses recurring in the future should be kept in mind. This shows that quarterly net profit volatility cannot be fully explained by operating profit trends alone.
The high-performance BAW (FBAR) filter market is led by companies such as Broadcom, meaning it may take time for WiSol to expand share in this segment. Within RF modules, later-entry products such as FEMiD are believed to hold comparatively lower share than LFEM.
If the shift to high-value products is delayed, the share of revenue from legacy SAW filters facing intense low-price competition could remain high, slowing margin improvement.
The majority of revenue is reportedly concentrated among a small number of customers, mainly Samsung Electronics and Chinese mobile makers, so weak new-model sales or volume adjustments at a specific customer could directly affect results. If customer diversification progresses slowly, this risk is likely to persist.
The company has a history of sourcing key IC components such as switches and amplifiers needed for RF modules from overseas fabless suppliers, so cost burdens can vary with exchange rates and global semiconductor supply conditions. Internalization through affiliate NRLab is underway but full substitution will take time.
Low-price competition from Chinese makers continues in the low- and mid-tier SAW filter market, and the resulting weakening of price competitiveness could pressure both revenue and profitability. This competitive dynamic has repeatedly been cited as a background factor for weak results in recent years.
Q3 2026 earnings are expected to be released, and it will be important to check whether the net profit trend from Q1-Q2 continues and whether operating results return to positive territory.
Year-end smartphone peak-season demand and sales trends for new models from Samsung Electronics and Chinese customers should be checked for their effect on revenue volume.
The 2026 annual business and audit reports should be checked to confirm final full-year 2026 results and whether segment revenue mix is disclosed.
Disclosures or IR materials regarding new customer adoption and mass production start for high-value new products such as FBAR (BAW) filters and PAMiD should be monitored.
WiSol has shown significant earnings volatility over the four years from 2022 to 2025, alternating between losses and profits, and in 2025 it posted a large annual loss with revenue declining alongside an operating loss of KRW 36.3bn and an owner net loss of KRW 41.4bn.
In the first half of 2026, however, owner net profit turned positive in both Q1 and Q2, signaling a potential improvement, and whether this trend continues into the second half is a key point to watch going forward.
Given the business structure, with revenue concentrated among Samsung Electronics and Chinese mobile customers, results are sensitive to volume changes at specific customers, and the company remains a late mover relative to leaders such as Broadcom in high-value BAW (FBAR) filters.
On the other hand, the debt ratio has stayed low, in the mid-teens to around 17% range, and operating cash flow remained positive even in loss-making years, showing a degree of financial cushioning.
Expanding 5G connectivity and rising automotive RF component demand are cited as medium-term growth drivers, but the pace at which these structural tailwinds translate into actual revenue and profitability improvement will likely depend on the timing of new-product adoption by individual customers.
Overall, the company appears to be in an early phase of earnings recovery, and it will be necessary to continue monitoring quarterly results together with the progress of new-product mass production.
Report written 2026-09-05 · Data as of 2026-09-04
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