PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Wonil T&I holds domestically exclusive LNG and hydrogen equipment technology and has secured a series of large supply contracts in 2026, but project-based revenue recognition drives sharp quarterly earnings swings alongside lingering governance concerns.
Consolidated 2025 revenue fell year over year to KRW 29.6 billion, with an operating loss of KRW 1.75 billion and a net loss of KRW 2.06 billion, reversing from the prior year's profit.
Quarterly results in 2026 continued to alternate between profit and loss, with a KRW 2.01 billion operating loss in Q1 followed by a KRW 0.54 billion operating profit in Q2.
From February through August 2026, the company signed a series of large single sales-and-supply contracts with SK Eco Engineering, Korea Gas Technology Corporation, POSCO E&C, and Yeosu Eco Energy.
The external auditor has changed in each of the past three fiscal years, and contract- and litigation-related disclosures have been repeatedly amended, warranting continued market scrutiny of disclosure reliability.
The company exclusively supplies hydrogen storage alloy for the Jangbogo-III submarine program to Hanwha Ocean, with potential overseas submarine contract wins seen as a key inflection point for medium-term growth.
Wonil T&I is a specialized manufacturer that has developed and produced core energy equipment for the LNG, hydrogen, and nuclear sectors since its corporate conversion in 1998.
Its flagship products are the submerged combustion vaporizer (SCV), which converts LNG into natural gas, and the BOG recondenser, which reliquefies boil-off gas, both of which hold a dominant domestic market position.
The company also operates a hydrogen storage alloy business that stores hydrogen in solid form, and supplies nuclear-related equipment such as seawater filters and tritium removal systems.
According to a brokerage report, 2024 revenue was split among SCV (35.4%), hydrogen storage alloy (32.8%), other LNG equipment (28.8%), and other services (2.9%). Key customers include Korea Gas Corporation, Korea Electric Power Corporation, Korea Hydro & Nuclear Power, Hanwha Ocean, and POSCO E&C.
Global competitors cited include Linde of Germany and Sun Power and the 711 Research Institute of China.
In 2026, the company expanded its contract base with SK Eco Engineering (Yongin district heating), Korea Gas Technology Corporation (clean hydrogen test evaluation center), POSCO E&C (Gwangyang hydrogen plant), and Yeosu Eco Energy (governor package).
Its hydrogen storage alloy is exclusively supplied to Hanwha Ocean for the Jangbogo-III submarine program, carrying potential for expansion into defense and mobility applications.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩4.3B | -₩1B | −23.8% |
| 2025Q4 | ₩11.6B | ₩900M | 8.1% |
| 2026Q1 | ₩4B | -₩2B | −50.5% |
| 2026Q2 | ₩10B | ₩500M | 5.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩42.2B | ₩6.4B | ₩7.9B | 15.1% | 21.8% | 102.1% |
| 2025 | ₩29.6B | -₩1.8B | -₩2.1B | −5.9% | −4.3% | 34.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue fell to KRW 29.6 billion in 2025 from KRW 42.2 billion in 2024, while operating profit reversed from a KRW 6.4 billion gain (15.1% operating margin) in 2024 to a KRW 1.75 billion loss (-5.9% margin) in 2025.
Net income likewise swung from a KRW 7.9 billion profit in 2024 to a KRW 2.06 billion loss in 2025.
Quarterly figures show pronounced volatility: Q3 2025 revenue was KRW 4.27 billion with an operating loss of KRW 1.01 billion, but Q4 2025 revenue jumped to KRW 11.65 billion with operating profit of KRW 0.95 billion and net income of KRW 1.76 billion.
The pattern reversed again in Q1 2026, with revenue of KRW 3.99 billion, an operating loss of KRW 2.01 billion, and a net loss of KRW 1.37 billion, before Q2 2026 revenue rose to KRW 9.95 billion with operating profit of KRW 0.54 billion and net income of KRW 1.01 billion.
This quarter-to-quarter swing reflects the project-based, percentage-of-completion revenue recognition typical of order-driven equipment makers. On the balance sheet, total equity rose to KRW 48.2 billion at end-2025 from KRW 36.1 billion at end-2024, and the debt ratio fell to 34.3% from 102.1%.
However, operating cash flow remained negative in both years (KRW -3.8 billion in 2024 and KRW -4.1 billion in 2025), indicating that cash generation has yet to catch up with the improving profit-and-loss trend.
The LNG downstream value-chain equipment market in which Wonil T&I operates is an order-driven business tied to the expansion of domestic LNG receiving terminals, storage facilities, and import volumes.
Because the company holds a domestic monopoly in SCV and BOG recondenser supply, domestic order flow translates directly into company performance.
Globally, competitors include Linde of Germany and Sun Power and the 711 Research Institute of China, and technology and price competition with these players would be a key factor in any overseas expansion.
The hydrogen segment is benefiting from government hydrogen infrastructure policy, with orders for hydrogen extraction and recovery equipment increasing; a company representative noted rising hydrogen-related tenders and expanding efficiency verification activity.
The nuclear equipment segment, dependent on orders from state-run utilities such as Korea Hydro & Nuclear Power, offers stability but limited growth.
In the defense sector, the company has carved out growth potential through the specialized application of hydrogen storage alloy for submarines, with participation in overseas submarine projects such as Canada's emerging as a key variable for portfolio expansion.
The company has stated that large contracts signed through the first half of 2026 will be recognized as revenue sequentially according to percentage of completion, with related sales expected to be reflected more fully from the second half of the year.
Disclosures in 2026 included the February contract with SK Eco Engineering for the Yongin district heating governor station (contract period February 2026 to January 2027), the June contract with Korea Gas Technology Corporation for hydrogen extraction and utility equipment, and the August contracts with POSCO E&C for the Gwangyang hydrogen plant and with Yeosu Eco Energy for a 33-month long-term contract (August 2026 to May 2029).
The hydrogen storage alloy business, anchored by supply for the Jangbogo-III submarine program, is cited as a medium-term growth driver, with a company representative noting that a successful overseas submarine contract could expand supply volumes.
However, some of these contracts have had their contract amounts revised through amended disclosures, so final confirmed figures and revenue recognition timing warrant continued verification through official filings.
The three consecutive years of auditor changes and litigation disclosures remain a governance-related uncertainty separate from the earnings outlook.
Wonil T&I posted a net loss for full-year 2025, but on a trailing four-quarter basis through Q2 2026 it has returned to modest profitability, and the multiple the market is assigning sits toward the upper end of its historical post-listing trading range.
The stock trades at a premium to net asset value, which may partly reflect market expectations tied to its monopoly technology position and its hydrogen and defense expansion narrative.
The company pays no dividend, so its share price behavior is likely driven more by earnings recovery and order growth than by income appeal.
Given the large quarter-to-quarter earnings swings, valuation levels are best assessed by examining cumulative annual and quarterly trends rather than any single quarter's one-off result.
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 2026-09-05
The SCV and BOG recondenser are exclusively produced and supplied domestically by Wonil T&I, meaning the company directly benefits whenever domestic LNG infrastructure orders are placed. Existing delivery track records with Korea Gas Corporation, Hanwha Ocean, and POSCO E&C also act as an entry barrier. This monopoly position can support order continuity based on technical trust rather than price competition.
Backed by government hydrogen infrastructure expansion policy, the company signed a series of large contracts with Korea Gas Technology Corporation, POSCO E&C, and Yeosu Eco Energy from the first half of 2026.
A company representative stated that hydrogen-related tenders have been increasing along with expanding efficiency verification, signaling that policy tailwinds are materializing. As these contracts are recognized as revenue over time, they could positively affect second-half results.
The company has entered the defense value chain by exclusively supplying hydrogen storage alloy for the Jangbogo-III submarine program to Hanwha Ocean. A company representative noted that a successful overseas submarine contract could expand supply volumes.
Development of alane-based technology with higher energy density than lithium batteries is also underway, opening possibilities for expansion into hydrogen mobility and other applications.
Consolidated 2025 revenue declined year over year, with an operating loss of KRW 1.75 billion and net loss of KRW 2.06 billion reversing from the prior year's profit.
In 2026, quarterly swings remained wide, with a KRW 2.01 billion operating loss in Q1 followed by a KRW 0.54 billion operating profit in Q2, making it difficult to judge the annual trend from any single quarter. The percentage-of-completion revenue recognition structure is the root cause of this volatility.
Over the past three fiscal years, the external auditor changed annually—from Samjong, to Samhwa, to Hanul accounting firms. Disclosures related to single sales-and-supply contracts and litigation have also been repeatedly amended.
While all audit opinions were unqualified, the frequent auditor turnover and disclosure corrections warrant continued market verification of information accuracy and internal controls.
Revenue depends on orders from a small number of large state-run utilities and shipbuilding/engineering firms, including Korea Gas Corporation, Hanwha Ocean, and POSCO E&C. If a key customer delays its investment timeline or alters contract terms, revenue recognition timing could be significantly affected. This is a risk inherent to an order-driven business model that relies on a small number of large contracts.
Three consecutive years of auditor changes and repeated amendments to contract- and litigation-related disclosures raise questions about the continuity and reliability of financial information. Despite unqualified audit opinions, this history requires investors to continuously verify subsequent disclosures.
In 2026, disclosures of litigation filings involving claims above a certain threshold, along with subsequent amendments, were confirmed. Past litigation judgment/decision disclosures have also occurred.
The specific impact of litigation outcomes on the company's financial condition or operations is difficult to determine from current disclosures alone.
Because revenue is recognized based on project completion percentage—typical of an order-driven business—delays in contract execution or design changes could push back expected revenue recognition timing.
Some contracts have had their initially disclosed amounts subsequently revised, so final confirmed figures and progress for each contract require ongoing verification through disclosures.
Check the Q3 2026 quarterly report filing to verify whether second-half revenue recognition expands and whether the recent quarterly profit trend continues.
Verify through disclosures the progress of revenue recognition, based on percentage of completion, for the 2026 contracts signed with SK Eco Engineering, Korea Gas Technology Corporation, POSCO E&C, and Yeosu Eco Energy.
Monitor for judgments or additional amended disclosures related to ongoing litigation to assess any impact on financial condition or operating activities.
Watch for news on overseas submarine program contracts (such as Canada) to assess whether the hydrogen storage alloy business becomes a medium-term growth driver.
Wonil T&I is a KOSDAQ-listed company holding a domestic monopoly technology position in LNG downstream equipment and hydrogen storage alloy, and it has maintained order momentum into 2026 by signing a series of large contracts with Korea Gas Technology Corporation, POSCO E&C, SK Eco Engineering, and Yeosu Eco Energy.
However, full-year 2025 results showed declining revenue and a reversal from the prior year's profit into an operating and net loss, and 2026 has continued to show pronounced earnings volatility with a Q1 loss followed by a Q2 profit, reflecting the project-based revenue recognition structure.
Operating cash flow remained negative in both years despite the improving profit trend, indicating that cash-generation improvement has not yet been confirmed.
Three consecutive years of auditor changes and a history of amended contract- and litigation-related disclosures require ongoing scrutiny from a governance and information-reliability standpoint.
Supply of hydrogen storage alloy for the Jangbogo-III submarine program and the possibility of overseas submarine contracts, such as in Canada, remain key variables for the medium-term growth narrative.
Investors should weigh second-half revenue recognition progress, the litigation and disclosure amendment record, and the status of overseas defense contract wins together in forming their own judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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