PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Dt&C has expanded its EMC and interface testing and certification business by becoming an official HDMI certification body, but annual operating results remain volatile and the controlling shareholder's entire stake is pledged as loan collateral, creating a governance overhang.
2025 revenue reached KRW 125.8 billion, growing versus 2022-2024, but operating income has posted losses for four consecutive years.
Q1 2026 net income attributable to owners of KRW 6.2 billion stands in contrast to an operating loss of KRW 1.9 billion in the same quarter, suggesting a meaningful non-operating contribution.
In January 2026 the company was upgraded to an official HDMI testing and certification body, and in February completed its first official certifications for LG Electronics and Amnam Electronics products.
The debt ratio has risen steadily from 74.2% in 2022 to 125.7% in 2025.
The entire 27.4% stake held by controlling shareholder Chairman Park Chae-gyu of DT&C Group has been pledged as loan collateral, creating a governance risk tied to affiliate funding conditions.
Dt&C is an engineering consulting firm centered on the testing, verification, and certification industry, providing testing and certification services across electronics, automotive electronics, key industrial sectors, and bio industries.
Its core business is electromagnetic compatibility (EMC) testing, a regulatory service required in major markets worldwide before wireless and communication products can be sold.
The company has expanded its scope to include wireless SAR testing, reliability testing, chemical and failure analysis, and software and cybersecurity testing.
More recently it has moved into next-generation interface certification including HDMI, Bluetooth SIG, and FiRa, and in January 2026 was upgraded by the HDMI association to an official HDMI certification body capable of performing the entire process from testing to certification domestically.
It also separately operates EMC services for key industrial sectors such as nuclear power, defense, aerospace, rail, and shipbuilding, and runs a drone-defense business including radar systems.
The company sits at the center of the Dt&C Group structure, which includes Dt&C Investment, DCJ, Dt&CRO, Dt&C VINA, Dt&C China, and HuScience.
At the March 2026 annual general meeting, the addition of business purposes related to autonomous mobile robots (AMR), collaborative robots, service robots, and artificial intelligence testing demand was placed on the agenda.
Competitively, numerous accredited domestic and global testing bodies compete across EMC, electrical safety, and wireless certification, and Dt&C holds KOLAS accreditation in EMC, electrical safety, wireless, and reliability testing domains.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩29.2B | ₩200M | 0.7% |
| 2025Q3 | ₩32.6B | -₩1.1B | −3.4% |
| 2025Q4 | ₩35.1B | ₩900M | 2.6% |
| 2026Q1 | ₩28.4B | -₩1.9B | −6.7% |
| 2026Q2 | ₩28B | -₩6.8B | −24.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩110.5B | ₩4.5B | ₩1.4B | 4.1% | 1.4% | 74.2% |
| 2023 | ₩96.7B | -₩20.7B | -₩14.8B | −21.4% | −17.5% | 104.3% |
| 2024 | ₩111.9B | -₩5.7B | ₩4.5B | −5.1% | 5.0% | 118.3% |
| 2025 | ₩125.8B | -₩600M | ₩2.1B | −0.5% | 2.2% | 125.7% |
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 revenue reached KRW 125.8 billion in 2025, showing clear growth from KRW 111.9 billion in 2024 and KRW 96.7 billion in 2023, and also surpassing the KRW 110.5 billion recorded in 2022.
Operating income, however, posted a loss of KRW -0.6 billion in 2025, marking a fourth consecutive year of operating losses; after swinging from a KRW 4.5 billion profit in 2022 to a KRW -20.7 billion loss in 2023, the loss narrowed to KRW -5.7 billion in 2024 and further to KRW -0.6 billion in 2025.
Operating margin also improved from -21.4% in 2023 to -5.1% in 2024 and -0.5% in 2025. Net income attributable to owners swung from a large loss of KRW -14.8 billion in 2023 to profits of KRW 4.5 billion in 2024 and KRW 2.1 billion in 2025, though the profit size moderated.
On a quarterly basis, operating income fluctuated from a KRW 0.2 billion profit in Q2 2025 to a KRW -1.1 billion loss in Q3 2025 and a KRW 0.9 billion profit in Q4 2025; in Q1 2026 the operating loss widened to KRW -1.9 billion even as owners' net income reached KRW 6.2 billion, a notable divergence between operating and net results.
In Q2 2026 the operating loss widened further to KRW -6.8 billion, the largest in recent quarters, and owners' net income returned to a loss of KRW -1.8 billion. The sum of owners' net income over the trailing four quarters (Q3 2025 through Q2 2026) was approximately KRW 3.9 billion.
Operating cash flow, which had fallen to KRW 0.6 billion in 2023, recovered to KRW 11.0 billion in 2024 and KRW 11.9 billion in 2025, diverging from the pattern seen in operating income losses.
Electromagnetic compatibility (EMC) testing is a mandatory regulatory compliance service required in most countries before wireless and communication products can be launched, and all such products entering the market must pass EMC testing.
As a result, the testing and certification industry has a steady demand base tied to new product launch cycles and tightening regulations. Recently, demand for related certifications has grown alongside the diversification of high-speed, short-range wireless interface standards such as HDMI, Bluetooth, and UWB (FiRa).
Accelerating vehicle electrification is also increasing demand for EMC and reliability testing of automotive electronics, while sectors such as nuclear power, defense, rail, and shipbuilding provide relatively stable certification demand.
Competitively, numerous accredited domestic and international testing bodies compete in the EMC, electrical safety, and wireless certification markets, with certification-body status—the authority to approve certifications internally—serving as a differentiator in speed and cost competitiveness.
Dt&C gained some competitive advantage in this segment after its HDMI certification-body upgrade allowed it to perform internally a process that previously required submitting results to a US-based certification body.
Still, because numerous bodies hold accreditation across different standards and fields, the testing and certification industry structurally makes it difficult for any single firm to dominate across all end markets.
In January 2026 the company was upgraded by the HDMI association to an official HDMI testing and certification body, gaining the capability to independently perform the entire process from testing through result verification to certification approval.
In February it completed HDMI 2.1b certification for LG Electronics' latest TV models and Amnam Electronics' A/V receiver, marking its first official achievement since the certification-body upgrade.
The company stated it plans to continue expanding its high-value testing service scope in line with future HDMI specification updates, and continues to provide comprehensive solutions spanning next-generation wireless and digital interfaces including EU RED cybersecurity requirements, UWB FiRa 4.0, and Bluetooth SIG certification.
At the March 2026 annual general meeting, an agenda item was proposed to add business purposes related to testing and certification demand for autonomous mobile robots (AMR), collaborative robots, service robots, and AI—covering communication, safety, EMC, battery, and security testing.
This is intended to organize and expand the business scope within the range connected to its existing testing and certification business, aimed at building a mid-to-long-term business foundation. In January 2026 the company also retired 173,088 treasury shares, reducing total shares outstanding.
However, the pace and scale at which these new certifications and business expansions translate into actual revenue and earnings improvement will require further confirmation through upcoming quarterly disclosures.
Dt&C's share price has in recent years traded at a level below its net asset value per share, which can be interpreted in connection with the fact that owners' net income has oscillated between losses and modest profits without yet establishing a stable earnings base.
Although earnings swung from a large loss in 2023 to profits in 2024-2025, the profit margins were not large, and 2026 has again shown quarterly swings, warranting continued observation of how the market factors this in.
On the dividend front, a cash dividend was paid out of 2025 results, but the size and continuity of future dividends remain contingent on future earnings. The steadily rising debt ratio in recent years is another factor to weigh alongside the share price's relationship to net asset value.
How the market evaluates the stock going forward may depend on how visibly the new certification business expansion translates into results, and on how governance-related risks are resolved.
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
2025 revenue of KRW 125.8 billion grew nearly 30% versus KRW 96.7 billion in 2023, and also surpassed the 2022 level. Operating margin also showed a steadily narrowing loss trend, moving from -21.4% in 2023 to -0.5% in 2025.
Operating cash flow recovered sharply as well, from KRW 0.6 billion in 2023 to KRW 11.9 billion in 2025, signaling improvement in cash generation.
After being upgraded to an official HDMI testing and certification body in January 2026, the company can now perform the entire process from testing to certification internally, and in February completed its first official certifications for LG Electronics and Amnam Electronics products.
The company stated plans to expand high-value testing service scope in line with future HDMI specification updates. It is also broadening services into other next-generation interface certification areas such as Bluetooth SIG and FiRa, offering potential for revenue diversification.
The company provides testing and certification services across a wide range of industries—electronics, automotive electronics, key industrial sectors such as nuclear power, defense, rail, and shipbuilding, and bio—giving it a structure relatively less dependent on any single industry cycle.
At the March 2026 shareholder meeting, an agenda item was proposed to add business purposes addressing testing and certification demand related to autonomous mobile robots, collaborative robots, service robots, and AI. This suggests potential expansion into new growth areas connected to its existing business.
Operating income has posted annual losses for four consecutive years since 2022, and in Q2 2026 the operating loss widened to KRW 6.8 billion, the largest in recent quarters. Results have also alternated between profit and loss on a quarterly basis, making earnings predictability low.
Despite revenue growth, the fact that the profit-and-loss structure has not stabilized is a point requiring continued monitoring.
Q1 2026 owners' net income of KRW 6.2 billion diverged significantly from the same period's operating loss of KRW 1.9 billion, suggesting a large non-operating contribution. In Q2 the result reverted to a net loss of KRW 1.8 billion, making the sustainability of profits difficult to judge.
Net income swings not backed by core operating profitability are a point of caution when assessing earnings quality.
The debt ratio has risen steadily from 74.2% in 2022 to 125.7% in 2025. The 27.4% stake (3,169,366 shares) held by controlling shareholder Chairman Park Chae-gyu of DT&C Group is currently entirely pledged as loan collateral, and his stake could fall to zero if repayment falters.
This is also intertwined with funding issues at affiliate Dt&CRO, raising the risk that group-level financial strain could transmit into Dt&C's ownership structure.
The entire 27.4% stake personally held by Chairman Park Chae-gyu of DT&C Group is pledged as loan collateral, meaning his stake could fall to zero if repayment problems arise.
The Dt&C corporate entity itself is also understood to have provided its own site as additional collateral in connection with affiliate Dt&CRO's fundraising.
This collateral structure means Dt&C's ownership stability could be affected by the liquidity situation at its affiliate, warranting continued monitoring of related disclosures.
Operating income has posted losses for four consecutive years and has alternated between profit and loss quarterly, with the loss widening to KRW 6.8 billion in Q2 2026. Net income has also shown large swings in certain quarters driven by non-operating factors, making trend interpretation difficult.
The fact that revenue growth has not directly translated into profit-and-loss stabilization is a point to watch when interpreting future results.
Group affiliate Dt&CRO (383930) experienced liquidity issues driven by pressure from early bond redemption requests, during which large mezzanine financing was issued along with collateral provided from the controlling shareholder's stake and affiliate property.
While Dt&C and Dt&CRO are legally separate listed companies, they share the same group and controlling shareholder, raising the possibility that affiliate financial issues could spread into broader market concerns about credibility or governance stability.
Q3 2026 results are expected to be disclosed around this time; it should be checked whether the operating loss that widened to KRW -6.8 billion in Q2 continues and whether revenue growth persists.
Follow-up disclosures regarding the controlling shareholder's share collateral contract and affiliate Dt&CRO's funding situation (collateral release, additional pledges, or execution of collateral rights) should be continuously monitored.
It is worth checking for additional announcements of new client certification cases leveraging the HDMI certification-body status, and whether interface certification segments such as Bluetooth SIG and FiRa begin contributing to revenue.
The FY2026 annual report and annual general meeting should be checked for dividend policy decisions and progress on new business purposes related to autonomous mobile robots (AMR) and collaborative robots.
Dt&C, built on EMC testing and certification, has expanded into high-value interface certification services by securing official HDMI certification-body status, and revenue has been on a recovery path since 2023.
However, operating income has posted losses for four consecutive years, with high quarterly volatility, meaning the stability of the profit-and-loss structure has not yet been confirmed.
The large divergence between net income and operating loss in Q1 and Q2 2026 indicates a significant influence from non-operating factors, warranting caution when assessing earnings quality.
Alongside a rising debt ratio, the governance risk stemming from the controlling shareholder's entire stake being pledged in connection with affiliate fundraising is an important variable surrounding this stock.
How visibly the new certification business expansion translates into revenue and earnings, and how affiliate-related risks are resolved, will be key points to watch for future results and market assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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