PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩728 per share · Prices as of the 2026-10-02 close
While Namuga is broadening its business from smartphone camera modules toward robotics and automotive applications, revenue and operating profit have also slowed for three consecutive quarters.
Annual 2025 revenue reached KRW 459.9bn with operating profit of KRW 28.2bn, lifting the operating margin from 4.7% to 6.1%.
Revenue and operating profit have declined for three straight quarters since Q3 2025.
In January 2026 the company was selected as a 3D sensing camera module partner for a global automaker's robot platform.
IT component maker Dreamtech has been the largest shareholder since 2020, and synergy with its automotive electronics sensor business is being watched.
Operating cash flow has fluctuated year to year but has consistently exceeded net income.
Namuga is a camera module manufacturer listed on KOSDAQ in 2015, producing smartphone camera modules, 3D sensing modules, automotive camera modules, and OIS actuators.
Most of its revenue comes from smartphone camera modules, supplied mainly for the mid-to-low-end Samsung Electronics smartphone lineup as front-facing modules.
The company has supplied camera modules to Samsung Electronics since 2014 and built depth-sensing technology through mass production of 3D sensing modules in 2015 and ToF 3D sensing modules in 2017.
The domestic camera module market features large players such as Samsung Electro-Mechanics and LG Innotek alongside multiple component makers including Partron, MCNEX, Powerlogics, Camsys, and CoAsia, and Namuga has also entered the rear camera module segment to compete in this field.
In 2020, IT component maker Dreamtech became Namuga's largest shareholder, holding roughly a 29.57% stake as of early September 2023 according to reporting.
Dreamtech operates an Automotive Electronics Sensors (AES) business covering headlamp, daytime running light, and turn signal modules as well as automotive fingerprint sensors, and industry observers point to sensor-related synergy with Namuga.
In January 2026, Namuga announced it had been officially selected as a 3D sensing camera module partner for a global automaker's robot platform, securing robotics as a new application area. Following this, the company has stated a policy of expanding its mobility business, including robotics.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩110.6B | ₩7.7B | 6.9% |
| 2025Q3 | ₩112.7B | ₩7.5B | 6.6% |
| 2025Q4 | ₩96.1B | ₩3.6B | 3.8% |
| 2026Q1 | ₩97.9B | ₩3.9B | 4.0% |
| 2026Q2 | ₩93.2B | ₩2.2B | 2.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩519.3B | ₩32.4B | ₩31.3B | 6.2% | 25.2% | 76.0% |
| 2023 | ₩365.6B | ₩22.7B | ₩23.5B | 6.2% | 16.0% | 39.8% |
| 2024 | ₩450.4B | ₩20.9B | ₩26.1B | 4.7% | 15.6% | 58.4% |
| 2025 | ₩459.9B | ₩28.2B | ₩25.1B | 6.1% | 14.6% | 49.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Annual revenue fell 29.6% from KRW 519.3bn in 2022 to KRW 365.6bn in 2023, then rose for two consecutive years to KRW 450.4bn (+23.2%) in 2024 and KRW 459.9bn (+2.1%) in 2025.
Operating profit declined from KRW 32.4bn in 2022 to KRW 22.7bn in 2023 and KRW 20.9bn in 2024, before rising 34.5% to KRW 28.2bn in 2025, lifting the operating margin from 4.7% in 2024 to 6.1% in 2025.
Net income attributable to owners was KRW 31.3bn (2022), KRW 23.5bn (2023), KRW 26.1bn (2024), and KRW 25.1bn (2025), edging lower in 2025 despite higher operating profit, likely reflecting swings in non-operating items.
On a quarterly basis, revenue rose to KRW 112.7bn in Q3 2025 before falling for three straight quarters to KRW 96.1bn in Q4 2025, KRW 97.9bn in Q1 2026, and KRW 93.2bn in Q2 2026.
Operating profit also dropped sharply from the KRW 7.5-7.7bn range in Q2-Q3 2025 to roughly KRW 3.6bn in Q4 2025, rebounded modestly to KRW 3.9bn in Q1 2026, then slowed again to KRW 2.2bn in Q2 2026.
Notably, owners' net income in Q3 2025 (KRW 9.0bn) far exceeded operating profit (KRW 7.5bn) that quarter, likely due to a one-off non-operating gain, with net income moving back in line with operating profit from Q4 onward.
Operating cash flow, at KRW 77.0bn (2022), KRW 26.1bn (2023), KRW 60.5bn (2024), and KRW 37.8bn (2025), has fluctuated but consistently exceeded net income each year. The debt ratio eased from 76.0% in 2022 to 39.8% in 2023, then rose again to 58.4% in 2024 and 49.9% in 2025.
The camera module industry is shifting demand toward non-IT applications such as automotive and robotics as smartphone market growth stalls. As autonomous driving advances, the number of cameras required per vehicle is rising, with Level 2 autonomy requiring roughly 7-8 cameras and Level 3 requiring 12 or more.
Automotive camera module unit prices are reported to be 4-5 times higher than smartphone modules, a factor cited as supporting revenue diversification and product-mix improvement.
That said, some in the industry note that automotive camera modules carry high barriers to entry, favoring suppliers that have already built up a track record.
In Korea's camera module market, large players such as Samsung Electro-Mechanics and LG Innotek occupy the top tier, while smaller and mid-sized firms including MCNEX, Partron, CoAsia, and Namuga compete in smartphone and automotive segments.
Robotics is an emerging application, with expectations building for greater demand for 3D sensing modules that allow robots to perceive object position and orientation three-dimensionally, and Namuga is positioned as an early entrant in this market as a robot-platform partner to a global automaker.
The company has stated through its own channels that mobile revenue is set to rebound in the second half, foreshadowing an improvement in earnings, alongside a stated push to expand into new applications such as robots and mobility.
It has said it prepared a dedicated production line targeting a June start for developing higher-value-added modules, and described expanding its robot vision portfolio from lower-body obstacle detection to upper-body recognition.
Following its January 2026 registration as a robot-platform partner, the company expected the first order to materialize during the first half of 2026, and noted potential for expanded supply volume given that robots typically carry multiple modules.
This remains the company's own forecast made at the time of the partner registration, and the actual order size and revenue timing require confirmation through subsequent disclosures.
Namuga has also participated in the Embedded Vision Summit 2026, presenting its technology to global industry partners, customers, and technical experts as part of stepped-up marketing in robotics and vision.
Whether the smartphone segment recovers and when revenue from the robotics/automotive businesses materializes remain the key variables for future earnings.
The share price trades at a modest premium to net asset value, positioning it above book value per share. The price-to-earnings multiple calculated on the most recent four quarters sits in the low double digits, a level comparable to the multiple range seen during the 2024-2025 earnings recovery.
The company's continued shareholder-return activity through cash dividends and treasury-share retirement can be viewed as a positive factor, though given the volatility of net income, dividend sustainability may remain linked to future earnings trends.
The three consecutive quarters of slowing revenue and operating profit since Q3 2025 is a factor worth weighing alongside the multiple at which the stock currently trades.
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 2026-08-21
Selection in January 2026 as a 3D sensing camera module partner for a global automaker's robot platform provides a foothold beyond the company's smartphone-heavy revenue base. Technical synergy with the Automotive Electronics Sensors business of largest shareholder Dreamtech has also been noted in the industry.
The fact that robots typically require multiple sensing modules per unit is cited as a positive for potential supply volume expansion.
Revenue has risen for two consecutive years since the 2023 trough, and the operating margin improved from 4.7% in 2024 to 6.1% in 2025. Operating cash flow has consistently exceeded net income each year, underpinning the company's cash-generating capacity. This recovery trend could provide financial headroom to support investment in new businesses.
The company has maintained cash dividends and has also pursued treasury-share related policies aimed at enhancing shareholder value. This can be read as a signal of an ongoing shareholder-return stance even amid earnings volatility.
Revenue peaked at KRW 112.7bn in Q3 2025 and then fell for three consecutive quarters through Q2 2026. Operating profit has also stayed at reduced levels since Q4 2025, dropping to KRW 2.2bn in Q2 2026. It may take time for this trend to be offset by revenue from new business lines.
The revenue base is concentrated in camera modules for the mid-to-low-end smartphone line of a single major customer, Samsung Electronics, implying high dependence on that customer and product segment. If smartphone market growth remains stagnant, the recovery pace of the core business could be constrained.
As seen in Q3 2025, when net income significantly exceeded operating profit, non-operating items appear to have a substantial effect on results. The debt ratio has also swung between roughly 40% and 76% over 2022-2025, warranting continued monitoring of financial leverage stability.
A substantial portion of revenue is understood to come from camera module supply to Samsung Electronics' mid-to-low-end smartphone line, meaning changes in that customer's volume or pricing policy could directly affect results.
Without sufficient customer diversification, revenue volatility could persist until new businesses generate meaningful contribution.
The first order for the robot-platform 3D sensing module was expected by the company during the first half of 2026, but the actual order size, timing, and profitability have not yet been confirmed through subsequent disclosures.
Some in the industry also believe that the automotive camera and sensor market, given its high barriers to entry, will primarily favor suppliers with an existing track record, so it cannot be ruled out that Namuga's new-entrant performance may develop more slowly than hoped.
There have been quarters where operating profit and net income diverged noticeably, indicating ongoing earnings volatility tied to non-operating items. The debt ratio has also ranged from roughly 40% to 76% across different years, warranting continued scrutiny of the stability of the financial structure.
In the Q3 2026 earnings disclosure, check whether the three-quarter slowdown in revenue and operating margin continues, and whether the second-half mobile revenue rebound the company signaled actually materializes.
Watch for whether the first order and production volume for the robot-platform 3D sensing module is actually reflected in disclosures or earnings, and whether revenue contribution from the new application segment begins.
Check for any unveiling of new 3D sensing technology or partnerships and further announcements on robotics business expansion.
Monitor for any change in largest shareholder Dreamtech's stake or follow-up treasury-share disclosures to check the continuity of shareholder-return and governance policy.
Namuga is in a transitional phase, maintaining smartphone camera modules as its core business while using 3D sensing technology to expand into new applications such as robotics and automotive electronics.
Revenue recovered and operating margin improved in 2024-2025, yet since Q3 2025 revenue and operating profit have slowed for three consecutive quarters, creating a mixed picture.
The robot-platform partner status secured with a global automaker in January 2026 has potential as a new growth pillar, but the actual order size and revenue timing remain unconfirmed variables.
Synergy with largest shareholder Dreamtech's automotive sensor business and continued cash dividend and treasury-share policies are noteworthy positive factors, while dependence on Samsung Electronics' mid-to-low-end smartphone line and net income volatility tied to non-operating items warrant ongoing attention.
Ultimately, whether the recent revenue and profit slowdown persists and when new businesses begin contributing meaningfully to revenue will be the key variables shaping the company's direction in coming quarters.
Report written 2026-09-05 · Data as of 2026-09-04
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