PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Once centered on low-margin commercial vessel cable, TMC is showing signs of moving past its 2025 earnings gap as offshore, nuclear, and North American fiber cable contribute a larger share of the mix.
FY2025 revenue fell 5.97% to KRW 340.9bn and operating profit fell 54.9% to KRW 6.4bn, but both 1Q26 and 2Q26 turned profitable on an owners' net income basis.
Supply of data-center and telecom infrastructure fiber and power cable is expanding through the US Texas subsidiary, with a KRW 11bn contract confirmed in May 2026 and a roughly KRW 22bn contract confirmed around August 2026.
In nuclear, the company has entered new markets via supply to Shin-Hanul Units 3 and 4 (2026-2031) and a KEPIC safety-class certification, and it plans to pursue future SMR projects as well.
TMC holds a leading roughly 45% share of the domestic marine and offshore cable market, but the commercial vessel cable that makes up most of its revenue carries structurally thin margins.
Following its December 2025 KOSPI listing, a large block of lock-up shares was released in June 2026, and analyst coverage remains limited.
TMC was founded in 1991 as Seojin Industrial and renamed to its current name in 2005; it is an industrial specialty cable maker that listed on KOSPI in December 2025. As of the end of 1Q26, the largest shareholder, KPF Co., held a 48.76% stake.
The business consists of four segments-shipbuilding (vessel and offshore), nuclear power, fiber optic cable, and other (lighting, etc.)-and in 2025 the shipbuilding segment accounted for the majority of revenue at 74.6% vessel cable and 8.2% offshore cable, followed by fiber optic cable at 6.5% and other at 10.7%.
The domestic marine and offshore cable market is worth roughly KRW 1 trillion, and TMC holds an overall market share of about 45%, rising above 50% when limited to Korea's Big 3 shipbuilders (HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries).
Profitability differs by segment: overseas fiber cable, nuclear cable, and offshore plant cable carry relatively higher margins, while general commercial vessel cable margins are held to low single digits by competitive dynamics, whereas plant-grade products can reach higher single-digit margins given their process complexity.
In nuclear, the company completed supply to Saeul Units 3 and 4 and has supply to Shin-Hanul Units 3 and 4 scheduled from 2026 through 2031, with a roughly three-year delivery period and estimated revenue of about KRW 50bn per new GW. It also plans to participate in future small modular reactor (SMR) projects.
TMC established a US production subsidiary, TMC Texas Inc., to expand output of BEAD-related fiber cable, data-center cable, and US distribution URD cable, and is preparing to enter the naval MRO cable market using its US subsidiary and international certifications.
Competitively, LS Cable & System is the main rival in marine, offshore, and nuclear cable, while in fiber optic and data-center cable TMC participates as a contract-manufacturing partner for global players such as Corning and Amphenol.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩75.9B | -₩2.1B | −2.8% |
| 2026Q1 | ₩93.9B | ₩1B | 1.0% |
| 2026Q2 | ₩106.4B | ₩1.3B | 1.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩362.5B | ₩14.3B | ₩9.5B | 3.9% | 12.3% | 206.9% |
| 2025 | ₩340.9B | ₩6.4B | -₩400M | 1.9% | −0.4% | 113.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
FY2025 consolidated revenue was KRW 340.9bn, down 5.97% from KRW 362.5bn a year earlier, while operating profit fell 54.9% to KRW 6.4bn from KRW 14.3bn. The operating margin was 1.9%, down 2.0 percentage points from 3.9% in the prior year.
Net income attributable to owners swung to a loss of KRW -0.44bn from a profit of KRW 9.5bn a year earlier. The decline in operating profit is attributed mainly to a revenue gap in the higher-margin offshore and nuclear cable projects.
By quarter, 4Q25 posted revenue of KRW 75.9bn with an operating loss of KRW 2.1bn and an owners' net loss of KRW 3.0bn, closing out the year in the red.
However, both 1Q26 (revenue KRW 93.9bn, operating profit KRW 1.0bn, owners' net income KRW 1.9bn) and 2Q26 (revenue KRW 106.4bn, operating profit KRW 1.3bn, owners' net income KRW 1.8bn) turned profitable, marking two consecutive profitable quarters.
Still, the operating margin remained low at roughly 1.0% in 1Q and 1.3% in 2Q, with net income continuing to exceed operating profit, suggesting non-operating items are supporting the earnings recovery.
On the balance sheet, total equity rose to KRW 110.8bn from KRW 76.9bn a year earlier, helped by capital inflows tied to the December 2025 listing, while the debt ratio fell sharply to 113.9% from 206.9%. Operating cash flow remained positive at KRW 10.2bn in 2025, though down from KRW 17.2bn a year earlier.
TMC's end markets fall into three areas: shipbuilding and offshore plant, nuclear power, and telecom/data-center infrastructure. Amid a recovery in orders at Korea's three major shipyards, TMC maintains a leading roughly 45% share of the marine and offshore cable market.
Offshore plant cable's contribution to total revenue fell from 16.4% in 2024 to 8.2% in 2025, but signs of new project restarts have emerged, with a recovery in contribution expected in the second half.
In nuclear, supply to Shin-Hanul Units 3 and 4 is scheduled from 2026 through 2031, and a KEPIC safety-class certification allowed TMC to newly enter a safety-grade power cable market previously served by a specific competitor.
In telecom and data-center infrastructure, demand is structurally rising as US telecom carriers' fiber investment and hyperscale data-center buildouts overlap, and TMC is embedded in the US local supply chain as a contract-manufacturing partner for global players such as Corning and Amphenol.
Eugene Investment & Securities said after touring the Texas plant in May 2026 that it confirmed a local capacity shortfall in the market.
In the domestic marine, offshore, and nuclear cable markets, LS Cable & System is the main competitor, while in fiber optic and data-center cable, limited local US production capacity among peers is cited as an opening for TMC.
In a March 20, 2026 report, KB Securities projected 2026 consolidated revenue of KRW 396.5bn (+16.3% YoY) and operating profit of KRW 13.7bn (+113.2% YoY, 3.5% operating margin), citing an increase in previously delayed offshore-plant cable orders and higher fiber cable sales to US customers.
Eugene Investment & Securities said in a May 28, 2026 report that fiber-segment revenue would expand from KRW 22.1bn in 2025 to KRW 33.6bn in 2026 and KRW 46.1bn in 2027, and on that basis projected 2027 consolidated revenue of KRW 406.8bn and operating profit of KRW 17.1bn (4.2% operating margin).
In practice, the company made an initial shipment of roughly $2 million of FTTH fiber cable to Amphenol in March 2026 and reportedly aims for annual US sales of more than $10 million.
In May 2026 it signed a KRW 11bn contract to supply about 25,000 km of 400G-plus single-mode MPO-8 backbone cable to a US data-center and AI infrastructure company, which the company described as its largest single fiber cable supply contract secured in the North American market.
Around August 2026, it signed its first contract for UL 1072-certified North American medium-voltage power cable (MV-90, MV-105) worth about $15.4 million (roughly KRW 22bn), with deliveries to be phased through May 2027.
In nuclear, supply to Shin-Hanul Units 3 and 4 is scheduled from 2026 through 2031, and the company plans to pursue future SMR projects as well. TMC is also understood to have room for further capacity expansion at its Texas plant through additional line investment.
TMC has yet to complete a full year of earnings track record since its December 2025 KOSPI listing, and its IPO price band was set with reference to the average EV/EBITDA multiple of comparable domestic peers at the time.
Since then, expectations for revenue growth and an earnings recovery have pushed the multiple at which the stock trades relative to net assets above that initial reference point.
Results that showed an owners' net loss through 2025 turned profitable in both 1Q26 and 2Q26, but the operating margin remains low, leaving the quality and durability of the earnings recovery still to be tested.
The company pays a cash dividend, but the yield itself is reported to trail the average for the cable and electrical components sector.
Analyst coverage is limited to KB Securities and Eugene Investment & Securities, and both currently withhold a rating and target price, meaning a market-consensus valuation benchmark has not yet clearly formed.
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 2026-09-04
Offshore plant, nuclear, and export fiber cable are considered higher-margin segments than general commercial vessel cable. Offshore cable's revenue contribution fell from 16.4% in 2024 to 8.2% in 2025, but signs of new project restarts point to room for a second-half recovery.
Both KB Securities and Eugene Investment & Securities project improving revenue and operating margins for 2026-2027, citing this mix shift as a basis.
Through its Texas subsidiary, TMC has been incorporated into the US supply chain as a contract-manufacturing partner for global players such as Amphenol and Corning. A KRW 11bn data-center fiber cable contract was confirmed in May 2026 and a roughly KRW 22bn medium-voltage power cable contract around August 2026.
A favorable backdrop is that US carriers' fiber investment and data-center capacity expansion are proceeding simultaneously.
Having completed supply to Saeul Units 3 and 4, TMC has supply to Shin-Hanul Units 3 and 4 scheduled for 2026-2031. A KEPIC safety-class certification allowed entry into a safety-grade power cable market previously served by a specific competitor.
The company also plans to participate in future SMR projects, which could diversify its nuclear-related revenue base.
General commercial vessel cable, which accounts for most of revenue, carries margins held to low single digits by competitive dynamics. In 1Q26, raw material costs such as copper reportedly rose roughly 25% year over year, with limited ability to pass the increase through. This is a reason the pace of operating margin improvement could remain gradual even as revenue grows.
The sharp drop in 2025 operating profit is attributed to a revenue gap in offshore and nuclear cable. Because offshore plant orders depend on when clients finalize projects, the recovery expected from the second half of 2026 could still be delayed. This makes the pace of any earnings rebound difficult to gauge in advance.
Following the December 2025 listing, a substantial portion of lock-up shares was released on June 15, 2026. In addition to the largest shareholder, related parties such as venture-capital investment partnerships were also confirmed to be subject to that release.
The fact that only two brokerages provide coverage, and neither offers a rating, can also be viewed as an information-asymmetry burden.
Fluctuations in the price of copper, a core cable input, directly affect the cost structure. In 1Q26, copper prices reportedly rose roughly 25% year over year, with limited ability to pass the increase through to selling prices. Margin pressure could recur during periods of rising raw material costs.
Domestic revenue is heavily reliant on a small number of large customers, including the Big 3 shipyards and nuclear power project owners. In offshore and nuclear, quarterly results can vary significantly depending on when specific projects recognize revenue. Securing new large customers and diversifying projects remains an ongoing task.
The US Texas subsidiary is still in an early operating stage, and new investment plus initial ramp-up costs could weigh on near-term margins. As dollar-denominated revenue and costs grow, the impact of currency fluctuations on results could also increase.
Delays in obtaining overseas certifications or meeting regulatory requirements could slow the pace of securing follow-on orders.
3Q26 results are expected around this time; it is worth checking whether the operating margin improvement trend continues for a third consecutive quarter and whether offshore and nuclear revenue recognition accelerates.
Whether cable revenue recognition for Shin-Hanul Units 3 and 4 actually begins in earnest, and the progress of the roughly KRW 22bn US power cable contract being delivered in phases through May 2027, are worth monitoring.
Additional disclosures or reports on follow-on order volumes from existing Texas plant customers such as Corning and Amphenol, and on utilization rates, are worth watching.
Whether and to what extent new offshore plant supply contracts are signed should be checked, to see if the offshore revenue recovery-a key variable in 2026 earnings forecasts-actually materializes.
It is worth checking for further sales or disclosed changes in holdings by related parties and existing shareholders whose shares remain outstanding after the June lock-up release.
TMC appears to be moving past the offshore and nuclear revenue gap that persisted through 2025, having posted profits on an owners' net income basis for two consecutive quarters in 1Q26 and 2Q26.
Still, the operating margin remains in the low single digits, suggesting a meaningful part of the earnings improvement still relies on non-operating items.
Fiber and power cable contracts tied to US data-center and telecom infrastructure have been confirmed in sequence, and new entry points in nuclear-supply to Shin-Hanul Units 3 and 4 and a KEPIC safety-class certification-continue to accumulate.
On the other hand, general commercial vessel cable, which makes up the large majority of revenue, carries structurally thin margins, and offshore plant order timing remains fluid, so the pace of any earnings rebound may vary with project-specific order and delivery schedules.
Following the December 2025 listing, a large block of lock-up shares was released in June 2026, leaving float-related supply-demand variables still in play. With coverage limited to two brokerages, neither of which currently offers a rating, a market-consensus valuation benchmark is still in the process of forming.
Report written 2026-09-05 · Data as of 2026-09-04
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