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
As Graphy is set to become Ray's largest shareholder on September 16, the company's quarterly results remain in an early recovery phase marked by repeated divergence between operating and net income.
Graphy signed a deal to acquire a 26.14% stake from CEO Lee Sang-cheol and Ray Holdings for KRW 49.2 billion, with the largest-shareholder change scheduled for September 16.
Revenue rebounded 39.5% in 2025 after a sharp 2024 decline, but operating profit remains negative, and net income has repeatedly diverged from the operating trend on a quarterly basis.
Unlisted implant maker MegaGen Implant has raised its combined stake to 7.69% while maintaining an 'influence over management' purpose, leaving governance uncertainty only partly resolved.
The next-generation '5D' imaging solution is driving revenue expansion in advanced US and European markets, alongside the newly unveiled 'RAYFace Dynamic Occlusion' feature.
Graphy's CB and CPS issuance to fund the acquisition has created a potential new-share overhang, leaving dilution at Graphy as an additional variable for Ray's governance stability.
Ray was established in 2004 and listed on KOSDAQ in 2019 as a specialist in dental digital imaging and treatment solutions.
Its business is organized around three pillars: digital diagnostic systems (2D X-ray and 3D cone-beam CT), digital treatment solutions (intraoral scanners, CAD, and 3D printer-linked integrated workflows), and 3D printing solutions (printers, resin, and post-curing units sold standalone).
Its subsidiary Raydent, acquired in 2021, holds dental CAD/CAM and MSO consulting capabilities, supporting clinics from equipment configuration proposals through workflow and staff training.
More recently, Ray commercialized its next-generation '5D' imaging solution, which combines cone-beam CT, intraoral and facial scanning, and anatomical structure data with AI to build a virtual patient model, and this product line is driving revenue expansion in advanced US and European markets.
The company has also unveiled a new 'RAYFace Dynamic Occlusion' feature, extending its digital treatment lineup. As of its 2023 annual report, Ray operated 13 overseas subsidiaries, with country-level revenue weighted toward China, other Asia, Europe, and the United States, reflecting an export-heavy structure.
In the competitive landscape, Vatech is a peer in digital X-ray and CBCT, while Osstem Implant and MegaGen Implant are prominent implant-focused players; Ray differentiates itself by offering an integrated digital solution spanning diagnosis to treatment within a single system.
Notably, unlisted implant maker MegaGen Implant has been expanding its Ray shareholding with the stated aim of securing a diagnostic-equipment portfolio, turning cross-segment consolidation attempts among implant, diagnostic, and orthodontic players into an industry-wide talking point.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩27.5B | -₩1.8B | −6.7% |
| 2025Q3 | ₩30.3B | ₩200M | 0.6% |
| 2025Q4 | ₩29B | -₩8.3B | −28.7% |
| 2026Q1 | ₩25.7B | -₩3.4B | −13.3% |
| 2026Q2 | ₩34.1B | ₩5.7B | 16.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩129B | ₩16.2B | ₩8B | 12.6% | 6.8% | 91.0% |
| 2023 | ₩145.9B | ₩6.1B | -₩2.1B | 4.2% | −1.7% | 97.8% |
| 2024 | ₩79.8B | -₩44.3B | -₩60.4B | −55.4% | −82.4% | 174.4% |
| 2025 | ₩111.3B | -₩9.8B | ₩3.1B | −8.8% | 4.1% | 157.0% |
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
Annual revenue expanded from KRW 129.0 billion in 2022 to KRW 145.9 billion in 2023, then plunged more than 45% to KRW 79.8 billion in 2024 before recovering 39.5% to KRW 111.3 billion in 2025.
The operating margin narrowed from 12.6% in 2022 to 4.2% in 2023, deteriorated sharply to -55.4% in 2024, and remained negative at -8.8% in 2025, indicating that the top-line recovery has not yet fully translated into profitability.
Net income attributable to owners swung from a KRW 8.0 billion profit in 2022 to a loss of KRW 2.1 billion in 2023 and a widened loss of KRW 60.4 billion in 2024, before turning to a KRW 3.1 billion profit in 2025 — notable given that operating income remained a KRW 9.8 billion loss that same year, suggesting a significant contribution from one-off items.
This divergence recurred at the quarterly level.
In the third quarter of 2025, operating profit was a modest KRW 0.18 billion, yet owners' net income reached KRW 13.9 billion, far exceeding the operating result; the fourth quarter reverted to weakness with an operating loss of KRW 8.3 billion and a net loss of KRW 9.8 billion.
In the first quarter of 2026, the company posted an operating loss of KRW 3.4 billion alongside a net profit of KRW 3.0 billion, and in the second quarter revenue reached KRW 34.1 billion (up roughly 33% quarter-on-quarter) with operating profit of KRW 5.7 billion, the largest in the most recent five quarters.
While the revenue recovery trend appears relatively clear, operating profit has swung sharply quarter to quarter and continued to diverge from net income, underscoring the need to weigh the role of non-recurring items when assessing earnings quality.
The debt ratio rose from 91.0% in 2022 to 157.0% in 2025, indicating that financial leverage increased alongside the top-line recovery.
The dental digital diagnosis and treatment market is expanding as CBCT, intraoral scanners, CAD/CAM, and 3D printers become embedded in implant and clear-aligner treatment workflows.
Domestic peer Vatech posted second-quarter 2026 consolidated revenue of KRW 121.36 billion (up 9.7% year-on-year), operating profit of KRW 24.47 billion (up 45.0%), and an operating margin of 20.2%, evidencing a rebound in its 3D product line that can be read as a broader demand-recovery signal for the market Ray operates in.
Osstem Implant, a dominant implant player, is seen as having built a 'one-stop dental solution' by internalizing imaging equipment, a development cited as one reason implant makers are seeking to secure diagnostic-equipment portfolios.
Indeed, MegaGen Implant, which holds a leading share position in the European implant market, is viewed as having pursued an expanded Ray stake partly because its diagnostic-equipment portfolio has been relatively weak.
Against this backdrop, Graphy holds shape-memory-alloy-based clear aligner and 3D printing technology, and combining it with Ray's diagnostic equipment, software, and global business infrastructure is seen as capable of building a digital dentistry platform spanning diagnosis, treatment planning, and clear-aligner fabrication.
Industry observers have also raised the possibility of a broader business alliance spanning implants, orthodontics, and digital diagnostics following this share transaction, positioning Ray less as a simple market competitor and more as a company undergoing restructuring through M&A and partnership.
In a recent interview, Ray's management stated that it is expanding the supply of differentiated digital solutions centered on advanced US and European markets and is focused on strengthening business competitiveness to sustain an earnings improvement trend.
Coverage of the interview framed this as a shift in business focus toward the US and Europe, with this year positioned as a potential turning point for earnings recovery.
On the product side, the 5D solution continues to gain traction in advanced US and European markets, driving revenue expansion, while the newly unveiled RAYFace Dynamic Occlusion feature is cited as reinforcing the digital treatment solution lineup.
On the governance front, Graphy is scheduled to become the largest shareholder on September 16, and board composition is expected to change once an extraordinary shareholders' meeting convened after the contract appoints directors and auditors designated by Graphy.
Graphy has stated that the purpose of the transaction is to combine its material and clear-aligner technology with Ray's digital diagnostic equipment, software, and global business infrastructure to secure a new growth axis in the global digital dental market.
However, MegaGen Implant, together with related parties, continues to hold a 7.69% stake while maintaining its stated purpose of 'influencing management,' leaving open the possibility of renewed share competition or a shift toward cooperation as the Graphy-led structure takes shape.
The current share price sits in a range that reflects either a discount to, or a modest premium over, net asset value based on the trailing four quarters of results, a different position from the higher multiples seen during the company's earlier growth phase.
As the company does not currently pay a dividend, dividend-related appeal is not a feature of the stock.
Formal brokerage coverage remains limited: Kiwoom Securities addressed the governance dispute in a May 2026 report but began coverage on a Not Rated basis without issuing an investment opinion, suggesting that a broad market consensus has not yet formed around the name.
Given that annual results have oscillated from loss to profit and back to loss, it is reasonable to weigh the direction of operating income and the share of non-recurring items alongside any single quarter's or year's net profit when discussing valuation.
With governance variables such as the change in largest shareholder and potential equity dilution still unfolding, it is difficult to draw firm conclusions about the value the market assigns based on net asset value or earnings multiples alone.
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
Second-quarter 2026 revenue reached KRW 34.1 billion, up roughly 33% quarter-on-quarter, while operating profit of KRW 5.65 billion was the highest in the most recent five quarters.
The simultaneous expansion of revenue and operating profit can be read as an early signal that top-line and profitability recovery are occurring together. Expansion of the 5D solution in US and European markets appears to be contributing to this revenue recovery.
Ray is regarded as holding a solution that integrates diagnosis, treatment planning, and 3D printing production within a single system. This integrated capability is also part of the reason implant makers have shown interest in Ray as they seek to secure diagnostic-equipment portfolios.
Amid an industry trend toward broader digital dental workflow adoption, this integration could serve as a foundation for longer-term business competitiveness.
Graphy holds shape-memory-alloy-based clear aligner and 3D printing technology, and combining it with Ray's diagnostic equipment, software, and global business infrastructure is seen as capable of building a digital orthodontics platform.
With a cooperation MOU already signed between MegaGen Implant and Graphy, there is also discussion of a broader business alliance spanning implants, orthodontics, and diagnostics.
If the ownership transition concludes smoothly, a well-capitalized new controlling shareholder structure could serve as an opportunity for business realignment.
In 2025 and the first quarter of 2026, net income turned profitable even as operating losses persisted, suggesting one-off items had a substantial impact on results.
In the third quarter of 2025, operating profit was just KRW 0.18 billion while owners' net income reached KRW 13.9 billion, a particularly large gap between the two metrics. If this pattern recurs, it becomes difficult to judge the company's underlying earnings power from quarterly results alone.
Although Graphy is set to become the largest shareholder on September 16, MegaGen Implant, together with related parties, continues to hold a 7.69% stake without withdrawing its stated purpose of 'influencing management.' Even though a cooperation MOU has been signed between Graphy and MegaGen, exactly how a three-way business combination might unfold remains undetermined.
The possibility of renewed share competition or delayed decision-making during the governance restructuring cannot be ruled out.
Graphy issued a total of KRW 60.4 billion in convertible bonds (CB) and convertible preferred shares (CPS) to fund the Ray acquisition, with potential new shares estimated at roughly 30% of Graphy's outstanding shares.
The CPS carries a refixing clause, meaning potential share issuance could increase further if the conversion price is adjusted downward.
While this mezzanine overhang is an issue at the Graphy level rather than at Ray itself, it could indirectly factor into the stability of Ray's governance given its bearing on the financial soundness of the new controlling shareholder.
MegaGen Implant, together with related parties, holds a 7.69% stake while maintaining its stated purpose of 'influencing management,' leaving open the possibility that share competition could reignite even after the Graphy-led structure is established.
Given the history of a substantial portion of the former largest shareholder's and CEO's shares being pledged as collateral, the stability of the ownership structure warrants ongoing monitoring.
Since a proxy contest over director and auditor appointments has already occurred once, similar conflicts could resurface at future extraordinary shareholders' meetings.
Over the past two years, recurring divergence between operating income and net income indicates that one-off factors have had a significant impact on results. Rising costs from expanding global sales channels and launching new products have constrained profitability recovery even as revenue has grown.
If quarterly operating profit continues to swing between gains and losses, uncertainty around earnings forecasting could persist.
The debt ratio rose from 91.0% in 2022 to 157.0% in 2025, indicating that financial leverage expanded alongside the revenue recovery.
Since new controlling shareholder Graphy funded the acquisition through mezzanine instruments such as CBs and CPS, future capital-raising or dilution issues at Graphy could indirectly affect Ray's governance and capital management direction.
Given the export-heavy nature of the business, the impact of currency fluctuations on costs and margins also warrants ongoing monitoring.
Graphy's scheduled largest-shareholder change date; confirm whether the 26.14% share transfer completes and how the subsequent board reconstitution proceeds.
Watch the outcome of director/auditor appointment items at the extraordinary shareholders' meeting convened after the ownership change, and whether MegaGen Implant responds.
Around the timing of the preliminary third-quarter 2026 earnings disclosure, check whether the operating profit recovery seen in the second quarter continues and whether the gap with net income narrows.
Monitor the conversion and refixing progress of Graphy's CB and CPS, along with any call option exercises, to track changes in potential share overhang and the stability of the controlling shareholder's stake.
Ray is a KOSDAQ-listed company with an integrated dental digital diagnosis-and-treatment solution that has shown a revenue recovery in 2025 following a sharp downturn in 2024, though operating income remains negative and continues to diverge from net income, meaning one-off items must be weighed when assessing earnings quality.
The second quarter of 2026 saw revenue and operating profit improve together, producing the largest operating profit in the most recent five quarters, which could be read as a recovery signal.
At the same time, an ownership transition is underway with Graphy set to become the largest shareholder on September 16, while MegaGen Implant continues to hold a 7.69% stake without dropping its stated purpose of influencing management, meaning governance uncertainty has not been fully resolved.
Because Graphy funded the acquisition through mezzanine instruments such as CBs and CPS, dilution issues tied to potential new shares also warrant attention.
On the industry side, the spread of digital dentistry workflows and positive reception of the 5D solution in advanced markets stand out as favorable factors, while competitors' moves to expand diagnostic-equipment portfolios signal a shifting competitive landscape.
Overall, Ray sits at a transition point where earnings recovery and governance restructuring are unfolding simultaneously, and the coming months' board composition changes and quarterly earnings releases will serve as key reference points for gauging the company's direction.
Report written 2026-09-05 · Data as of 2026-09-04
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