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
Ndfos returned to annual net profit in 2025, but recent quarterly results have swung between profit and loss even as ownership changes and business diversification unfold in parallel.
In 2025, consolidated revenue reached KRW 50.4 billion with operating profit of KRW 4.8 billion (9.5% margin), extending operating profit to two consecutive years, while net profit attributable to owners turned positive at KRW 5.2 billion.
Over the five quarters since Q3 2025, operating and net profit have repeatedly alternated between gains and losses, showing pronounced earnings volatility.
Since early 2026, a series of third-party share issuances and convertible bond transactions has repeatedly changed the composition of the largest and major shareholders, with affiliates such as Hanwool Semiconductor newly appearing.
Mobile device double-sided tape remains the dominant revenue source, while the company diversifies into EV structural materials, window film, and ESS flame-retardant tape.
The stock trades at a price-to-book ratio below 1x and paid no dividend in the most recent fiscal year.
Ndfos was founded in 2010 and operates a production base in Eumseong, Chungcheongbuk-do, specializing in industrial tapes and films; the company listed on KOSDAQ in October 2016.
Its core business is double-sided tape for mobile devices, built on proprietary waterproofing, impact-resistance, and adhesion technology, and it supplies mobile double-sided tape to global smartphone makers including Samsung Electronics, Apple, Huawei, and Xiaomi.
By revenue mix, mobile device double-sided tape accounted for 66% of sales, other businesses 22%, window film 11%, and real estate leasing/sales income 2%. In 2020 the company launched the premium window film brand 'ZIVENT,' expanding into automotive and construction film markets.
At the end of 2022, Ndfos organized a new business division to develop EV battery insulation sheets and acrylic foam double-sided tape for automotive parts.
It has since begun supplying insulation sheets to Volvo's US operations and acrylic foam tape for models including the Tesla Cybertruck, Kia EV9, and Hyundai Ioniq 6, entering the automaker and battery supply chain.
The company also operates a biotech segment including diagnostic kits, and holds subsidiaries Cue Company and Cure Biotherapeutics, which develop first-in-class drug candidates.
Ndfos has a supply network that exports to more than 50 countries, and plans to launch new eco-friendly tape and ESS flame-retardant tape products in 2026 to diversify its product lineup.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.8B | -₩1.1B | −10.1% |
| 2025Q3 | ₩13.2B | ₩1.7B | 13.2% |
| 2025Q4 | ₩11.5B | ₩1.6B | 13.7% |
| 2026Q1 | ₩13B | ₩1.3B | 9.9% |
| 2026Q2 | ₩10.7B | -₩1.5B | −13.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩89.6B | -₩1.4B | -₩19.8B | −1.5% | −14.3% | 23.4% |
| 2023 | ₩48.9B | -₩4.1B | -₩13.8B | −8.4% | −11.1% | 13.1% |
| 2024 | ₩52.5B | ₩2B | -₩31B | 3.7% | −34.4% | 17.3% |
| 2025 | ₩50.4B | ₩4.8B | ₩5.2B | 9.5% | 5.5% | 13.8% |
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
Ndfos's consolidated revenue fell sharply from about KRW 89.6 billion in 2022 to KRW 48.9 billion in 2023, then stabilized around the KRW 50 billion level at KRW 52.5 billion in 2024 and KRW 50.4 billion in 2025.
On operating profit, the company posted losses of KRW -1.4 billion in 2022 and KRW -4.1 billion in 2023, before turning profitable with KRW 2.0 billion (3.7% margin) in 2024 and KRW 4.8 billion (9.5% margin) in 2025, marking two consecutive years of operating profit.
Net profit attributable to owners followed a different pattern: despite an operating profit in 2024, the company recorded a large net loss of KRW -31.0 billion that year, before swinging to a net profit of KRW 5.2 billion in 2025.
Quarterly figures show pronounced volatility: revenue of KRW 10.8 billion and an operating loss of KRW -1.1 billion in Q2 2025 were followed by a strong Q3 2025 with revenue of KRW 13.2 billion, operating profit of KRW 1.7 billion, and net profit attributable to owners of KRW 3.9 billion.
In Q4 2025, operating profit remained positive at KRW 1.6 billion, yet net profit attributable to owners reversed to a loss of KRW -1.3 billion.
Q1 2026 recovered with revenue of KRW 13.0 billion, operating profit of KRW 1.3 billion, and net profit of KRW 2.1 billion, before Q2 2026 reverted to an operating loss of KRW -1.5 billion and a net loss of KRW -1.4 billion on revenue of KRW 10.7 billion.
Across the five quarters from Q2 2025 through Q2 2026, results alternated repeatedly between profit and loss, and cumulative net profit attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) totaled about KRW 3.3 billion, with non-operating items, particularly valuation gains and losses on investment assets, appearing to amplify net income volatility.
Ndfos grew through its mobile device double-sided tape business, but as smartphone market growth has slowed, the company has been seeking new markets. Amid this shift, tape and film makers are broadening into EV/battery components, automotive and construction film, and ESS applications.
Market data suggests the company is expanding into new products such as smartphone and automotive battery-fixing tape, with rising AI-related demand expected to lift demand for higher-performance products.
The EV/battery insulation sheet and tape market involves supplier participation from the design stage alongside automakers and battery makers, creating entry barriers that may let early movers capture more value-added business.
That said, the scale of this new business remains modest; the company's own disclosed 2030 revenue expectation for this segment is around KRW 10-15 billion, suggesting it is more of a medium-term growth driver than a near-term earnings contributor.
The window film market rests on steady demand for energy efficiency and safety in construction and automotive applications, competing against numerous domestic and international players. Public data on competitive intensity or market share remain limited, making quantitative comparison difficult.
For 2026, Ndfos has disclosed plans to launch new eco-friendly tape and ESS flame-retardant tape products, diversifying its product portfolio.
In the EV/battery segment, the company is participating in development of domestic battery case models in cooperation with partners such as Shinyoung Metal, while continuing to supply automakers such as Volvo and Tesla overseas.
Management has stated that based on models currently under development, expected 2030 revenue from this segment is around KRW 10-15 billion, with potential for a higher figure if additional model development is added.
On the governance side, a series of third-party share issuances and convertible bond transactions through 2026 has repeatedly altered the composition of major shareholders, and the Korea Exchange posted a disclosure of a change in the largest shareholder in May 2026.
New major shareholders identified in filings include affiliates such as Hanwool Semiconductor, Green Street, Huhrim Robot, and Hanwool & Jeju, which acquired stakes through convertible bond transactions and in-kind distributions.
How these ownership changes affect management stability and strategic consistency going forward will need to be confirmed through further disclosures.
The company has also reinforced its organization by hiring personnel with backgrounds at global smartphone makers to strengthen the competitiveness of its core mobile tape business.
Ndfos shares trade at a price-to-book ratio below 1x, indicating the market multiple assigned to the stock currently sits under net asset value.
Earnings direction shifted from a large net loss in 2024 to a net profit in 2025, but since Q3 2025 quarterly results have alternated between profit and loss, making the continuity of that improvement difficult to assess.
No dividend was paid in the most recent fiscal year, so a dividend yield comparison is not currently applicable.
In terms of market capitalization, the company is a small-cap name within the KOSDAQ chemicals sector, and share price volatility tends to be relatively elevated given ongoing shifts in liquidity and ownership structure.
These earnings swings and ownership-related issues are factors worth weighing together when interpreting valuation.
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
Ndfos is broadening beyond its historically mobile-tape-centric revenue base into EV structural materials, window film, and ESS flame-retardant tape. It has secured supply track records with overseas automakers such as Volvo and Tesla, and is cooperating with domestic battery case maker Shinyoung Metal. New eco-friendly tape products are also planned for 2026, gradually diversifying the product portfolio.
After an operating loss in 2023, Ndfos posted two consecutive years of operating profit in 2024 and 2025, with the operating margin improving from 3.7% to 9.5%. Net profit attributable to owners also turned positive in 2025, suggesting an improving earnings structure even as revenue growth remained flat. That said, quarterly swings mean the durability of this improvement still needs to be confirmed.
The company counts top-tier global smartphone makers such as Samsung Electronics, Apple, Huawei, and Xiaomi among its customers, and exports to more than 50 countries. This broad footprint may reduce dependence on any single market. More recently, the customer base has expanded to include automakers as well.
Over the past five quarters, operating profit and net profit have alternated between gains and losses, making results difficult to predict. In Q4 2025 and Q2 2026 in particular, non-operating item swings had a significant impact, at times pulling net income into loss. This volatility is worth factoring into any valuation or earnings estimate.
Since early 2026, a series of third-party share issuances, convertible bond issuances, and in-kind stake distributions have repeatedly changed the composition of the largest and major shareholders.
The Korea Exchange posted a disclosure of a change in the largest shareholder in May 2026, reflecting continued uncertainty around ownership stability. These changes warrant ongoing monitoring given their potential implications for strategic consistency and minority shareholder interests.
A large share of revenue remains concentrated in mobile device double-sided tape, which could constrain growth as the smartphone market matures. The EV and ESS businesses are still at an early stage and are not yet major revenue contributors. It will likely take time before these new businesses make a substantial contribution to earnings.
The largest and major shareholders have changed multiple times over a short period, with repeated capital raises via convertible bonds and share issuances complicating the ownership structure.
Frequent transfers of stakes among related parties mean further ownership shifts or governance-related issues cannot be ruled out. Investors should continue monitoring large shareholding disclosures and related filings.
Quarterly operating and net profit have repeatedly swung between gains and losses, making it difficult to project the future earnings trajectory. Non-operating items, particularly valuation gains and losses on investment assets, appear to have a relatively large impact on net income. External variables such as raw material costs and foreign exchange rates could also affect margins.
A large portion of revenue remains concentrated in mobile device tape, exposing the company to slowing growth in its downstream smartphone market. The EV and ESS businesses are still at an early stage, with uncertainty over both the timing and scale of their eventual revenue contribution.
The company also holds biotech subsidiaries, giving its overall business portfolio a somewhat heterogeneous composition.
Expected filing of the Q3 2026 quarterly report; a key point to check whether the company returns to profit after the Q2 2026 operating loss and whether revenue recovers.
Confirm whether the planned eco-friendly tape and ESS flame-retardant tape products are actually launched and begin contributing to revenue.
Given continued ownership changes, monitor further large shareholding disclosures to see whether the composition of the largest and major shareholders stabilizes.
Confirm the 2026 annual business report, including finalized full-year revenue, operating profit, and net profit figures, along with the auditor's opinion.
Ndfos posted 2025 consolidated revenue of KRW 50.4 billion and operating profit of KRW 4.8 billion (9.5% operating margin), extending its run of operating profit to two consecutive years, while net profit attributable to owners also turned positive at KRW 5.2 billion.
However, across the five quarters since Q3 2025, operating and net profit have alternated between gains and losses, showing clear earnings volatility.
On the business side, the company is diversifying away from its historically mobile-tape-centric revenue base toward EV structural materials, window film, and ESS flame-retardant tape.
At the same time, a series of third-party share issuances and convertible bond transactions through 2026 has repeatedly changed the composition of the largest and major shareholders, adding governance-related uncertainty.
Given the share price's relationship to net asset value and the absence of dividends, it will be worth watching both the actual revenue contribution from diversification efforts and whether the ownership structure stabilizes.
Tracking upcoming quarterly results, new product launches, and shareholding disclosures together should help inform further assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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