PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Wontech continues to expand revenue on rising overseas sales, but operating margin has come under pressure in recent quarters amid heavier investment in new subsidiaries and marketing.
Consolidated 2025 revenue reached KRW 156.8bn and operating profit KRW 51.7bn, both annual records.
Through 2026, net profit has improved quarter by quarter, but operating profit growth continues to lag revenue growth.
The overseas revenue share rose to 74.9% in the first half of 2026, with the US subsidiary's Q2 sales up 127.4% year over year.
The company raised KRW 75bn via convertible bonds to launch an Oligio-based home beauty and medical cosmetics business.
On September 5, at 'Wave Seoul 2026,' the company unveiled its first Oligio flagship product combining RF and HIFU energy sources.
Wontech is a KOSDAQ-listed company that develops and manufactures aesthetic and medical devices based on laser, radiofrequency (RF), and high-intensity focused ultrasound (HIFU) technologies.
Its flagship product is the monopolar RF lifting device 'Oligio,' complemented by the picosecond laser 'Picocare,' the Nd:YAG laser 'Lavieen,' the combination laser 'Sandro Dual,' and the HIFU device 'Tightan.' According to the 2024 business report, general electrosurgical devices including Oligio accounted for 37.6% of revenue, Nd:YAG laser surgical devices including Lavieen for 30.7%, and disposable electrode tips (consumables) for 24.1%.
Because consumable sales follow equipment placements, a larger installed base widens the recurring revenue foundation over time.
Customers were traditionally hospitals and clinics on a B2B basis, but after raising KRW 75bn in convertible bonds from PACM Private Equity in May 2026, the company is expanding into direct-to-consumer home beauty and medical skincare products such as 'Oligio Home.' Its overseas business relies on approvals including US FDA, European CE, and Thai FDA certifications, exporting to more than 80 countries and operating local subsidiaries in the United States, Thailand, Japan, and China.
In the domestic aesthetic device market, it competes with Classys, Jeisys Medical, and Lutronic in RF and HIFU equipment, and a similar competitive landscape is forming in home beauty as Classys has launched products such as 'Shrink Home' and 'Vollume.'
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩39.8B | ₩17.3B | 43.4% |
| 2025Q3 | ₩33.2B | ₩7.6B | 22.9% |
| 2025Q4 | ₩46.4B | ₩12.2B | 26.4% |
| 2026Q1 | ₩40.2B | ₩11.2B | 27.8% |
| 2026Q2 | ₩47.5B | ₩11.1B | 23.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩81.5B | ₩26.8B | ₩13.4B | 32.8% | 23.5% | 29.3% |
| 2023 | ₩115.6B | ₩46B | ₩38.8B | 39.8% | 39.1% | 54.4% |
| 2024 | ₩115.3B | ₩34.8B | ₩29.1B | 30.2% | 23.0% | 40.3% |
| 2025 | ₩156.8B | ₩51.7B | ₩35.2B | 33.0% | 22.4% | 38.0% |
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
Wontech's annual results moved from revenue of KRW 81.5bn and operating profit of KRW 26.8bn (32.8% margin) in 2022 to revenue of KRW 115.6bn and operating profit of KRW 46.0bn (39.8% margin) in 2023, a marked margin improvement, before revenue stagnated at KRW 115.3bn in 2024 and operating profit fell to KRW 34.8bn (30.2% margin).
In 2025, revenue rose to KRW 156.8bn (+36.0%) and operating profit to KRW 51.7bn (+48.6%, 33.0% margin), setting annual records.
On a quarterly basis, Q2 2025 revenue of KRW 39.8bn came with operating profit of KRW 17.3bn, an operating margin of 43.4%, before revenue fell to KRW 33.2bn in Q3 with margin dropping to 22.9%. Q4 revenue recovered to KRW 46.4bn but margin stayed at 26.4%.
Looking at Q1 2026 (revenue KRW 40.2bn, operating profit KRW 11.2bn, owners' net profit KRW 10.4bn) and Q2 2026 (revenue KRW 47.5bn, operating profit KRW 11.1bn, owners' net profit KRW 15.4bn), revenue kept climbing while operating profit stalled in the low-KRW-11bn range, with operating margin settling in the low-to-mid 20% range.
By contrast, owners' net profit rose sharply from KRW 6.2bn in Q4 2025 to KRW 10.4bn in Q1 2026 and KRW 15.4bn in Q2 2026, a pace well above operating profit growth, suggesting a possible contribution from non-operating items such as foreign exchange or financial gains that warrants confirmation in future quarterly disclosures.
According to the Q1 2026 earnings materials, gross margin improved to 71.1% from 64.2% a year earlier, but SG&A expenses tied to executive hiring rose 83.8% and advertising expenses linked to global marketing events rose 229.9%, directly explaining the operating margin decline.
The domestic aesthetic device market has reached a mature stage where equipment installations at major clinics and hospitals are largely complete, with growth expected to come mainly from repeat consumable purchases rather than new device sales.
Overseas markets, however, still offer room for expansion across the US, Europe, the Middle East, South America, and Southeast Asia, and Wontech's overseas revenue share rose from 70.0% in 2025 to 74.9% in the first half of 2026.
Notably, the Thailand subsidiary grew revenue 130.2% year over year to KRW 37.2bn in 2025, accounting for roughly a quarter of consolidated sales, and the company is working to replicate this 'Thailand model' across the US, Japan, and Southeast Asia.
The US and Japan subsidiaries remain around KRW 5bn in annual revenue each, making the timing of returns on invested costs a key variable.
The global home beauty device market was estimated by Meritz Securities Research Center at roughly KRW 7 trillion in 2024, projected to grow at a 36% CAGR to about KRW 45 trillion by 2030, with the US and China emerging as the main battlegrounds.
Domestic rivals such as Classys, with products like 'Shrink Home' and 'Vollume,' are entering this space alongside Wontech, making it a key question whether regulatory and technical experience built in professional medical devices can translate into consumer market competitiveness.
Wontech has stated plans to launch around eight additional new products in 2026, and on September 5 at 'Wave Seoul 2026' it unveiled for the first time an Oligio flagship product combining RF and HIFU energy sources.
Since March, the company has held roadshow events across 11 cities in 8 countries including the US, Japan, Taiwan, China, and Thailand to expand engagement with overseas medical professionals, using the Seoul event to close out that roadshow.
Analysts have noted that the second half of 2026 is expected to bring entry into newly approved markets such as Australia and Europe, expansion of the Japan and US subsidiaries, and completion of re-certification procedures for the China joint venture.
Korea Investment & Securities, in an April 10, 2026 report titled 'nothing left but to get better,' issued a buy rating with a target price of KRW 12,000, forecasting 2026 revenue of KRW 200.2bn (+27.6% YoY) and operating profit of KRW 63.3bn (+22.6% YoY, 31.6% margin).
Samsung Securities, in a May 2026 report, lowered its target price from KRW 11,000 to KRW 10,000 while still expecting a slight consensus beat driven by Oligio X shipments to Southeast Asia and laser equipment shipments to the US restoring operating leverage.
The company disclosed that it cancelled 437,749 treasury shares on April 10 and signed a new KRW 6bn treasury stock trust with Samsung Securities to continue market purchases through October 10.
The new home beauty and medical cosmetics business remains at an early stage in terms of revenue contribution, and the timing of actual sales performance and profitability will need to be confirmed in upcoming quarterly results.
Wontech's profit scale has generally expanded each year since 2022, but starting in 2026 operating profit growth has begun trailing revenue growth.
Against this backdrop, the share price has moved within the range of target prices various securities firms have set over time, and some of those individual target prices have themselves been revised down over the past half year, suggesting the market's expectations have moderated somewhat.
In terms of price-to-book, the stock trades at a level that reflects some premium over net asset value, while its dividend yield sits on the lower side, as is common among relatively high-growth names in this sector.
That said, the company's recent combination of treasury share cancellation and a treasury stock trust purchase agreement is a relevant data point on the shareholder-return side.
Potential dilution from the newly issued convertible bonds and the cost burden from new overseas subsidiary investments are factors that will need to be weighed alongside future earnings estimates and valuation assessments.
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
The overseas revenue share rose to 74.9% in the first half of 2026, with the US subsidiary's Q2 sales up 127.4% year over year.
The Thailand subsidiary grew revenue 130.2% in 2025, accounting for roughly a quarter of parent revenue, and the company is working to replicate this success model across the US, Japan, and Southeast Asia. Diversified overseas channels can act as a buffer against slowdowns in any single market.
Core equipment like Oligio generates follow-on sales of dedicated consumable tips, so a larger installed base widens the recurring revenue foundation over time.
In the Q1 2026 earnings release, gross margin improved to 71.1%, up 6.9 percentage points year over year, confirming the positive effect of a rising consumables mix. This supports stable cash flow even as new equipment sales growth slows.
Backed by KRW 75bn in convertible bond investment, the company is entering the Oligio-brand home beauty device and medical skincare market, expanding its B2B-centered structure into B2C.
The global home beauty device market is estimated to grow from about KRW 7 trillion in 2024 to about KRW 45 trillion by 2030 at a 36% CAGR. Regulatory and technical experience accumulated in professional medical devices could serve as a foothold for entering the consumer market.
The operating margin, which reached 43.4% in Q2 2025, has declined each subsequent quarter to the low-to-mid 20% range by Q2 2026. This directly reflects SG&A expenses tied to executive hiring rising 83.8% year over year and advertising expenses linked to global marketing events rising 229.9%. How quickly revenue growth converts into profit growth remains a key question.
The US and Japan subsidiaries generated only about KRW 5bn in annual revenue each in 2025, making the timing of recovering costs spent on hiring local executives and marketing investment a key inflection point for coming quarters.
Whether the direct-sales model that succeeded in Thailand will work equally well in other markets remains unproven. Early-stage investment costs are acting as a drag on the pace of profit growth.
The additional KRW 75bn convertible bond issuance in May 2026 could raise renewed concerns about equity dilution once conversion occurs.
Analysts have noted the domestic aesthetic device market has reached a mature stage where major clinics have largely completed equipment installations, limiting growth potential for new equipment sales. The structure in which overseas growth must offset domestic market stagnation persists.
With overseas revenue share reaching 74.9% and the Thailand subsidiary alone accounting for roughly a quarter of parent revenue, dependence on specific regions is high. Currency translation effects can influence reported results, and demand or policy changes in any single country can materially affect performance.
Domestically, Classys, Jeisys Medical, and Lutronic compete in the RF and HIFU equipment market, and in home beauty, Classys has already launched products such as 'Shrink Home' and 'Vollume,' moving to secure early market position.
Overseas, entry by local players and global companies continues, raising the possibility of intensifying price and marketing competition.
Exporting to more than 80 countries requires obtaining and maintaining country-specific regulatory approvals, and every new product launch must go through certification processes with the US FDA, European CE, and various national health authorities.
Delays in certification or policy changes could affect new product launch timing and the timing of revenue recognition.
This is the expiry date of the KRW 6bn treasury stock trust with Samsung Securities; watch whether the contract is renewed and whether additional shareholder-return measures follow.
This marks the expected Q3 earnings release; check whether the operating margin recovers from the low-to-mid 20% range and whether the non-operating factors that boosted net profit persist.
Confirm the actual sales launch and revenue contribution of the RF-HIFU combined Oligio flagship product unveiled at Wave Seoul 2026, as well as home beauty products such as 'Oligio Home.'
Sequentially monitor entry into newly approved markets such as Australia and Europe, completion of the China joint venture's re-certification process, and whether the US and Japan subsidiaries begin contributing more meaningfully to earnings.
After posting record annual results in 2025 with revenue of KRW 156.8bn and operating profit of KRW 51.7bn, Wontech has continued to grow revenue into 2026, though operating margin has declined from 43.4% in Q2 2025 to the low-to-mid 20% range by Q2 2026.
Over the same period, net profit rose each quarter at a pace exceeding operating profit growth, suggesting a possible contribution from non-operating items that warrants further confirmation in future disclosures.
The overseas revenue share climbed to 74.9% in the first half of 2026, clearly shifting the growth axis from domestic to international markets, with a strategy underway to replicate the proven Thailand direct-sales model in the US, Japan, and Southeast Asia.
At the same time, factors to weigh include the early-stage loss burden at the US and Japan subsidiaries, potential equity dilution from the new KRW 75bn convertible bond issuance, and slowing growth in the maturing domestic market.
The new home beauty and medical cosmetics business remains at an early stage, and its actual revenue contribution and profitability timing are key variables to observe in coming quarters.
Analyst target prices and earnings forecasts have moved both up and down depending on timing, making the efficiency of converting revenue growth into profit growth a central question going forward.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.