PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
Woojin Entec has posted four consecutive years of revenue growth on its core nuclear and thermal power plant instrumentation and control maintenance business, but operating margins have gradually narrowed and new growth areas such as decommissioning and SMR remain ahead of tangible results.
Consolidated revenue rose to KRW 44.8 billion in 2025, a fourth straight annual increase, while operating margin fell from 15.2% in 2022 to 11.3% in 2025
Quarterly results swing with planned preventive maintenance schedules, with operating margin ranging from 16.9% in Q3 2025 to 9.2% in Q2 2026
A government-backed G-CAM technology project for entry into the decommissioning market runs through end-2026, but no concrete domestic or overseas orders have materialized yet
Government nuclear expansion policy along with the Shin-Hanul 3&4 restart and Saeul 3&4 commissioning are cited as medium-term maintenance order drivers
The debt ratio improved from 27.3% in 2022 to 12.8% in 2025, reflecting a stronger balance sheet
Woojin Entec was established in 2013 through the acquisition of Sejong Enterprise's nuclear and thermal power plant instrumentation maintenance business, and listed on KOSDAQ in January 2024.
Its core business covers routine and scheduled preventive maintenance services and commissioning work for nuclear and thermal power plants, along with instrumentation product supply, plus comprehensive facility diagnosis and performance improvement solutions.
Based on recent disclosures, revenue is composed of roughly 60.1% nuclear maintenance services, 35.7% thermal power maintenance services, and 4.2% products, with nuclear services the largest contributor.
Its main customer is Korea Hydro & Nuclear Power (KHNP), and the company currently performs routine maintenance work at ten power plants.
Prior to listing, parent company Woojin held a 53.2% stake, and synergies with Woojin, whose core business is nuclear instrumentation manufacturing, remain part of the corporate structure.
As a new growth area, the company holds Korea's only radiation imaging equipment technology called G-CAM and is advancing the technology through a government-backed project run by the Ministry of Trade, Industry and Energy.
In March 2025, the company amended its articles of incorporation to add steel structure construction and metal fixture/roofing assembly businesses, expanding into power plant steel structure repair and nuclear plant piping installation and maintenance.
The nuclear maintenance market has high entry barriers requiring at least six years of maintenance experience, and as of 2023 only a small number of firms including KEPCO KPS, Susan E&S, and Isung C&I were eligible for sole-source bidding.
Data from the same period indicated Woojin Entec held roughly 22-25% share of the nuclear I&C routine maintenance market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.4B | ₩1.5B | 13.4% |
| 2025Q3 | ₩11.5B | ₩1.9B | 16.9% |
| 2025Q4 | ₩13.2B | ₩1.4B | 10.5% |
| 2026Q1 | ₩11.3B | ₩1.9B | 16.6% |
| 2026Q2 | ₩11.4B | ₩1B | 9.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩37.4B | ₩5.7B | ₩4.8B | 15.2% | 19.9% | 27.3% |
| 2023 | ₩40.7B | ₩5.9B | ₩5.3B | 14.5% | 15.7% | 17.4% |
| 2024 | ₩44B | ₩5.3B | ₩5.4B | 12.1% | 11.4% | 9.1% |
| 2025 | ₩44.8B | ₩5.1B | ₩5.3B | 11.3% | 10.4% | 12.8% |
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
Consolidated revenue rose for four straight years: KRW 37.36 billion in 2022, KRW 40.68 billion in 2023, KRW 43.96 billion in 2024, and KRW 44.81 billion in 2025. Operating margin, however, declined each year, from 15.2% in 2022 to 14.5% in 2023, 12.1% in 2024, and 11.3% in 2025.
Operating profit peaked at KRW 5.89 billion in 2023 before falling to KRW 5.32 billion in 2024 and KRW 5.06 billion in 2025. Net income attributable to owners rose from KRW 4.76 billion in 2022 to KRW 5.27 billion in 2023 and KRW 5.41 billion in 2024, before slipping slightly to KRW 5.31 billion in 2025.
Total equity more than doubled from KRW 23.93 billion in 2022 to KRW 51.09 billion in 2025, while the debt ratio fell from 27.3% to 12.8% over the same period, indicating an improved balance sheet.
Quarterly results show clear swings tied to scheduled preventive maintenance timing, with operating margin peaking at 16.9% in Q3 2025 among the last five quarters and bottoming at 9.2% in Q2 2026.
Revenue rose from KRW 11.41 billion in Q2 2025 to KRW 11.48 billion in Q3 and KRW 13.18 billion in Q4, before easing to KRW 11.30 billion in Q1 2026 and KRW 11.38 billion in Q2 2026.
Combined net income attributable to owners over the most recent four quarters (Q3 2025-Q2 2026) totaled about KRW 6.19 billion, running above the full-year 2025 level.
The company attributed the improvement to increased order volume for planned preventive maintenance at nuclear and thermal power plants along with higher instrumentation product sales.
The government is pursuing a plan to add four more nuclear reactors by 2030, raising nuclear power's share of generation from 27.4% to 32.4%, and construction of the previously suspended Shin-Hanul units 3 and 4 has resumed.
A total of 12 reactors will reach the end of their design life by 2029; Kori-1 and Wolsong-1 have already been permanently shut down and are proceeding through decommissioning, while the remaining ten are slated for continued operation extensions, positioning Woojin Entec, according to industry commentary, to pursue opportunities in both the maintenance and decommissioning markets.
In June 2025 the Nuclear Safety and Security Commission reviewed KHNP's decommissioning approval application for Kori-1, marking a step toward Korea's first commercial reactor decommissioning.
Still, according to KHNP data, the number of reactors globally reaching decommissioning stage is expected to rise to 123 by 2030 and 204 by 2050, though industry sources say the monetary size of the market remains difficult to forecast.
In the small modular reactor (SMR) segment, KHNP stated it was preparing to file for innovative SMR standard design licensing by the end of 2025, and companies with nuclear instrumentation maintenance, radiation management, and decommissioning-readiness technology are seen by some as potential partnership beneficiaries if the SMR design is approved.
Nuclear maintenance bidding requires strict qualifications such as at least six years of maintenance experience, creating high barriers for new entrants.
Yuanta Securities explained that the power plant maintenance market scales with the number of new plants (Q), unit pricing (P) rises modestly each year with inflation, and most costs (C) are compensated.
At its IPO briefing, Woojin Entec's CEO said the decommissioning business is government-led and that full-scale market entry is expected after technology and system commercialization is completed in 2026.
The company is developing automated surface-contamination detection equipment and large-capacity decommissioning waste verification equipment with KRW 2 billion in R&D funding through a government project running through the end of 2026.
Yuanta Securities noted that performing commissioning work for the Saeul units 3 and 4, expected to begin commercial operation in 2025-2026, could lead to follow-on routine maintenance orders.
Some analysts expect further benefits if Korea's pro-nuclear policy stance continues, citing the resumed Shin-Hanul 3&4 construction and plans for two additional new reactors in 2037-2038.
Overseas, the company previously received a letter of intent from a Chinese buyer for 35 G-CAM units, but this has not yet converted into an actual order, suggesting that securing a domestic reference is seen as a precondition for overseas expansion.
The company plans to gradually expand its power plant maintenance scope using the steel structure construction and piping maintenance licenses obtained through its 2025 articles amendment.
According to past data, Woojin Entec's five-year average PER has hovered around the 40x range and its five-year average PBR near the high-4x range. This can be interpreted as a valuation band reflecting the policy momentum and new-business expectations typical of small-cap nuclear maintenance names on KOSDAQ.
Even as operating margin has gradually narrowed in recent years, revenue has continued to grow steadily, keeping both top-line growth and margin defense in focus for the market.
Dividends have been paid annually, but as a stock where earnings-growth expectations tend to dominate, the dividend yield itself is understood to run below the sector average.
The premium of the share price relative to net assets has varied considerably over time and tends to swing sharply in the short term around policy events or earnings releases.
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
The government's plan to add four reactors, the resumed Shin-Hanul 3&4 construction, and Saeul 3&4 commissioning could expand the maintenance order base. Ten of the twelve aging reactors slated for design-life expiry are expected to receive operating extensions, supporting stable maintenance revenue.
Nuclear I&C maintenance bidding involves strict qualifications that limit competition to a small number of firms.
Woojin Entec holds Korea's only G-CAM radiation imaging technology, currently being upgraded through a government project running through the end of 2026. The Kori-1 decommissioning approval review is underway, making Korea's first commercial reactor decommissioning a reality.
A business structure capable of responding to either decommissioning or life-extension outcomes is cited as a strength.
The debt ratio fell from 27.3% in 2022 to 12.8% in 2025, while equity more than doubled over the same period. Revenue has grown for four consecutive years, sustaining top-line expansion. The low debt level supports financial flexibility for new-business investment or maintenance capacity expansion.
Operating margin declined each year from 15.2% in 2022 to 11.3% in 2025, falling further to 9.2% in Q2 2026. Revenue growth has repeatedly failed to be matched by margin defense. Large quarter-to-quarter swings tied to preventive maintenance scheduling make stable margin forecasting difficult.
Even industry sources say the monetary size of the decommissioning market remains hard to forecast. A letter of intent for G-CAM units from a Chinese buyer has not yet converted into an actual order. The government project is set to end in late 2026, but commercialization and order wins may still take additional time.
The share price has historically been sensitive to nuclear- and SMR-related policy news, and delays or changes in the details of policy events could trigger pullbacks. The timing of key events, such as whether SMR will be designated a national strategic technology, remains uncertain.
As a small-cap stock, short-term volatility driven by trading volume and supply-demand conditions also tends to be relatively high.
Nuclear policy direction could shift with changes in government or public opinion. Whether SMR will be designated a national strategic technology and whether related tax incentives will be expanded remain unconfirmed. Subsequent licensing and budget allocation timelines for the Kori-1 decommissioning also warrant monitoring.
Quarterly revenue and operating margin show large swings depending on preventive maintenance scheduling. Operating margin in Q2 2026 was 9.2%, the lowest of the last five quarters. The business structure makes it difficult to draw firm annual conclusions from any single quarter's results.
Both the decommissioning and overseas businesses still lack concrete order references. If commercialization is delayed after the government project ends, the expected timing of new revenue contribution could be pushed back. The company itself has noted that securing a domestic reference is a precondition for overseas expansion.
Check the Q3 2026 quarterly report for whether peak preventive maintenance season results are reflected and whether operating margin recovers.
The government-backed G-CAM technology upgrade project is scheduled to conclude, so watch for announcements on commercialization results or follow-on orders.
Monitor the progress of KHNP's innovative SMR standard design licensing application and the Nuclear Safety and Security Commission's review.
Check the timing of Saeul units 3 and 4 commercial operation start and whether it converts into routine maintenance order wins.
Review the annual general meeting and the 2026 business report to comprehensively check finalized full-year results and progress on new business initiatives.
Woojin Entec has posted four consecutive years of revenue growth centered on nuclear and thermal power plant instrumentation and control maintenance, but operating margin has gradually declined from 15.2% in 2022 to 11.3% in 2025, with sizable quarter-to-quarter variation.
Government nuclear expansion policy and the Shin-Hanul and Saeul new-unit schedules are cited as medium-to-long-term maintenance order drivers, and the fact that ten of twelve aging reactors are slated for life extension supports the case for stable revenue.
In the decommissioning market, Korea's only G-CAM technology and participation in a government project are strengths, but concrete domestic or overseas order results have not yet appeared, and the monetary size of the market remains uncertain.
Financially, the debt ratio has fallen sharply and equity has expanded, improving stability. Valuation has historically traded in a band of roughly 40x PER and high-4x PBR on a five-year average basis, so volatility tied to policy events and earnings releases should be considered together.
Going forward, the Q3 results, outcomes following the end of the government project, and progress on SMR licensing are likely to be the key items to monitor.
Report written 2026-09-05 · Data as of 2026-09-04
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