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032500KOSDAQ

KMW

19,820
-180 (-0.90%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

KMW was established in 1991 and is listed on the KOSDAQ market. The company is headquartered in Hwaseong, Gyeonggi-do.

The company operates RF and LED business segments. It produces equipment and components for wireless communication base stations as well as sports and outdoor lighting. Its main customers include Samsung Electronics, ZTE, and Fujitsu.

Business overview as filed

당사 및 종속회사는(이하 연결실체) 무선통신 기지국에 장착되는 각종 장비 및 부품류 등을 생산, 판매하는 RF사업과 스포츠 조명, 실외조명 등을 생산, 판매하는 LED사업을 영위하고 있습니다.

부문별 주요제품은 아래와 같습니다.

당사 및 종속회사별 사업의 내용은 아래와 같습니다.

Company overview

1) 연결대상 종속회사 현황(요약)

1)-1. 연결대상회사의 변동내용

* 2025년 3월 1일 기준(합병기일)으로 KMW JAPAN, Inc와 GigaTera JAPAN, Inc가 합병하였습니다.* 2025년 4월 1일 기준(합병기일)으로 GigaTera Communications,Inc. 와 GIGATERA Lighting, Inc.가 합병하였습니다.

2) 회사의 법적ㆍ상업적 명칭당사의 명칭은 '주식회사 케이엠더블유'라고 표기합니다. 또한 영문으로는 'KMW Inc.'라 표기하고, 약식으로는 '㈜케이엠더블유'라고 표기합니다. 당사는 1996년 5월 23일 상호를 변경하였으며, 변경 전 상호는 '주식회사 코리아 마이크로 웨이브'입니다.3) 설립일자당사는 1991년 1월 10일 설립하여 1994년 10월 5일 법인전환하였고, 2000년 3월 17일에 코스닥시장에 상장하여 매매가 개시되었습니다.4) 본사의 주소, 전화번호, 홈페이지 주소주소 : 경기도 화성시 동탄대로25길 21(영천동)전화번호 : 031-370-8600홈페이지 주소 : http://www.kmw.co.kr5) 중소기업 등 해당 여부

6) 주요 사업의 내용당사 및 종속회사는 무선통신 기지국에 장착되는 각종 장비 및 부품류 등을 생산ㆍ 판매하는 RF 사업과 스포츠 조명, 실외조명 등을 생산ㆍ판매하는 LED 사업을 영위하고있습니다. 2025년 당기말 기준으로 RF사업 부문의 매출액이 전체의 약 80.4%를 차지하고 있으며, 매출액의 10% 이상을 차지하는 주요 거래처로는 Samsung Electronics, ZTE,Fujitsu 등이 있습니다.좀 더 상세한 내용은 II.

7) 신용평가에 관한 사항

8) 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.43%
[4.19%, 10.06%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 67.6% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.07
Beta [0.91, 1.22] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.281%[-0.325%, +0.886%]
R squared
0.37
Observations
252
Trading-time corrected beta
0.97[0.73, 1.21]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M2,1982,1052,0372,9636,8293,3852,0521,7951,001874975919
Revenue growth%—-4.22-3.2445.43130.49-50.43-39.39-12.53-44.24-12.7011.63—
Operating incomeKRW 100M-449-145-30-2621,367327-279-450-629-455-238-241
Operating income growth%—————-76.10-185.37—————
Net incomeKRW 100M-47837-87-3131,027266-37-267-653-386-270-270
Net income growth%——-334.28——-74.05-114.00—————
Attributable to ownersKRW 100M-47939-87-3131,027266-37-267-653-386-270—
Attributable to minoritiesKRW 100M1-2000000000—
Operating margin%-20.42-6.88-1.50-8.8520.029.65-13.59-25.07-62.82-52.06-24.37-26.25
Net margin%-21.751.76-4.26-10.5615.037.87-1.82-14.87-65.24-44.19-27.72-29.35
ROE%-113.328.64-16.93-36.2947.3610.92-1.49-11.11-37.34-26.87-20.57—
ROA%-14.911.78-4.07-11.4424.046.87-1.02-7.72-23.65-14.35-10.94-11.05
Debt ratio%437.07357.17315.86217.2196.9958.9546.2743.9357.8487.2987.9962.95
Current ratio%86.4271.0487.96106.23174.79245.39223.89199.43140.5194.9086.0098.31
Quick ratio%61.3143.9150.0774.12133.73193.26188.68157.70112.7976.7863.4169.55
Reserve ratio%-270.97-200.71605.36805.32971.551,108.971,092.72958.76666.01472.16414.82453.98
Free cash flowKRW 100M-22369-137-583-216969381-268-539-436-229—
FCF margin%-10.123.28-6.75-19.67-3.1728.6318.55-14.91-53.85-49.86-23.44—
OCF conversion%—370.45——-3.56451.55——————
Capex to revenue%8.033.242.887.062.636.904.6411.0920.4218.905.96—
Receivable daysdays—80.776.967.066.9143.1113.690.0113.897.988.8—
Inventory daysdays—105.7120.481.749.499.8111.996.0126.1111.899.5—
Payable daysdays—147.4152.997.053.095.0119.2118.6162.9155.4127.9—
Cash conversion cycledays—39.044.451.763.3147.8106.367.477.054.460.4—
EPSKRW-3,438244-540-1,9492,654669-94-670-1,640-969-673—
PERx—30.60——19.25120.63——————
BPSKRW—2,8303,1874,5845,4466,1276,2916,0344,3913,6073,2113,551
PBRx—2.648.254.819.3813.176.544.392.822.434.485.35
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
3,2062,0832,1342,7354,2703,878*3,6643,4592,7602,6902,471
2,6091,6271,6211,8732,103*1,438*1,1591,0561,0111,2541,156
5974565138622,168*2,440*2,5052,4031,7491,4371,314

Income statement

20152016201720182019202020212022202320242025
2,1982,1052,0372,9636,8293,3852,0521,7951,001874975
-449-145-30-2621,367*327-279-450-629-455-238
-498-116-76-2981,294*242-48-377-530-374-304
-47837-87-3131,027*266-37-267-653-386-270
Basic earnings per shareKRW-3,438Not applicableNot applicable-1,9492,654*669-94-670-1,640-969-673
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicable669-94-670-1,640-969-673
-46033-136-3021,044*262*45-102-654-312-274

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-47837-87-3131,027266-37-267-653-386-270
Total adjustments to operating cash flowcomputed4321008-61-1,063936513198318116100
-46137-79-374-37*1,203*476-69-334-270-170
-198786-5-219-178-175-96-2197-336114
289-82072901175-203-165-1113133012
Cash at beginning of periodKRW 100M27614424235384961,2981,5191,070772459
1442422275384961,2981,5191,070772459415
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable-12308-40*824*222*-399-296-276Not applicable

In the latest fiscal year operations consumed cash while investing and financing activities brought cash in.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 32태성회계법인2025-12-31
2024적정의견Term 31태성회계법인2025-12-31
2023적정의견Term 30태성회계법인2025-12-31
2022적정Term 29한영회계법인2022-12-31
2021적정Term 28한영회계법인2022-12-31
2020적정Term 27한영회계법인2022-12-31
2019적정Term 26세일원회계법인2019-12-31
2018적정Term 25진일회계법인2019-12-31
2017적정Term 24진일회계법인2019-12-31
2016적정Term 23진일회계법인2016-12-31
2015적정Term 22한영회계법인2016-12-31
2014적정Term 21한영회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.94
%
%
Cost of equity9.08%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW19,820

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-2,878-114.5%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.94 × 5.00% = 9.08%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(-20.57% × (1 − 0.00%), 0) = 0.00%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 3,211 KRW, ROE = -20.57%, payout ratio = 0.00%, r = 9.08%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
13,211-660292-9520.9168-873
22,550-525232-7560.8404-636
32,026-417184-6010.7705-463
41,609-331146-4770.7063-337
51,278-263116-3790.6475-245
Terminal value-5,4590.6475-3,535

P_0 = 3,211 + -2,554 + -3,535 = -2,878 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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