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KREDKRED
050890KOSDAQ

Solid

9,860
-240 (-2.38%)

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

Solid was established in 1998 and is listed on the KOSDAQ market. The company is headquartered in Seongnam, Gyeonggi-do.

The company develops and manufactures network equipment for mobile and wired communications, including repeaters, optical transmission equipment, and Open RAN base station solutions. It supplies these products to global markets and Korean telecommunications operators. Its subsidiary, Solid Wintech, provides defense communication equipment such as tactical information communication systems and satellite communication devices.

Business overview as filed

㈜쏠리드 및 종속회사는 통신장비 제조 및 판매, 국방사업, 기타 부문으로 구성된 사업 포트폴리오를 보유하고 있으며, 주요 사업 영역은 통신 산업에 기반하고 있습니다.

당사는 통신 산업 중 무선통신 분야를 중심으로, 이동통신 중계기, 광전송장비, 개방형 무선네트워크(Open RAN) 기술을 적용한 기지국 솔루션 등의 연구개발, 제조 및 공급을 핵심 사업으로 영위하고 있습니다.

글로벌 통신장비 시장은 최근 주요국 통신사업자의 이동통신분야 설비투자(CAPEX) 축소 기조가 지속되면서 성장률이 둔화되었지만, 5G 네트워크 이용의 보편적 확산으로 실내 통신 품질 개선 요구는 지속적으로 증가하고 있습니다. 특히 고주파 대역 기반의 5G 서비스는 전파 도달 범위 및 회절 특성의 한계로 인해 실내 커버리지 확보를 위한 중계기 솔루션의 수요를 구조적으로 확대시키고 있으며, 이에 따라 당사는 중계기 사업 부문에서 안정적인 실적을 유지하고 있습니다.

당사는 글로벌 In-Building DAS(Distributed Antenna System) 시장에서 기술 경쟁력과 공급 역량을 기반으로 주요 공급사로서의 입지를 확보하고 있으며, 향후에도 고주파 기반 통신 인프라 확대에 따른 실내 커버리지 수요 증가에 힘입어 안정적인 매출 성장이 예상됩니다.

또한, 미국을 비롯한 주요 시장에서 Open RAN 인프라 도입에 대한 투자가 본격화될 것으로 예상되는 가운데, 당사는 장기간 축적한 기술력과 상용화 경험을 바탕으로 Open RAN 장비의 공급을 확대하고 있으며, 관련 사업의 성장 모멘텀을 확보하고 있습니다.

한편, 종속회사인 ㈜쏠리드윈텍은 TICN(전술정보통신체계), TMMR(차세대 군용무전기), 전술이동통신망 중계기, 군 위성통신장비 등 다양한 국방 통신 분야에서 사업을 전개하고 있으며, K2 전차 및 공격헬기용 부품 사업도 병행하여 종합 방산기업으로의 역량 확장을 추진하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(가) 연결대상 종속회사 현황(요약)

(나) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 주식회사 쏠리드라고 표기합니다. 또한 영문으로는 Solid, Inc.라 표기합니다.

다. 설립 일자 및 존속기간

당사는 이동통신 및 유선통신 관련 네트워크 장비의 제조 개발 등의 사업을 영위할 목적으로 1998년 11월 5일에 설립되었습니다. 또한 2005년 7월 6일 코스닥 시장 상장을 승인받아 회사의 주식이 2005년 7월 8일자로 상장되어 코스닥시장에서 매매가 개시되었습니다.

라. 본사의 주소 및 전화번호, 홈페이지

주소: 경기도 성남시 분당구 판교역로 220 쏠리드스페이스전화번호: 031-627-6000홈페이지: https://www.solid.co.kr

마. 중소기업 등 해당 여부

바. 주요사업의 내용

당사 및 종속회사가 현재 영위하고 있는 사업영역은 통신장비 분야로, 이동통신 중계기와 광전송장비, 개방형 무선네트워크 기술이 적용된 이동통신 기지국 관련 장비 등의 연구개발, 제조 및 판매를 주요 사업으로 영위하고 있습니다.

당사는 북미, 유럽, 일본 등 주요 선진국 시장에서 확고한 시장 점유율을 확보하고 있으며, 국내에서는 SKT, KT, LGU+ 등 이동통신 3사 모두에게 장비를 공급하고 있습니다. 한편, 당사의 종속회사인 ㈜쏠리드윈텍은 TICN(전술정보통신체계), 차기 군 위성통신 등 국방 통신 분야에서 사업을 영위하고 있습니다.

사. 신용평가에 관한 사항당사는 NICE평가정보㈜ 및 ㈜이크레더블로부터 신용등급 평가를 받고 있으며, 최근 3년 간 정기 신용평가 내역은 다음과 같습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.24), 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

5.10%
[2.54%, 10.31%] · 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 60.7% (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

0.85
Beta [0.71, 1.00] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.218%[-0.337%, +0.772%]
R squared
0.30
Observations
252
Trading-time corrected beta
0.85[0.55, 1.15]
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 100M1,9002,9152,5932,2262,2931,7292,1232,7983,2143,3112,9483,167
Revenue growth%—53.45-11.04-14.163.01-24.6122.7931.8114.863.02-10.95—
Operating incomeKRW 100M45-51320211-35-16961286363351333303
Operating income growth%—-1,241.45—-94.76-432.40——366.4426.85-3.11-5.28—
Net incomeKRW 100M10-714-25911254-119237298409462364545
Net income growth%—-7,351.91——-51.78-319.12—25.7237.0013.09-21.17—
Attributable to ownersKRW 100M10-688-2209157-115239298409461364545
Attributable to minoritiesKRW 100M-0-26-3821-3-3-10010-0
Operating margin%2.37-17.617.800.48-1.54-9.792.8910.2211.2910.6111.299.56
Net margin%0.52-24.51-9.975.042.36-6.8611.1810.6712.7213.9612.3617.20
ROE%1.12-89.55-26.558.364.69-10.3812.2013.0415.0014.3210.3314.53
ROA%0.33-20.85-9.214.171.91-4.216.426.878.949.316.799.06
Debt ratio%213.93343.21252.93144.21129.52151.8089.0589.7767.4753.8951.8959.98
Current ratio%75.1270.6272.1477.0993.2879.24100.66111.28161.62164.02167.32167.12
Quick ratio%60.8442.6652.0047.3671.3358.3770.0372.21110.75134.12133.22127.84
Reserve ratio%813.57314.13274.58331.12358.97314.79495.34592.82716.40854.58911.87974.37
Free cash flowKRW 100M——158-128166-81-457121502503163—
FCF margin%——6.08-5.757.26-4.69-21.544.3115.6215.205.52—
OCF conversion%65.66——-96.09373.98—-143.2850.66134.10123.0962.67—
Capex to revenue%——1.400.911.571.345.521.091.441.992.23—
Receivable daysdays—58.957.566.055.865.069.878.572.672.6——
Inventory daysdays—71.3103.298.482.294.6102.5132.4131.698.8106.3—
Payable daysdays—155.3304.9394.4313.4436.0389.0365.9289.1232.5——
Cash conversion cycledays—-25.1-144.2-230.0-175.4-276.4-216.7-155.0-84.8-61.0——
EPSKRW—-2,187-652236110-221390487668755610897
PERx———13.7749.13—16.8611.909.088.7912.0812.15
BPSKRW—2,4422,4562,8282,3502,1293,1933,7384,4525,2755,8056,175
PBRx—1.401.801.152.305.262.061.551.361.261.271.77
Dividend per shareKRW50——————5050—50—
Payout ratio%———————10.267.49—8.20—

Consolidated basis

Profit flowKRW 100M

Revenue
2,948
Cost of sales
1,633
Gross profit
1,316
SG&A expenses
583
Other
399
Operating income
333
Non-operating income
62
Profit before tax
395
Net income
364
Income tax expense
31

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
2,972*3,4272,8092,6942,8382,8153,6954,3434,5724,9685,367
2,025*2,6542,0131,5911,6011,6971,7412,0551,8421,7401,833
947*7737961,1031,2361,1181,9552,2892,7303,2283,533

Income statement

20152016201720182019202020212022202320242025
1,9002,915*2,593*2,2262,2931,729*2,1232,7983,2143,3112,948
45*-513*202*11-35-169*61286363351333
56*-710*126*986-150*338363491543395
10*-714-25911254-119237298409462364
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable610
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable610
13*-708*-25714472-118344335467546378

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement10-714-25911254-119237298409462364
Total adjustments to operating cash flowcomputed-3308453-22014861-577-147139107-136
6-406194-108202-58-340151548569228
-257-3668*21495-225-87-277-90-249
170564-87*-58-6109493104-361-146-77
Cash at beginning of periodKRW 100M2401602854473075565895447216371,006
1602854473075565895447216371,006901
Net change in cash and cash equivalentsKRW 100M-80121*162-14024933-45177-84369Not applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.03.24.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2024적정의견Term 27예일회계법인2025-12-31
2023적정의견Term 26예일회계법인2025-12-31
2022적정Term 25예일회계법인2022-12-31
2021적정Term 24삼일회계법인2022-12-31
2020적정Term 23삼일회계법인2022-12-31
2019적정Term 22삼일회계법인2019-12-31
2018적정Term 21삼일회계법인2019-12-31
2017적정Term 20삼정회계법인2019-12-31
2016적정Term 19삼일회계법인2016-12-31
2015적정Term 18삼일회계법인2016-12-31
2014적정Term 17안진회계법인2016-12-31

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.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

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 5Y0.72
%
%
Cost of equity8.00%
Weighted average cost of capital7.44%
Initial growth9.5%
Effective tax rate7.8%
Base fiscal year2025
Current priceKRW9,860

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 model849-91.4%
Dividend discount model DDM1,006-89.8%
Discounted cash flow FCFF7,164-27.3%
Discounted cash flow FCFE5,932-39.8%
Residual income model RIM8,690-11.9%
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% + 0.72 × 5.00% = 8.00%

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(10.33% × (1 − 8.20%), 0) = 9.48%

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

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 50 × (1 + 2.00%) / (8.00% − 2.00%) = 51 / 0.0600 = 849 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 50, g_1 = 9.48%, g_T = 2.00%, r = 8.00%

YearGrowthDividend KRWDiscount factorPresent value KRW
19.48%550.925951
27.61%590.857351
35.74%620.793749
43.87%650.734948
52.00%660.680545
Terminal value2.00%1,1210.6805763
Total1,006

P_0 = 1,006 KRW

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 = 5,805 KRW, ROE = 10.33%, payout ratio = 8.20%, r = 8.00%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
15,8056004651350.9259125
26,3566575091480.8573127
36,9597195571620.7937128
47,6187876101770.7349130
58,3418626681940.6805132
Terminal value3,2950.68052,242

P_0 = 5,805 + 642 + 2,242 = 8,690 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 228.4 − 65.8 + 40.5 × (1 − 7.78%) = 200.0 KRW hundred million

Weighted average cost of capital

E = 5,990.6, D = 990.2 KRW hundred million; equity weight = 85.81%, debt weight = 14.19%; cost of debt k_d = 4.40%

WACC = 85.81% × 8.00% + 14.19% × 4.40% × (1 − 7.78%) = 7.44%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
19.48%219.00.9307203.8
27.61%235.60.8662204.1
35.74%249.20.8062200.9
43.87%258.80.7504194.2
52.00%264.00.6984184.4
Terminal value2.00%4,946.50.69843,454.6
Total4,442.0

Firm value = 4,442.0; less borrowings 990.2; plus cash 900.8 → 4,352.5 KRW hundred million

P_0 = 4,352.5 KRW hundred million ÷ 60,756,534 (shares) = 7,164 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 228.4 − 65.8 + 16.5 (net borrowing) = 179.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
19.48%196.10.9259181.6
27.61%211.10.8573180.9
35.74%223.20.7937177.1
43.87%231.80.7349170.4
52.00%236.40.6805160.9
Terminal value2.00%4,016.90.68052,733.3
Total3,604.2

P_0 = 3,604.2 KRW hundred million ÷ 60,756,534 (shares) = 5,932 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.

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