JONBUR Research · Initiation
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LIG Defense&Aerospace · 079550 · Aerospace & Defense
LIG Defense&Aerospace: Rising Revenue and Profit, Negative Free Cash Flow and a Rights Offering Filing
Filed statements show revenue rising from ₩1.8T in 2021 to ₩4.3T in 2025, with trailing profit and margins improving, while free cash flow is negative at about ₩1.3T. The shares closed at ₩595,000 on 2026-10-12, down 12.2% over one month and 17.9% over three months, at a P/E of 45.7 and a P/B of 8.2.
Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a picture of fast growth: revenue grew 31.5% in 2025 and 41.9% in 2024, and operating margin moved from 5.3% in 2021 to 7.4% in 2025 and 8.6% on a trailing basis. ROE of 20.4% is high.
The data also shows strain. Trailing free cash flow is about -₩1.3T, cash is only ₩42.7B, and liabilities are 434.1% of equity. A rights offering (paid-in capital increase) decision was amended on 2026-09-04, which may relate to funding needs, though the data does not state the purpose or size.
The share price is 46.8% below its 52-week high of ₩1,118,000 but 65.3% above the low of ₩360,000. Investor flows, foreign ownership, short balance and news headlines are not available, so the cause of the recent decline cannot be assessed from this data.
Business overview
LIG Defense&Aerospace (code 079550) is a KOSPI-listed Aerospace & Defense company, founded on 1998-02-25 and listed on 2015-10-02. CEO is 신익현. It has 22.0M listed shares and a market capitalization of ₩13.1T.
Annual revenue was ₩1.82T in 2021, ₩2.22T in 2022, ₩2.31T in 2023, ₩3.28T in 2024 and ₩4.31T in 2025. Trailing revenue as of H1 2026 is ₩4.73T. The data does not break revenue down by product or customer.
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The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).
Report history
Source: KRX statistical information