Ask Warren

JONBUR Research · Initiation

Nextin · 348210 · Machinery

Nextin: Revenue and Profit Have Fallen Sharply From 2024 Peak While Shares Trade Well Below 52-Week High

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Nextin's trailing revenue of ₩55.4B and operating loss of ₩13.5B contrast with 2024 revenue of ₩113.7B and an operating profit of ₩47.0B. The shares closed at ₩31,100, down 39.4% over one year and 69.0% below the 52-week high of ₩100,400.

Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

XfWATGr/in@

Thesis

The data supports a picture of a sharp earnings reversal. Revenue fell 41.2% in 2025 and operating margin dropped from 41.3% in 2024 to -1.7% in 2025, then to -24.3% on a trailing basis to H1 2026. Free cash flow is negative at -₩43.9B, and borrowings of ₩42.3B exceed cash of ₩20.2B.

On the other side, the company has a record of high profitability in 2021 to 2024, with return on equity between 27.0% and 52.5%. Filings show two major sales or supply contracts in 2026 (March 26 and October 6), but the data gives no contract size, so their effect on revenue cannot be judged. No news headlines are available in the data.

The model estimate sits well below the market price, which suggests the market is pricing a recovery that the current numbers do not yet show.

Business overview

Nextin is listed on KOSDAQ and classified in the Machinery sector. It was founded on 2010-06-23 and listed on 2020-10-08. It has 10,477,005 listed shares and a market capitalisation of about ₩325.8B.

Revenue history from filings: ₩57.1B in 2021, ₩114.9B in 2022, ₩87.9B in 2023, ₩113.7B in 2024 and ₩66.9B in 2025. The pattern is uneven, with large swings from year to year. Details on products and customers are not available in the data.

Financial analysis

Figures come from filed financial statements. In 2025, revenue was ₩66.9B (-41.2%), operating loss ₩1.2B and net loss ₩2.5B. In 2024, revenue was ₩113.7B, operating income ₩47.0B and net income ₩38.4B.

Trailing twelve months to H1 2026: revenue ₩55.4B, operating loss ₩13.5B (-24.3% margin), net loss ₩5.0B (-9.1% margin) and ROE of -3.3%. The net loss is smaller than the operating loss, which the data does not explain.

The balance sheet shows liabilities to equity of 76.1%, cash of ₩20.2B and borrowings of ₩42.3B. Free cash flow is -₩43.9B.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 2.2, below the year-end 2025 level of 5.0 and the 2021 to 2024 range of 3.4 to 9.6. Price-to-sales is 5.9 and dividend yield is 1.6%. Enterprise value is ₩348.0B.

Peers in the data show price-to-book of 5.1 to 51.5 (Doosan Enerbility 5.1, EO Technics 7.4, Jusung Engineering 16.5, Hanmi Semiconductor 26.8, Rainbow Robotics 51.5). Nextin's 2.2 is below all of them, though the peers differ in business and size.

The valuation model (5-year discounted cash flow at an 8.5% rate, based on trailing figures to H1 2026) gives a model estimate based on the assumptions shown of ₩7,442 per share in the base case, ₩4,436 in the bear case and ₩12,059 in the bull case. All three are below the ₩31,100 share price. This is not a target and not a reason to buy or sell. It mainly reflects that current cash flows are negative.

Catalysts

  • A major sales or supply contract was filed on 2026-10-06, though its size is not given in the data.
  • A previous major sales or supply contract was filed on 2026-03-26.
  • The next quarterly report will show whether the trailing operating loss of ₩13.5B is narrowing.
  • Insider shareholding reports (July and August) and 5%+ holding reports (July and September) show ownership activity, though the direction is not detailed in the data.
  • A notice on the grant of stock purchase options was filed on 2026-03-24.

Risks

  • Operating margin has moved from 41.3% in 2024 to -24.3% on a trailing basis, so profitability has deteriorated sharply.
  • Free cash flow of -₩43.9B and borrowings of ₩42.3B against cash of ₩20.2B put pressure on liquidity.
  • Revenue has been volatile, with changes of +101.3%, -23.5%, +29.3% and -41.2% in recent years.
  • The share price remains well above the model estimates, so it depends on a recovery not yet in the reported numbers.
  • Institutions were net sellers of about ₩2.9B over 20 days and foreign ownership slipped from 16.7% to 16.2% in 60 days.

Closing view

The filings show a company that earned high margins through 2024 but has since swung to losses and negative free cash flow. Price-to-book has fallen to 2.2 and the shares are down 39.4% over a year, yet the model estimates of ₩4,436 to ₩12,059 sit below the ₩31,100 price. The recent contract filings are a potentially positive sign but lack detail. The evidence is mixed: a strong earnings history and recent contracts against current losses and cash burn, and the coming reports will show which is more relevant.

Model estimate of fair value

Bear
₩4,436
-84%
Base
₩7,442
-73%
Bull
₩12,059
-56%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 8.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 19, 2026InitiationStart of coverage (reader request)Nextin: Revenue and Profit Have Fallen Sharply From 2024 Peak While Shares Trade Well Below 52-Week High

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information