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Fadu · 440110 · Semiconductors

Fadu Reports Q3 2026 Preliminary Operating Profit of ₩36.3B, a Swing From a Year-Earlier Loss

Why this report

Written after:

Fadu's preliminary Q3 2026 results show revenue of ₩143.6B and an operating profit of ₩36.3B, against an operating loss of ₩11.4B a year earlier. This is the first quarterly operating profit in the data we hold and addresses the previous report's main concern, though net profit was not disclosed.

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.

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What happened

On 2026-10-19 Fadu released preliminary consolidated results for July to September 2026. The figures are provisional and may differ from final numbers.

Revenue was ₩143.6B, up 96.2% from ₩73.2B in Q2 2026 and up 459.8% from ₩25.6B in Q3 2025. Operating profit was ₩36.3B, up 123.6% from ₩16.2B in Q2 and a turnaround from a loss of ₩11.4B in Q3 2025. The operating margin implied by these figures is about 25.3%.

For the first nine months, revenue was ₩276.3B (up 303.1% from ₩68.5B) and operating profit was ₩60.2B, against a loss of ₩36.0B a year earlier.

Pre-tax profit, net profit and net profit attributable to owners were not given in the filing, so the bottom line is not available. No other recent events are material background.

What it changes for the thesis

The previous report (2026-10-13) described fast revenue growth and a narrowing operating loss, but said the data did not support a clear path to profit. It put the trailing operating margin at -9.3%. This filing moves the operating line into profit for two quarters in a row, Q2 at ₩16.2B and Q3 at ₩36.3B, which supports the growth story more directly.

The main caution from that report is not resolved. Trailing net loss was ₩98.7B and return on equity was -123.5% through H1 2026, and this filing gives no net income. We cannot yet say whether the operating profit carries through to net profit. The results are also preliminary, and we have only one strong quarter of scale to judge from. Investor flow data show foreigners net sellers over the past 20 days (about ₩20.4B), and foreign ownership slipped to 26.0% from 27.9% sixty days earlier.

What it changes for the valuation

The model has no fair value estimate for this company, and the previous report had none, so there is no range to compare. Earnings-based multiples are still not meaningful in our data because they rest on trailing figures through H1 2026, which do not include Q3.

The share price was ₩57,200 on 2026-10-16, before the filing, for a market value of about ₩2.9T. That compares with ₩76,900 in the previous report. The price is down 3.5% over one month and 18.7% over three months, and up 149.2% over one year. Price-to-book was 44.9 and price-to-sales 15.7. Peers with data show P/E of 5.7 to 15.9 and P/B of 2.0 to 5.3. Fadu's multiples remain far higher. Because the Q3 results are not yet in the trailing data, those multiples may change once the figures are updated.

Closing view

The Q3 preliminary results are a clear positive on the operating line: revenue nearly doubled from the prior quarter and operating profit moved well into positive territory. That speaks directly to the previous report's concern about persistent losses. Still, net income is not disclosed, the figures are provisional, the balance sheet showed liabilities at 200.7% of equity as of H1, and valuation multiples remain very high compared with peers. The evidence has improved but is still incomplete, and a fuller picture needs the final results with net income and cash flow.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 19, 2026Update noteEarningsFadu Reports Q3 2026 Preliminary Operating Profit of ₩36.3B, a Swing From a Year-Earlier Loss
  2. Oct 13, 2026InitiationFadu: Revenue Is Growing Quickly, but Losses Persist and Valuation Multiples Are Very 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