Fadu: Revenue Is Growing Quickly, but Losses Persist and Valuation Multiples Are Very High

Thesis

The data supports a story of rapid revenue growth and a narrowing operating loss. Revenue rose from ₩22.5B in 2023 to ₩43.5B in 2024 and ₩92.4B in 2025. Trailing twelve-month revenue to H1 2026 is ₩182.2B, roughly double the 2025 figure. The trailing operating margin improved to -9.3% from -70.8% in 2025.

What the data does not support is a clean path to profit. Trailing net loss is ₩98.7B, a net margin of -54.2%, which is much worse than the operating loss. Return on equity is -123.5%. The stock price has already moved a lot, up 12.3% in one month and 8.9% in three months. The 52-week low is shown as 0 in the data, so it is not a usable reference. Investor flow, foreign ownership, short balance and news data are not available, so the picture of who is buying is incomplete.

Business overview

Fadu is listed on the KOSDAQ and classified in the data as a semiconductor company. It was founded on 2015-06-30 and listed on 2023-08-07. It has 49,441,733 listed shares and a market capitalization of about ₩3.8T, with enterprise value of about ₩3.76T. The CEO is listed as 남이현. The data gives no product or customer detail. Recent filings include several amendments to a major sales or supply contract (2026-09-11 and two on 2026-10-08), which suggests contract activity, though the amounts and terms are not in the data.

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).

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