MH MaterialsMH머트리얼즈

MH Materials is still loss-making on its 2025 numbers, with revenue falling for a third straight year and the share price down about 23% over the past year.

MH Materials makes wire rope, steel wire and synthetic fiber ropes, with over 95% of sales from these products, sold in Korea and abroad, mainly to Japan and the US. In FY 2025 revenue was ₩153B, down 15%, with an operating loss of ₩12B and a net loss of ₩3.5B, though the balance sheet looks lightly indebted with cash of ₩10B and borrowings of only ₩35M. The company says it has moved into robot software, robot hardware, mobility and defense through its 2026 acquisitions of MH Systems and, after period end, MH Dynamics.

What stands out

• Revenue has fallen each year from ₩254B in 2022 to ₩153B in 2025, and operating margin has been negative since 2023.
• Free cash flow was positive at about ₩5.7B on a trailing basis, even though the company made losses, and cash of ₩10B is well above borrowings.
• The stock trades at about 0.7 times book value and 0.9 times sales, but no P/E is shown because earnings are negative.
• No dividend yield is shown (0%), and the data shows no dividend history in recent years.
• Foreign ownership rose from 0.2% to 0.5% over 60 days, while retail investors were the largest net buyers over the last 20 days.

What to watch

• Whether the new robot, mobility and defense businesses from MH Systems and MH Dynamics add meaningful revenue, and how they are funded and reported in future filings.
• The FY 2026 results and the amended corporate value-up plan, to see whether margins move back toward break-even.
• The data does not include analyst forecasts, a fair value estimate, or details of the acquisition terms, so these are not covered here.