Kolon코오롱

Kolon is a Korean holding company whose share price has fallen sharply over the past year, while its latest reported trailing results show a small operating profit but a net loss.

Kolon (002020) is a holding company whose earnings come from subsidiaries across construction, car distribution, IT services, bio pharmaceuticals and composite materials. On trailing results to H1 2026, revenue was about ₩6.2T with operating income of ₩177B, but net income was a loss of ₩71B and borrowings of ₩2.5T are large relative to cash of ₩316B. The share price closed at ₩21,000 on 2026-10-23, down 54.8% over one year.

What stands out

• Trailing operating margin is 2.9%, but the net margin is -1.1%, so the group is losing money after financing and other costs.
• Annual net income swung from a ₩170B profit in 2024 to a ₩158B loss in 2025, and operating income turned from a loss in 2024 to ₩60B in 2025.
• Liabilities are 191.6% of equity and free cash flow over the trailing period was negative at about -₩164B.
• Price-to-book is about 0.1 and the dividend yield is 2.6%, but the data gives no reliable P/E because earnings are negative.
• Recent filings are mostly contract disclosures and amendments, plus a notice of planned designation as an unfaithful disclosure company and a collateral decision at a subsidiary; the news flow is mainly about subsidiaries' AI and product activities.

What to watch

• Whether the planned designation as an unfaithful disclosure company is confirmed, and what it says about disclosure issues.
• The next periodic results and whether net income returns to profit, given the ₩2.5T of borrowings.
• Further major contract filings and amendments, and the collateral decision at the subsidiary, as the data does not explain their size or effect.