Handok한독

Handok is back to a thin operating profit on steady revenue, but it still posts a net loss and carries heavy debt.

Trailing twelve-month revenue to H1 2026 was ₩560.9B with an operating income of ₩8.3B (1.5% margin), while net income was a loss of ₩9.4B. The share price is ₩8,160, down 30.6% over one year and well below its 52-week high of ₩12,150. Borrowings of ₩348.4B against a cash balance of ₩23.3B leave leverage a key point in the picture.

What stands out

• Revenue has grown from ₩507.4B in 2024 to ₩535.1B in 2025, a 5.5% rise, but operating margins remain very low at 0.6% in 2025.
• Net losses have occurred in 2023, 2024 and 2025, and the trailing net margin is -1.7%, so the business is not yet profitable after financing and other costs.
• Liabilities are 205.7% of equity and free cash flow over the trailing period was -₩7.6B.
• The stock trades at about 0.4 times book value and the data shows a 2.5% dividend yield, while P/E is not meaningful because earnings are negative.
• Filings in the last few months include a half-year report, preliminary earnings, several 5%+ holding reports, a largest shareholder holding change and a stock purchase option grant notice. No news headlines were included in the data.

What to watch

• The full-year 2026 results and the next filing of the half-year report details on margins and net income.
• Progress on reducing borrowings relative to cash, and whether free cash flow turns positive.
• Follow-up on the stock purchase option grant and the shareholder holding changes shown in recent filings. Foreign ownership and short-selling data are not available in the data.