Firstec퍼스텍

Firstec's revenue has grown fast over 2025 and H1 2026, but profit margins remain thin and the share price has fallen sharply over the past month.

Firstec is a South Korean defense manufacturer making fire control equipment, drive units, cooling systems and fire suppression systems, mainly for domestic end users. Trailing twelve-month revenue is about ₩351B with operating margin of 3.8% and net margin of 4.1%, and the shares closed at ₩5,290 on 28 October 2026, down 14.8% over one month but up 11.4% over one year. The data does not include analyst ratings or price targets.

What stands out

• Revenue rose 42.2% in 2025 to ₩295B, but operating income was only ₩10.7B, so operating margin is about 3.6%.
• 2025 net income of ₩14.7B was well above operating income, and the data does not explain the gap.
• Trailing cash of ₩96.8B and free cash flow of ₩12.8B are reported, while borrowings are shown as not available in the data.
• The DCF fair value model gives a base of ₩6,162, a bear case of ₩2,711 and a bull case of ₩12,230; these are model outputs, not forecasts.
• Foreign ownership fell from 11.2% to 9.5% over about 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• The Q3 2026 quarterly report, which the recent filings list does not yet show, will be the next check on whether revenue growth is converting into operating profit.
• Liabilities to equity of 406.3% is high, so any change in debt or financing disclosures is worth reading closely.
• The share price is far below its 52-week high of ₩18,730, and the data does not explain the cause of the recent decline; no news headlines were provided.