Woosung Materials우성머티리얼스

Woosung Materials is loss-making and shrinking, with heavy borrowings, a stock down about 36% over the past year, and a new power generator supply contract in the headlines.

Woosung Materials makes polyester-based apparel fabrics and functional textiles, mostly sold overseas under its own STARTEX and SOFSIL brands and through OEM work. On the trailing twelve months to H1 2026 it reported revenue of ₩21.2B, an operating loss of ₩5.2B and a net loss of ₩8.5B, with borrowings of ₩10.9B against cash of only ₩0.2B. Its share price closed at ₩2,450 on 26 October 2026, a market value of about ₩49.8B.

What stands out

• Revenue has fallen each year in the filed statements, from ₩72.5B in 2022 to ₩21.2B on a trailing basis, and the company has posted operating losses in every year shown from 2021 to H1 2026.
• Liabilities are 188.4% of equity and trailing return on equity is -26.1%, so the balance sheet carries significant strain.
• Trailing free cash flow is positive at ₩0.9B, though this is small relative to the losses and debt.
• Recent filings are dominated by convertible bond, warrant and rights offering amendments, conversion price adjustments, and an early redemption decision on its own convertible bonds, plus a lawsuit filing or ruling.
• News on 26 October 2026 reports an initial supply contract for a pyrolysis oil power generator, with the company expecting a 30% fuel cost reduction and a push into the cogeneration market. This is outside its core textile business and the data does not show its revenue contribution.

What to watch

• Next periodic results and whether the operating loss narrows from the trailing figures, given the company's history of losses.
• Details of the rights offering, bond with warrants and early redemption of convertible bonds, including any dilution to existing shareholders; the data does not give final terms.
• Outcome of the lawsuit listed in recent filings and whether the generator business produces meaningful revenue; the data does not say.