Wonil Special Steel원일특강

Wonil Special Steel shows thin margins and heavy borrowing, with its shares down 10.8% over the past year.

Revenue in the first half of 2026 (trailing twelve months) was about ₩418B with a 2.7% operating margin and a 1.5% net margin. Borrowings of ₩91B exceed cash of ₩13B, and free cash flow was negative at about -₩11B. The shares trade at ₩6,990, near the lower half of their 52-week range of ₩6,280 to ₩9,850, with a stated dividend yield of 3.9%.

What stands out

• Annual operating income has eased from ₩17.0B in 2022 to ₩12.4B in 2025, and trailing operating margin is 2.7%.
• Revenue grew 5% in 2025 to ₩398B after declines in 2023 and 2024, but net income fell from ₩18.8B in 2021 to ₩8.2B in 2025.
• Liabilities are 81.1% of equity and free cash flow is negative on a trailing basis, so the balance sheet carries more debt than cash.
• Trading multiples are low at a P/E of 4.7 and P/B of 0.2, but the data does not explain why the market values the company this way.
• The company announced a corporate value-up plan on 2026-10-22, but the data contains no details of its contents.
• Foreign ownership is 2.8% and unchanged over 60 days; recent 20-day flows were net selling across foreign, institutional and retail investors.

What to watch

• Details of the corporate value-up plan and whether it includes concrete targets, once the filing is reviewed.
• Full-year 2026 results and the next quarterly report, to see whether margins and free cash flow improve.
• Debt levels and cash generation, given borrowings well above cash and negative trailing free cash flow.