In the F인디에프

In the F returned to a small operating profit in the first half of 2026 after years of losses, but the shares are volatile and valuation looks stretched against thin earnings.

In the F sells apparel under several brands almost entirely in Korea, using outsourced manufacturing. Trailing results to H1 2026 show revenue of about ₩105B and operating income of about ₩3.2B, a clear improvement on the losses of 2021 to 2024. The shares closed at ₩3,800 on 2026-10-19, up about 104.5% over three months but down 31.5% over one year.

What stands out

• Trailing revenue is about ₩105B, but 2025 revenue fell 8.8% and 2024 fell 9.3%, so the top line is still shrinking.
• Operating margin improved to 3.1% on a trailing basis from 1.1% in 2025 and losses in earlier years, though it remains thin.
• Net income is about ₩1.5B trailing, and ROE is 4%, a modest return on equity.
• Borrowings are about ₩35B against cash of about ₩1.5B, and liabilities are 184.2% of equity, so leverage is notable.
• Valuation metrics are high relative to earnings: trailing P/E is 37 and EV/EBITDA is 8.7, while several listed peers trade at single-digit P/Es; the data includes no analyst ratings or price targets.
• The DCF-based fair value figures in the data range widely (bear ₩0, base ₩409, bull ₩4,688), which shows how uncertain the model output is.

What to watch

• The next quarterly results and whether revenue stops declining and operating margin holds above zero.
• Recent filings show changes in largest shareholder holdings and insider shareholding reports; monitor further ownership changes.
• Debt levels relative to cash, given the high liabilities-to-equity ratio and the company's reliance on borrowings.