Interm인터엠

Interm is a small Korean audio-equipment maker that returned to profit after a 2021 loss, but margins are thin and profits have slipped since 2023.

Trailing revenue to H1 2026 was about ₩64.6B with operating income of about ₩4.6B and net income of about ₩2.8B. The business sells public address, sound reinforcement and broadcast video systems through dealers and overseas agents, plus OEM/ODM manufacturing. The balance sheet carries more debt than cash, and the filings in the data show buyback and share-cancellation activity.

What stands out

• Profit has eased from its 2023 peak: operating income was ₩10.8B in 2023, ₩4.4B in 2024 and ₩4.0B in 2025, while 2025 revenue fell 0.5%.
• Trailing operating margin is 7.2% and net margin 4.3%, with ROE of 6.8%, all modest for the sector.
• Borrowings of ₩20.8B exceed cash of ₩6.6B, and liabilities are 108.8% of equity.
• The stock trades at about 7.3 times earnings and 0.5 times book value, with a 1-year return of -5.3% and a 52-week range of ₩777 to ₩1,275.
• The filings list a buyback decision, treasury stock results, a share cancellation decision and an ex-dividend date in September 2026, but the data shows a 0% dividend yield and no news headlines were supplied.

What to watch

• The next quarterly report after the June 2026 quarter, since the data does not give its date or results.
• Whether the share cancellation and buyback are completed as filed, and how the ex-dividend date fits with the 0% dividend yield shown.
• Debt levels relative to cash and trailing free cash flow of about ₩2.8B.