Wooshin Systems우신시스템

Wooshin Systems has shrunk sharply from its 2024 peak, with thin margins, heavy debt and negative free cash flow over the trailing twelve months.

Wooshin Systems makes automotive body welding lines, EV battery equipment and car parts, selling mainly to large carmakers and their suppliers. Revenue for the trailing twelve months to H1 2026 was about ₩354B, down from ₩564B in 2024, with a 1.9% operating margin and net income of ₩13.7B. The shares closed at ₩3,620, down 46.8% over the past year, and the company carries liabilities at 142% of equity.

What stands out

• Revenue fell 31% in 2025 to ₩389B after a 133% jump in 2024, showing how lumpy equipment orders are.
• Trailing operating margin is 1.9%, well below the 5.4% reported for 2025, and free cash flow is negative at about -₩19B.
• Borrowings of about ₩150B against cash of ₩28B stand out against a market value of about ₩66B.
• Net income is well above operating income over the trailing period, so non-operating items may matter; the data does not explain the source.
• Recent filings are mostly 5%+ holding reports, plus a half-year report for June 2026 and a decision on a debt guarantee for another party dated 20 August 2026. No news headlines were provided.

What to watch

• The next half-year or annual filings, to see whether operating margin and free cash flow recover from current levels.
• Details of the debt guarantee for another party, since that is a contingent obligation for a company with high leverage.
• Ongoing 5%+ holding reports and foreign ownership, which has risen from 1% to 0.6% over the period shown; the data does not indicate the reason.