Seowon서원

Seowon's trailing results have swung sharply, and its shares sit near the low end of their 52-week range.

Seowon is a Korean copper alloy maker supplying automotive, electrical and construction parts, with exports about half of parent-company sales. Trailing results to H1 2026 show revenue of ₩1.97T and operating income of ₩94B, but net income was only ₩9B and free cash flow was negative at -₩38B. The share price is ₩977, down 14.2% over one year, with a market cap of about ₩46B.

What stands out

• Trailing revenue reached ₩1.97T, well above the ₩1.71T reported for 2025, but 2025 itself included a net loss of ₩5.6B after a ₩49B profit in 2024.
• Trailing operating margin is 4.8% and net margin only 0.5%, so most operating profit did not reach shareholders in the period.
• Borrowings of ₩142B exceed cash of ₩62B, and liabilities are about 225% of equity.
• Trailing P/E is 5.1 and P/B 0.3, below most listed peers in the data, though the data gives no reason for the gap.
• Foreign ownership fell from 6.5% to 5.2% over the last 60 days; the data shows no short selling.

What to watch

• The next periodic filing for the year-end 2026 period, to see whether operating profit converts into net income and cash flow.
• Trend in borrowings and negative free cash flow against the company's cash balance.
• The data includes no recent news headlines, so the reason for the one-year share price decline is not stated.