Coway코웨이

Coway's profits remain solid and its shares sit near the upper part of their 52-week range, but free cash flow was negative over the last twelve months.

Coway, a Korean maker of water purifiers, air purifiers and bidets that earns most of its revenue from rentals, reported trailing twelve-month revenue of ₩5.3T and operating income of ₩929B to H1 2026, with a 17.5% operating margin. At ₩103,800 the shares are up 12% over one year and trade at about 10.7 times earnings and 1.9 times book value. Free cash flow was negative at about -₩209B, and borrowings of ₩1.56T are well above cash of ₩140B.

What stands out

• Revenue grew 15.2% in 2025 to ₩4.96T, and operating income rose to ₩879B, up from ₩795B in 2024.
• Trailing operating margin of 17.5% is a little below the 18.5% of 2024 and the 17.7% of 2025, so profitability has eased slightly.
• Liabilities are 103.6% of equity, and the company does not pay a dividend according to the data.
• The DCF model gives a base value of ₩204,858, well above the current price, but the bear case is ₩123,005 and the model's assumptions are not detailed in the data.
• Foreign investors sold about ₩20B over the last 20 days while institutions bought about ₩28B; foreign ownership eased from 54.9% to 54%.
• Recent headlines are mostly product and marketing news, including TIME's Best Inventions recognition for the AirMega Mighty 2 and Good Design awards.

What to watch

• Whether negative free cash flow reverses as borrowings of about ₩1.56T are managed; the data does not give a debt repayment schedule.
• Upcoming filings and results, since the recent filings list mainly shows securities registration, shareholder holding reports and executive trading plans.
• Foreign selling trends, as the stock is near the upper end of its 52-week range of ₩68,800 to ₩111,800.