Wonik Holdings원익홀딩스

Wonik Holdings shows a thin trailing operating margin and a sharp share price drop over the past month, with no dividend.

Wonik Holdings, a KOSDAQ-listed holding company with semiconductor, specialty gas and new-business subsidiaries, reported trailing twelve-month revenue of ₩588B to H1 2026 with operating income of only about ₩1.7B and net income of ₩55B. The shares closed at ₩23,550, down 16.8% over one month but up 38.9% over three months, and sit well below their 52-week high of ₩50,600.

What stands out

• Trailing operating margin is about 0.3%, while net margin is 9.4%, so reported net income is well above operating profit and the filings do not explain the gap in the data provided.
• Revenue has fallen in 2024 and 2025 after a peak in 2022, and 2025 was an operating loss of about ₩0.4B.
• Borrowings of ₩470B exceed cash of ₩116B, and liabilities are 53.5% of equity; trailing free cash flow is ₩67B.
• Valuation shows a P/E of 33, P/B of 1.8 and P/S of 3.1, with no dividend yield.
• Recent filings include a rights offering decision, a treasury share sale decision, a put-back option contract and an amended annual report, and the two news items are stock-focus pieces on its tactile-sensor robotic arm products.

What to watch

• Details and timing of the rights offering and treasury share sale, which the filings list but the data does not detail.
• The amended annual report (Dec 2025) and the change of largest shareholder amendment, which may contain revisions to figures.
• Whether operating margin recovers from near zero, since the data gives no forecasts.