KMW케이엠더블유

KMW remains loss-making on a trailing basis, with the share price well below its 52-week high and a new convertible bond issue filed in October.

KMW makes RF equipment for wireless base stations and LED lighting, with most sales exported. Trailing twelve-month revenue to H1 2026 was ₩91.9B, but operating loss was ₩24.1B and net loss was ₩21.9B, and free cash flow was negative at ₩13.7B. The stock closed at ₩18,000 on 22 October 2026, about 55% below its 52-week high of ₩40,000 but well above the low of ₩12,100.

What stands out

• Revenue has fallen from ₩205B in 2021 to ₩97.5B in 2025, with 2025 growing 11.6% after a 12.7% drop in 2024.
• Operating losses have persisted every year from 2021 to H1 2026, with the operating margin at -26.2% on a trailing basis.
• Cash of ₩42.2B exceeds borrowings of ₩3.2B, and liabilities are 63% of equity.
• Price-to-book is 5.1 against peers such as Intellian at 2.1 and Hanwha Vision at 2.1; price-to-earnings is not meaningful because earnings are negative.
• Foreign ownership fell from 6.1% to 5.3% over the last 60 days, while retail investors were net buyers over the last 20 days and foreigners were net sellers.

What to watch

• The convertible bond issue decision filed on 16 October 2026; the terms and any dilution are not in the data provided.
• The full-year 2026 results, which are not yet in the data; the next scheduled report is not stated.
• Continued operating losses and negative free cash flow, which the data shows across recent periods.