M2N엠투엔

M2N shows thin profitability on modest revenue, with a large share price drop over the past year and a flurry of shareholder filings.

M2N, a Kosdaq-listed company with businesses in steel drums, automotive and appliance HVAC components, and early-stage drug development, reported trailing twelve-month revenue of ₩85.6B through H1 2026 and a small net profit of ₩3.0B. Its share price of ₩1,366 is down 25.5% over one year, and it trades at about 18 times earnings and 0.4 times book value. The data does not include any analyst views or a fair value estimate.

What stands out

• Trailing revenue is about ₩85.6B with an operating margin of 2.2%, down from 4.1% in 2024 and 3.2% in 2025.
• 2025 was a loss year at the net level (₩-594B net loss on ₩86.5B revenue), while 2024 and 2023 were profitable, so earnings have been volatile.
• Trailing borrowings of ₩18.7B exceed cash of ₩3.6B, though liabilities to equity of 25.1% is moderate.
• The share price is well below its 52-week high of ₩2,280 and sits near the 52-week low of ₩1,100.
• Filings over the past month are mostly 5%+ holding reports and amendments on changes to the largest shareholder, and foreign ownership fell from 2.4% to 1.6% over 60 days.
• No news headlines are in the data, so the reason behind the recent filings is not explained.

What to watch

• Any further changes to the largest shareholder, as shown by the frequent amended filings.
• Next periodic results, to see whether margins hold after the 2025 loss and the recent decline in operating margin.
• Progress of the US drug development subsidiaries, which the data describes only as being at the development stage; no timelines or regulatory milestones are given.