Powernet Technologies파워넷

Powernet Technologies shows thinner recent profitability and negative free cash flow, while its share price has fallen sharply over the past three months.

Powernet makes SMPS power supply components for B2B electronics customers and is expanding into EMS manufacturing, battery packs and AI data center server power supplies. Trailing twelve-month revenue is about ₩435B with a 4.8% operating margin, down from full-year 2025 revenue of ₩447B and operating income of ₩24.6B. The share price closed at ₩3,005 on 2026-10-22, well below its 52-week high of ₩10,400.

What stands out

• Trailing twelve-month operating income is ₩21.1B and net income is ₩11.3B, both lower than the 2025 full-year figures of ₩24.6B and ₩15.2B.
• Free cash flow over the trailing period is negative at about -₩10.0B, and borrowings of ₩176B exceed cash of ₩43B.
• Annual revenue grew 38.5% in 2025 after a 73.3% rise in 2024, but 2024 net income was boosted and 2023 was a small loss.
• Valuation metrics are low on the data given: P/E 6.8, P/B 0.5, and no dividend yield, though the filings do not explain the reasons for the share price decline.
• Foreign ownership rose slightly from 6.2% to 7% over 60 days, while institutions and foreigners were net sellers over the last 20 days and retail investors were net buyers.

What to watch

• The next results and any further filings after the half-year report filed on 2026-08-14, including cash flow and borrowing levels.
• Progress on the EMS, battery pack and AI data center server power supply plans, which the data does not quantify.
• Shareholder meeting outcomes from the extraordinary meeting held in July 2026; the news list in the data is empty, so no press coverage is available to explain recent moves.