NuriFlex누리플렉스

NuriFlex swung to a trailing operating loss in H1 2026 even as trailing net income turned positive, and the shares have moved sharply over the past year.

NuriFlex, a Korean smart energy and metering solutions company, reported trailing twelve-month revenue of about ₩103B through H1 2026 but an operating loss of about ₩8.8B, with net income of about ₩3.9B. Revenue has fallen from its 2022 peak and the company carries more borrowings (₩37.6B) than cash (₩13.2B). The share price closed at ₩4,560 on 29 October 2026, well below its 52-week high of ₩19,350 but well above its low of ₩2,855.

What stands out

• Revenue has declined for two years, from ₩132.7B in 2023 to ₩101.6B in 2025, and the trailing figure is about ₩103B.
• Operating income has been negative in 2024, 2025 and the trailing period, while net income was positive on a trailing basis, so the profit came from sources other than core operations; the filings given do not explain this.
• Free cash flow is negative at about -₩12.1B on a trailing basis, and liabilities are 110% of equity.
• The stock is down 27% over one month but up 29.9% over three months and 24.6% over one year; the valuation shows a P/E of 13.9 and P/B of 0.7 with no dividend.
• Foreign ownership is little changed at 28.4% versus 28.6% sixty days earlier, and recent filings include several 5%+ holding and insider shareholding reports and a share cancellation decision.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether operating losses continue.
• Details of the share cancellation decision filed on 24 June 2026, including its effect on the share count.
• Cash generation and borrowing levels, given negative free cash flow and debt above cash. No recent news headlines were available in the data.