ICD아이씨디

ICD's trailing results have turned slightly profitable after heavy losses in 2023 and 2024, but margins remain thin and the stock is down over the past year.

ICD makes display panel manufacturing equipment, including dry etching and deposition systems for LCD and OLED production, and sells mainly to display makers. Over the twelve months to H1 2026 it reported revenue of about ₩145.3B, operating income of about ₩0.6B and net income of about ₩6.0B, with a 4.1% net margin. Borrowings of ₩29.5B exceed cash of ₩22.8B, and free cash flow over the period was negative at about -₩18.9B.

What stands out

• Revenue fell from ₩197.0B in 2025 to a ₩145.3B trailing figure, and operating margin is only 0.4%, so net income is mostly not coming from core operations as shown in the data.
• Net income of ₩6.0B on the trailing basis contrasts with a 2025 net loss of ₩1.9B after an operating profit of ₩4.5B, and the data does not explain the difference.
• The shares closed at ₩3,830, about 45% above the 52-week low of ₩3,610 but well below the 52-week high of ₩6,960, and are down 18.1% over one year.
• Valuation metrics in the data are a P/E of 11.7 and P/B of 0.7, with no dividend; the company's liabilities are 96.3% of equity.
• Recent filings include several amended major sales or supply contracts from July to September 2026, but the data does not give contract values or customers, and there are no news headlines in the data.

What to watch

• The next half-year or annual results, to see whether operating profit holds up against the thin trailing margin and whether free cash flow turns positive.
• Further amendments or disclosures on the major sales or supply contracts, since the data does not state their size or terms.
• Debt levels relative to cash, given borrowings of about ₩29.5B against cash of about ₩22.8B.