PHA피에이치에이

PHA's trailing profit is thin and free cash flow is negative, though the shares trade at low multiples.

PHA, a KOSDAQ-listed maker of vehicle door systems, reported trailing twelve-month revenue of ₩1.21T to H1 2026 with a 3.6% operating margin and a 4.8% net margin. Trailing free cash flow was negative at about -₩6.8B, and revenue growth has slowed from 10.8% in 2023 to 4.1% in 2025. The share price of ₩10,490 sits near the lower part of its 52-week range of ₩9,730 to ₩15,600.

What stands out

• Trailing net income of ₩57.4B exceeds operating income of ₩43.2B, so the bottom line was helped by items outside core operations, which the data does not explain.
• Operating margin has fallen from 4.5% in 2024 to 3.6% on a trailing basis, while annual operating income dropped from ₩51.5B to ₩48.4B in 2025.
• Cash of ₩133.8B against borrowings of ₩2.0B suggests a light debt load, and liabilities are 37.4% of equity.
• The shares trade at 3.8x earnings and 0.2x book value, below listed peers such as Hyundai Mobis (8.3x) and HL Mando (11x).
• A 5%+ holding report and insider shareholding reports were filed several times in June and July 2026, and a buyback trust contract was signed on 2026-10-16.

What to watch

• The next quarterly and annual filings, to see whether operating margin stabilises and free cash flow turns positive.
• Details of the buyback trust contract, including size and timing, which are not in the data provided.
• The DCF fair value figures in the data vary widely (bear ₩0, base ₩7,695, bull ₩32,172), so the valuation is highly sensitive to assumptions; foreign ownership and short-selling data are not available.