Atec에이텍

Atec's trailing profit is thin and cash flow is negative, while the shares have fallen about 28% over the past year.

Atec makes ATMs and other financial automation equipment and also runs a logistics automation business. For the twelve months to H1 2026 it reported revenue of ₩194B, operating income of ₩17B and net income of ₩7B, but free cash flow was negative at about ₩-4.3B and borrowings of ₩6.4B exceed cash of ₩5.0B. The stock closed at ₩8,340, near the lower part of its 52-week range of ₩7,300 to ₩11,970.

What stands out

• Revenue rose sharply in 2025 to ₩160B from ₩46B in 2024, but 2025 net income was only ₩0.4B and operating margin was 5.4%.
• Net income in 2024 (₩15.5B) was well above operating income (₩1.5B), so that year's profit was driven by items other than core operations.
• The trailing operating margin of 9% is higher than in recent years, but trailing free cash flow is negative.
• The data gives a DCF-based fair value estimate that ranges from ₩0 to ₩21,456 per share, with a base of ₩3,006, well below the current price; the data does not say how much weight to put on this model.
• Foreign ownership edged up to 5.9% from 5.7% over 60 days, while the 20-day flows show foreign net selling and retail net buying.

What to watch

• The next results release, since the data only covers filings up to the H1 2026 half-year report and does not give forward estimates.
• Whether the September 2026 major sales or supply contract filing shows up as revenue, and whether free cash flow turns positive.
• Debt levels, given liabilities at 57.9% of equity and borrowings above cash; the data does not name specific refinancing terms.