Power Logics파워로직스

Power Logics has returned to a small half-year operating profit after a loss-making 2025, but its shares are down 29% over the past year.

Power Logics makes battery protection circuits and packs for EVs and energy storage, plus camera modules for smartphones and cars, with about 78% of sales exported. Trailing twelve-month revenue is ₩784B with operating income of ₩16B (2.1% margin) and net income of ₩8.5B, after a 2025 loss of ₩12B. The company carries ₩64B of borrowings against ₩27B of cash, and trailing free cash flow is negative at ₩-30B.

What stands out

• Trailing twelve-month operating margin is 2.1%, a recovery from a 2025 operating loss, but still thin.
• Revenue fell 6.4% in 2025 and 5.1% in 2024, so the top line has been shrinking for two years.
• Trailing free cash flow of ₩-30B and liabilities at 77% of equity point to a tight balance sheet.
• At ₩2,975 the shares trade at about 12.8 times earnings and 0.5 times book, with no dividend; the data does not include analyst targets.
• Recent filings are routine (half-year report, shareholder and insider holding reports); the data shows no news headlines and no foreign ownership or short-selling figures.

What to watch

• The next quarterly or annual results, to see whether the operating margin holds above zero and free cash flow turns positive.
• Any further amendments or filings, given the amended 2025 annual report filed in June 2026.
• Borrowing levels and cash position relative to the company's debt, as the data flags leverage as a concern.