I&C Technology아이앤씨

I&C Technology shares have surged over the past year, but its profitability is thin and the stock is priced at a steep multiple of trailing earnings.

I&C Technology, a KOSDAQ-listed chip designer whose subsidiary Globain makes smart-metering and IoT communication modules, reported trailing twelve-month revenue of ₩31.1B and net income of ₩2.2B as of H1 2026. Its 2025 full-year results showed a sharp recovery from a large loss in 2024, and the shares closed at ₩6,260 on 2026-10-23, up 147.4% over one year but down 7.8% over one month. Operating margin is about 4.5% on a trailing basis, and the company pays no dividend.

What stands out

• Full-year 2025 revenue rose 57.8% to ₩36.9B and operating income reached ₩4.1B, after a 2024 operating loss of ₩10.7B.
• Trailing revenue of ₩31.1B is below the 2025 full-year figure, and trailing operating income of ₩1.4B is well under 2025's ₩4.1B, so the recent run-rate looks weaker than last year.
• Valuation is high against earnings: trailing P/E is about 50 times and EV/EBITDA about 52 times, versus peers such as DB HiTek at 12.3 and Jeju Semiconductor at 9.8.
• Balance sheet shows ₩5.3B cash against ₩6.9B borrowings, with liabilities at 45.1% of equity, and trailing free cash flow of ₩0.6B.
• Foreign ownership rose from 1.2% to 2.4% over the past 60 days, while retail and institutional investors were net sellers over the last 20 days.

What to watch

• The next quarterly or half-year results, to see whether operating profit holds up after the weaker trailing figures.
• Details of the major sales or supply contract filed on 2026-07-13, which the data does not describe in full.
• Customer concentration: the profile names KEPCO as the main smart-metering customer, so changes in that relationship would matter.