FreeMs프리엠스

FreeMs returned to a small annual profit in 2025 after a 2024 loss, but its first-half 2026 operating result was slightly negative.

FreeMs makes wire harnesses and battery cables for construction equipment and industrial vehicles, selling mainly to large equipment makers. Trailing results to H1 2026 show revenue of ₩21.0B... written in won as ₩20.95B? The filed trailing revenue is about ₩21.0B, with a small operating loss of about ₩132M but net income of about ₩1.3B. The shares closed at ₩8,920, below the ₩10,750 52-week high and above the ₩6,400 low.

What stands out

• Full-year 2025 revenue rose 30.7% to about ₩23.1B and operating income was about ₩388M, after a large operating loss of about ₩2.3B in 2024.
• Trailing operating margin to H1 2026 is -0.6%, while net margin is 6.3%, so net income is well above operating income in the filings.
• Trailing free cash flow is negative at about -₩1.7B, while the company reports about ₩14.8B of cash against about ₩1.8B of borrowings.
• The share price is down 4.5% over one month and 2% over three months, but up 9.2% over one year.
• Filings show a series of treasury stock acquisitions and a corporate value-up plan in 2026, and the company pays no dividend.

What to watch

• The next quarterly and half-year filings, to see whether operating profit turns sustainably positive after the small trailing loss.
• Whether the trailing net income is driven by one-off items, since the operating line is negative.
• Foreign ownership has fallen from 1.2% to 0.8% over 60 days, and the data includes no news headlines explaining this.