EXA E&C엑사이엔씨

EXA E&C shows thin margins and a sharp drop in 2025 profit, with the share price down over three months and little recent news.

EXA E&C is a small Korean construction and industrial group focused on cleanroom and interior work for semiconductor and OLED facilities, plus speaker manufacturing and IoT smart home devices through subsidiaries. On trailing figures to H1 2026 it reported revenue of ₩205B, operating income of ₩3.9B and net income of ₩4.3B, with negative free cash flow of ₩14.4B and borrowings of ₩29.8B against cash of ₩12.3B. The share price closed at ₩3,675 on 2026-10-23, with a market value of ₩24B.

What stands out

• Revenue fell 12.8% in 2025 to ₩177B after a 12.9% rise in 2024, and net income dropped to ₩0.6B from ₩6.7B.
• Trailing operating margin is 1.9% and net margin 2.1%, both well below 2024's 4.2% operating margin.
• Free cash flow is negative ₩14.4B on the trailing data, and liabilities are 91.1% of equity.
• The data shows a 52-week high of about ₩5,150 and no meaningful dividend (yield 0%).
• Recent filings include a major sales or supply contract (2026-08-14), the half-year report (2026-08-13) and two trading halts, but the data contains no news headlines to explain them.
• The company's own DCF-based fair value estimate in the data is ₩1,929 (base case), well below the current price; this is a model output, not a forecast.

What to watch

• Details of the August 2026 major sales or supply contract, including size and counterparty, which the data does not provide.
• Whether free cash flow turns positive and how borrowings of ₩29.8B are managed against cash of ₩12.3B.
• Reasons for the two trading halts (July and August 2026), which the data does not explain; foreign ownership fell from 3.8% to 0% over 60 days.