Rorze Systems로체시스템즈

Rorze Systems is profitable on a trailing basis but its shares are down 33% over the past year and its free cash flow is negative.

Rorze Systems, a KOSDAQ-listed machinery company, reported trailing twelve-month revenue of ₩145.3B to H1 2026 with an operating margin of 11.2% and net income of ₩13.8B. Revenue fell 22% in 2025 after a 52% jump in 2024, and the stock closed at ₩9,050 on 13 October 2026, with a market cap of about ₩138.4B. The company profile and news headlines were not provided, so the business description rests on the financial data alone.

What stands out

• Trailing revenue of ₩145.3B and operating income of ₩16.2B, with cash of ₩52.9B and no borrowings reported.
• Free cash flow was negative at about -₩4.3B on a trailing basis, even though net income was positive.
• Revenue has been volatile: ₩160.1B in 2024, ₩124.9B in 2025, and operating margin has eased from 18.3% in 2022 to 11.6% in 2025.
• The shares rose 26% over one month and 42% over three months but are still down 33% over one year, trading between ₩5,150 and ₩13,780 over 52 weeks.
• Valuation metrics show P/E of 10.1 and P/B of 0.9. The DCF model gives a base value of ₩18,312, a bear value of ₩13,072 and a bull value of ₩26,664, but these are model outputs, not forecasts or analyst targets.

What to watch

• Whether free cash flow turns positive in the next full-year report, given the negative trailing figure.
• Recent insider shareholding reports filed in May to August 2026, and the half-year report filed 14 August 2026, which should be reviewed for detail.
• The data does not include news headlines, investor flows, foreign ownership or short-selling figures, so these cannot be assessed from the data provided.