LMS엘엠에스

LMS is back near break-even on a trailing basis after a loss-making 2025, but its operating line is still negative.

LMS makes optical components such as prism sheets for LCD backlights and IR cut-off filters for smartphone cameras. On the latest trailing twelve months to H1 2026, revenue is about ₩85.8B with an operating loss of about ₩3.9B, while net income is positive at about ₩3.1B. Free cash flow is negative at about -₩25.4B and the share price is ₩5,070, well below its 52-week high of ₩7,300.

What stands out

• Trailing revenue of about ₩85.8B is up from ₩69.6B in 2025, but the operating margin is still -4.5% on a trailing basis.
• Net income is positive on a trailing basis (about ₩3.1B), yet the 2025 full year showed a net loss of about ₩12.1B, so the recovery is recent and short.
• Valuation metrics shown are P/E of 14.5, P/B of 0.6 and a 4.3% dividend yield; the data does not include analyst targets or a fair value estimate.
• Liabilities are 121% of equity and borrowings are about ₩21.7B against cash of about ₩15.1B.
• Filings show a corporate value-up plan (March 2026), a short-term borrowing decision (May 2026) and a shareholder meeting cycle in mid-2026, but no news headlines were included in the data.

What to watch

• The next quarterly or annual results, to see whether operating income turns sustainably positive and free cash flow improves.
• Debt levels and the short-term borrowing plan, given negative free cash flow and the liabilities-to-equity ratio.
• Foreign ownership is low at 0.9%, and 20-day investor flows were net negative across foreign, institutional and retail buyers, so liquidity and sentiment could move the price.