Wonik QnC원익QnC

Wonik QnC's trailing profit has held up better than its 2025 result, but the shares have fallen 11.7% over the past month and the company carries heavy debt.

Wonik QnC makes quartz, ceramic, cleaning and coating products mainly for semiconductor and display makers. Trailing twelve-month revenue to H1 2026 was ₩1.0T with operating income of ₩79B and net income of ₩48B. Borrowings of ₩587B against cash of ₩47B mean leverage is significant.

What stands out

• Trailing revenue of ₩1.0T is above the full-year 2025 figure of ₩944B, and trailing operating income of ₩79B is above 2025's ₩60B.
• Full-year net income fell from ₩51B in 2024 to ₩22B in 2025, while trailing net income to H1 2026 recovered to ₩48B.
• Operating margin has trended down from 14.7% in 2022 to 6.3% in 2025, with a trailing figure of 7.9%.
• Liabilities are 161.2% of equity and borrowings are ₩587B, while trailing free cash flow was only about ₩3.3B.
• The share price is ₩26,000, against a 52-week range of ₩18,550 to ₩45,400. Foreign ownership rose from 10.9% to 12.1% over about 60 days, while retail investors were net sellers over the last 20 days.
• Recent filings include preliminary consolidated earnings for H1 2026 and the half-year report, plus several 5%+ holding reports. No recent news headlines were in the data.

What to watch

• Next quarterly results and whether margins hold near the trailing 7.9% level.
• Progress on reducing borrowings relative to ₩47B of cash and the trailing free cash flow of ₩3.3B.
• Whether the share price stays well below its 52-week high and whether further 5%+ holding reports appear. The data does not show upcoming result dates or named risk disclosures beyond these.