INNOXCorporation이녹스

INNOX is a Korean holding company whose share price has fallen 27% over the past year, while its trailing profit is largely non-operating.

INNOX Corporation is a holding company controlling bicycle and leisure, investment and battery anode materials units. Trailing twelve-month revenue to H1 2026 was ₩64.5B with operating income of ₩6.4B, but net income of ₩28.2B and a net margin of 43.6% are well above operating profit, and the data does not explain the gap. Free cash flow was negative at ₩-5.0B against ₩50.0B of borrowings.

What stands out

• Operating margin fell from 32.2% in 2021 to about 10% on a trailing basis, and revenue was ₩59.1B in 2025 after declines in 2023 and 2024.
• Net income swung from losses of ₩13.8B in 2023 and ₩19.9B in 2024 to a profit of ₩23.2B in 2025, and the trailing figure is ₩28.2B.
• Valuation metrics are low, with a P/E of 2.6 and P/B of 0.4, and the fair value model gives a base case of ₩11,091 against a close of ₩7,760.
• The shares are down 27.1% over one year and up 13.3% over three months, with a 52-week range of ₩5,120 to ₩17,300.
• Recent filings include a debt guarantee for a third-party subsidiary matter in August 2026, an amended major sales contract, and a 5%+ holding report in October 2026. No news headlines were provided.

What to watch

• The half-year and quarterly filings will show whether operating income can keep pace with net income and whether free cash flow turns positive.
• The debt guarantee decision filed in August 2026 is a contingent obligation that the data does not quantify.
• Borrowings of ₩50.0B against cash of ₩39.0B, with liabilities at 54.9% of equity, are the balance sheet items to monitor.