UbiVelox유비벨록스

UbiVelox has slipped back to a small trailing loss on falling revenue-to-profit conversion, while its shares trade near the low end of their 52-week range.

Trailing twelve-month revenue to H1 2026 was about ₩646B, with a small operating profit of about ₩5.0B but a net loss of about ₩5.9B. Profitability has weakened from 2023 and 2024, when operating income was ₩49B and ₩34B, and the 2025 full year also ended with a net loss of about ₩7.2B. The share price was ₩4,205 on 2026-10-20, down 29.9% over one year and within its 52-week range of ₩3,660 to ₩6,160.

What stands out

• Revenue has grown from ₩323B in 2021 to ₩668B in 2025, but operating margin fell from 9.1% in 2023 to 0.8% on a trailing basis.
• Borrowings of about ₩219B are high against cash of about ₩48B, and liabilities are about 111% of equity.
• The filed fair value model gives a base value of ₩31,114 per share, but the bear case is zero and the bull case is ₩118,257, so the range is very wide and the model is not a forecast.
• Price-to-book is about 0.5 and the company pays no dividend; price-to-earnings is not meaningful because earnings are negative.
• Foreign ownership is 3.3% and unchanged over 60 days, while retail investors were net sellers over the last 20 days. No recent news headlines were provided.

What to watch

• The full-year 2026 and Q3 results, to see whether operating profit can recover from the trailing level and whether the net loss narrows.
• Future filings on insider shareholding and 5%+ holdings, which are frequent in the recent filing list.
• Debt levels and cash generation, since borrowings are large relative to cash and trailing free cash flow is small.