EM-Tech이엠텍

EM-Tech is loss-making on a trailing basis, though its shares have risen sharply over the past month and three months.

EM-Tech makes mobile-phone and wearable components such as module assemblies, speakers and vibration motors, plus electronic cigarettes and automatic injectors, with manufacturing mainly overseas. Over the trailing twelve months to H1 2026 it reported revenue of about ₩188B, an operating loss of about ₩27B and a net loss of about ₩15B. The shares closed at ₩6,470 on 2026-10-22, about 38.8% higher over one month but 37.4% lower over one year.

What stands out

• Revenue rose 22.4% in 2025 to about ₩205B after falling in 2024 and 2023, but operating losses have persisted since 2023.
• Trailing operating margin is -14.2% and net margin -8.2%; the 2024 net loss was about ₩44B.
• Borrowings of about ₩115B exceed cash of about ₩26B, and trailing free cash flow was negative at about -₩36B.
• The price-to-book ratio is about 0.6, down from 2.4 at end-2024, and no dividend is paid; the data does not include a fair value estimate or analyst ratings.
• Foreign ownership fell from 6.4% to 5.4% over about 60 days, while the recent filings list mainly insider, 5%+ holding and IR event reports; the news list is empty.

What to watch

• The next results and any amended half-year report, given that the trailing figures are still loss-making.
• Whether operating losses narrow, and how the borrowings-to-cash gap and negative free cash flow develop.
• The 2026 merger completion report from July and any further 5%+ holding or insider shareholding filings, which may signal ownership changes.