Nexteel넥스틸

Nexteel's profits have shrunk sharply since 2023, and the shares have fallen about 20% over the past month.

Nexteel, a Pohang and Gyeongju-based steel pipe maker that exports oil and gas drilling pipe mostly to the United States, is earning thin margins now. Trailing twelve-month revenue is ₩484B with operating income of ₩11B and a 2% net margin, down from ₩619B revenue and a 25.4% operating margin in 2023. The stock closed at ₩10,750, well below its 52-week high of ₩23,000.

What stands out

• Trailing revenue of ₩484B with a 2.2% operating margin, compared with 7.2% for 2025 and 25.4% for 2023.
• Net income has fallen from ₩130B in 2023 to ₩9.5B on a trailing basis, and ROE is 2%.
• Balance sheet shows ₩187B of borrowings against ₩92B of cash, with liabilities at 79.3% of equity.
• The DCF fair value model gives a base of ₩25,087, a bear of ₩14,878 and a bull of ₩43,214; these are model outputs, not forecasts.
• Trailing P/E is 29.5 on low earnings, while the 10.7% dividend yield is shown in the data, though the filings given do not detail the dividend.

What to watch

• Half-year 2026 report is already filed; the next quarterly report and any change in margins from the trailing 2% net level.
• Convertible bond issue decision (June 2026) and its amendment, which could affect dilution and debt; the data does not state terms.
• Largest shareholder holding changes (September and May 2026) and the July 2026 share acquisition in another company, whose purpose is not described in the data.