Exicon엑시콘

Exicon's trailing profits are strong on paper, but the share price has risen sharply and free cash flow is negative.

Exicon makes semiconductor test equipment, mainly memory and SSD testers, and sells mostly to chip makers. Trailing results to H1 2026 show revenue of ₩97.8B, operating income of ₩10.8B and net income of ₩20.8B, a figure well above operating income, so the gap is worth checking in the full filings. The shares closed at ₩48,950 on 2026-10-22, near the top of their 52-week range of ₩10,110 to ₩59,100.

What stands out

• Trailing operating margin is 11.1%, but 2025 operating margin was only 0.1% after a loss of ₩15.9B in 2024, so profitability has been volatile.
• Trailing net income of ₩20.8B is about twice operating income, which the data does not explain; the filings would show the reason.
• Free cash flow over the trailing period was negative at ₩5.5B, while cash of ₩35.9B exceeds borrowings of ₩23.3B.
• The share price rose 212% over three months and 236% over one year, and the company's DCF-based base value in the data is ₩8,431, well below the current price.
• Recent filings include several major sales or supply contracts, a tangible asset acquisition decision in October 2026, and a 5%+ holding report; a JP Morgan stake above 5% was reported, with an expectation of earnings growth.

What to watch

• The next quarterly or annual results, and whether operating income holds at the trailing level.
• Whether free cash flow turns positive and what the tangible asset acquisition means for spending.
• Foreign ownership fell from 11.3% to 9.8% over 60 days while retail and institutional investors were net sellers over 20 days, so flows and the share price's sensitivity to them are worth monitoring.