Makus매커스

Makus pairs solid recent profitability with a sharp share price rise over three months, though its free cash flow is negative on a trailing basis.

Makus is a Korean distributor and technical support provider for non-memory chips such as FPGA and analog chips, with subsidiaries handling storage and server products. Trailing revenue to H1 2026 was ₩217B with operating income of ₩32B and net income of ₩29B, and the shares closed at ₩26,050 on 2026-10-21, up 44.4% over three months but down 2.8% over one year.

What stands out

• Trailing operating margin is 14.8% and net margin is 13.4%, compared with 12.8% operating margin for full-year 2025, so profitability has held up on the data given.
• Full-year revenue rose 13.9% in 2025 after 13.8% growth in 2024, although 2023 revenue fell 9.5%.
• Trailing free cash flow is negative at about -₩25B, while liabilities are 133% of equity and borrowings are ₩20B against cash of ₩58B.
• The DCF base value in the data is ₩32,644, with a bear case of ₩22,110 and a bull case of ₩49,774; the shares trade below the base case in this model.
• Foreign ownership rose from 29.6% to 33% over about 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The next quarterly or half-year filings, to see whether margins and the negative free cash flow persist.
• Follow-up to the share cancellation decision and treasury stock results filed in April 2026, and the value-up plan from March 2026.
• Dependence on a few overseas chipmaker principals, which the company profile names as its key supplier relationships; the data does not give details on contract terms.