Winpac윈팩

Winpac's revenue is steady but it still loses money at the operating level, and its shares have rallied sharply over three months.

Winpac is a Korean outsourced chip packaging and testing provider. Trailing twelve-month revenue is about ₩95.0B, but operating loss is about ₩7.2B and net loss about ₩8.1B, with free cash flow of roughly -₩9.4B and borrowings of ₩9.3B. The share price is ₩2,770, up 56.6% over three months but down 11.2% over one year.

What stands out

• Revenue has been roughly flat to slightly up since 2024, at ₩75.5B in 2025 against ₩74.1B in 2024, but losses have narrowed: operating margin improved from -31.4% in 2024 to -18.9% in 2025 and trailing figures show -7.6%.
• The company has reported losses in every year shown from 2021 to 2025, with the exception of a small operating profit in 2022.
• The balance sheet is stretched: liabilities are 114.3% of equity and cash of ₩1.3B is small against ₩9.3B of borrowings.
• Valuation is based on price-to-book of 1.2 and price-to-sales of 0.8; price-to-earnings is not meaningful because of losses, and the dividend yield is 0%.
• Recent filings include preliminary earnings and a half-year report in August 2026, and a 5%+ holding report on 21 August 2026. News coverage in the data is empty, and foreign ownership rose from 0% to 2.5% over the last 60 days.

What to watch

• The next quarterly and annual results, to see whether operating losses keep narrowing toward break-even.
• Cash flow and debt: free cash flow is negative and borrowings are large relative to cash, so future financing filings matter.
• Trading halts filed in April and May 2026 and the sharp three-month share price move; the data does not explain the cause.