Satrec Initiative쎄트렉아이

Satrec Initiative's shares have fallen sharply over the past year, while trailing results have turned modestly profitable on a 2026 first-half basis.

Satrec Initiative makes Earth observation satellites, payloads, ground systems and satellite imagery software, with defense customers as well as commercial ones. Trailing twelve-month revenue is ₩210.7B with a 2.7% operating margin and a 4.4% net margin, after several years of operating losses from 2021 to 2024. The share price is ₩54,700, down 29.5% over one month and 35.8% over three months, and well below its 52-week high of ₩224,000.

What stands out

• Full-year 2025 revenue was ₩206.9B, up 20.8%, and operating income was ₩10.2B, a 4.9% margin, the best operating result in the annual data shown.
• Trailing net income of ₩9.3B is well below the ₩15.3B reported for 2025, so profitability has weakened in the most recent period.
• The company reports ₩78.6B in cash against ₩15.5B in borrowings, with trailing free cash flow of ₩25.6B.
• Valuation is high on trailing earnings: P/E of 64.2 and EV/EBITDA of 37.9, compared with peers such as Hanwha Aerospace at a P/E of 20.7.
• Foreign ownership fell from 10.9% to 9.8% over 60 days, and foreign investors were net sellers over the last 20 trading days, while retail investors were net buyers.
• Recent filings include a major sales or supply contract in July 2026, a preliminary earnings release, a half-year report and an extraordinary shareholders' meeting in October 2026. The data does not include the contract's size or the content of the meeting results.

What to watch

• The next quarterly or annual results, to see whether margins hold after the weaker trailing net income.
• The outcome and details of the shareholders' meeting and any further filings about contracts or capital matters.
• Continued selling by foreign investors and the sharp share price decline, which the data does not explain; no recent news headlines were provided.