S&S Tech에스앤에스텍

S&S Tech remains solidly profitable on trailing numbers, but its shares have fallen sharply over the past year and free cash flow is negative.

S&S Tech makes blank masks, the raw material for photomasks, for chip and flat panel display makers. On trailing twelve-month figures to H1 2026 it reported revenue of ₩253B and operating income of ₩50B, with a 19.8% operating margin, while the share price of ₩36,750 is down 41% over one year.

What stands out

• Revenue for trailing twelve months to H1 2026 was about ₩253B, above full-year 2025 revenue of ₩244B, after 38.5% growth in 2025.
• Operating margin slipped to 19.8% on a trailing basis from 20.7% in 2025, though it remains well above 2021–2023 levels.
• Trailing free cash flow is negative at about -₩29B, and the data shows cash of ₩73B against borrowings of ₩14B.
• The stock trades at about 12.5x earnings and 2.3x book, below the 2025 year-end multiples of 17.7x and 3.4x; the DCF base value in the data is ₩26,303, below the current price.
• Foreign ownership fell from 15.4% to 8.8% over 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.

What to watch

• Full-year 2026 results and the next quarterly report, to see whether margins hold after the trailing decline.
• Further 5%+ holding reports and any share acquisitions, which have appeared in recent filings.
• The data does not include analyst forecasts or the detail behind the Money Today news piece, so the strategy behind the company's plans is unclear from the data provided.