Poongsan풍산

Poongsan's trailing profit has fallen sharply and its shares have dropped about 52% over the past year, while the filed numbers still show positive operating income.

Poongsan runs two main businesses, non-ferrous metal processing and defense ammunition, with plants in the US, China, Southeast Asia and Japan. Over the trailing twelve months to H1 2026 it reported revenue of ₩5.3T, operating income of ₩350B and net income of ₩202B, but free cash flow was negative at about ₩-268B and borrowings stand at ₩1.3T. The stock closed at ₩57,200, near its 52-week low of ₩55,200 and far below the high of ₩159,200.

What stands out

• Revenue has grown from ₩3.5T in 2021 to ₩5.3T on a trailing basis, but operating margin has eased from 9.0% in 2021 to 6.5% trailing.
• Net income fell from ₩243B in 2021 and ₩236B in 2024 to ₩147B in 2025, and the trailing figure is ₩202B.
• Liabilities are 104.7% of equity and trailing free cash flow was negative, so debt and cash generation are worth watching.
• Valuation metrics are low: P/E of 7.9, P/B of 0.7 and a 3% dividend yield, while the data includes a DCF base value of ₩133,833 well above the share price, though this is a model output and not a forecast.
• Filings in 2026 include a preliminary earnings report on 31 July, a half-year report on 14 August and several largest-shareholder and 5%+ holding reports, while foreign ownership slipped from 13.3% to 12.7% over 60 days.

What to watch

• The next earnings and filings, including whether free cash flow turns positive and how borrowings change.
• Changes in largest shareholder holdings and any further 5%+ holding reports.
• The data includes no news headlines, so the reasons behind the share price decline are not explained in the pack.