DSM디에스엠

DSM is loss-making on an operating basis over the last twelve months, though its share price has risen sharply over the past month.

Based on filed results to H1 2026, DSM has trailing revenue of about ₩41.5B but an operating loss of about ₩10.7B, so the operating margin is -25.7%. A small net profit of about ₩1.4B and an ROE of 1.6% are not signs of strong underlying earnings, and borrowings of about ₩88.7B exceed cash of about ₩18.1B. The company describes three divisions: automotive parts, energy systems and a theme park IP business called '9.81 Park'.

What stands out

• Trailing free cash flow is negative at about -₩23.8B, and liabilities are 153.8% of equity.
• Annual revenue fell 22.4% in 2025 after rising 24.7% in 2024; operating income was negative in 2025 (about -₩7.9B).
• The share price is ₩3,200, up 33.6% over one month but down 18.4% over one year; the data does not give a reason for the recent move.
• Valuation shows a P/E of 61.6 on trailing earnings and a P/B of 0.8, while the peer P/E figures in the data are much lower (about 6 to 19 for most listed peers).
• Filings in the last few months are mainly ownership-related (5%+ holding reports, insider shareholding reports), a convertible bond acquisition and the H1 2026 half-year report; the data contains no news headlines.

What to watch

• The full H1 2026 half-year report and any further attachments, to check whether the operating loss and negative cash flow are continuing.
• Refinancing or repayment of the roughly ₩88.7B in borrowings, given cash of about ₩18.1B.
• Further 5%+ holding and insider filings, plus the convertible bond activity, as the data does not explain their significance.