DK-Lok디케이락

DK-Lok's first-half 2026 earnings rebounded strongly from a weak 2024, but free cash flow is negative and the share price has risen sharply over the past year.

DK-Lok makes precision fittings and valves for industrial piping, with about 76% of sales exported and customers including Exxon Mobil and Hyundai Heavy Industries. Trailing twelve-month revenue is ₩149.4B with operating income of ₩13.4B and net income of ₩15.1B as of H1 2026, compared with a loss-making operating result in 2024. The shares closed at ₩11,610 on 23 October 2026, roughly 45.7% higher over one month and 20.4% over one year.

What stands out

• Revenue rose 30.8% in 2025 to ₩128.8B after a 11.7% decline in 2024, and trailing operating margin is 9%.
• Net income of ₩15.1B on a trailing basis is above operating income, a gap the data does not explain.
• Trailing free cash flow is negative at about -₩14.3B, while borrowings stand at ₩52.5B against cash of ₩10.8B.
• The company reported a supply-quality audit pass for a Samsung Electronics metal gas filter, with supply targeted to Pyeongtaek P5, according to a news report.
• Valuation is modest on the data shown, with a P/E of 7.8, P/B of 0.9 and a 2.6% dividend yield, but the share price sits near its 52-week high of ₩12,700.
• Foreign ownership fell from 8.2% to 1.7% over about 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• Whether the Samsung supply arrangement is confirmed in later filings and how it affects revenue and margins.
• Free cash flow and borrowing levels in the next quarterly and annual filings, given the negative trailing figure.
• Ongoing insider and major-holder filings and foreign selling, which the data shows as recent activity; the data does not include analyst views or forecasts.