Formetal포메탈

Formetal's sales fell sharply in 2025 and trailing results are thin, though the share price has risen over the past month.

Formetal is a precision forging maker serving automotive, industrial machinery, robotics and wind power customers. Trailing twelve-month revenue is about ₩49.6B with an operating margin near 3%, and 2025 revenue fell 21.5% from the prior year. The stock closed at ₩2,820 on 26 October 2026, up 18.7% over one month but down 9% over one year.

What stands out

• Revenue has declined from ₩71.1B in 2023 to ₩51.1B in 2025, and trailing revenue is about ₩49.6B as of H1 2026.
• Operating margin is around 3% on a trailing basis and net margin is 3.7%, with ROE at 3.6%.
• Balance sheet looks modest: liabilities are 23.9% of equity, cash is about ₩4.5B and borrowings about ₩2.0B.
• Trailing free cash flow is about ₩3.2B, and the company pays a dividend yielding about 2.1%.
• Foreign ownership fell from 6.8% to 5.8% over the past 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• The Q3 quarterly report and any full-year 2026 results, to see whether revenue stabilises after the 2025 decline.
• The fair value model gives a base of ₩1,495 against a close of ₩2,820, with a bear case of ₩636 and a bull case of ₩3,101; the model is sensitive to its assumptions, so treat it cautiously.
• Ongoing 5%+ holding reports and foreign shareholding changes; no recent news headlines were available in the data.