Genoray제노레이

Genoray has swung to a small trailing profit on lower revenue, while its share price has fallen sharply over the past year.

Genoray, a Korean maker of X-ray imaging equipment for hospitals and dental clinics, reported trailing twelve-month revenue of about ₩107.9B to H1 2026 with an operating loss of about ₩1.6B but a net profit of about ₩2.6B. The shares closed at ₩3,115 on 2026-10-23, down 38.9% over one year and near the bottom of their 52-week range of ₩3,050 to ₩5,250.

What stands out

• Operating profit has fallen from ₩14.9B in 2022 and ₩12.8B in 2023 to a small loss on a trailing basis, while 2024 showed a ₩1.8B net loss.
• The trailing net profit is positive, but the data does not explain how it differs from the operating result.
• Borrowings of about ₩26.4B exceed cash of about ₩14.2B, and liabilities are about 71% of equity.
• Trailing free cash flow is reported at about ₩8.3B, which is well above net income.
• Filings show a cash dividend decision and an ex-date in the last few months, and the trailing dividend yield is listed at 4.8%.
• The DCF-based fair value model gives a base of ₩8,980, with a bear case of ₩4,433 and a bull case of ₩17,364; these are model outputs, not forecasts.

What to watch

• The next results release, since the data shows only trailing figures and no forward guidance.
• Whether the operating loss persists, given the decline from strong profits in 2021 to 2023.
• Foreign ownership, which fell from 2.3% to 1.7% over 60 days, and recent 5%+ holding reports.