Park Systems파크시스템스

Park Systems' profits have fallen sharply from their 2024-2025 peak, and the shares are down about 16% over the past month.

Park Systems makes atomic force microscopes used to measure very fine structures, mainly for semiconductor, display and hard disk manufacturers, with most sales exported. On a trailing twelve-month basis to H1 2026 revenue is about ₩194.8B, operating margin is 12% and free cash flow is negative at about -₩72.3B, versus a 2025 operating margin of 20.5%. The share price of ₩223,000 sits well below its 52-week high of ₩350,500, and the data's DCF base value is ₩85,674.

What stands out

• Trailing revenue of ₩194.8B is below full-year 2025 revenue of ₩205.6B, and operating income of ₩23.4B is well below 2025's ₩42.2B.
• Trailing net income of ₩23.2B is about 11.9% of revenue, compared with ₩42.8B of net income in 2024 that was higher than that year's operating income.
• Free cash flow is about -₩72.3B against cash of ₩104.5B and borrowings of ₩82.7B, and the liabilities-to-equity ratio is 39.3%.
• Valuation is high on earnings: P/E is 67.3 and P/B is 4.6, while the data's DCF base value of ₩85,674 is far below the ₩223,000 price.
• Foreign ownership rose from 37.6% to 39% over about 60 days, while foreign investors were net sellers over the last 20 days, and the filings list includes a 2026 bond with warrants issue and treasury share disposal.

What to watch

• The next half-year or annual results, to see whether margins recover from the trailing 12% operating margin and free cash flow turns positive.
• Progress on the bond with warrants and any further share issuance, since both appear in the recent filings.
• Any new news on semiconductor or display capital spending, since the data names those as the main end markets, and the data contains no recent news headlines.