Airrane에어레인

Airrane is profitable on a trailing basis, but its shares have fallen about 53% over the past year and cash flow is sharply negative.

Airrane makes hollow fiber gas separation membranes and systems for nitrogen generation, biogas upgrading and carbon dioxide capture. On a trailing twelve-month basis to H1 2026 it reported revenue of about ₩27.2B, operating income of ₩2.8B and net income of ₩6.8B, with cash of ₩21.8B against borrowings of only ₩0.3B. The share price, at ₩3,660 on 2026-10-19, sits well below its 52-week high of ₩9,555.

What stands out

• Full-year 2025 revenue rose 14.6% to about ₩28.1B, with operating margin improving to 11% from 7.6% in 2024.
• Trailing free cash flow is about -₩27.7B, a large negative figure that the data does not explain; trailing net income is much higher than operating income, so non-operating items may matter.
• Trailing ROE is 9.8%, up from 4.2% for 2025, and liabilities are 44.6% of equity.
• Valuation metrics show a P/E of 7.3 and P/B of 0.7, while the company pays no dividend.
• Foreign ownership fell to 3.4% from 4.1% over about 60 days, and 20-day flows show foreign and institutional net buying against net retail selling.

What to watch

• The Q3 2026 and full-year results, to see whether the trailing net income and negative free cash flow persist.
• Filings from the recent major management matter (2026-10-13) and the extraordinary shareholders' meeting results, whose details are not in the data.
• The share price trend, given the 52-week range of ₩2,675 to ₩9,555 and the 1-year return of -52.8%.