RAM Technology램테크놀러지

RAM Technology remains loss-making on a trailing basis, with heavy borrowings and shares down 40.8% over the past year.

RAM Technology makes chemical materials for semiconductor, display and battery manufacturing. Trailing twelve-month revenue to H1 2026 was about ₩45.2B, but the company posted an operating loss of about ₩0.35B and a net loss of about ₩7.9B, with borrowings of ₩63.5B against cash of ₩4.5B. The share price is ₩2,585, roughly 47% below its 52-week high of ₩4,945.

What stands out

• Revenue has fallen from ₩67.0B in 2022 to ₩42.7B in 2025, and trailing revenue to H1 2026 is ₩45.2B.
• Operating income turned negative in 2023 and has stayed negative; the trailing operating margin is -0.8% and the net margin is -17.5%.
• Liabilities are 167.4% of equity, and trailing free cash flow is about -₩11.0B.
• Price-to-book is 0.9 and price-to-sales is 0.8, but earnings-based multiples are not meaningful because the company is loss-making; the data does not include a fair value estimate.
• Foreign ownership rose slightly from 3.3% to 3.8% over the past 60 days, while foreign investors were net sellers over the last 20 days. No dividend is paid.

What to watch

• The next half-year or quarterly results, to see whether the operating loss narrows and whether losses continue.
• Further filings titled 'New Facility Investment, etc.', which appear several times this year and may affect borrowings and cash needs.
• Debt levels relative to cash: borrowings are about 14 times cash, and the data does not say how these will be repaid. No recent news headlines were available in the data.