Ilwoul GML일월지엠엘

Ilwoul GML's trailing profit is well above its revenue-driven operating result, after a sharp revenue fall in 2025 and a steep share price drop over the past year.

Ilwoul GML makes precision plastic parts for LCD backlights and distributes electric and hot-water mattresses in Korea and abroad. Revenue fell 25.5% in 2025 and trailing revenue to H1 2026 is ₩32.3B, while the company reports no borrowings and ₩4.4B in cash. The share price closed at ₩2,095, down 28.6% over one year and near its 52-week low of ₩1,997.

What stands out

• Trailing net income of ₩4.2B is more than double operating income of ₩1.9B, so the filings suggest a large non-operating contribution that the data does not explain.
• Operating margin slipped from 10.3% in 2024 to 6.0% in 2025 and 5.7% on a trailing basis.
• Valuation shows a P/E of 9.2 and P/B of 1.1, with no dividend paid.
• Recent filings are dominated by a rights offering (paid-in capital increase) decided in August 2026 and amended in October, plus third-party allotment results.
• Foreign ownership is 1.1% and unchanged over 60 days, and no news headlines were found in the data.

What to watch

• Terms and completion of the rights offering and third-party allotment, including any effect on share count and dilution.
• The source of the gap between operating income and net income in the next half-year or annual filings.
• Whether revenue stabilises after the 2025 decline, since the data shows no forward guidance or analyst forecasts.