Nano나노

Nano's first-half 2026 profit margins are thin, with negative free cash flow and a stock down sharply over the past month.

Nano, a KOSDAQ-listed maker of SCR denitrification catalysts for emissions control, reported trailing twelve-month revenue of about ₩93.2B and operating income of about ₩5.5B through H1 2026. Net income is much smaller at about ₩1.6B, and free cash flow was negative at about -₩20.0B against borrowings of about ₩40.8B. The share price closed at ₩2,490 on 2026-10-15, down 16.9% over one month but up 31.7% over one year.

What stands out

• Trailing operating margin is 5.9% and net margin is 1.7%, with ROE at 4.3%.
• Revenue fell 3.3% in 2025 to about ₩85.7B, after growth of 31.8% in 2023 and 0.6% in 2024.
• 2025 net income of about ₩7.0B is far below 2024's ₩30.4B, which the data does not explain.
• Liabilities are 166.4% of equity, and cash of about ₩14.2B is well below borrowings of about ₩40.8B.
• Valuation is high relative to earnings at a P/E of 48.9 and P/B of 1.9, and the company pays no dividend.
• Filings include a derivatives trading loss disclosed in April 2026 and a decision to increase short-term borrowings in May 2026.

What to watch

• Full-year 2026 results and whether margins hold near the trailing levels.
• Whether free cash flow turns positive and how the company manages its borrowings and short-term debt.
• Details of the derivatives trading loss and any follow-up filings; the data contains no news headlines to add context.