Photon포톤

Photon returned to a small profit on a trailing basis after several loss-making years, but its shares have fallen 19.7% over the past year.

Photon makes camera-module flexible circuit assemblies for smartphone camera actuators, selling mainly to suppliers whose customers are large Korean phone makers. Trailing results to H1 2026 show revenue of ₩139.5B...

What stands out

• Trailing twelve-month revenue is ₩139.5B and operating income is ₩3.1B, a 2.2% operating margin, after operating losses in 2023 and 2024 and roughly break-even in 2025.
• Net income on a trailing basis is ₩1.3B (0.9% net margin), while 2025 showed a net loss of ₩6.4B.
• Free cash flow is negative at ₩-8.1B on a trailing basis, and borrowings of ₩17.8B exceed cash of ₩4.2B.
• Liabilities are 90.4% of equity and ROE is 2.5%, so the balance sheet is leveraged and returns are thin.
• The share price is ₩2,540, up 39.6% over three months but down 9% over one month and 19.7% over one year; it trades well below its 52-week high of ₩5,660.
• Valuation metrics are a P/E of 26.1 and P/B of 0.7; the company pays no dividend. The data does not include analyst ratings or price targets.

What to watch

• The Q3 2026 quarterly report, since recent results have been near break-even and cash flow is negative.
• Terms and dilution from the 6th series convertible bond issued in March 2026, which the filings list but the data does not detail.
• Progress on the borrowings and free cash flow, given the leverage level; the news feed contained no recent headlines to add context.