Mdevice엠디바이스

Mdevice's trailing profits are strong on paper, but the shares have fallen sharply and free cash flow is negative.

Mdevice, a Korean SSD maker focused on enterprise drives for data centers, reported trailing twelve-month revenue of ₩99.7B and net income of ₩13.0B to H1 2026, with revenue roughly doubling in 2025. The share price is at ₩10,850, far below its 52-week high of ₩38,000, and the company's own DCF base value is ₩12,788. Its balance sheet carries borrowings of ₩34.6B against cash of ₩29.4B, and free cash flow over the period was negative.

What stands out

• Revenue for 2025 was about ₩96.5B, up 99.8%, and operating margin on the trailing period is 14.2%.
• Trailing free cash flow is -₩10.5B, so reported profits are not yet turning into cash over this period.
• Liabilities are 117.7% of equity and short-term borrowings were increased in May 2026, per the filing titles.
• The shares are down 26.2% over one month and 35.4% over one year, with a 20-day net outflow from foreign and retail investors.
• Recent headlines are limited to one item: a spine AI measurement software launch with Severance Hospital joint research; the data does not describe its commercial impact.

What to watch

• The 5%+ holding reports filed in September and October 2026 and the outcome of the company's decision to buy back its own convertible bonds early.
• Whether free cash flow turns positive and how borrowings move in the next quarterly report, which the data does not date.
• The data does not include analyst ratings, forecasts or dividend policy beyond a 0% dividend yield, so these are not available to assess.