N2TECH엔투텍

N2TECH shows strong trailing profits on a one-off-looking swing, but the share price is down 40% over the year and the filings point to heavy convertible bond activity.

N2TECH makes vacuum chambers, vacuum valves and gate valves used in semiconductor manufacturing equipment, with a plant in Anseong and a repair subsidiary in Xi'an, China. On a trailing basis to H1 2026 it reports revenue of ₩38.7B, operating income of ₩12.9B and net income of ₩10.7B, but 2025 net income of ₩19.0B was far above operating income, and the company had losses in 2021 and 2024.

What stands out

• Trailing operating margin is 33.3% and net margin is 27.7%, while 2024 showed a ₩25.6B net loss, so results have been very volatile.
• 2025 net income of ₩19.0B exceeded operating income of ₩9.4B, which the data does not explain; the filings provided do not say what drove the gap.
• The balance sheet shows cash of ₩7.6B against borrowings of ₩7.4B, with liabilities at 16.4% of equity.
• The share price closed at ₩1,256 with a market cap of about ₩43.3B; it is down 40% over one year, though up 12.7% over three months.
• Recent filings are mostly capital-markets items: convertible bond issue and amendments, a conversion price adjustment, an early repurchase of own convertible bonds, stock purchase option grants, and 5%+ holding reports.
• Foreign ownership fell from 0.8% to 0.1% over 60 days, and 20-day flows were net negative across foreign, institutional and retail investors.

What to watch

• Upcoming filings on the convertible bonds, including conversion price changes and any further repurchases, which relate to potential share dilution.
• Whether trailing profitability holds, since the company's annual results have swung between large losses and profits.
• The filings do not include a forecast or any analyst rating, and no recent news headlines were available in the data.