Ray레이

Ray is back to a small TTM profit on modest revenue, but still runs an operating loss and its shares are down 18% over the year.

Ray makes digital dental imaging and treatment equipment for clinics and labs, with sales in more than 13 countries. Trailing twelve-month revenue to H1 2026 was about ₩119.2B, with an operating loss of about ₩5.9B and a net profit of about ₩9.6B, which the data does not explain further. At ₩4,435 the stock trades at a 7.2 P/E and 0.9 P/B, and it pays no dividend.

What stands out

• Revenue has swung sharply: up 39.4% in 2025 to ₩111.3B after a 45.3% fall in 2024, and the 2024 net loss was about ₩60.4B.
• TTM operating margin is -5% while net margin is 8.1%, so the reported profit does not come from core operations in the data provided.
• Balance sheet is leveraged: liabilities are 123.4% of equity and borrowings are ₩60.5B against cash of ₩22.7B.
• Foreign ownership fell from 3.6% to 0.1% over 60 days, while retail investors were net sellers of about ₩367M over 20 days.
• Recent filings include a change of largest shareholder, an extraordinary shareholders' meeting, director changes, and an acquisition of convertible bonds; no news headlines were provided.

What to watch

• Next periodic results and whether operating income turns positive on a full-year basis.
• Details of the largest shareholder change and the convertible bond acquisition, which the data does not describe.
• Debt levels relative to cash, given the ₩60.5B in borrowings.