Rayence레이언스

Rayence returned to a small TTM operating profit after losses in 2025, with the share price up sharply over three months but well below its 52-week high.

Rayence makes digital X-ray detectors for medical, dental, veterinary and industrial use. Trailing results to H1 2026 show revenue of ₩131.7B, operating income of ₩4.2B and a 3.2% operating margin, a clear step up from the 2025 full-year operating loss of ₩3.95B. The stock closed at ₩7,910 on 2026-10-22, with a market cap of about ₩131.2B.

What stands out

• Trailing revenue of ₩131.7B is above the 2025 full-year figure of ₩114.7B, but still below the 2022 peak of ₩147.2B.
• Operating margin has recovered to 3.2% on a trailing basis, against 17% to 18% in 2021 and 2022 and a negative 3.4% in 2025.
• Trailing free cash flow is about ₩4.8B and cash is about ₩41.2B, with no borrowings reported in the data.
• Shares are up 30.5% over three months and 41.3% over one year, yet trade about 10% below the 52-week high of ₩8,750.
• Trailing P/E is 31.3 versus 0.5 P/B, and the company pays no dividend. The DCF base value in the data is ₩16,549, but this is a model output, not a forecast.

What to watch

• Next filings and results: the data lists a share cancellation decision on 2026-09-30, but no upcoming earnings date is given.
• Whether trailing profitability holds, since the 2025 net loss of ₩5.3B shows earnings have been volatile.
• Investor flows: foreign holders own 3.6% and sold net about ₩0.5B over the last 20 days, while retail investors were net sellers of about ₩1.2B.