Raon Robotics라온로보틱스

Raon Robotics has returned to profit on a trailing basis but its shares are well below their 52-week high and free cash flow is negative.

Raon Robotics makes wafer and glass transfer robots and automation systems, mainly for semiconductor and display factories in Korea. On a trailing twelve-month basis to H1 2026 it reported revenue of ₩60.4B, operating income of ₩3.5B and net income of ₩4.5B, while the share price is ₩9,160, about 62% below its 52-week high of ₩23,950. The company pays no dividend and its trailing free cash flow was negative at about -₩1.3B.

What stands out

• Trailing revenue of ₩60.4B is above full-year 2025 revenue of ₩53.8B, but 2025 revenue growth was 9.3% against 42.5% in 2024 and a sharp fall in 2023.
• Trailing operating margin is 5.8%, down from 7.3% in 2025 and 15% in 2022, and net income is well above operating income, which the data does not explain.
• Cash of ₩8.5B exceeds borrowings of ₩3.3B, and liabilities to equity is 56.8%.
• Valuation is about 26.8 times earnings and 2.5 times book; the in-house DCF base value is ₩3,119 with a bull case of ₩5,014, well below the current price.
• Foreign ownership fell from 5.6% to 4.1% over 60 days, while institutions were net sellers over the last 20 days.
• Recent filings include preliminary earnings on 31 July, a half-year report on 13 August, several new facility investment disclosures, and a shareholders' meeting notice on 2 October.

What to watch

• The Q3 2026 quarterly report and whether operating margin holds near the trailing 5.8%.
• Follow-up details on the new facility investment filings and how they affect cash and free cash flow.
• Any further insider or convertible-right filings, given the recent conversion and shareholding disclosures; the data contains no news headlines to add context.