Mirai Semiconductors미래반도체

Mirai Semiconductors' trailing profits are well above its 2025 level, but the shares are down 22% over the year and free cash flow is negative.

Mirai Semiconductors is a Korean distributor of electronic components, mainly Samsung Electronics memory and system chips, selling largely to set makers and suppliers with many export sales. On trailing figures to H1 2026 it reported revenue of ₩1.01T, operating income of ₩70B and net income of ₩49B, against full-year 2025 revenue of ₩636B and net income of ₩14B. The share price is ₩13,950, down 17% over one month and 22% over one year, and it sits far below its 52-week high of ₩47,850.

What stands out

• Trailing revenue of ₩1.01T and net income of ₩49B are much higher than the 2025 full-year figures of ₩636B and ₩14B, though the data does not explain the drivers.
• Operating margin is 6.9% trailing, up from 3.0% in 2025, and net margin is 4.9%; the margins are thin for a distributor.
• Free cash flow is negative at ₩-86B trailing, and borrowings of ₩169B exceed cash of ₩88B, with liabilities at 124.7% of equity.
• Valuation metrics are low: P/E 4.1 and P/B 1.3, with no dividend, versus peers at P/E 5.1 to 41.4. The DCF base value of ₩13,674 is close to the current price, but the bear value shown is ₩0 and the bull value is ₩47,646, a very wide range.
• Recent filings are mostly 5%+ shareholding reports (four since June 2026), and no news headlines are in the data.

What to watch

• The next periodic filing is not dated in the data, so the timing of the next results release is unknown.
• Whether negative free cash flow and the rise in borrowings continue, given the company's short-term borrowing decisions filed in March 2026.
• Further 5%+ holding reports, which may show changes in major shareholders.