YAS야스

YAS swung to a sharp profit on higher trailing revenue, but cash flow is negative and debt exceeds cash.

YAS makes OLED deposition equipment for panel makers such as LG Display and BOE, with most exports going to China. On a trailing basis to H1 2026 it reports revenue of ₩144.5B, operating income of ₩35.6B and net income of ₩37.3B, after losses in 2022 to 2025. Free cash flow was negative at -₩22.4B, and the shares closed at ₩9,350, about 3.3 times trailing earnings.

What stands out

• Trailing revenue of ₩144.5B compares with ₩34.8B for full-year 2025, when the company posted an operating loss of ₩6.5B.
• Trailing operating margin is 24.6% and net margin is 25.8%; net income is slightly above operating income, and the data does not explain the difference.
• Borrowings of ₩22.7B exceed cash of ₩14.1B, and liabilities are 61.1% of equity.
• Free cash flow was -₩22.4B over the trailing period, so reported profits have not yet converted into cash.
• Recent filings include preliminary earnings in late July, a short-term borrowing increase on July 31, an amended major sales or supply contract on August 19 and a CEO change on August 21. The news list is empty, and the filing titles alone do not show contract size or terms.
• The share price rose 25.3% over one month and is well below its 52-week high of ₩13,450, though above the low of ₩3,650.

What to watch

• Whether the H1 2026 earnings hold up in the full-year filing and whether cash flow turns positive.
• The terms and size of the amended supply contract and whether revenue depends heavily on a few customers or on China.
• Debt levels and the new CEO's direction, since the data does not say what the leadership change means for strategy.