Elensys이랜시스

Elensys shows slimmer profits on flat-to-lower revenue, with the share price well below its 52-week high.

Elensys, a KOSDAQ-listed maker of home appliance and security components, reported trailing twelve-month revenue of about ₩74.4B and operating income of about ₩4.4B to H1 2026, a 5.9% operating margin. Revenue fell 2.8% in 2025 and margins have eased from 8.8% in 2021, while the share price closed at ₩4,900 on 2026-10-16, about 49% below its 52-week high of ₩9,530.

What stands out

• Trailing operating margin of 5.9% compares with 8.2% in 2024 and 8.8% in 2021, so profitability has narrowed over several years.
• 2025 net income of about ₩4.2B was higher than operating income of about ₩3.9B, so non-operating items helped that year's bottom line.
• Cash of about ₩3.4B against borrowings of ₩2.0B, with liabilities at 26.5% of equity, indicates a modest debt load in the filed figures.
• Trailing free cash flow was about ₩1.1B, positive but small relative to market value.
• The company's most recent filings are routine items: a half-year report, a quarterly report and shareholder holding reports; the data includes no news headlines.

What to watch

• The next quarterly and annual filings, to see whether the margin decline stabilises or continues.
• Valuation: the DCF fair value in the data ranges widely from ₩112 to ₩1,462 with a base of ₩613, far below the ₩4,900 close, and the company trades at about 36x trailing earnings versus lower-rated peers such as LG Innotek at 14.5x.
• Customer concentration in home appliance and security sales, as the profile names Coway and Samsung Electronics as key customers; the data does not quantify this exposure.