YM Tech와이엠텍

YM Tech's trailing earnings have shrunk sharply from 2022 peaks, though the shares are well off their 52-week high and trade at a low book multiple.

YM Tech, a Korean maker of DC relays used mainly in EV chargers, EVs and energy storage, reported trailing twelve-month revenue of ₩43.7B and net income of ₩3.4B to H1 2026, with a 3.8% operating margin. Its 2025 revenue fell 5.8% and its operating income has declined each year since 2022. The share price is ₩5,440, down 39.1% over one year, and the data shows no recent news headlines.

What stands out

• Revenue has fallen from ₩49.3B in 2022 to ₩29.1B in 2025, while operating margin dropped from 30.2% to 6.0% over the same period.
• Trailing net income of ₩3.4B is above operating income of ₩1.7B, but the data does not explain the gap.
• Trailing free cash flow is negative at -₩0.5B, and borrowings of ₩33.6B exceed cash of ₩5.8B.
• Valuation is P/E 17.7 and P/B 0.9, versus peers that trade at much higher P/B multiples; the data's DCF base value of ₩5,441 is close to the current price.
• Foreign ownership fell from 2.7% to 2.2% over 60 days, and 20-day flows show foreign net selling.

What to watch

• The amended half-year report filed on 28 August 2026 and any further corrections to the H1 2026 figures.
• Whether trailing operating margin holds near 4% or recovers, given the steep multi-year decline.
• Customer concentration in a small number of battery and EV companies, and the rise in debt relative to cash.