Innoax이노에이엑스

Innoax's share price has rallied sharply over three months, while its trailing profit is mostly driven by a large net income figure against thin operating margins.

Innoax is a Korean low-code business automation software developer, listed on KOSDAQ since October 2022, with a share price of ₩6,980 and a market value of about ₩36.1B. Trailing revenue to H1 2026 is ₩26.9B with an operating margin of 4.2%, but free cash flow is negative at -₩1.5B. Full-year 2025 revenue fell 3.3% and operating income dropped from ₩2.4B in 2024 to ₩0.9B.

What stands out

• Trailing net income of ₩5.9B is far above operating income of ₩1.1B, so the filings suggest non-operating items or other gains are a large part of reported profit; the data does not explain the source.
• Trailing free cash flow is negative at -₩1.5B even though the company holds ₩3.4B in cash against only ₩50M of borrowings.
• The stock is up 49.8% over three months and 11.9% over one month, but remains well below its 52-week high of ₩9,990.
• The internal fair value model gives a base value of ₩6,164, with a bear case of ₩3,687 and a bull case of ₩10,471, so the current price sits near the base case in that model.
• Foreign ownership edged down from 2.1% to 2.0% over 60 days, while retail and institutional investors were net sellers over the last 20 days.

What to watch

• Upcoming H2 2026 results, to see whether operating margins recover from the 4.2% trailing level and whether free cash flow turns positive.
• The 2026 interim dividend record and ex-dates and the cash dividend decision, which the company has filed; the trailing dividend yield is 3.2%.
• The recently filed major sales or supply contract and its amendment, to understand their size and effect on revenue, as the filing details are not in the data.