Graphy그래피

Graphy shares have fallen sharply over the past month and three months, while the company still reports large operating losses.

Graphy, a KOSDAQ-listed maker of 3D printing materials, aligners and dental printing equipment, reported trailing twelve-month revenue of ₩23.5B against an operating loss of ₩11.8B and a net loss of ₩11.3B to H1 2026. The shares closed at ₩11,050 on 2026-10-23, down 30.9% over one month and 33.9% over three months, though still up 24% over one year and well below the 52-week high of ₩69,000. The data does not include a fair value estimate or analyst views.

What stands out

• Operating margin was -50.1% and net margin -48.1% on a trailing basis, and free cash flow was -₩24.7B, so the business is burning cash.
• Cash of ₩0.6B against borrowings of ₩0.9B and a liabilities-to-equity ratio of 107.1% shows a thin balance sheet.
• Filings in 2026 include a rights offering, a convertible bond issue, convertible preferred shares, and an acquisition of equity in another company, pointing to heavy reliance on new capital and deal activity.
• Foreign ownership fell from 7.4% to 4.0% over 60 days, and 20-day flows show institutions net selling while foreign and retail investors were net buyers.
• Valuation is high relative to the sector: price-to-book is 8.2 and price-to-sales 5.3, compared with peers at roughly 0.3 to 2.0 times book, and there is no dividend.

What to watch

• The next periodic results and whether losses narrow from the H1 2026 level.
• Progress of the convertible bond, rights offering and preferred share issues, including any dilution to existing shareholders.
• Any further exchange inquiries about price moves or news reports, and the details of the acquisition filings, which are not included in the data.