Top RUN Total Solution탑런토탈솔루션

Top RUN's revenue is growing, but profits have shrunk sharply and the share price is down a third over the past year.

Top RUN Total Solution makes display and automotive components through subsidiaries in China, Vietnam and Poland. In the trailing twelve months to H1 2026 it reported ₩628B of revenue but only ₩3.4B of operating income and negative free cash flow of about ₩36.6B. Borrowings of ₩104B exceed cash of ₩86B, and the shares closed at ₩2,755 on 2026-10-23, well below the 52-week high of ₩5,280.

What stands out

• Revenue rose 5.9% in 2025 to ₩550B, but operating income fell from ₩26B in 2024 to ₩8.9B, and the operating margin dropped from 5.0% to 1.6%.
• Trailing operating margin is 0.5% and net margin 0.4%, with ROE of 1.2%, so earnings are very thin.
• Liabilities are 204% of equity, and the data shows borrowings above cash.
• The DCF fair value model gives a base of ₩4,077, above the current price, but its bear case is ₩0 and bull case ₩14,319, so the range is very wide. The data does not include analyst ratings or price targets.
• Recent filings include a corporate value-up plan, a buyback trust contract, business acquisition decision amendments, and conversion price adjustments on the 3rd series. No news headlines were included.

What to watch

• The next quarterly or annual results, to see whether margins recover from the current low levels and whether negative free cash flow persists.
• Progress and terms of the business acquisition decision, which was amended twice in 2026, and the buyback trust arrangement.
• Debt guarantee filings and conversion price adjustments, which could affect leverage and share count.