Enbioco인바이오

Enbioco's trailing numbers show thin profitability, heavy borrowing and negative free cash flow, while the share price has fallen over the past year.

Enbioco, a Korean agrochemical maker, reported trailing twelve-month revenue of about ₩36.2B and operating income of about ₩1.2B through H1 2026, a 3.4% operating margin. Its borrowings of about ₩23.7B are large relative to cash of about ₩2.5B, and trailing free cash flow was about -₩8.9B. The shares closed at ₩1,931 on 2026-10-27, down 13.6% over one year and near the lower half of their 52-week range.

What stands out

• Revenue fell 4.8% in 2025 to about ₩34.0B after rising 4.8% in 2024, and operating income dropped from ₩1.4B to ₩0.9B.
• 2025 net income of about ₩1.0B was higher than operating income, so the bottom line was not driven by core operations alone; the data does not explain the gap.
• Trailing free cash flow of about -₩8.9B and liabilities at 77.2% of equity stand out against the small operating profit.
• Foreign ownership rose slightly from 1.2% to 1.6% over 60 days, while retail investors were net buyers over the last 20 days and institutions were roughly flat.
• Recent filings include a convertible bond issue decision, a securities issuance result, an independent director change and an extraordinary shareholders' meeting; no news headlines were in the data.

What to watch

• Details and terms of the convertible bond issue and any dilution it may cause, which the data does not fully describe.
• The next periodic results and whether margins and cash flow improve from the H1 2026 trailing levels.
• Debt levels versus cash generation, since the data shows no dividend and borrowings far exceed cash.