TLB티엘비

TLB's trailing profits are strong on a jump in revenue, but free cash flow is negative and the shares trade well above the model's base value.

TLB makes printed circuit boards for memory modules and SSDs, with about 79% of sales from exports and plants in Ansan and Vietnam. Over the trailing twelve months to H1 2026 it reported revenue of about ₩305.5B, operating income of about ₩40.7B and net income of about ₩32.9B, well above its 2024 levels. Free cash flow was negative at about -₩35.9B and borrowings stood at about ₩77.2B against cash of about ₩11.7B.

What stands out

• Revenue rose 43.6% in 2025 to about ₩258.5B, and operating margin improved to 10% from 1.9% in 2024.
• Trailing operating margin is 13.3% and net margin 10.8%, but 2024 and 2023 margins were far lower, so the recent run is short relative to history.
• Free cash flow is negative on a trailing basis, and liabilities are 90.4% of equity, so cash generation and debt deserve attention.
• The DCF base value is ₩9,086 against a close of ₩39,500, and the bear and bull values are ₩4,508 and ₩15,945; the model is an estimate, not a target.
• Recent filings include a half-year report, a cash dividend decision, a buyback trust contract and insider shareholding reports; no news headlines were in the data, and foreign ownership fell to 8.8% from 10.4% over 60 days.

What to watch

• The next results and cash flow trend, since trailing free cash flow is negative and borrowings are high relative to cash.
• Details of the cash dividend and interim dividend record date, as the stock currently pays no dividend yield in the data.
• Whether the recent earnings strength holds, given the sharp swings in revenue and margins across 2021 to 2025.