VC브이씨

VC's trailing results have turned slightly positive at the operating line, but it remains loss-making over the full year 2025 and the share price is down 20% over the year.

VC makes golf distance measuring devices, launch monitors and golf simulators, selling domestically and abroad. For the twelve months to H1 2026 it reported revenue of about ₩52.3B and a small operating profit of ₩85M, but a net loss of about ₩861M. At ₩2,580 the shares trade near 0.5 times book value, with a market value of about ₩18.9B.

What stands out

• Trailing revenue of about ₩52.3B is above the 2025 full-year figure of ₩46.9B, and 2025 revenue grew 6.3% after 18.6% growth in 2024.
• Operating income turned from a loss of ₩1.5B in 2025 to a small profit of ₩85M on a trailing basis, though the net line is still negative at about ₩861M.
• Borrowings of ₩32.2B are large against cash of ₩7.1B, and liabilities are about 131% of equity.
• Trailing free cash flow was about ₩1.3B, but the company paid no dividend and the data shows no forecasts for future earnings.
• Filings in July to September 2026 included a buyback trust contract, a share cancellation decision and a half-year report. Foreign ownership is small at 1.3%, and the 20-day flows show retail selling of about ₩85M.

What to watch

• The next full-year or quarterly results, to see whether operating profit holds and the net loss narrows.
• Progress on the buyback and share cancellation, and any further 5%+ holding or insider share reports.
• Debt levels against cash, since borrowings are far above the cash balance; the data does not include interest costs or refinancing terms.