Hancom Lifecare한컴라이프케어

Hancom Lifecare returned to a small operating profit on a trailing basis, but it made a net loss and its share price has fallen sharply over the past year.

Hancom Lifecare makes protective equipment such as breathing apparatus, gas masks and protective clothing, mainly for Korean government agencies and industrial customers. On trailing figures to H1 2026 it had revenue of ₩119.4B, an operating profit of ₩3.7B and a small net loss of ₩0.4B, with ₩40.2B in cash against ₩0.25B in borrowings. The share price closed at ₩1,847 on 2026-10-28, down 29.1% over one year and well below its 52-week high of ₩3,780.

What stands out

• Trailing operating margin is 3.1%, up from a loss in 2025, but trailing net income is still slightly negative at -0.3% margin.
• 2025 was weak: revenue fell 12.1% to ₩92.1B and the company posted a net loss of ₩7.7B.
• The balance sheet looks conservative, with cash of ₩40.2B far above borrowings of ₩0.25B and liabilities at 44.6% of equity.
• Trailing free cash flow is ₩15.1B, which is positive, though this is not the same as net profit.
• The discounted cash flow model in the data gives a base value of ₩1,891, a bear value of ₩1,047 and a bull value of ₩3,519; these are model outputs, not forecasts.
• Recent filings show a preliminary earnings release on 2026-07-30, a half-year report on 2026-08-13 and an amended half-year report on 2026-08-26.

What to watch

• The next quarterly or annual results, to see whether operating profit turns into net profit.
• Whether the amended half-year report changes any figures from the original filing.
• Foreign ownership has risen from 4.1% to 5.4% over about 60 days, while retail investors have been net sellers over the last 20 days; the data does not say why.