picogram피코그램

Picogram is loss-making on a trailing basis after a profitable 2022 to 2024 run, and its shares are down sharply over the past year.

Picogram, a Korean maker of water filters, purifiers and cleaning products, reported trailing twelve-month revenue of ₩27.5B and an operating loss of about ₩178M through H1 2026. The company holds ₩10.0B in cash and has no borrowings listed in the data, while the share price is ₩1,335, well below its 52-week high of ₩3,555.

What stands out

• Revenue fell 4% in 2025 to ₩30.9B and the company moved from operating profit in 2024 to an operating loss of ₩704M in 2025.
• Trailing net loss is ₩575M, with a net margin of -2.1%, compared with a net profit of ₩7.1B in 2024.
• The data lists cash of ₩10.0B against an enterprise value of ₩14.8B, and trailing free cash flow of ₩2.1B, which is positive even though earnings are negative.
• The share price is down 55.4% over one year but up 2.6% over three months, and the fair value model's base case is ₩679, below the current price.
• Recent filings include the half-year report for June 2026 (amended in October), convertible bond acquisition reports and a 5%+ holding report, but the news list is empty.

What to watch

• The amended half-year report filed on 6 October 2026 and any further revisions to the reported figures.
• Whether operating margin turns positive again after the 2025 and H1 2026 losses.
• Foreign ownership, which has eased to 1.8% from 2.0% over 60 days, and the convertible bond activity noted in recent filings.