NanoTIM나노팀

NanoTIM is loss-making on a trailing basis in some periods but returned to a small profit in H1 2026, with heavy negative free cash flow and a shares-price rebound from its 52-week low.

NanoTIM makes thermal management materials, such as gap fillers and gap pads, mainly for EV battery packs and related electronics. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩44.4B, a thin operating margin of 0.3%, and net income of about ₩1.2B, while free cash flow is about -₩19.6B. The share price is ₩5,350, well below its 52-week high of ₩15,930 but up 21.2% over three months.

What stands out

• Revenue has grown from ₩32.4B in 2024 to ₩40.3B in 2025 and ₩44.4B on a trailing basis to H1 2026, after a sharp fall in 2024.
• Operating income was negative in 2024 and 2025 and is only about ₩0.1B on a trailing basis, so profitability is very thin.
• Net income is positive on a trailing basis (about ₩1.2B) but is much larger than operating income, so it likely reflects non-operating items; the data does not explain this.
• Cash is about ₩8.7B against liabilities at 171% of equity, and trailing free cash flow is about -₩19.6B, which the data does not explain further.
• The valuation is high at a trailing P/E of about 90 and P/B of 2.2, and the company pays no dividend. Peer comparisons in the data show a wide range of multiples.

What to watch

• The convertible bond issue decision from October 2026 and the shareholders' meeting called for later this year, including the proxy materials, which may affect share count and funding.
• The new facility investment disclosed in July 2026, and how it affects cash flow given the negative free cash flow.
• Upcoming filings such as the next quarterly report, since the data contains no news headlines or analyst coverage to cross-check the company's outlook.