Bellock벨로크

Bellock swung to a small profit on a thin operating margin, while its share price has fallen about 10% over the past year.

Bellock is a Korean information security provider focused on energy and power customers, and it is developing an anti-drone platform. Trailing twelve-month revenue is about ₩32.3B with operating income of roughly ₩6M and net income of about ₩2.0B, so profit depends heavily on items other than core operations. The share price is ₩1,927 with a market cap of about ₩19.5B, and the data shows a trailing P/E of 9.8 and P/B of 0.7.

What stands out

• Full-year 2025 revenue rose 14.6% to ₩35.4B and operating income was ₩877M, after losses in 2023 and 2024.
• Trailing operating margin is effectively zero, while net margin is 6.2%, so reported net income is well above operating income.
• Free cash flow over the trailing period was negative at about -₩1.2B, although cash stands at ₩3.6B against ₩1.0B of borrowings.
• The company filed several exchange inquiries about news reports or price moves in 2026, and the data includes no news headlines to explain them.
• Foreign ownership fell from 1.4% to... 1.4% now versus 1.8% sixty days ago, and foreign investors had net outflows over the last 20 days.

What to watch

• The next half-year or annual results and whether operating income stays positive without one-off gains.
• Any response or follow-up to the recent exchange inquiries and the outcome of shareholder meeting items.
• Progress of the B-Aegis anti-drone platform, which the profile describes as a new business; the data gives no revenue figures for it.