RF SystemsRF시스템즈

RF Systems has turned profitable on a trailing basis and its shares are up sharply over the past year, but the data gives no outlook beyond the filings listed.

RF Systems, a KOSDAQ-listed maker of defense radar, antenna and environmental control systems, reported trailing twelve-month revenue of ₩42.7B and net income of ₩5.3B to H1 2026. Its 2025 revenue rose 16.8% to ₩38.2B after a loss-making 2024, and the shares closed at ₩7,840 with a market cap of ₩113B. The data does not include news coverage or company guidance.

What stands out

• Trailing operating margin is 11.6% and net margin 12.5%, versus 10.6% operating margin for full-year 2025 and 5.2% for 2024.
• Net income in 2024 was negative at about ₩-4.1B, while 2025 net income was ₩5.2B, so the swing from loss to profit is in the filed figures.
• Borrowings of ₩7.6B exceed cash of ₩1.6B, and liabilities to equity is 57.1%; trailing free cash flow was ₩2.7B.
• The shares returned 65.1% over one year and 26% over three months, but trade well below the 52-week high of ₩17,750 and above the low of ₩3,885.
• The base-case DCF value in the data is ₩5,731, below the current price, while the bull case is ₩9,370 and the bear case ₩3,553; this is a model output, not a forecast.
• Foreign ownership rose from 8.0% to 8.7% over 60 days, while retail investors were net sellers of about ₩1.4B over the last 20 days.

What to watch

• The next periodic filings after the half-year report of 14 August 2026, to see whether margins and free cash flow hold up.
• Insider shareholding and executive trading plan filings, which appear frequently in the recent filing list.
• The data includes no recent news headlines and no company guidance, so the outlook for defense orders from LIG Nex1 and others is not known from this pack.