MeatBox Global미트박스

MeatBox Global's revenue keeps growing, but thin margins, heavy borrowing and negative free cash flow remain the key issues.

MeatBox Global, a Korean online meat trading platform listed on KOSDAQ in January 2025, reported trailing twelve-month revenue of ₩155.5B to H1 2026, up from ₩135.6B in 2025. Operating margin is 3.5% and net margin 1.9%, while borrowings of ₩34.8B exceed cash of ₩20.0B and free cash flow is negative at -₩9.6B. The share price is ₩2,465, down 24% over the past year but up 32.9% over three months.

What stands out

• Annual revenue rose 23% in 2025 to ₩135.6B, but operating income fell to ₩2.9B from ₩3.1B in 2024, so the operating margin slipped from 2.8% to 2.1%.
• Trailing twelve-month operating margin of 3.5% is above the 2025 level, though still low for the sector.
• Liabilities are 185.5% of equity and borrowings exceed cash, which the data flags as a balance sheet point to monitor.
• Trailing free cash flow is negative at -₩9.6B, so reported profits are not yet turning into surplus cash in the data provided.
• Valuation shown is P/E 13.9 and P/B 1.1, with a 4.1% dividend yield; the price is 32% below its 52-week high of ₩3,370.
• Foreign ownership rose from 4.2% to 15.1% over 60 days, while 20-day foreign net flows were negative and retail flows positive.

What to watch

• Upcoming full-year 2026 results and whether margins hold above the trailing 3.5% level.
• Whether free cash flow turns positive given the current borrowing load of ₩34.8B.
• Recent filings are mostly insider shareholding reports and a bonus-issue ex-rights date in September 2026; the data contains no news headlines to explain the price moves.