S-Chem에스켐

S-Chem's revenue fell sharply in 2025 and it is still loss-making on a trailing basis, with its shares down about 55% over the past year.

S-Chem, a Korean maker of OLED display materials and health care reagents, reported trailing twelve-month revenue of ₩26.3B to H1 2026 with an operating loss of ₩2.2B and a net loss of ₩2.3B. Revenue fell 33.2% in 2025 after a profitable 2024, and free cash flow over the trailing period was negative at ₩8.0B. At ₩3,020 the shares trade at 0.7 times book value, but the data does not give a forward earnings view.

What stands out

• Revenue dropped from ₩33.1B in 2024 to ₩22.1B in 2025, and the trailing figure to H1 2026 is ₩26.3B.
• The business swung from a 6.8% operating margin in 2024 to losses in 2025 and the trailing period (operating margin of -8.3%).
• Cash of ₩1.8B against borrowings of ₩0.5B and liabilities at 8.8% of equity suggests a low debt load, though cash burn is significant.
• The share price is down 54.6% over one year and sits near its 52-week low of ₩2,750 versus a high of ₩7,240.
• Foreign ownership fell from 2.3% to 1.7% over about 60 days, and the 20-day flows show institutions net sellers.

What to watch

• Next half-year or annual results, to see whether losses narrow from the trailing figures.
• Details of the treasury stock and shareholder meeting filings from 2026, which the data does not describe in full.
• Cash generation: free cash flow was -₩8.0B on a trailing basis, and the data does not say how this will be funded.