Black YAK I&C블랙야크아이앤씨

Black YAK I&C shows strong trailing profits and a rising share price, but its 2025 earnings were nearly flat and cash flow is negative.

Black YAK I&C makes industrial safety shoes, safety clothing and smart protective equipment, and also designs and maintains gas-based fire suppression systems for data centers, power plants, hospitals and semiconductor facilities in Korea. On trailing figures to H1 2026 it reports revenue of about ₩77.7B, operating income of ₩13.7B and net income of ₩15.1B, with a 46.2% ROE. Its 2025 net income fell to about ₩92M from ₩7.0B in 2024, and the share price is 3295 won, up 33.4% over three months but down 6.5% over one year.

What stands out

• Trailing revenue of ₩77.7B is well above the 2025 full-year figure of ₩57.3B, and the filings do not explain the gap beyond the half-year data.
• Trailing net income of ₩15.1B is above operating income of ₩13.7B, so the data does not explain this gap either; it is worth checking against the filings.
• Trailing free cash flow is negative at about -₩1.5B, and borrowings of ₩18.3B exceed cash of ₩12.0B, with liabilities at 146.6% of equity.
• Valuation metrics show a P/E of 5.6, a P/B of 2.0 and a dividend yield of 9.9%; the DCF base value is ₩15,953, but the bear and bull range is ₩10,702 to ₩24,469.
• Recent filings are mainly routine: half-year report, quarterly dividend, a debt guarantee for another party, a loan extension and a lawsuit, and the data contains no news headlines.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether profits and cash flow hold up.
• Details of the lawsuit and the debt guarantee for another party, which are listed in the filings but not explained in the data.
• Dividend payment timing after the interim dividend record and ex-dates, given the high 9.9% yield.