PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Interflex is a KOSDAQ flexible printed circuit board (FPCB) maker centered on Samsung Electronics and Samsung Display, with earnings that peaked in 2024, pulled back in 2025, and continue to swing sharply on a quarterly basis.
FY2025 consolidated revenue was KRW 467.9bn (-5.9% YoY), operating profit KRW 28.6bn (-16.7%), and owner net profit KRW 32.9bn (-40.3%) — all three metrics declined
In 2Q26 the company posted an operating loss of about KRW -5.2bn and an owner net loss of about KRW -4.0bn, the only quarterly loss within the trailing four-quarter window
3Q25-4Q25 showed a clear recovery, with operating profit of roughly KRW 5.8bn-12.5bn and net profit of KRW 8.2bn-16.6bn
IBK Securities projected in an April 2026 report that the automotive revenue mix would rise from about 6% in 2025 to around 11% in 2026
The company remains heavily reliant on Samsung Display and Samsung Electronics, while facing intensifying competition from low-cost Chinese/Southeast Asian makers and rigid PCB entrants
Founded in 1994, Interflex manufactures and sells flexible printed circuit boards (FPCB) and listed on KOSDAQ in 2003.
Its core products include the digitizer FPCB used for S-Pen recognition in Samsung Electronics' Galaxy Z Fold series and RF-PCB used in Samsung Display OLED panels, alongside revenue from touch screen panels (TSP), automation equipment, and a leasing business.
Its main customers are Samsung Electronics and Samsung Display, and it has previously supplied Chinese handset makers such as Huawei and Xiaomi.
Its subsidiaries include Interflex Vina and Korea Circuit Vina, both located in Vinh Phuc, Vietnam, where expanded production supports cost efficiency and customer responsiveness. Domestic competitors include BH and Youngpoong Electronics, while overseas it competes with Chinese and Taiwanese suppliers.
Because revenue is concentrated among a small number of customers, product specifications and order volumes from Samsung Electronics and Samsung Display directly affect results.
More recently, the company has been expanding supply of higher-value Multi FPCB and Rigid FPCB into non-mobile applications such as electric vehicles, medical devices, and robotics to diversify its business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩85.8B | ₩1.8B | 2.1% |
| 2025Q3 | ₩102B | ₩5.9B | 5.7% |
| 2025Q4 | ₩148.4B | ₩12.5B | 8.4% |
| 2026Q1 | ₩129B | ₩5.3B | 4.1% |
| 2026Q2 | ₩90.9B | -₩5.2B | −5.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩442.7B | ₩26.1B | ₩15.3B | 5.9% | 7.7% | 45.0% |
| 2023 | ₩438.2B | ₩21.6B | ₩27.3B | 4.9% | 12.4% | 36.7% |
| 2024 | ₩497.5B | ₩34.4B | ₩55.1B | 6.9% | 19.6% | 29.5% |
| 2025 | ₩468B | ₩28.6B | ₩32.9B | 6.1% | 10.6% | 26.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue slipped slightly from KRW 442.7bn in 2022 to KRW 438.2bn in 2023, peaked at KRW 497.5bn in 2024, then fell 5.9% to KRW 468.0bn in 2025. Operating margin improved from 5.9% (2022) to 4.9% (2023) to 6.9% (2024) before easing to 6.1% in 2025.
Owner net profit rose steadily from KRW 15.3bn (2022) to KRW 27.3bn (2023) to KRW 55.1bn (2024), then dropped 40.3% to KRW 32.9bn in 2025, a steeper decline than the 16.7% drop in operating profit.
On a quarterly basis, 2Q25 was a trough with operating profit of KRW 1.76bn and a net loss of KRW 0.19bn, followed by a clear recovery to operating profit of KRW 5.85bn and net profit of KRW 8.19bn in 3Q25, and operating profit of KRW 12.46bn and net profit of KRW 16.55bn in 4Q25.
However, 1Q26 operating profit eased back to KRW 5.29bn even as net profit rose to KRW 10.20bn, suggesting non-operating items cushioned the bottom line. 2Q26 swung to an operating loss of about KRW -5.17bn and a net loss of about KRW -4.00bn, the only loss quarter in the trailing four-quarter window, consistent with brokerage commentary that digitizer (double-sided PCB) sales fell well short of market expectations.
Overall, Interflex's results show a seasonal pattern in which revenue and profit swing sharply from quarter to quarter depending on the timing of Samsung Electronics' new product launches.
The FPCB industry is generally viewed as having structural growth potential as applications expand into foldable/premium smartphones, electric vehicles, medical devices, and robotics.
However, analysts note that competitive intensity is rising as rigid PCB makers enter the FPCB market and low-cost Chinese and Southeast Asian suppliers compete on price.
Domestically, Interflex competes with BH and Youngpoong Electronics for RF-PCB and digitizer supply to Samsung Display and Samsung Electronics, while Chinese and Taiwanese suppliers absorb lower-cost volume overseas.
Amid this intensifying competition, Interflex is focused on defending profitability through expanded Vietnamese production capacity and development of higher-difficulty Multi FPCB and Rigid FPCB products.
While the core smartphone end-market has matured, demand for higher-function FPCB is growing in newer applications such as electric vehicles, medical devices, and robotics, gradually diversifying the industry's revenue mix.
That said, these newer applications still represent a modest share of total sales, so company-wide results remain heavily tied to the smartphone and foldable sales cycles of Samsung Electronics and Samsung Display.
In an April 14, 2026 report, IBK Securities projected 2026 revenue of about KRW 454.5bn, down 2.9% from 2025, attributing the decline to reduced annual order volumes from the domestic customer.
The same report expected high-end product volumes to hold steady while low-end product volumes decline due to higher input costs, and it forecast that the automotive revenue mix would expand from about 6% in 2025 to around 11% in 2026 as production lines shift to Vietnam, creating room for margin improvement.
Daishin Securities noted in a November 2025 report growth expectations tied to a third-quarter recovery, supply for the Galaxy S26 Ultra, and possible reapplication of the S-Pen digitizer in the Galaxy Z Fold8 (the target price cited at that time is not repeated here as it is now more than six months old).
The company continues to emphasize development of higher-difficulty FPCB products and expanded high-value-add Multi FPCB production to counter low-cost competition.
Results could improve again from the third quarter depending on the timing and volume allocation of new smartphone launches, though this remains contingent on customer production plans that are not yet finalized.
The current share price trades at a discount to net asset value, with the price-to-book ratio below 1x. The implied price-to-earnings level also sits below the double-digit range the stock has occupied in past periods of earnings improvement.
This partly reflects the volatility seen in results — a sharp decline in 2025 net profit versus the prior year and a return to a quarterly operating loss in 2Q26 — so the multiple level alone should not be read in isolation.
No cash dividend has been confirmed in the most recent fiscal year, so dividend-related metrics are not applicable at this time. Ultimately, valuation appears to move together with quarterly earnings swings and shifting market expectations around the customer's new-product cycle.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
IBK Securities projected the automotive revenue mix would expand from about 6% in 2025 to around 11% in 2026. In a business structure heavily reliant on a single mobile customer, a growing automotive FPCB share could diversify the revenue base.
This is occurring alongside a shift of production lines to Vietnam, which may also support cost structure improvement.
Operating profit recovered quickly from a 2Q25 trough of KRW 1.76bn to KRW 5.85bn in 3Q25 and KRW 12.46bn in 4Q25.
This reflected volume increases tied to new product launch timing, leaving open the possibility of a similar pattern in future peak seasons, though this is a historical pattern with no guarantee of repetition.
Demand for Multi FPCB and Rigid FPCB is reportedly rising in electric vehicles, medical devices, and robotics. The company is developing higher-difficulty FPCB products and new technologies, indicating ongoing business diversification aimed at reducing reliance on the mobile cycle.
Revenue is heavily dependent on Samsung Electronics and Samsung Display, and a decline in digitizer sales in 2Q26 fell well short of market expectations, contributing to a quarterly operating loss. This illustrates how a shift in the customer's product specifications or order volume can cause sharp swings in results.
Market entry by low-cost Chinese and Southeast Asian suppliers, along with rigid PCB makers moving into the FPCB market, is reportedly intensifying price competition. This has been cited as one factor behind the profitability deterioration seen in 2025 and 1Q26.
In 2Q26 both operating profit and net profit turned negative. This suggests that a combination of off-season volume declines and cost pressures could lead to recurring quarterly losses going forward.
High revenue dependence on Samsung Electronics and Samsung Display means changes in their smartphone or foldable product specifications or order volumes directly affect results.
A reduction in the number of models using a specific component such as the digitizer could cause both revenue and profit to fall simultaneously.
Market entry by low-cost Chinese/Southeast Asian suppliers and rigid PCB makers is intensifying price competition in the FPCB market. This could create structural pressure where revenue growth does not translate into margin improvement.
Given the export-heavy business structure, exchange rate fluctuations and rising raw material costs can directly affect profitability. Brokerage analysis has also noted that higher input costs could reduce volumes specifically in the lower-end product segment.
Timing of the 3Q26 earnings disclosure — worth checking whether the company returns to profitability and repeats the typical peak-season recovery pattern seen after 2Q losses.
Whether Samsung Electronics confirms reapplication of the S-Pen (digitizer) in the Galaxy Z Fold8 launch — the outcome would materially affect sales of the company's core product.
Whether the automotive revenue mix actually rises toward the roughly 11% level projected by IBK Securities, and whether the shift of production lines to Vietnam proceeds as planned.
Whether revenue and profit repeat a recovery similar to 4Q25 during the year-end peak season for new smartphone shipments.
Interflex is a KOSDAQ component maker focused on FPCB supply to Samsung Electronics and Samsung Display, with revenue and profit peaking in 2024 before all three key metrics — revenue, operating profit, and net profit — declined in 2025.
On a quarterly basis, the company showed a clear recovery in the third and fourth quarters of 2025 after a trough in the second quarter, but volatility persisted, with operating profit softening again in 1Q26 and both operating profit and net profit turning negative in 2Q26.
From an industry perspective, structural growth opportunities exist as FPCB applications expand into electric vehicles, medical devices, and robotics, but competition is simultaneously intensifying from low-cost Chinese and Southeast Asian suppliers and rigid PCB entrants.
The company continues efforts to reduce its reliance on a single mobile customer through an expanding automotive revenue mix, growth of its Vietnamese production base, and development of higher-value FPCB products.
The specifications and order volumes for Samsung Electronics' upcoming products, including the Galaxy Z Fold8, remain a key variable for future results. Before forming any investment view, it appears worthwhile to track the next quarterly earnings disclosure alongside the customer's new product launch schedule.
Report written 2026-09-05 · Data as of 2026-09-04
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