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
Loss narrowing continues in the shipbuilding-component and motor businesses, but an audit opinion disclaimer for FY2025 and an ongoing trading halt leave the listing status uncertain until the improvement period concludes.
FY2025 revenue was KRW 28.16bn (down from the prior year), the operating loss narrowed to KRW 5.75bn from KRW 10.05bn, and the net loss narrowed to KRW 11.90bn from KRW 21.43bn.
Both Q1 and Q2 of FY2026 posted smaller net losses year over year, with Q2's KRW 1.07bn net loss the smallest in the trailing five quarters.
The FY2025 audit report carried a disclaimer of opinion citing going-concern uncertainty, triggering a formal delisting cause, which overlaps with a qualitative listing-eligibility review tied to former executives' alleged embezzlement/breach of trust (KRW 16.35bn, 27.51% of equity at the time).
Common shares have been suspended from trading since July 3, 2025, and the company filed an objection that resulted in an improvement period being granted.
The debt ratio declined from 74.6% in 2022 to 44.9% in 2025, but operating cash flow was negative in all four years, leaving internal cash generation weak.
Medicox was founded in 1998 as a software development and e-commerce software supplier, listed on KOSDAQ in 2001, and later pivoted into shipbuilding components and motor/generator manufacturing.
The shipbuilding segment fabricates specialty blocks for nine areas of a vessel including bow, stern, propeller boss, and engine room, supplying Hyundai Heavy Industries.
The motor segment produces high-voltage motors above 440V for power plants, steel mills, and industrial facilities, supplying Hyosung Heavy Industries and Hyundai Rotem as well.
Both businesses operate as subcontractors heavily dependent on their heavy-industry customers, with performance tied to the order cycles of those end clients. Separately, the company has stated it is pursuing product performance upgrades toward high-efficiency equipment and various efforts to enter the bio business.
However, the revenue contribution or concrete progress of these new bio and secondary-battery initiatives is not confirmed in publicly disclosed data. Segment-level revenue breakdowns are not separately disclosed, so shipbuilding components and motors/generators appear to form the two pillars of consolidated revenue.
Recently, with management-change issues and audit-opinion risk coming to the fore, stabilizing existing operations and governance has taken priority over new-business expansion.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.7B | -₩1.5B | −18.9% |
| 2025Q3 | ₩6.7B | -₩900M | −13.8% |
| 2025Q4 | ₩7B | -₩1.3B | −19.3% |
| 2026Q1 | ₩6.3B | -₩1B | −16.3% |
| 2026Q2 | ₩6.4B | -₩1.1B | −17.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩21.8B | -₩12.3B | -₩42.6B | −56.5% | −67.4% | 74.6% |
| 2023 | ₩26.9B | -₩10.7B | -₩34.4B | −39.7% | −54.4% | 54.4% |
| 2024 | ₩30.6B | -₩10B | -₩21.4B | −32.8% | −40.9% | 55.2% |
| 2025 | ₩28.2B | -₩5.7B | -₩11.9B | −20.4% | −25.3% | 44.9% |
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 rose from KRW 21.82bn in 2022 to KRW 26.88bn in 2023 and KRW 30.61bn in 2024, before declining to KRW 28.16bn in 2025. The operating loss narrowed sharply from KRW 12.33bn in 2022 to KRW 5.75bn in 2025, and the net loss attributable to owners shrank from KRW 42.62bn to KRW 11.90bn over the same period.
The operating margin improved from -56.5% in 2022 to -39.7% in 2023, -32.8% in 2024, and -20.4% in 2025, with the negative margin shrinking every year. The debt ratio also eased from 74.6% in 2022 to 54.4% in 2023, 55.2% in 2024, and 44.9% in 2025.
However, operating cash flow was negative in all four years -KRW 9.16bn (2022), -KRW 8.89bn (2023), -KRW 6.63bn (2024), and -KRW 3.43bn (2025) - indicating that despite the improving income statement, the company has not yet generated cash internally.
On a quarterly basis, revenue of KRW 7.67bn with an operating loss of KRW 1.45bn and net loss of KRW 3.72bn in Q2 2025 narrowed to revenue of KRW 6.69bn, an operating loss of KRW 0.92bn, and a net loss of KRW 1.92bn in Q3 2025, before widening again in Q4 to revenue of KRW 6.98bn, an operating loss of KRW 1.35bn, and a net loss of KRW 3.37bn.
Into 2026, Q1 posted revenue of KRW 6.33bn, an operating loss of KRW 1.03bn, and a net loss of KRW 1.57bn, while Q2 recorded revenue of KRW 6.44bn, an operating loss of KRW 1.11bn, and a net loss of KRW 1.07bn - the smallest net loss of the trailing five quarters even as revenue continued to edge lower.
Owners' equity fell from KRW 63.24bn in 2022 to KRW 47.11bn in 2025, reflecting a growing accumulated deficit that continues to erode the capital base.
In shipbuilding, tightening International Maritime Organization environmental regulations and the expansion of EU carbon-emissions trading continue to pressure aging-vessel replacement, sustaining demand for high-value eco-friendly vessels such as LNG carriers.
Medicox's shipbuilding-component segment appears to have benefited from this demand growth alongside expanding aging-fleet replacement needs, resulting in higher orders. The motor and generator segment shows improved profitability as previously delayed capital investment and maintenance demand resumed.
Expanding domestic power-equipment production and railway network extension are cited as factors likely to sustain demand for railway-vehicle motors over the medium term.
However, both businesses remain heavily dependent on a small number of large customers -Hyundai Heavy Industries, Hyosung Heavy Industries, and Hyundai Rotem- meaning results are strongly tied to those customers' investment timing and order allocation.
Within the KOSDAQ shipbuilding-components and electrical-equipment segment, Medicox is a relatively small subcontracting player, which leaves it comparatively exposed to margin pressure from raw-material and labor-cost fluctuations.
While industry-level improvement signals are evident, the company's governance and audit-opinion risks constrain how fully any sector tailwind can translate into reported results.
The company has proposed a funding plan involving a rights offering and convertible bond issuance to resolve going-concern uncertainty.
However, its external auditor stated in the audit report that it could not confirm sufficient evidence the plan would be realized, which contributed to the disclaimer of opinion for FY2025.
The company filed an objection to the delisting notice on April 13, 2026, and the Korea Exchange disclosed that it granted an improvement period running through 10 days after the statutory deadline for the next annual report.
Trading suspension continues throughout this period, though the exact schedule may shift depending on filing-deadline extensions or sanction waivers, according to the exchange.
An industry source noted that merely disclosing a funding plan is insufficient, and that actual cash inflow -such as completed rights-offering payments- must come first.
As of year-end 2025, current liabilities exceeded current assets by roughly KRW 8.8bn, a negative working-capital position under which normal operations are difficult to sustain without external funding.
Key items to watch going forward are whether the capital raise and CB proceeds are actually received, whether the audit opinion shifts to unqualified in the next report, and the exchange's ultimate listing decision at the end of the improvement period.
It should first be noted that trading in this stock has been suspended since July 2025, and the price displayed reflects the last reference price before suspension rather than the result of ongoing supply-and-demand price formation.
Under these conditions, comparing valuation metrics such as the price-to-book ratio or dividend yield against historical trading bands or industry averages carries limited meaning.
The price-to-book level should be read alongside the trend of shrinking owners' equity each year, and the absence of dividend payments in recent years also limits any yield-based comparison.
Rather than conventional earnings-based valuation, the audit-opinion outcome and the result of the listing-eligibility review function as preconditions for any future price formation in this stock.
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
Both the operating loss and net loss have narrowed each year since 2022, and the Q2 2026 net loss was the smallest of the trailing five quarters. The operating margin also improved from -56.5% to -20.4%. The debt ratio declined from 74.6% to 44.9%, showing gradual balance-sheet improvement.
Tightening international environmental regulations are driving demand for high-value vessels such as LNG carriers and for aging-fleet replacement, which appears to have translated into higher orders for the shipbuilding-component segment.
The motor and generator segment has also shown improved profitability from resumed delayed capex and maintenance demand.
Demand for railway-vehicle motors, driven by expanding domestic power-equipment production and railway network extension, is expected to continue over the medium term. This represents a demand base separate from the shipbuilding cycle, potentially providing some diversification buffer.
The FY2025 audit report received a disclaimer of opinion citing going-concern uncertainty, triggering a formal delisting cause.
This overlaps with a qualitative listing-eligibility review tied to governance risk, placing the company in a structure where both qualitative and formal requirements can simultaneously trigger delisting.
Failure to demonstrate financial-structure improvement and realizable funding within the improvement period could lead to delisting.
Operating cash flow was negative in all four years from 2022 through 2025. As of year-end 2025, current liabilities exceeded current assets by roughly KRW 8.8bn, a negative working-capital position under which sustaining normal operations without external funding is difficult, per industry assessment.
Seven former executives were indicted for alleged violations of the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement and breach of trust) and the Capital Markets Act, placing the company under a listing-eligibility review.
The alleged embezzlement/breach-of-trust amount was KRW 16.35bn, equal to 27.51% of equity at the time, creating a structure where governance damage undermines funding capacity.
Common shares have been suspended from trading since July 3, 2025, and with both an audit disclaimer and a listing-eligibility review overlapping, delisting could be finalized at the end of the improvement period. An objection has been filed, but the outcome is not yet determined.
Owners' equity has declined each year amid a growing accumulated deficit, and negative working capital combined with four consecutive years of negative operating cash flow show that failure to secure external funding could translate directly into a liquidity crisis.
Litigation over alleged embezzlement and breach of trust by former executives is ongoing, and the outcome of related criminal proceedings and potential damages claims could continue to affect the financial statements and the listing-eligibility review.
Around the statutory filing deadline for the Q3 report, it is worth checking whether preliminary results are disclosed and whether the revenue/loss trend continues.
Whether the FY2026 audit report shifts to an unqualified opinion is the key variable for resolving the delisting cause.
This is when the Korea Exchange makes its final decision on listing maintenance or delisting, which will also determine whether trading resumes.
Whether and how much of the proposed rights offering and CB proceeds are actually received directly supports resolving going-concern uncertainty.
Medicox has steadily narrowed its operating and net losses since 2022 across its two core businesses -shipbuilding components and motors/generators- while its debt ratio has also eased gradually.
However, the FY2025 audit report received a disclaimer of opinion due to going-concern uncertainty, triggering a formal delisting cause, which overlaps with a listing-eligibility review tied to alleged embezzlement and breach of trust by former executives.
Common shares have been suspended from trading since July 2025, and the exchange will make a final decision on listing maintenance or delisting at the end of the improvement period.
Four consecutive years of negative operating cash flow and negative working capital show that the feasibility of external funding is the key factor for the company's continued viability.
The company has proposed a rights offering and convertible bond issuance, but its external auditor stated it could not confirm sufficient evidence that these plans would be realized.
While the shipbuilding and power-infrastructure industry backdrop shows positive signals, in this company's case that tailwind is unlikely to fully translate into results and price unless governance and audit-opinion risks are resolved.
Investors should track a sequence of confirmable events: whether the audit opinion shifts to unqualified, whether the proposed funding is actually completed, and the exchange's final listing decision.
Report written 2026-09-05 · Data as of 2026-09-04
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