PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Newflex is broadening its flexible printed circuit board (FPCB) applications from mobile camera modules toward Meta AI glasses, automotive, and battery uses, even as consolidated revenue has declined for four straight years since 2022 and quarterly operating margins have swung widely.
Consolidated revenue fell for four consecutive years, from KRW 260.3 billion in 2022 to KRW 154.1 billion in 2025.
The operating margin slid to below 1% in Q1 2026 before recovering only modestly in Q2.
Newflex is the sole domestic supplier of camera-module FPCB for Meta's AI glasses and is expanding into automotive, EV battery, and humanoid vision-sensing applications.
The founder stepped down as CEO in favor of his son as sole representative, and proceeds from the sale of the Ansan plant are earmarked for Vietnam production investment.
The debt ratio improved markedly, falling from 162.3% in 2022 to 51.7% in 2025.
Founded in 2000, Newflex is a specialized manufacturer of flexible printed circuit boards (FPCB), also operating a related metal PCB (MPCB) business.
Its core products include FPCBs for smartphone camera modules, folded-zoom modules, fingerprint sensors and wireless charging, and it has recently expanded into FPCBs for XR device camera modules and EV battery modules.
Key customers include Samsung Group's electronics affiliates, LG Group's electronics affiliates, and China's Sunny Optical, and the company also supplies a core component for a North American Big Tech customer's AI glasses.
Production is centered on its Vietnamese subsidiary, Vina Newflex, which accounted for more than 95% of consolidated revenue of KRW 35.0 billion in the first quarter of 2026.
After establishing a back-end-only Vietnamese subsidiary in 2015 and a full-process subsidiary in 2018, the company is now constructing a third plant in Vietnam.
Domestically, the FPCB industry is contested by BH, Interflex, and SI Flex after Daeduck Electronics scaled back its FPCB operations, with BH holding a relatively strong position in display FPCB.
Newflex has built its position in camera-module and XR applications by absorbing volume from competitors, and it is now diversifying its customer base into EV battery FPCB and vision-sensing FPCB for a domestic humanoid robotics company.
A notable organizational shift occurred in May 2026, when founder Lim Woo-hyun stepped down as CEO in favor of his elder son, Lim Si-yeon, who now serves as sole representative.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩40B | ₩3.2B | 8.1% |
| 2025Q3 | ₩38B | ₩2.1B | 5.6% |
| 2025Q4 | ₩39.6B | ₩3.2B | 8.1% |
| 2026Q1 | ₩35B | ₩300M | 0.8% |
| 2026Q2 | ₩37.1B | ₩1.4B | 3.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩260.3B | ₩17.9B | ₩14.4B | 6.9% | 22.0% | 162.3% |
| 2023 | ₩195.1B | ₩10.3B | ₩6.8B | 5.3% | 9.3% | 121.6% |
| 2024 | ₩175.9B | ₩14.6B | ₩16.1B | 8.3% | 15.9% | 63.8% |
| 2025 | ₩154.1B | ₩9.2B | ₩8.8B | 6.0% | 8.1% | 51.7% |
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
Consolidated revenue fell for four straight years, from KRW 260.3 billion in 2022 to KRW 195.1 billion in 2023 (-25.0%), KRW 175.9 billion in 2024 (-9.8%), and KRW 154.1 billion in 2025 (-12.4%).
Operating profit dropped from KRW 17.9 billion (6.9% margin) in 2022 to KRW 10.3 billion (5.3%) in 2023, rebounded to KRW 14.6 billion (8.3%) in 2024, then slipped back to KRW 9.2 billion (6.0%) in 2025.
Owners' net income swung considerably year to year: KRW 14.4 billion in 2022, KRW 6.8 billion in 2023, KRW 16.1 billion in 2024, and KRW 8.8 billion in 2025.
On a quarterly basis, revenue of KRW 40.0 billion and operating profit of KRW 3.2 billion (8.1% margin) in Q2 2025 softened to KRW 38.0 billion revenue and KRW 2.1 billion operating profit (5.6%) in Q3, before recovering to KRW 39.6 billion revenue and KRW 3.2 billion operating profit (8.1%) in Q4.
In Q1 2026, revenue slipped to KRW 35.0 billion and operating profit plunged to KRW 0.3 billion (0.8% margin), and Q2 2026 revenue of KRW 37.1 billion still produced only KRW 1.4 billion of operating profit (3.8%), below the year-earlier Q2 2025 margin of 8.1%.
Net margins have diverged from operating margins at times, with net margin exceeding operating margin in Q3 and Q4 2025 and Q1 2026, suggesting non-operating items influenced those quarters.
Operating cash flow dropped sharply from KRW 42.7 billion in 2024 to KRW 14.7 billion in 2025, a swing that, set against KRW 5.9 billion in 2023 and KRW 23.7 billion in 2022, underscores significant year-to-year volatility.
Over the latest four reported quarters (Q3 2025 through Q2 2026), combined revenue reached KRW 149.6 billion with operating profit of KRW 7.0 billion and owners' net income of KRW 10.0 billion, showing a lower operating margin than the full-year 2025 figure.
The FPCB industry has faced a generally soft environment driven by slowing smartphone demand and intensifying competition, with industry observers suggesting that surviving players would eventually benefit from greater volume and economies of scale.
In display FPCB, Samsung Electro-Mechanics and LG Innotek have scaled back or exited the business, a shift seen as concentrating benefits among remaining suppliers such as BH.
The camera-module FPCB segment has also undergone restructuring, and Newflex is seen as having stabilized production by absorbing additional volume from competitors.
More recently, the XR and AI-glasses market has emerged as a new growth vector, as Meta and other global Big Tech firms position smart glasses as the next computing device, drawing attention to related FPCB demand.
At the same time, the automotive industry's shift toward EVs and autonomous driving is boosting demand for automotive and battery FPCBs that can replace wiring harnesses.
However, some analysis notes that revenue recognition for battery FPCB orders has lagged behind order intake, suggesting it will take more time before the automotive segment becomes a meaningful revenue contributor.
In the competitive landscape, Newflex has carved out a niche position in mobile camera-module, folded-zoom, and XR applications, while competitors such as BH are understood to hold larger shares in other applications such as display FPCB.
In an April 23, 2026 self-disclosed value-up plan, the company set profitability improvement through revenue diversification and cost competitiveness, along with 2026 capacity expansion via overseas subsidiary capex, as key goals.
In July 2026, it agreed to sell the Ansan plant site and building for roughly KRW 52.8 billion, with proceeds earmarked for upgrading Vietnamese production capacity and for new processes linked to FPCB.
In Vietnam, the company is constructing a third plant to meet surging demand, which would become its third production base after the existing back-end-only and full-process subsidiaries.
On the product side, two new Meta AI-glasses camera-module FPCB models were reported to be under exclusive development, while supply of components for Samsung's Galaxy S series continues.
In the automotive segment, the company is reportedly pursuing multiple EV battery FPCB projects with domestic Tier-1 cell-maker vendors and global automakers, and it has also secured a new order for vision-sensing FPCB from a domestic humanoid robotics company.
However, some analysis notes that battery FPCB revenue recognition continues to lag order intake amid a prolonged industry downturn, meaning the timing for visible automotive-segment revenue contribution still needs confirmation.
Total borrowings of KRW 22.4 billion and liquid assets (cash and short-term financial instruments) of KRW 13.5 billion as of Q1 2026 are expected to improve further in liquidity terms once the Ansan plant sale proceeds are received.
Newflex's shares trade at a level that represents a discount to net asset value, and relative to the double-digit earnings multiples seen in 2022-2024, the current multiple on reported earnings appears comparatively low.
Against the KOSDAQ electrical and electronics industry average dividend yield of 0.56% and the broader KOSDAQ average of 0.71%, the company's dividend yield is understood to run above those benchmarks.
That said, given that profit growth in 2024 was followed by a decline in 2025 and a lower operating margin in the first half of 2026, a direct comparison of the current multiple to historical averages is not straightforward.
Total equity grew steadily from KRW 66.8 billion in 2022 to KRW 108.4 billion in 2025, improving the net-asset cushion, even as quarterly earnings volatility remains high.
The market appears to hold contrasting views, weighing expectations for new-business expansion in Meta AI glasses and automotive FPCB against the reality of four consecutive years of revenue decline.
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
Newflex is broadening beyond mobile camera modules into Meta AI glasses, EV battery, and humanoid vision-sensing applications. It is reported to be the sole domestic supplier of camera-module FPCB for Meta's AI glasses.
Multiple EV battery FPCB projects are reportedly underway with domestic Tier-1 cell-maker vendors and global automakers.
The debt ratio fell sharply from 162.3% in 2022 to 51.7% in 2025. Total equity also grew steadily from KRW 66.8 billion to KRW 108.4 billion over the same period. The sale of the Ansan plant secured an additional KRW 52.8 billion, expected to further widen liquidity.
In May 2026, sole leadership passed to the founder's son, Lim Si-yeon, whose first major decision was the sale of the Ansan plant. The company stated the proceeds would be used to upgrade Vietnamese production and fund new process investments.
In April 2026, it also self-disclosed a value-up plan outlining a direction toward revenue structure diversification.
Consolidated revenue declined for four consecutive years, from KRW 260.3 billion in 2022 to KRW 154.1 billion in 2025. Q1 2026 revenue was also reported lower than the year-earlier period. Slowing demand in smartphones and VR devices has been cited as a key driver.
The operating margin fell to 0.8% in Q1 2026 and remained low at 3.8% in Q2, versus 8.1% a year earlier. Annual operating margins also swung from 5.3% in 2023 to 8.3% in 2024 to 6.0% in 2025. Operating cash flow likewise dropped sharply, from KRW 42.7 billion in 2024 to KRW 14.7 billion in 2025.
Analysis has noted that battery FPCB revenue recognition continues to lag order intake amid a prolonged industry downturn. There have also been assessed bottlenecks in new AI-glasses supply to the North American customer. The timing for new businesses to materialize into visible revenue remains uncertain.
Revenue is concentrated among a small number of large customers and product lines, including Samsung's Galaxy series and Meta's AI glasses. The success or supply-schedule changes of a specific customer's model can directly affect results. While application diversification is underway, its revenue contribution still appears limited.
More than 95% of consolidated revenue came from the Vietnamese subsidiary as of Q1 2026, indicating heavy reliance on overseas production. This exposes the company to Vietnamese labor costs, foreign exchange rates, and investment approval processes.
As domestic production is scaled back in favor of expansion such as the third Vietnam plant, risks of execution delays in capex also exist.
It has only been a short time since the founder stepped down as CEO in May 2026 in favor of sole leadership by the next generation. The sale of the Ansan plant, the first major decision under the new leadership, is still in the execution stage, so the effectiveness of capital deployment requires further confirmation. The market's assessment of execution capability under the new management has not yet had time to accumulate.
The legal filing deadline for the Q3 2026 report, allowing a check on Q3 revenue, operating margin, and the revenue contribution from automotive and AI-glasses applications.
It is worth checking disclosures on the deployment of the roughly KRW 52.8 billion Ansan plant sale proceeds and progress on the third Vietnam plant investment.
These results should clarify whether battery FPCB and humanoid vision-sensing FPCB orders are translating into actual revenue, indicating the pace of new-business monetization.
This will be the first annual approval of full-year results and dividend decision under sole CEO Lim Si-yeon, serving as an initial checkpoint for assessing management performance.
Newflex is in a transitional phase, expanding from mobile camera-module FPCB into new applications such as Meta AI glasses, EV batteries, and humanoid vision-sensing.
However, consolidated revenue has declined for four consecutive years since 2022, and the operating margin remained low in 2026 at 0.8% in Q1 and 3.8% in Q2, suggesting these new businesses will need more time before they are reflected clearly in revenue and profit.
On the financial side, a steadily declining debt ratio and additional liquidity from the Ansan plant sale are positive developments, but the market has not yet accumulated a track record on execution capability following the recent generational change in management.
Analysis also notes that revenue recognition for battery FPCB orders has lagged order intake, meaning the timing of the automotive segment's revenue contribution still requires confirmation.
Investors should continue to monitor upcoming quarterly disclosures, progress on Vietnam investment, and whether new businesses begin to show up in actual revenue. This report is for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-10-02 · Data as of 2026-10-01
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.