Anapass Inc

Anapass Inc maintains a strong liquidity position with KRW 27,062,973,980 in cash and equivalents, representing 23.3% of total assets. The company's liquidity FPT score of 4.65 indicates a healthy price-to-book ratio, supported by a current ratio of 1.82 and low debt-to-equity of 0.09. Free cash flow of KRW 3,145,103,670 and operating cash flow of KRW 8,671,931,870 further reinforce its ability to fund operations and growth without external financing.

Profitability metrics show mixed performance relative to industry norms. Return on equity of 5.81% and return on assets of 2.86% fall below the median for the Semiconductors industry, which typically sees ROE above 10% and ROA above 5%. Gross margin of 20.0% aligns with industry norms, but operating margin of 4.7% lags behind the 8-10% range seen in top performers. The price-to-earnings ratio of 79.94 suggests the market is pricing in high growth expectations despite current earnings performance.

Geographic and segment exposure is concentrated in mobile communication components, with no disclosed regional revenue breakdown. The company's product portfolio is entirely focused on RF front-end modules, which account for 100% of revenue. This specialization creates both competitive advantages in niche markets and exposure to demand cycles in the mobile device sector.

Growth trajectory shows significant divergence between actual and estimated performance. While the company reported revenue of KRW 36,919,501,420, analyst estimates suggest a much lower KRW 300,300,000,000 for the same period. This discrepancy indicates either a reporting anomaly or a potential misalignment in market expectations. Capital expenditure of KRW -1,344,812,120 (net outflow) suggests ongoing investment in production capacity or R&D.

Risk assessment reveals low liquidity and dilution risk, with no immediate filing-based flags detected. The company's low debt-to-equity ratio and strong cash position reduce refinancing risk. However, the high price-to-earnings ratio of 79.94 and ev-to-ebitda of 141.60 suggest valuation sensitivity to earnings shortfalls. No dilution sources were identified in recent filings, and the company has not issued new shares in the past 12 months.

Recent events include a significant revenue discrepancy between actual (KRW 36.92 billion) and analyst estimates (KRW 300.3 billion). This gap raises questions about either reporting accuracy or analyst assumptions. No recent earnings call transcripts or 10-K filings were available for detailed analysis.

Operating income surged 158.5% year-over-year to 4.1 billion KRW, demonstrating significant operational leverage and profitability expansion.

Cash conversion ratio of 2.61 ranks in the top quartile of the semiconductor cohort, highlighting strong cash generation efficiency.

Low dilution, liquidity, and credit risk flags suggest a stable financial foundation with minimal immediate structural threats to shareholder value.

Free cash flow turned negative at -930 million KRW in FY2026, reversing previous positive trends and raising liquidity concerns.

Return on invested capital of 2.76% remains modest, suggesting limited ability to generate substantial excess returns on deployed capital.

Revenue KRW 108.17B, −40,6% YoY; Operating income +0,5% YoY.

• ▍Revenue KRW 108.17B, −40,6% YoY
• ▍Operating income +0,5% YoY
• ▍Net income −89,0% YoY
• ▍Free cash flow −104,9% YoY
• ▍Net margin 1.8%

Revenue KRW 182.21B, +155,0% YoY; Operating income +388,3% YoY.

• ▍Revenue KRW 182.21B, +155,0% YoY
• ▍Operating income +388,3% YoY
• ▍Net income +571,9% YoY
• ▍Free cash flow +729,8% YoY
• ▍Net margin 9.9%