Mirae Industry is a semiconductor back-end equipment maker that builds test handlers (ATE), which automatically load finished chips into test equipment and sort out good and defective units, and chip mounters (MAI), which precisely place components onto printed circuit boards; since 2025 the weight and value of the inspection-equipment side have grown sharply. From May into early June 2026, a run of inspection-equipment supply contracts followed one after another, with China's Unimos (about ₩8.0 billion), SK Hynix (about ₩6.6 billion combined), YMTC (about ₩3.6 billion), and YILING (about ₩15.4 billion), piling up orders well over half of last year's consolidated revenue in a short span, and on June 8 it decided to acquire a 36.83% controlling stake in Alois for about ₩20.4 billion. What stands out lately is that the core business is tied to the AI-memory investment cycle and is being confirmed through orders, with an operating margin in the 18% range and a current ratio of 304% giving it room. On the other hand, a large share of revenue is concentrated in Chinese customers and exports, so order flow can be shaken by U.S.-China regulation, exchange rates, or the pace of customers' investment.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 87.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 336.7% higher than a year earlier.
- ROE is 8.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 18.0%.
Ownership & governance As of 2025-12-31
Largest shareholder Nexturn & Roll Korea 32.31% (corporate)
Controlling bloc incl. related parties 32.31%
With the controlling bloc holding 32%, the ownership structure is stable.
🔎 In-depth analysis
- Mirae Industry makes equipment used in the inspection process that, after chips are made, screens out whether they 'work properly.' There are two core pillars.
- First, the ATE division's test handlers, which automatically load finished chips into test equipment and sort good units from defective ones.
- Second, the MAI division's chip mounters and component inserters, which precisely place components onto printed circuit boards (PCBs).
- In the past (2024) the revenue mix was roughly 60% chip mounters and about 40% semiconductor inspection equipment, but from 2025, with rising semiconductor demand and expanded capital spending in China, the weight and value of the inspection-equipment side grew sharply.
- In other words, seeing it as 'a company that makes semiconductor back-end equipment and sells it to memory makers at home and abroad' is closer to how it actually earns money.
- The latest close is ₩41,750 and market capitalization is ₩212.5 billion.
- The price sits below its 20-day moving average (₩45,525) but above its 60-day line (₩30,716).
- With the short- and medium-term trends diverging, direction should be read in two parts.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 50.1, at a neutral level.
- The one-month change is +15.5%, the three-month change is +226.2%, and the price stands -30.8% below its 52-week high.
- Relative strength versus KOSPI is 99 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 1% of all stocks by strength.
- Over the past three months it outpaced the index by 148.3%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- The P/E ratio (how many times one year of profit the share price represents) is 21.02x and P/B (how many times net assets the price represents) is 1.73x.
- ROE (how much it earns in a year on equity) is 8.2%, a middling level, but an operating margin of 18.0% and net margin of 19.9% mean the margin left on each sale is fairly thick.
- The balance sheet is solid: the debt ratio (debt to equity) of 124% is at a middling level, and the current ratio (assets convertible to cash within a year against debt due within a year) of 304% gives ample short-term liquidity, so it has the wherewithal to withstand a fast-growing top line.
- One point deserves emphasis: the P/E of 20.59x is on 'last year's (2025) confirmed profit.' But this company's profit has been rising fast into 2026, so a multiple divided by last year's profit makes it look pricier than its actual current earnings footing.
- On a forward P/E reflecting this year's expected profit, it actually sits noticeably lower than peer companies making the same semiconductor inspection equipment (last year's P/E in the 60-140x range).
- That is why judging it 'expensive' on trailing figures alone is hard.
- The top-line recovery is clear.
- Revenue moved from ₩21.7 billion in 2023 (an operating-loss year) to ₩27.0 billion in 2024 and ₩50.8 billion in 2025, up +87.8% year on year with the growth pace quickening.
- Net profit also expanded after turning positive, from -₩29.0 billion in 2023 to ₩7.1 billion in 2024 and ₩10.1 billion in 2025.
- The clearest change came in the first quarter of 2026: revenue rose +336.7% year on year, operating profit +15.7%, and net profit +61.6%, and Q1 revenue of ₩20.7 billion equals about 41% of last year's full-year revenue.
- In a single quarter it filled nearly half of last year's top line.
- This leap is no accident, and the reason lies in demand and orders.
- As AI-server memory demand revived, Chinese memory makers and SK Hynix are expanding capacity at the same time, and Mirae Industry won the inspection equipment going into those lines in a run of orders in May-June 2026.
- The inspection-equipment supply contracts piled up in a short span alone exceed half of last year's consolidated revenue, and a large portion will be delivered within 2026.
- In other words, the basis for this year's profit growing this much lies in the substance of 'orders already in hand' and 'the memory capex cycle.' As a result, the forward P/E reflecting this year's expected profit comes down to less than half the multiple on last year's confirmed profit.
- That is why a trailing multiple based on last year's profit alone fails to show this company's current earnings footing properly.
- From May into early June 2026, over a span of about three weeks, semiconductor inspection-equipment supply contracts followed one after another.
- On May 13, China's Unimos in Wuhan (about ₩8.0 billion, 15.7% of last year's revenue); on May 20, two contracts with SK Hynix (about ₩6.6 billion combined); on May 27, China's YMTC (Yangtze Memory, about ₩3.6 billion); and on June 1, China's YILING (about ₩15.4 billion, 30.4% of last year's revenue).
- Added up, orders well over half of last year's consolidated revenue piled up in a short span, and much of it will be delivered within 2026.
- The customer roster of Chinese memory (YMTC) and SK Hynix maps precisely onto the industry backdrop of AI-driven memory demand and China's memory-capacity expansion.
- Meanwhile, on June 8 it decided to acquire a 36.83% controlling stake in Alois, a communications and broadcasting equipment company, for about ₩20.4 billion (scheduled July 9), a move to broaden its business scope.
- Starting with the strong side, the core business of semiconductor back-end equipment is being clearly confirmed through orders into 2026, and results are climbing fast.
- Inspection-equipment supply contracts exceeding half of last year's revenue have piled up in a short span, and the customers being Chinese memory and SK Hynix connect it directly to the AI-memory investment cycle.
- The margin is thick, with an operating margin in the 18% range, and a current ratio of 304% gives it the funding wherewithal to handle a growing top line.
- Among companies in the same business, that means it is on the cheaper side relative to this year's profit.
- There is a side to watch as well.
- A large share of revenue is concentrated in Chinese customers and exports, so order flow can be shaken by U.S.-China semiconductor regulation, exchange rates, or the pace of customers' capital spending.
- Equipment supply contracts can be changed or delayed by negotiation, so a process of confirming through quarterly results whether orders translate into actual delivery and revenue is needed.
- In short, the stock is strong when the memory-capex cycle continues and the accumulated orders are realized as revenue, and weak when the industry, regulation, or the pace of customer investment turns down.
- The core is the core business's recovery and a valuation on this year's profit that is low versus peers, while the China concentration and the speed at which orders turn into revenue are the variables to watch.
🔎 Valuation vs peers Inconclusive
Grouped with a direct peer set of semiconductor inspection and back-end equipment makers (test, burn-in, socket, handler).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| DI Corporation | 118.27x | 3.69x | 3.12% |
| TSE | 64.81x | 6.33x | 9.77% |
| Mirae Industry | 21.02x | 1.73x | 8.25% |
Against direct peers DI Corporation (P/E 161x) and TSE (P/E 72x), Mirae Industry's P/E of 21.7x and P/B of 1.79x on last year's basis sit noticeably lower. But it is hard to read that lowness straight as 'cheap.' The peers already price in a large expected profit increase, forming high multiples, whereas Mirae Industry only just began an inflection with profit rising quickly in the first quarter of 2026, so the trailing P/E on last year's confirmed profit has the limitation of not showing its current footing properly. The forward multiple reflecting this year's growing profit falls well below last year's basis and widens the gap versus peers, but that rests entirely on the premise that orders turn into actual delivery and revenue. Considering the concentration in Chinese customers and exports along with regulatory risk, rather than declaring it undervalued outright, it is more appropriate to hold judgment as 'sitting lower than peers, but pending until results are confirmed.'
Price history Close · MA20 · MA60
The latest close is ₩41,750 and the market capitalization is ₩212.5 billion. The price sits below its 20-day moving average (₩45,525) and above its 60-day moving average (₩30,716). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.1, a neutral level. The one-month change is +15.5%, the three-month change is +226.2%, and the position relative to the 52-week high is -30.8%. Relative strength versus the KOSPI is 99 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 99% of all stocks. Over the past three months it outpaced the index by 148.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +148.32% / 6M +95.85% / 12M +2583.05%
Key metrics vs sector median
Valuation
The P/E of 21.02x is in line with the sector median (22.72x). The P/B of 1.73x is in line with the sector median (1.61x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.2%, above the sector average (5.0%). The operating margin is 18.0%. The debt ratio is 124.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $14.4M | $17.9M | $33.7M | +87.78% ↑ faster |
| Operating profit | -$10.6M | $8.0M | $6.1M | -24.57% |
| Net profit | -$19.2M | $4.7M | $6.7M | +42.29% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.0M | $37.2M | $14.4M | $17.9M | $33.7M |
| Operating profit | $5.6M | $5.3M | -$10.6M | $8.0M | $6.1M |
| Net profit | $5.0M | $5.3M | -$19.2M | $4.7M | $6.7M |
| Revenue CAGR | 4-yr avg 1.24% | ||||
Revenue rose 87.8% year over year (2023 ₩21.7 billion → 2024 ₩27.0 billion → 2025 ₩50.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 24.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.2%. The two-year revenue CAGR is 52.8%. In the most recent quarter (Q1 2026), revenue was 336.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 87.8% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-06-01UpdateSigned a semiconductor inspection-equipment supply contract with China's YILING TRADING. Amount ₩15.42 billion (USD 10.26 million), 30.37% of last year's consolidated revenue. Delivery ends 2026-12-15.A large single order equal to 30% of last year's revenue. It is highly likely to feed directly into second-half 2026 revenue. Source
- 2026-05-27UpdateSigned a semiconductor inspection-equipment supply contract with China's YMTC (Yangtze Memory). Amount ₩3.58 billion (USD 2.36 million), 7.04% of revenue. Ends 2027-07-01.An order to a leading Chinese NAND memory maker, a signal connected to China's memory-capacity expansion cycle. Source
- 2026-05-20UpdateSigned two semiconductor inspection-equipment supply contracts with SK Hynix. About ₩6.6 billion combined (₩2.64 billion + ₩3.96 billion), roughly 13% of revenue combined. Delivery June-October 2026.Confirms a major domestic memory customer. Suggests it is capturing domestic HBM and memory investment demand alongside exports to China. Source
- 2026-05-13UpdateSigned a semiconductor inspection-equipment supply contract with China's Unimos Microelectronics in Wuhan. Amount ₩7.99 billion (USD 5.42 million), 15.74% of revenue. Delivery July-August 2026.An order to China worth over 15% of last year's revenue. The starting point of a run of supply contracts in a short span. Source
- 2026-06-08FilingDecided to acquire a 36.83% controlling stake (about ₩20.4 billion) in Alois, a communications and broadcasting equipment maker. Funded from company reserves, acquisition scheduled 2026-07-09. An outside valuation puts the acquisition price (₩1,600 per share) within a fair range.An attempt to broaden the business portfolio beyond the core. A growth opportunity as well as an integration and funding burden. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩50.8 billion | ₩50,777,866,585 | Confirmed | link |
| Cumulative size of new May-June supply contracts | revenue approx. 66% | Unimos 15.74% + SK 5.20%+7.79% + YMTC 7.04% + YILING 30.37% | Confirmed | link |
| 2026 estimated net profit / forward multiple | self-estimate net profit(>0) approx. 10x | — | Unverified | link |
Recent filings
- 2026-06-08Material-fact report
- 2026-06-05Disclosure
- 2026-06-05Shareholders' meeting notice
- 2026-06-01Single supply/sales contract
- 2026-05-29Corporate governance report
- 2026-05-27Single supply/sales contract
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-20Single supply/sales contract
- 2026-05-20Single supply/sales contract
- 2026-05-13Single supply/sales contract
- 2026-05-13PeriodicQuarterly report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.