FST earns its money from two components used in the lithography process for semiconductors and displays: the pellicle, a thin protective film placed over the photomask (the circuit master) to keep out dust (about 59% of 2025 revenue), and the chiller, which precisely maintains the temperature of semiconductor-equipment chambers (about 40%); DUV pellicle sales are driving growth, while the next-generation EUV pellicle is at the development and evaluation stage. 2025 revenue rose +18%, but expanded EUV R&D and fixed costs to support the U.S. Taylor fab pushed it to an operating loss; as that upfront investment wrapped up, earnings revived to an operating profit in Q1 2026. What stands out lately is that the top line grew for a third straight year on DUV pellicles and that the loss came not from a demand problem but from upfront investment, so the reviving earnings trend is a strength; but the balance sheet is tight, with a debt-to-equity ratio of 223.8% and a current ratio of 88.8%, and the timing of EUV pellicle mass-production results carries a range.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 223.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.8%).
- The most recent full-year net result was a loss.
- Revenue rose 18.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.6% higher than a year earlier.
- ROE is -5.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Myung-sik 15.77% (individual)
Controlling bloc incl. related parties 24.29%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- FST earns its money from two components used in the 'lithography' process — where circuits are written with light — in making semiconductors and displays.
- The first is the pellicle, a thin protective film placed over the photomask, the circuit master, to keep dust from settling on it (about 59% of 2025 revenue).
- The second is the chiller (TCU), a temperature-control device that precisely and consistently maintains the temperature of semiconductor-equipment chambers (about 40%).
- In other words, it is a semiconductor back-end component maker that sells both a material (the pellicle) and an equipment part (the chiller), and its subsidiaries include display pellicles (FST Pellicle), ceramic heaters (Fine Ceratec), and carbide semiconductor parts (FST Semi).
- Revenue growth is being driven by expanded DUV pellicle sales, while the next-generation EUV pellicle is still at the development and evaluation (qualification) stage — an area that will become a new growth axis once it enters mass production.
- The recent close is ₩21,250 and market cap is ₩460.1 billion.
- The price sits below the 20-day line (₩26,925) and the 60-day line (₩34,253).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the balance of up- and down-moves over the last 14 days on a 0-100 scale) is 30.8, around neutral.
- The one-month change is -26.9%, the three-month change is -43.6%, and it sits -57.1% from its 52-week high.
- Relative strength versus the KOSDAQ is 59 (on a 1-99 scale, weighting recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 41% of all stocks by strength.
- Over the last three months it lagged the index by 29.1%.
- Chart reading is best done alongside trading volume and the dates disclosures were filed.
- Because 2025 net profit was a loss, a P/E (how many times one year's earnings the price is) computed on last year's confirmed results cannot be derived, and this loss came — as the company disclosed — not from weak demand but from upfront-investment costs such as EUV pellicle R&D and fixed costs to support the U.S.
- Taylor fab.
- As a result, indicators built on last year's figures (trailing) do not show the company's normal earning power as it is.
- In fact, Q1 2026 operating profit turned to a ₩1.4 billion profit, and for a company whose earnings are reviving like this, it is right to look at future earnings (forward) rather than last year's results.
- The forecast P/E on future earnings runs above the peer median, a stage where recovery expectations are already priced in.
- The P/B (how many times the company's net assets the price is) is 1.91x, somewhat above the sector median (1.86x), so there is a slight premium on asset value as well.
- That said, the debt-to-equity ratio is 223.8% and the current ratio is 88.8%, so tight financial headroom is a point to keep in view.
- Revenue rose over five years from ₩213.7 billion (2021) to ₩280.3 billion (2025), and over the last three years it grew steadily from ₩197.6 billion (2023) → ₩237.4 billion (2024) → ₩280.3 billion (2025) (a two-year average of +19.1%).
- The engine of growth is clear.
- The company disclosed expanded DUV pellicle sales and new customer wins at consolidated subsidiaries as the reasons for the revenue increase, and as demand for semiconductor lithography materials grows, the core pellicle business is providing support.
- The narrowing of 2025 operating profit to -₩0.5 billion came not from a weakening top line but from spending ahead of time on EUV development and fixed costs to support the U.S.
- Taylor fab, and once these costs wrap up, earnings again follow the top line.
- That inflection has already begun: Q1 2026 revenue of ₩69.6 billion (+1.6%) came with operating profit of ₩1.4 billion, a return to profit.
- The picture of reviving future earnings (forward) stands on real grounds — the core pellicle business's revenue growth, the wrapping-up of upfront-investment costs, and the quarterly results that turned to profit.
- The disclosure flow centers on three points.
- First, in March 2026 it merged its wholly owned subsidiary IMD (maker of electrode paste and OLED sealing paste) via a small-scale absorption merger with no new share issuance, simplifying the organization (the consolidated financial impact is negligible).
- Second, in February 2026 the company itself disclosed that the cause of the 2025 +18% revenue rise with a swing to an operating loss was 'expanded R&D including EUV, fixed costs to support the U.S.
- Taylor fab, and equity-method losses at an associate,' making clear that the loss was investment-type spending for the future.
- Third, in March 2026 it continued shareholder returns by retiring 510,000 held treasury shares (purpose: enhancing corporate value) and deciding on an annual stock dividend, and in early April it directly explained its 2025 management status and business plan at an official non-deal roadshow (NDR).
- The strengths are clear.
- It has established a footing in the semiconductor lithography back-end components of pellicles and chillers; the top line grew for a third straight year as DUV pellicle sales rose; and the 2025 loss came, as the company disclosed, not from a demand problem but from upfront investment for EUV and the U.S. fab.
- As that upfront investment wrapped up, earnings revived to an operating profit in Q1 2026, and shareholder returns such as treasury-share retirement and stock dividends are steady.
- Judged on last year's results alone it looks expensive because it was a loss, but a company whose earnings are reviving shows its true form only when viewed on future earnings.
- A point to keep in view is financial headroom: the coffers are tight, with a debt-to-equity ratio of 223.8% and a current ratio of 88.8%, and the EUV pellicle is still at the development and evaluation stage rather than in mass production, so the timing of results carries a range.
- In sum, it is a structure that is strong when the upfront investment in the U.S.
- Taylor fab ramp-up and EUV pellicle mass production keeps returning as earnings, and slower if that timing is pushed back or the R&D and fixed-cost burden lingers.
🔎 Valuation vs peers Inconclusive
Compared against semiconductor-lithography materials makers (pellicles and blank masks) whose business is closest and a high-quality semiconductor-parts maker; P/E, P/B, and ROE are the site's base calculations (current-price basis).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| S&S Tech | 15.88x | 3.05x | 19.22% |
| Leeno Industrial | 35.11x | 7.30x | 20.78% |
FST's direct peer is S&S Tech, which makes the same lithography materials (pellicles and blank masks). S&S Tech has an ROE of 19.2% and a P/B of 3.61x, while FST has an ROE of -5.1% and a P/B of 2.18x, so its asset value looks cheaper — but whether that discount reflects the weakness of a loss or a seat where earnings will return after upfront investment is not yet settled. The trailing P/E on last year's confirmed results cannot even be computed because of the loss, and since there is no official numerical company forecast to gauge future earnings, the forward is referenced only via a DART seasonality approximation (revenue only). Therefore, rather than declaring it cheap or expensive, it is appropriate to revisit it after seeing whether the Q1 2026 return to profit carries through the full year, so it is left as inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩76.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩21,250 and the market capitalization is ₩460.1 billion. The price sits below its 20-day moving average (₩26,925) and below its 60-day moving average (₩34,253). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 30.8, a neutral level. The one-month change is -26.9%, the three-month change is -43.6%, and the position relative to the 52-week high is -57.1%. Relative strength versus the KOSDAQ is 59 (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 59% of all stocks. Over the past three months it lagged the index by 29.1%. 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 -29.12% / 6M -19.29% / 12M +0.15%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.91x is above the sector median (1.63x).
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.
Profitability & financials
Return on equity (ROE) is -5.1%, below the sector average (7.0%). The operating margin is -0.2%. The debt ratio is 223.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $131.0M | $157.3M | $185.8M | +18.05% ↓ slower |
| Operating profit | -$7.1M | $1.5M | -$362,224 | -123.89% |
| Net profit | -$9.0M | $961,259 | -$8.2M | -949.30% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $141.6M | $148.1M | $131.0M | $157.3M | $185.8M |
| Operating profit | $15.0M | $4.1M | -$7.1M | $1.5M | -$362,224 |
| Net profit | $21.3M | $29.2M | -$9.0M | $961,259 | -$8.2M |
| Revenue CAGR | 4-yr avg 7.02% | ||||
Revenue rose 18.1% year over year (2023 ₩197.6 billion → 2024 ₩237.4 billion → 2025 ₩280.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 123.9% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.0%. The two-year revenue CAGR is 19.1%. In the most recent quarter (Q1 2026), revenue was 1.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 18.1% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 223.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.8%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-03-23FilingCompletion of the small-scale absorption merger of wholly owned subsidiary IMD (maker of electrode paste and OLED sealing paste). Done with no new shares and no capital increase, with no impact on the largest shareholder or consolidated financials.An internal cleanup aimed at medium-term organizational and cost efficiency. It is not a transaction that changes the top line or the governance structure. Source
- 2026-02-09Earnings2025 consolidated revenue ₩280.3 billion (+18.1%), swing to an operating loss disclosed. Company explanation: revenue rose on expanded DUV pellicle sales and new customers; the loss came from expanded R&D, fixed costs to prepare equipment delivery to the U.S. Taylor fab, and equity-method losses at an associate.A document in which the company directly stated that the character of the short-term loss was upfront investment for EUV and the U.S. fab, not weak demand. Source
- 2026-03-10DividendDecision to retire 510,000 held treasury shares (purpose: enhancing corporate value). Shares outstanding fall from 21,956,348 to 21,446,348 (paid-in capital unchanged).A medium-term shareholder return. A decision that raises per-share value by reducing the number of shares in circulation. Source
- 2026-03-30IRDecision to hold a non-deal roadshow (NDR) (April 1-2, Yeouido, Seoul). A review of 2025 management status and an explanation of key business status and management plans. Materials posted on the company website and KRX KIND.An official communication channel where the company directly explains its business status and plans. Source
- 2026-05-14FilingQ1 2026 quarterly report. Revenue ₩69.6 billion (+1.6%), operating profit ₩1.4 billion — a swing from loss to profit.The first confirmation point of an earnings recovery. Whether the profit trend carries through the full year is the point to watch. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩280.3 billion(₩280,262,733,555) | ₩280,262,733,555 | Confirmed | link |
| Total shares outstanding | 21,649,789(base shares) | 21,956,348 → 21,446,348 | Mismatch | link |
| 2025 revenue mix by product | ~59%, /TCU ~40% | 166,294(59.34%), ·TCU 111,418(39.75%), 0.91% | Confirmed | link |
| 2026 annual revenue (approximation) | approx. ₩301.8 billion | — | Unverified | link |
Recent filings
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-06DividendDividend disclosure (amended)
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-30Disclosure
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
📖 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.