Leeno Industrial makes parts used to test semiconductors; its core products are "Leeno pins," the fine contact pins that connect a chip to test equipment when it is probed electrically, and the "test sockets" built by embedding those pins. Both are consumables that wear out with each test and must be replaced periodically, so they sell steadily as more semiconductors are produced and as chip types diversify. Thanks to in-house design and automated production, its operating margin reaches 47.5%; in a March 2026 value-up disclosure it set out a payout ratio of at least 30% and a dividend of at least ₩800 per share, confirmed a year-end dividend (₩800 per share), and confirmed Q1 revenue of ₩99.8 billion, operating profit of ₩47.3 billion and net profit of ₩40.4 billion. What stands out lately is a two-sided picture: strengths include a recurring-revenue structure, high profitability (a 47.5% operating margin and a 20.8% ROE) and almost no debt, while the caution is that revenue is tied to the semiconductor cycle and customers' test volumes, so a downcycle could slow consumable demand along with it.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 33.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 27.2% higher than a year earlier.
- ROE is 20.8% (total-net basis). It is above the sector average.
- Operating margin is 47.5%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Chae-yoon 34.66% (individual)
Controlling bloc incl. related parties 34.66%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis
- Leeno Industrial makes and sells parts used to test semiconductors.
- It has two core products.
- The first is a probe pin called the "Leeno pin," a fine contact pin that connects a chip to the test equipment when it is probed electrically to check whether it works properly.
- The second is the "test socket," a consumable part built by embedding many of these pins, onto which a finished chip is placed for final testing.
- Both wear out with each test and must be replaced periodically, so they sell steadily as more semiconductors are made and as chip types diversify.
- Made through in-house design and automated production, profitability is high — the operating margin reaches 47.5% — and it supplies broadly wherever there is test demand, including smartphones, AI chips and automotive chips.
- The latest close is ₩70,000 and market capitalization is ₩5.3 trillion.
- The price is below both its 20-day line (₩85,090) and its 60-day line (₩100,260).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0–100 scale) is 32.0, a neutral level.
- The one-month change is -24.7%, the three-month change is -36.2%, and the position versus the 52-week high is -44.9%.
- Relative strength versus the KOSDAQ is 83 (on a 1–99 scale, computed from returns against the index over the past year and weighted toward the recent period; higher means stronger than the market).
- This places it in roughly the top 16% of all stocks by strength.
- Over the past three months it lagged the index by 17.7%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- At first glance the valuation looks expensive.
- The P/E ratio (how many times one year's earnings the share price represents) is 41x and the P/B (how many times book equity) is 8.5x, both above the market average.
- That said, this company backs those high figures with real profitability.
- ROE (how much is earned in a year on equity) is 20.8%, roughly double that of comparable parts makers, and with a 47.5% operating margin and a 40.8% net margin its earning power itself is strong.
- The finances are very solid.
- The debt ratio (borrowings relative to equity) is just 8.3% and the current ratio (cash-like assets against debt due within a year) is 972%, close to debt-free management with virtually no borrowing burden.
- The dividend runs at a yield of about 1.0%, ₩800 per share, with a payout ratio (the share of net profit paid out as dividends) of about 40%.
- Growth is in fact accelerating.
- 2025 revenue was ₩372.5 billion, up 33.9% from the prior year, a sharp acceleration from the preceding year's growth (8.9%).
- Operating profit (+42.5%) and net profit (+34.2%) jumped alongside.
- Widening to five years, after some stagnation in 2022–2024 the company stepped up again in 2025, as demand for AI and high-performance semiconductor testing appears to have lifted results.
- In Q1 2026 it continued double-digit growth with revenue of ₩99.8 billion (+27.2%), operating profit of ₩47.3 billion (+35.4%) and net profit of ₩40.4 billion (+37.7%).
- The company said that once a new plant is completed in the second half of 2026, added capacity will strengthen profitability further.
- Reflecting this flow, there is ample room for this year's profit to step up another level from last year, and while the recent correction has pulled the share price back, earnings are moving forward.
- On March 26, 2026 the company made a voluntary disclosure of a corporate value-up plan, setting out a target payout ratio of at least 30% and a cash dividend of at least ₩800 per share, and stating that it would broaden its earnings base through the added capacity of the new plant completing in the second half to secure resources for shareholder returns.
- On the same day it also confirmed a year-end cash dividend (₩800 per share).
- On May 6 it made a fair disclosure of preliminary Q1 results, officially confirming growth to revenue of ₩99.8 billion, operating profit of ₩47.3 billion and net profit of ₩40.4 billion.
- A financial structure with almost no debt and thick cash underpins these dividend and investment plans.
- The strengths are clear.
- Because the parts are consumables replaced with each test, revenue recurs, and through in-house production the company delivers high profitability (a 47.5% operating margin and a 20.8% ROE) while carrying almost no debt.
- Growth has also re-accelerated.
- The point to note is how the valuation is read.
- The trailing 41x P/E looks high, but it falls on a forward basis reflecting this year's profit growth, and in particular, compared with peers in semiconductor test parts trading at trailing P/Es of 60–80x, Leeno commands a lower multiple despite a higher ROE, making it relatively inexpensive.
- The caution is that revenue is tied to the semiconductor cycle and customers' test volumes, so if a semiconductor downcycle arrives, consumable demand could slow along with it.
- In sum, this is a structure in which high profitability and growth continue as long as test demand holds, but one exposed to volume slowdown if the cycle turns down sharply.
🔎 Valuation vs peers Undervalued
Makers of consumable test parts for semiconductor back-end testing (probe pins and test sockets) and related precision test components.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ISC | 53.55x | 5.60x | 10.46% |
| TSE | 64.81x | 6.33x | 9.77% |
| Park Systems | 58.60x | 8.97x | 15.31% |
| Wonik IPS | 61.28x | 5.31x | 8.66% |
Whereas comparable makers of semiconductor test parts and precision test components trade at trailing P/Es of 54–97x, Leeno commands the lowest multiple at 41x. Yet its ROE (20.8%) and operating margin (47.5%) are the highest among peers — a structure in which the better-earning company carries the cheaper multiple. The trailing 41x P/E looks high for the company on its own, but with earnings rising at double digits each year, on a forward basis reflecting this year's profit it falls to the mid-30x range, below even peers' trailing multiples. Given the high profitability, growth and debt-free finances, we judge the current price to be in a discount zone rather than a premium versus peers.
Price history Close · MA20 · MA60
The latest close is ₩70,000 and the market capitalization is ₩5.3 trillion. The price sits below its 20-day moving average (₩85,090) and below its 60-day moving average (₩100,260). 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 32.0, a neutral level. The one-month change is -24.7%, the three-month change is -36.2%, and the position relative to the 52-week high is -44.9%. Relative strength versus the KOSDAQ is 83 (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 84% of all stocks. Over the past three months it lagged the index by 17.7%. 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 -17.74% / 6M +27.12% / 12M +35.81%
Key metrics vs whole-market median
Valuation
The P/E of 35.11x is above the whole-market median (13.81x). The P/B of 7.30x is above the whole-market median (1.15x).
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 11.0%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.216x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 20.8%, above the whole-market average (5.0%). The operating margin is 47.5%. The debt ratio is 8.3%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $169.4M | $184.4M | $246.9M | +33.92% ↑ faster |
| Operating profit | $75.8M | $82.3M | $117.3M | +42.51% ↑ faster |
| Net profit | $73.5M | $75.1M | $100.7M | +34.15% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $185.7M | $213.7M | $169.4M | $184.4M | $246.9M |
| Operating profit | $77.6M | $90.6M | $75.8M | $82.3M | $117.3M |
| Net profit | $68.8M | $75.8M | $73.5M | $75.1M | $100.7M |
| Revenue CAGR | 4-yr avg 7.38% | ||||
Revenue rose 33.9% year over year (2023 ₩255.6 billion → 2024 ₩278.2 billion → 2025 ₩372.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 42.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.4%. The two-year revenue CAGR is 20.7%. In the most recent quarter (Q1 2026), revenue was 27.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 20.8% points to solid profitability.
- Revenue grew 33.9% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-26IRCorporate value-up plan voluntary disclosure — target of a payout ratio of at least 30% and a cash dividend of at least ₩800 per share, with a plan to secure shareholder-return resources through the new plant's capacity expansion in the second halfOver the medium term, raises the predictability of the dividend and sets out an earnings-growth base through the expansion. Source
- 2026-03-26DividendYear-end cash and in-kind dividend decision — a cash dividend of ₩800 per share confirmed (about a 40% payout ratio maintained)Confirms a short-term shareholder return, with sustainability underpinned by a debt-free financial structure. Source
- 2026-05-06EarningsQ1 2026 preliminary operating results fair disclosure — revenue ₩99.8 billion (+27.2%), operating profit ₩47.3 billion (+35.4%), net profit ₩40.4 billion (+37.7%)Confirms continued short-term growth, with profit growth outpacing revenue growth a sign of margin improvement. Source
- 2026-05-14FilingQ1 2026 quarterly report filed — detailed financials of the preliminary results finalized and disclosedReinforces credibility by confirming the detailed line items and cash flow of the results. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-05-06EarningsFair-disclosure notice
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-26DividendCash/stock dividend decision (amended)
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
📖 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.