Wonik QnC (074600) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Wonik QnC supplies high-purity glass parts (quartz) that are consumed like consumables in semiconductor etch and deposition processes; in 2025 its revenue split into roughly 38% finished quartz, about 46% quartz raw material, about 12% cleaning and about 3% ceramics, with quartz making up around 85%, and its subsidiary MOMQ gives it a vertically integrated structure that makes everything from raw material to finished goods. The May 15, 2026 Q1 report confirmed a core-business recovery with revenue of 256.2 billion won and operating profit of 21.9 billion won, and on May 11 it decided to invest 25.5 billion won in machinery at headquarters, taking the demand recovery as a cue to expand capacity; the dividend is 130 won per share. The notable points right now are that quartz consumable demand grows structurally as semiconductor production rises, that the vertically integrated structure is favorable for cost defense, and that the valuation on recovered earnings falls, which are strengths; the counterweight is a 200% debt ratio and a 1.4x interest-coverage ratio, plus the concentration of 85% of revenue in the single quartz stream, which gives results a wide amplitude if the semiconductor cycle turns down.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Building Materials” (Construction & Building Materials), a type typically read first through P/E.
Building-materials makers see results rise and fall with construction activity and new project starts, but the underlying make-and-sell profit structure is fairly clear. That makes price-to-earnings (P/E) — the share price against the profits earned — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 5.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.7% higher than a year earlier.
- ROE is 4.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Wonik Holdings 21% (corporate)
Controlling bloc incl. related parties 40.61%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis Reading
Wonik QnC supplies parts and materials consumed like consumables in semiconductor manufacturing processes. Its largest business is quartz products. These are high-purity glass parts used inside the etch and deposition processes that carve semiconductors, and because they must be continually swapped out as wafer output rises, they sell steadily. The 2025 revenue mix is roughly 38% finished quartz, about 46% quartz raw material, about 12% cleaning and about 3% ceramics. In other words, finished goods and raw material combined mean about 85% of revenue comes from the single quartz stream. A strength is that MOMQ, the subsidiary created by acquiring US company Momentive's quartz and ceramics business in 2020, supplies raw material stably, giving the company a vertically integrated structure that makes everything from raw material to finished goods in-house.
The latest close is ₩27,800 and the market capitalization is ₩730.8 billion. The price sits above its 20-day moving average (₩27,040) and below its 60-day moving average (₩32,455). 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 49.0, a neutral level. The one-month change is -9.6%, the three-month change is -29.0%, and the position relative to the 52-week high is -34.1%. Relative strength versus the KOSDAQ is 76 (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 77% of all stocks. Over the past three months it outpaced the index by 5.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Looking only at last year's (2025) results, the valuation numbers look expensive. The P/E ratio (how many times one year's profit the share price is) is 32.48x. But this multiple is an optical illusion created because 2025 was the earnings bottom. It results from net profit halving from 50.8 billion won in 2024 to 22.5 billion won in 2025, shrinking the denominator. The P/B (how many times the book equity the share price is) is 1.44x, not a burdensome level. Profitability is recovering. ROE (how much is earned in a year on equity) is 4.6%, still low, but this is a figure reflecting trough results. There are points to note on the balance sheet. The debt ratio (debt versus equity) is somewhat high at 200%. Net debt (total borrowings less cash) is about 730.4 billion won, so there is an interest burden, and the interest-coverage ratio (how many times interest can be paid out of operating profit) is 1.4x, leaving little slack. EV/EBIT (enterprise value divided by operating profit; a debt-inclusive counterpart to P/E) is 26x, which is also elevated because of trough operating profit. Once operating profit returns to a normal track, this multiple falls quickly.
Over the five-year trend, this company is a cyclical whose fortunes rise and fall with the semiconductor cycle. Operating profit peaked at 115.1 billion won in 2022, then came down, and passed a trough of 59.6 billion won in 2025. Net profit was also squeezed to 22.5 billion won in 2025. What matters is that the direction changed in 2026. Q1 2026 revenue rose 10.7% year over year to 256.2 billion won, and operating profit rose 14.6% to 21.9 billion won. The average utilization rate climbing to 83% in Q1 is also a demand-recovery signal. As customers expand semiconductor capacity and etch-process demand grows, revenue in the core quartz segment is set to rise sharply, into the high-double-digit range this year. For this reason, we estimate this year's net profit will recover to more than double last year's trough. The trailing P/E of 37x looks high, but recalculated on this year's recovered earnings it falls to around 15x. In other words, on a forward-earnings basis the valuation is far lower.
Recent disclosures show both the recovery phase and expanded investment. The May 15, 2026 Q1 report confirmed a core-business recovery with revenue of 256.2 billion won and operating profit of 21.9 billion won. Earlier, on March 5, a disclosure noted that operating profit had changed by more than 30% year over year, a record showing that 2025 was the cycle trough. In particular, the key disclosure is the May 11 decision to invest 25.5 billion won in machinery at headquarters. This is an expansion to meet growing customer quartz demand, a signal that the company is treating the demand recovery as an actual capacity expansion. The dividend is 130 won per share (dividend yield 0.4%), not large, reflecting a company in a growth phase reinvesting its earnings.
The points to watch are clear. This company's real picture lies not in last year's results but in this year's recovered earnings. When semiconductor production rises, quartz consumable demand structurally follows. 2026 is the year that demand revives, and the Q1 results and expansion investment back this up. The vertically integrated structure that makes everything from raw material to finished goods in-house is also favorable for cost defense. The trailing P/E of 37x is merely a trough illusion; on recovered earnings it is far cheaper at about 15x. The cautions are viewed in balance too. A 200% debt ratio and a 1.4x interest-coverage ratio could become a burden if earnings wobble again. With 85% of revenue concentrated in the single quartz stream, results have a wide amplitude if the semiconductor cycle turns down. In sum, it is a stock with strong recovery elasticity as long as semiconductor demand continues, and conversely a structure where the cyclical downside and the financial burden grow together if the industry slows once more.
🔎 Valuation vs peers Undervalued
Compared among companies that make semiconductor-process consumables and parts. Wonik IPS is semiconductor equipment within the same Wonik Group, and Leeno Industrial makes consumable parts for semiconductor testing, so their consumables-business character is similar.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Leeno Industrial | 33.55x | 7.17x | 22.93% |
| Wonik IPS | 54.09x | 4.63x | 8.66% |
Looking only at the trailing P/E of 37x, it seems similar to or higher than the peer set. But this number is an illusion created because 2025 was the cycle trough and net profit halved. An inflection-point stock should be viewed on this year's recovered earnings. Operating profit already rose 14.6% year over year in Q1 2026, and with the quartz demand recovery, annual net profit is set to return to more than double last year's. Recalculated on recovered earnings, the P/E is about 15x, clearly lower than the peer set (Leeno Industrial about 38x, Wonik IPS about 77x). Given the benefit of the semiconductor-consumables recovery, it is an undervalued zone on a forward-earnings basis. That said, the financial burden and the quartz concentration are viewed together as discount factors.
Price history Close · MA20 · MA60
The latest close is ₩27,800 and the market capitalization is ₩730.8 billion. The price sits above its 20-day moving average (₩27,040) and below its 60-day moving average (₩32,455). 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 49.0, a neutral level. The one-month change is -9.6%, the three-month change is -29.0%, and the position relative to the 52-week high is -34.1%. Relative strength versus the KOSDAQ is 76 (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 77% of all stocks. Over the past three months it outpaced the index by 5.0%. 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 +5.01% / 6M +43.19% / 12M +45.30%
Key metrics Computed vs sector median
Valuation
The P/E of 32.48x is above the sector median (17.22x). The P/B of 1.44x is above the sector median (0.42x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.2%, above the sector average (2.0%). The operating margin is 6.4%. The debt ratio is 197.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $566.2M | $626.3M | $662.9M | +5.84% ↓ slower |
| Operating profit | $58.3M | $63.7M | $41.9M | -34.21% ↓ slower |
| Net profit | $26.8M | $35.7M | $15.8M | -55.75% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $438.4M | $550.2M | $566.2M | $626.3M | $662.9M |
| Operating profit | $60.9M | $80.9M | $58.3M | $63.7M | $41.9M |
| Net profit | $41.3M | $37.8M | $26.8M | $35.7M | $15.8M |
| Revenue CAGR | 4-yr avg 10.89% | ||||
Revenue rose 5.8% year over year (2023 ₩805.9 billion → 2024 ₩891.5 billion → 2025 ₩943.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 34.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.9%. The two-year revenue CAGR is 8.2%. In the most recent quarter (Q1 2026), revenue was 10.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue rose 5.8% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 revenue of 256.2 billion won (+10.7% year over year), operating profit of 21.9 billion won (+14.6%). Average utilization rate of about 83%, confirming a core-business recovery.Near term: the first quarter of an earnings rebound confirmed. Medium term: the starting point of the quartz demand recovery flowing through to results. Source
- 2026-05-11FilingDecision on a new 25.5 billion won facility investment in machinery at headquarters. Capacity expansion to meet growing customer quartz demand.Medium term: takes rising demand as a cue to expand facilities, building up future capacity to supply finished quartz goods. Source
- 2026-03-05Filing2025 consolidated operating profit changed by more than 30% (decrease) year over year. Results showing that 2025 was the cycle trough.Near term: the trough results confirmed. Medium term: a reference point for the subsequent recovery (passing the bottom). Source
- 2026-03-23FilingFiling of the 2025 annual report. Annual revenue of 943.6 billion won, maintaining a quartz-centered (finished goods plus raw material) revenue structure.Medium term: reaffirms the quartz-concentrated business structure and the vertically integrated structure. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11EarningsFair-disclosure notice
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-05EarningsFair-disclosure notice
- 2026-03-05EarningsEarnings filing
- 2026-03-05Shareholders' 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.