LOT Vacuum makes the equipment that creates the vacuum environment in semiconductor and display fabs and treats the gases those processes give off. Its two core products are dry vacuum pumps, which evacuate the process chamber to a near-vacuum, and scrubbers, which clean up the hazardous gases coming out of the line. Its main customers are Samsung Electronics, Samsung Display and SK Hynix, so revenue rises and falls with their capital spending. The FY2025 annual report confirmed that the company had swung to a loss, but the May quarterly filing showed first-quarter revenue up 12.7% year on year, the first sign of a revenue rebound, and the company has not put out a standalone annual guidance figure. What stands out now is that revenue has turned back to growth for the first time in three years just as the memory investment cycle is reviving, so end demand is favorable, and with a P/B of 0.70x and a current ratio of 252% the stock trades below net asset value with the balance-sheet strength to wait for a recovery; on the other side, first-quarter net income is still negative, so the timing of a full-year swing to profit depends on how fast revenue recovers, and a delay in customers' capital spending could push that recovery out.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 7.9% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 12.7% higher than a year earlier.
- ROE is -3.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -3.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Oh Heung-sik 24.11% (individual)
Controlling bloc incl. related parties 25.51%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- LOT Vacuum makes the equipment that creates the vacuum environment in semiconductor and display fabs and treats the gases those processes give off.
- It has two core products.
- The first is the dry vacuum pump, a device that evacuates the chamber to a near-vacuum when chips are being made; it is used mainly in thin-film deposition (48%) and etch (33%) steps.
- The second is the scrubber, an environmental unit that cleans up the hazardous gases coming out of the process.
- Its main customers are Samsung Electronics, Samsung Display and SK Hynix, and it also supplies some product into the battery and solar sectors.
- In other words, this is a classic capex-linked business: revenue rises when chipmakers build new fabs or add lines, and falls when they pull back on investment.
- The latest close is ₩8,490 and the market cap is ₩151.2 billion.
- The price sits below its 20-day line (₩10,174) and below its 60-day line (₩12,797).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supporting gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 35.3, a neutral reading.
- It is down 16.9% over one month and 28.7% over three months, and sits 50.2% below its 52-week high.
- Its relative strength versus the KOSDAQ is 54 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 46% of all stocks by strength.
- Over the past three months it lagged the index by 9.7%.
- Chart reading is best done alongside volume and disclosure dates.
- The P/E ratio (how many times one year's earnings the price represents) cannot be computed because the trailing year was a loss.
- In that case, look at P/B (how many times book net assets the price represents).
- P/B is 0.63x, meaning the stock is cheaper than the net assets the company holds, and lower than equipment-sector peers (Unisem 1.15x, GST 3.03x).
- ROE (how much the company earns on its equity in a year) is -3.3%, and operating and net margins are both around -3%, reflecting the prior year's loss.
- That said, the debt ratio (debt against equity) is 134.5%, not heavy for the equipment sector, and the current ratio (assets convertible to cash within a year against debt due within a year) is 252%, so short-term liquidity is ample.
- The key point here is that this loss reflects a cycle trough where customer capex stopped, not a deterioration in the underlying business.
- Because a near-halving of revenue swings earnings to a loss under the weight of fixed costs, rather than judging the stock 'expensive' on the past year's loss alone, one should also watch how earnings come back when customer investment revives.
- The fact that P/B is below net asset value is itself a signal that the price is cheap relative to assets.
- Over a longer five-year view, revenue peaked at ₩473.0 billion in 2023, then eased to ₩266.0 billion in 2024 and ₩244.9 billion in 2025.
- Earnings moved more sharply, swinging from ₩67.1 billion operating profit (₩53.5 billion net) in 2023 to operating and net losses of ₩8.0 billion and ₩7.9 billion in 2025.
- Semiconductor equipment carries heavy fixed costs and earnings build quickly as revenue rises (operating leverage), so when revenue halves earnings collapse into a loss, and when revenue refills earnings recover fast.
- That makes the inflection point the most important signal.
- First-quarter 2026 revenue of ₩62.6 billion was up 12.7% year on year, breaking a three-year decline and turning revenue back to growth.
- Revenue turning first with earnings following a beat later is the typical order of an equipment-sector recovery, and the fact that net income for the same quarter was still a ₩2.5 billion loss fits the early stage of that recovery.
- That said, the exact timing of a full-year swing to profit has not been given by the company as official guidance and depends on the breadth and pace of the revenue recovery, so it is still too early to pin down a forward P/E (a multiple based on expected earnings over the next year) as a figure.
- The moment a quarterly swing to profit is confirmed becomes the benchmark for gauging the strength of this recovery.
- Recent disclosures are centered on periodic filings.
- The March 2026 annual report (FY2025) confirmed the swing to a loss, and the May quarterly filing (Q1 2026) showed revenue up 12.7% year on year, the first sign of a revenue rebound.
- Governance-related routine disclosures followed, including the March annual shareholders' meeting and outside-director appointments.
- No single large supply contract (a major order) or separate future-business or management-plan disclosure appeared in this period, so there is no official annual guidance figure from the company.
- On the events side, then, the things to watch together are whether large order disclosures come and when quarterly results swing to profit.
- The strengths are clear.
- Revenue has turned back to growth for the first time in three years, and with the memory investment cycle reviving the direction of end demand is favorable.
- The stock has fallen to a P/B of 0.70x, below net asset value and cheaper than peers (Unisem, GST), and with ample short-term liquidity (current ratio 252%) it has the strength to wait for a recovery.
- The operating-leverage structure, under which earnings can build quickly as customer capex refills, is another strength.
- The point to watch alongside this is that earnings are still in a loss.
- Revenue has grown, but first-quarter net income is still negative, so the timing of a full-year swing to profit depends on the pace of the revenue recovery.
- If customer capex is deferred again, the recovery could be delayed.
- In short, if end-market semiconductor investment expands as scheduled, operating leverage can build earnings quickly and the below-net-asset discount can narrow, making this a recovery-type stock; if the investment recovery is delayed, the loss period lengthens, making it a stock whose strength swings with the cycle.
🔎 Valuation vs peers Inconclusive
The peer set is built from domestic materials/parts/equipment makers whose business substance is close to vacuum and gas-treatment (scrubber) equipment for semiconductor fabs.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Unisem | 28.35x | 1.05x | 3.69% |
| GST | 17.62x | 2.65x | 15.03% |
The P/E cannot be computed because last year was a loss, so we look at P/B. At 0.83x the stock sits below net asset value and lower than peers (Unisem, GST). But this discount reflects the fact that the company is 'still in a loss' rather than being 'undervalued'. Peers have already seen revenue and earnings recover and command normal multiples, whereas LOT Vacuum has only just seen revenue rebound while earnings remain in the red. Because last year's trailing earnings were a loss, a trailing-based valuation is meaningless, and it is hard to call the stock cheap or expensive until this year's forward earnings (whether it swings to profit) are confirmed. The point at which the swing to profit and operating leverage are confirmed is the inflection point for a re-valuation.
Price history Close · MA20 · MA60
The latest close is ₩8,490 and the market capitalization is ₩151.2 billion. The price sits below its 20-day moving average (₩10,174) and below its 60-day moving average (₩12,797). 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 35.3, a neutral level. The one-month change is -16.9%, the three-month change is -28.7%, and the position relative to the 52-week high is -50.2%. Relative strength versus the KOSDAQ is 54 (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 54% of all stocks. Over the past three months it lagged the index by 9.7%. 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 -9.66% / 6M -28.17% / 12M -16.43%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.63x is below the sector median (1.44x).
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 -3.3%, below the sector average (5.0%). The operating margin is -3.3%. The debt ratio is 134.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $313.5M | $176.3M | $162.3M | -7.92% ↑ faster |
| Operating profit | $44.5M | -$2.8M | -$5.3M | — |
| Net profit | $35.4M | $1.1M | -$5.3M | -579.17% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $172.1M | $248.0M | $313.5M | $176.3M | $162.3M |
| Operating profit | $17.5M | $19.8M | $44.5M | -$2.8M | -$5.3M |
| Net profit | $13.3M | $16.3M | $35.4M | $1.1M | -$5.3M |
| Revenue CAGR | 4-yr avg -1.45% | ||||
Revenue fell 7.9% year over year (2023 ₩473.0 billion → 2024 ₩266.0 billion → 2025 ₩244.9 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.5%. The two-year revenue CAGR is -28.1%. In the most recent quarter (Q1 2026), revenue was 12.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 7.9% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-15EarningsFiled Q1 2026 quarterly report. Revenue of about ₩62.6 billion, up 12.7% year on year, signaling a revenue rebound for the first time in three years; operating and net results, however, remained in the red.Short term: a confirmed revenue inflection builds expectations of a recovery. Medium term: the timing of a swing to profit is the next point to watch. Source
- 2026-03-23EarningsFiled FY2025 annual report. Revenue of ₩244.9 billion (down 7.9% year on year), an operating loss of ₩8.0 billion and a net loss of ₩7.9 billion confirmed the swing to a loss. A pullback in customer semiconductor investment was the main cause.Short term: reflects weak results. Medium term: a set of results that serve as a benchmark for whether the cycle trough has been passed. Source
- 2026-03-31FilingDisclosure of the outcome of the annual shareholders' meeting and the appointment/dismissal of outside directors. A routine governance procedure was carried out.The short- and medium-term impact is limited, but changes in board composition are worth noting for the record. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' 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.