Eugene Technology (084370) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Eugene Technology designs and builds front-end semiconductor process equipment that it supplies to memory makers, with its main products being low-pressure chemical vapor deposition (LPCVD) and atomic layer deposition (ALD) tools that lay thin films on wafers, plus plasma-treatment equipment; because most of its revenue is for DRAM and NAND, its results move in step with the investment cycles of large customers such as Samsung Electronics and SK Hynix. The May 13, 2026 quarterly report confirmed an improvement in first-quarter results, and ahead of it came a April 29 decision to dispose of treasury shares (completed May 6), an April cash-and-stock dividend of ₩230 per share (a 12.3% payout ratio), and several shareholding-change filings. What stands out is that first-quarter earnings recovered faster than revenue, the balance sheet is effectively debt-free, and there is a multi-year demand backdrop from DRAM expansion by Samsung, SK Hynix, and Micron in 2026-2028, so the high P/E that reflects last year's depressed earnings falls to around or below peers on this year's basis; the caution is that revenue is tied to a handful of customers' investment and the +170% move over six months has already priced in much of that expectation.
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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 “Semiconductor Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Chip-equipment makers see orders surge and dry up with their customers' capital-spending cycles, so earnings can move sharply from here. Since future orders and profits drive the price more than past results, forward P/E, based on expected earnings, is 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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 3.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 22.5% higher than a year earlier.
- ROE is 12.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 16.6%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2024-12-31
Largest shareholder Uhm Pyung-yong 34.58% (individual)
Controlling bloc incl. related parties 36.24%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis Reading
Eugene Technology designs and builds front-end (pre-process) equipment used to make semiconductors and supplies it to memory manufacturers. At its core are deposition tools that lay very thin films on wafers, and among them its mainstays are low-pressure chemical vapor deposition (LPCVD) that builds uniform films with heat and gas, atomic layer deposition (ALD) that stacks atoms one layer at a time, and plasma-treatment equipment. Because most of its revenue comes from memory equipment for products such as DRAM and NAND, its results move in step with the investment cycles (capacity additions and process-conversion investment) of large memory makers like Samsung Electronics and SK Hynix. In other words, its revenue comes not from finished semiconductors but from the machines that make them, and along with the competitiveness of the equipment it builds, when and how much customers invest sets the swing in quarterly results.
The latest close is ₩117,200 and the market capitalization is ₩2.7 trillion. The price sits below its 20-day moving average (₩125,445) and below its 60-day moving average (₩143,668). 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 45.2, a neutral level. The one-month change is -19.8%, the three-month change is -15.5%, and the position relative to the 52-week high is -43.2%. Relative strength versus the KOSDAQ is 86 (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 86% of all stocks. Over the past three months it outpaced the index by 19.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's (2025) reported results, the P/E ratio (how many times one year's net profit the price is) is 63.25x and the P/B (how many times net asset value the price is) is 5.62x. The figures look high, but there is a reason the denominator shrank: 2025 was a weak year with net profit down 32.9% from the prior year, and dividing by earnings from a year that bottomed out makes the P/E look more expensive than it is. For a stock whose earnings are turning back up, the picture is properly seen on this year's earnings (forward) rather than last year's, and indeed first-quarter 2026 net profit alone of ₩22.8 billion already exceeded half of last year's full-year net profit (₩42.5 billion). Profitability supports this too, with an ROE (how much is earned in a year on shareholders' equity) of 9.2% and an operating margin of 14.8%. The balance sheet is very solid: the debt ratio (debt relative to equity) is 1.3%, effectively debt-free, with a current ratio (cash-like assets versus debt due within a year) of 639% and an interest coverage ratio (how many times operating profit covers interest) of 35x, so near-term repayment and interest burdens are almost nil.
Spread across several years, revenue is gentle, moving from ₩324.6 billion in 2021 to ₩350.3 billion in 2025, but earnings have swung widely with the semiconductor investment cycle (₩60.4 billion in 2021 to a ₩24.4 billion trough in 2023, a recovery to ₩63.3 billion in 2024, and a correction to ₩42.5 billion in 2025). For such a cyclical company the direction of the recent quarter matters more than a single year's figure, and the first quarter of 2026 is decisive: revenue of ₩101.9 billion (+22.5%), operating profit of ₩18.8 billion (more than double the year-earlier ₩9.2 billion, +104.7%), and net profit of ₩22.8 billion (+180.9%), with the profit growth rate far outpacing revenue growth. In the equipment sector, when customer investment revives and utilization rises, profit builds faster than revenue given the fixed-cost base laid down, and the first quarter shows exactly that. On top of this, the company's results are seasonally largest in the second half and fourth quarter, and with memory makers continuing DRAM expansion and process-conversion investment, the profit trajectory for the remaining quarters could tilt above simply quadrupling the first quarter. On this basis this year's earnings should rise sharply from last year, so the P/E that looked high on last year's basis roughly halves on this year's earnings. That said, the data give no basis for calling this the end of the cycle, and confirming the continuity of the earnings improvement quarter by quarter is key.
Recent filings read along two lines: earnings recovery and capital policy. The May 13, 2026 quarterly report officially confirmed the first-quarter improvement, and ahead of it the company decided on April 29 to dispose of treasury shares and completed the disposal on May 6. Disposing of treasury shares means the company sells its own held shares back into the market, which increases the free float, but it is also a signal that the company chose to make active use of its held stock. In April it decided on a cash-and-stock dividend of ₩230 per share (a dividend yield of about 0.1%, a payout ratio of 12.3%). The dividend yield itself is low, so results and the equipment-order cycle, rather than dividends, are the main drivers of the stock. In addition, several filings on executive and major-shareholder holdings and on 5%-plus large-holding changes followed, reflecting active changes in ownership.
From an observational standpoint, the strengths come first: in the first quarter of 2026 earnings recovered faster than revenue, the balance sheet is solid and effectively debt-free, and there is a multi-year demand backdrop from the DRAM expansion Samsung, SK Hynix, and Micron are carrying out across 2026-2028. Last year's reported P/E looks high because 2025 earnings were temporarily depressed, which is not something to read purely as a burden; on this year's earnings the stock sits around or below other front-end equipment companies. On the other hand, the point to watch is the structural feature that most revenue is tied to the investment of a handful of memory customers. If customer investment slows, the sector's characteristic amplitude works on the downside too, and it must be kept in mind that the stock has already priced in much of the expectation with a +170% move over six months and sits at its 52-week high. In sum, this reads as a strong stock as long as the memory investment cycle continues and the first-quarter improvement carries through the year, and a weaker one if customer investment is delayed or reduced.
🔎 Valuation vs peers Fairly valued
Rather than a plain industry code (machinery and equipment), domestic front-end semiconductor equipment makers (deposition, etch, cleaning) that do the same actual business were directly selected for comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik IPS | 54.09x | 4.63x | 8.66% |
| PSK | 44.70x | 6.19x | 17.57% |
| TES | 44.25x | 6.14x | 16.01% |
| HPSP | 40.55x | 10.06x | 28.11% |
(a) True peer positioning: domestic front-end semiconductor equipment stocks generally carry high P/E ratios on memory-investment expectations (Wonik IPS 96.7, PSK 78.0, Tes 72.5, HPSP 56.9x, all on last year's earnings). (b) Premium/discount: Eugene Technology's 111.5x P/E on last year's basis is nominally higher than these, but that stems from 2025 being an earnings trough. A stock at a clear earnings inflection should be viewed on this year's earnings rather than trailing, and on that basis the burden falls to less than half, placing it around or below the peers. (c) Limits of trailing figures and the forward basis: because 2025 net profit was weak at -32.9%, the trailing P/E looks overstated, but with first-quarter net profit already exceeding half of last year's full year and the second half seasonally strong, the valuation on this year's earnings is hard to call an excessive premium versus peers. Taken together it is at a 'fair' level, though the +170% move over six months, which has priced in much of the expectation, should be weighed in a balanced way.
Price history Close · MA20 · MA60
The latest close is ₩117,200 and the market capitalization is ₩2.7 trillion. The price sits below its 20-day moving average (₩125,445) and below its 60-day moving average (₩143,668). 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 45.2, a neutral level. The one-month change is -19.8%, the three-month change is -15.5%, and the position relative to the 52-week high is -43.2%. Relative strength versus the KOSDAQ is 86 (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 86% of all stocks. Over the past three months it outpaced the index by 19.3%. 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 +19.34% / 6M +61.54% / 12M +154.59%
Key metrics Computed vs sector median
Valuation
The P/E of 63.25x is above the sector median (14.07x). The P/B of 5.62x is above the sector median (1.01x). 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) 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, free-cash-flow basis, forward earnings power normalized 2.119x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 12.0%, above the sector average (2.0%). The operating margin is 16.6%. The debt ratio is 24.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $194.3M | $237.5M | $246.1M | +3.63% ↓ slower |
| Operating profit | $17.1M | $43.0M | $36.3M | -15.54% ↓ slower |
| Net profit | $17.2M | $44.4M | $29.8M | -32.88% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $228.0M | $218.2M | $194.3M | $237.5M | $246.1M |
| Operating profit | $51.9M | $37.7M | $17.1M | $43.0M | $36.3M |
| Net profit | $42.4M | $26.6M | $17.2M | $44.4M | $29.8M |
| Revenue CAGR | 4-yr avg 1.93% | ||||
Revenue rose 3.6% year over year (2023 ₩276.5 billion → 2024 ₩338.1 billion → 2025 ₩350.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 15.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.9%. The two-year revenue CAGR is 12.6%. In the most recent quarter (Q1 2026), revenue was 22.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 12.0% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 3.6% 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
- 2026-05-13EarningsFirst-quarter 2026 report filed - revenue ₩101.9 billion (+22.5%), operating profit ₩18.8 billion (+104.7%), net profit ₩22.8 billion (+180.9%)Near term: officially confirms that earnings recovered faster than revenue. Medium term: if this improvement carries through the year, the valuation that looks high on last year's basis falls sharply on this year's earnings. Source
- 2026-05-06UpdateReport on treasury-share disposal result - completing the disposal decided on April 29Near term: a two-sided effect on supply-demand from the change in free float. Medium term: a signal of how the company deploys its capital and cash. Source
- 2026-04-29FilingMaterial-event report - decision to dispose of treasury sharesNear term: supply-demand impact depending on the size and method of disposal. Medium term: material for confirming the consistency of capital policy alongside the May 6 result report. Source
- 2026-04-15DividendCash-and-stock dividend decision (amended) - dividend of ₩230 per share (payout ratio about 12.3%)Near term: limited impact with a dividend yield of about 0.1%. Medium term: return intent is maintained, but results and orders are the main drivers of the stock. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-13PeriodicQuarterly report
- 2026-05-07OwnershipOwnership-change filing
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06TreasuryTreasury-stock disposal decision
- 2026-04-29TreasuryMaterial-fact report
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-15DividendCash/stock dividend decision (amended)
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-25Dividend disclosure
📖 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.