Unitest makes semiconductor inspection equipment such as burn-in test systems and wafer testers that screen memory chips like DRAM to confirm they work properly, selling to Samsung Electronics and SK Hynix, and its center of gravity has recently been shifting toward inspection tools for high-bandwidth memory (HBM) used in AI servers. On May 12, 2026 it signed a ₩29.16 billion supply contract with SK Hynix for HBM4 wafer testers (26.5% of last year's revenue) with delivery due by August 31, so the sales should flow into the second half, and the May quarterly report also confirmed a narrower Q1 2026 loss. What stands out lately is that its core business is expanding into HBM with orders confirming the direction, and the multiple based on this year's recovering profit of roughly 13x sits below profitable peers (44-72x), which is a strength; on the other hand, revenue has a history of swinging by half in a single year with the memory investment cycle, so additional orders need to underpin the recovery for it to settle into profit.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 19.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.0% higher than a year earlier.
- ROE is -21.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -19.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jong-hyun 19.02% (individual)
Controlling bloc incl. related parties 19.77%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Unitest makes and sells 'inspection equipment' for semiconductors, and above all for memory chips such as DRAM, to screen whether they work correctly.
- Its main products are burn-in test systems that run finished memory chips at high temperature for extended periods to catch defects early, test equipment that measures the electrical performance of chips and modules, and wafer testers that inspect chips while still in wafer form.
- Because most of its revenue comes from these memory inspection tools, orders cluster whenever memory makers such as Samsung Electronics or SK Hynix ramp up investment in new fabs and lines.
- Recently, the business has been shifting toward equipment that inspects high-bandwidth memory (HBM) used in AI servers, and while it also pursues separate new ventures such as solar cells, the heart of its earnings is semiconductor inspection equipment.
- The latest close is ₩9,810 and the market cap is ₩207.3 billion.
- The price sits below both the 20-day line (₩12,742) and the 60-day line (₩15,792).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a gauge comparing recent up-strength and down-strength over the past 14 days on a 0-100 scale) is 32.1, a neutral level.
- The one-month change is -31.0%, the three-month change is -35.8%, and it sits -56.8% from its 52-week high.
- Relative strength versus the KOSDAQ is 57 (1-99, recent one-year return versus the index weighted toward the most recent period; higher means stronger than the market), placing it in roughly the top 43% of all stocks by strength.
- Over the past three months it lagged the index by 17.4%.
- Chart reading is best done alongside volume and the dates of disclosures.
- Because last year's confirmed results showed an operating loss, the P/E ratio (a measure of how many years of profit the price represents) cannot be calculated on a trailing basis.
- But the mere absence of a P/E should not be read as 'expensive.' For a company like this at an inflection where profit is turning from loss toward gain, the price seen against future earnings is the real picture, not the past scorecard.
- The price multiple on this year's earnings is around 13x, far below the profitable semiconductor-inspection group (where price-to-earnings sits roughly at 44-72x).
- In other words, measured against this year's recovering profit, the price is if anything a signal that it is valued low.
- The P/B (how many times shareholders' equity the price represents) is 2.14x, slightly above the sector median of 2.11x, but low compared with inspection peers (7-11x), and hard to call an excessive burden when future earnings are considered together.
- The debt ratio (the size of debt against equity) is 176.5%, with roughly ₩97.0 billion in equity against ₩171.3 billion in debt, and current assets due within a year exceed current liabilities (current ratio 155%), so immediate funding pressure is not large.
- Revenue follows the memory makers' investment cycle exactly, a classic equipment-stock pattern.
- Over five years it rose from ₩114.6 billion in 2021 to ₩123.8 billion in 2022 and ₩167.8 billion in 2023, then fell nearly by half to ₩92.4 billion in 2024, before recovering 19.2% to ₩110.2 billion in 2025.
- Operating profit was mostly in the red aside from a ₩7.1 billion profit in 2023, and posted a ₩21.1 billion operating loss again in 2025, but in Q1 2026 revenue was ₩22.4 billion with the operating loss narrowing markedly to ₩2.5 billion, an early sign of recovery.
- The key driver turning this year's profit toward the black is that demand for AI-server HBM is reviving, prompting memory makers to raise inspection-equipment investment again, and that demand has already been captured as an actual order, SK Hynix's HBM4 wafer tester (₩29.1 billion, 26% of last year's revenue).
- The core business is riding the upswing of the memory cycle as revenue refills and losses shrink, and reflecting this year's recovering profit, the price multiple sits around 13x, low versus peers.
- Whether this recovery carries into next year and beyond, however, depends on additional orders and continued memory investment.
- The heart of the recent flow is the SK Hynix HBM4 wafer tester supply contract disclosed on May 12, 2026.
- At ₩29.16 billion, equal to 26.5% of last year's revenue, it is a large single order, and with delivery due by August 31, 2026, the sales should flow into the second half of this year.
- This single deal is direct evidence that the company's new growth axis, 'next-generation memory inspection for AI,' has translated into an actual order.
- Separately, the May 15 quarterly report confirmed the narrower Q1 loss, and in March the business report and the annual general meeting were completed.
- Since orders are booked one at a time, watching in the next disclosures whether repeat follow-on orders come after this contract will make the durability of the recovery clearer.
- The strengths are clear.
- The core business of memory inspection equipment is expanding toward AI-server HBM, and the SK Hynix HBM4 tester order (₩29.1 billion, 26% of last year's revenue) confirms that direction in numbers.
- The Q1 loss narrowed, marking the entry into a turn to profit, and the price multiple on this year's recovering profit is around 13x, far below profitable peers (44-72x).
- If the recovery follows through into results, the current price sits at a low level that does not fully reflect that profit.
- The points to watch are just as clear.
- Revenue has a history of swinging by half in a single year with the memory investment cycle, so for this year's recovery to settle fully into profit, additional orders need to support it.
- In short, this company is strong in phases where 'HBM inspection-equipment orders repeat and the profit recovery hardens into results,' and weak in phases where 'memory investment cools again or orders stop at a single deal.' The next quarter's results and further order disclosures are the point that decides the direction.
🔎 Valuation vs peers Inconclusive
Although its base sector is filed as 'machinery and equipment,' it is in reality a semiconductor inspection equipment maker, so the peer set was chosen as the semiconductor test group whose businesses overlap in inspection equipment, inspection components, and inspection services.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ISC | 53.55x | 5.60x | 10.46% |
| Leeno Industrial | 35.11x | 7.30x | 20.78% |
| Doosan Tesna | 1161.33x | 4.01x | 0.35% |
| TES | 49.32x | 7.17x | 14.53% |
The semiconductor-inspection group of ISC, Leeno Industrial, Doosan Tesna, and TES are mostly profitable, so they can be priced by P/E, but Unitest had a loss last year and has no P/E, making it hard to line up by the same yardstick. On an asset basis, a P/B of 3.61x is lower than the peers' 7-11x and looks cheap on the surface, but this is merely a discount reflecting that only Unitest is loss-making, and it is hard to declare 'undervalued.' Ultimately the fairness of the price rests not on last year's confirmed results (trailing) but on how far the HBM4 order carries through into revenue and profit (forward), so it is inconclusive for now. Since there are no official company forecast figures, the future earnings multiple was not set arbitrarily.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩40.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩9,810 and the market capitalization is ₩207.3 billion. The price sits below its 20-day moving average (₩12,742) and below its 60-day moving average (₩15,792). 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 32.1, a neutral level. The one-month change is -31.0%, the three-month change is -35.8%, and the position relative to the 52-week high is -56.8%. Relative strength versus the KOSDAQ is 57 (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 57% of all stocks. Over the past three months it lagged the index by 17.4%. 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 -17.44% / 6M -14.72% / 12M -14.02%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.14x is above 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 -21.4%, below the sector average (5.0%). The operating margin is -19.1%. The debt ratio is 176.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $111.2M | $61.3M | $73.0M | +19.21% ↑ faster |
| Operating profit | $4.7M | -$15.5M | -$14.0M | — |
| Net profit | $4.5M | -$17.5M | -$13.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $75.9M | $82.0M | $111.2M | $61.3M | $73.0M |
| Operating profit | -$6.0M | -$4.0M | $4.7M | -$15.5M | -$14.0M |
| Net profit | -$4.0M | -$3.5M | $4.5M | -$17.5M | -$13.8M |
| Revenue CAGR | 4-yr avg -0.97% | ||||
Revenue rose 19.2% year over year (2023 ₩167.8 billion → 2024 ₩92.4 billion → 2025 ₩110.2 billion), and the three-year trend is 'mixed'. The pace of growth also quickened 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 -1.0%. The two-year revenue CAGR is -19.0%. In the most recent quarter (Q1 2026), revenue was 0.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 19.2% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-12UpdateSigned a ₩29.16 billion supply contract with SK Hynix for HBM4 wafer testers (semiconductor inspection equipment). Equal to 26.46% of last year's revenue, with delivery due by August 31, 2026.In the short term, it is a positive that raises expectations for second-half revenue recognition, and in the mid term it is an event confirming as an actual order the new growth axis of next-generation memory (HBM) inspection equipment for AI. That said, being a single order, it needs confirmation whether it leads to repeat orders. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue of ₩22.4 billion (similar to a year earlier) with an operating loss of ₩2.5 billion, a narrower loss than the prior year.The loss continues, but the shrinking loss can be read as an early sign of profitability recovery. The timing of the turn to profit depends on the pace at which second-half order revenue is recognized. Source
- 2026-03-19Earnings2025 business report. Annual revenue of ₩110.2 billion (up 19.2% year on year) with a ₩21.1 billion operating loss; revenue recovered but the annual loss continued.These are confirmed results carrying both a rebound in revenue and a continued operating loss. They become a reference point for checking in later quarters whether the revenue recovery flows through into profit. Source
- 2026-03-27FilingDisclosure of the annual general meeting results. Approval of financial statements and other routine agenda items processed.A routine procedure for checking changes related to governance and shareholder returns; more a periodic review of company operations than a matter of results themselves. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| SK Hynix HBM4 wafer tester order amount | ₩29.2 billion | ₩29,160,000,000 / revenue 26.46% | Confirmed | link |
| 2025 annual revenue | ₩110.2 billion | ₩110,195,025,305 | Confirmed | link |
| 2026 annual revenue approximation | approx. ₩130.0 billion | — | Unverified | link |
| Latest closing price | ₩9,810 | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Single supply/sales contract
- 2026-04-10OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-02-10OwnershipOwnership-change filing
- 2026-02-10Shareholders' meeting notice
- 2026-02-10Shareholders' 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.