Woldex makes consumable parts for the semiconductor etch process—silicon electrodes, silicon rings, and quartz parts that face the wafer and are worn away by plasma. Because these parts wear out, repeat orders come in while lines are running, and through a US parts maker acquired in 2009 the company also carries a sizable overseas revenue share. 2025 was a year of declining revenue and profit, but net profit surged in Q1 2026, so earnings appear to be passing the bottom and heading toward normalization, and a ₩100-per-share dividend was finalized at the March shareholder meeting. What stands out lately is that if the industry recovery continues and firms up a return to growth in both revenue and operating profit, its low forward P/E and P/B—paired with a 20%-plus operating margin and a double-digit ROE—come alive as undervaluation versus peers; but if the recovery proceeds slowly, the flat top line and volatility come into focus.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 4.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 6.8% lower than a year earlier.
- ROE is 11.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 20.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Bae Jong-sik 34.79% (individual)
Controlling bloc incl. related parties 35.08%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis
- Woldex makes and sells consumable parts used in the etching process that carves semiconductor chips.
- Its mainstays are silicon electrodes (cathodes) and silicon rings, plus quartz parts—components that face the wafer directly inside etch equipment and are worn away by plasma—and it is broadening into ceramic materials such as alumina.
- Because these parts wear out and must be replaced after a certain amount of use, orders recur steadily not only during the capex cycle of installing new equipment but also while already-installed lines are running.
- By revenue, the silicon lineup is the largest at more than half, followed by quartz and then ceramics and others.
- The share going to domestic memory customers is large, but after acquiring a US parts maker in 2009 the overseas revenue share is also sizable, giving the company a revenue base that does not depend on a single domestic source.
- The latest close is ₩28,200, with a market cap of ₩465.6 billion.
- The price sits above its 20-day (₩28,130) but below its 60-day (₩29,058) moving average.
- With short- and mid-term trends crossed, the direction should be viewed separately.
- The RSI (a gauge that measures the balance of upward and downward strength over the past 14 days on a 0-100 scale) is 50.8, a neutral reading.
- The one-month change is +12.6%, the three-month change +0.0%, and the price sits 19.3% below its 52-week high.
- Relative strength versus the KOSDAQ is 83 (on a 1-99 scale that weights recent one-year returns against the index more heavily toward recent periods; higher means stronger than the market), placing it roughly in the top 16% for strength among all stocks.
- Over the past three months it outpaced the index by 31.4%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- On a confirmed full-year basis for last year, the P/E ratio (how many times one year's profit the share price represents) is 11.36x and the P/B (how many times net asset value the share price represents) is 1.34x.
- Profitability is solid for a parts maker, with an ROE (how much is earned on equity in a year) of 11.8%, an operating margin of 20.1%, and a net margin in the mid-14% range.
- On financials, the debt ratio (debt relative to equity) is 124%, but a current ratio of 553% means very ample short-term payment ability, and an interest coverage ratio in the 7x range means little burden in servicing debt.
- The key here is that these P/E and P/B figures are calculated on 2025 results, a year when profit declined.
- For a company like Woldex passing through an earnings inflection, a forward multiple based on this year's profit is closer to the true picture than last year's number.
- On a forward-earnings basis, the P/E is 8.9x and the P/B 1.34x; compared with peer parts makers that mostly trade at P/E 30-70x and P/B 2-6x, this sits at a clear undervaluation signal within the same business.
- Over five years, revenue rose steadily from ₩190.1 billion in 2021 to ₩255.9 billion in 2022, ₩288.1 billion in 2023, and ₩306.8 billion in 2024, then stepped back a year to ₩291.8 billion in 2025 (five-year CAGR 11.3%).
- Profit also fell, from ₩70.3 billion operating profit and ₩65.0 billion net profit in 2024 to ₩58.5 billion operating profit (-16.7%) and ₩41.0 billion net profit (-37.0%) in 2025, as the memory-chip cycle cooled over the prior year and customer utilization and parts orders took a breather together.
- But the quarterly view reads differently.
- Q1 2026 revenue of ₩69.1 billion (-6.8%) and operating profit of ₩14.3 billion (-3.3%) came close to a year earlier, while net profit rose +47.4% to ₩17.9 billion, with earnings recovering first.
- This reflects the trait that, since etch consumables generate repeat orders along with line utilization, profit rises faster than revenue once memory utilization recovers.
- Behind the forward P/E falling to 8.9x this year is exactly this earnings normalization—a cycle-recovery phase in which utilization and parts demand refill after passing the industry trough.
- There is no clear basis to expect next year's earnings to fall below this year's, and the current trend looks less like a cycle peak than like a path through the trough back to normal earnings power.
- The recent flow centers on results and shareholder-schedule items.
- On 2026-02-24, a profit-structure-change disclosure gave early notice of weak 2025 annual results (especially the net-profit decline), which the March 18 business report confirmed.
- At the March 26 AGM, the accounts and a ₩100-per-share dividend were finalized.
- On May 14, the convening and record date of an extraordinary shareholder meeting were resolved, and on June 12 the convening notice and proxy-solicitation materials followed, with the EGM process underway.
- The May 15 quarterly report confirmed Q1 2026 results, showing the net-profit recovery in figures, and on June 9 there was a bulk-ownership (5%-plus stake) change report.
- No new-order or company-outlook disclosures were confirmed in this period, so the narrative centers on regular results and shareholder procedures.
- Woldex's strengths are a repeat-order business in etch consumables, a 20%-plus operating margin and a double-digit ROE, ample liquidity, and a forward P/E and P/B markedly lower than peer parts makers.
- Within the same etch-consumables business, profitability is on par with peers while the multiple sits at the lowest end, so on business substance it reads as an undervaluation zone.
- The Q1 2026 net-profit surge shows earnings passing the bottom and heading toward normalization.
- Points to weigh alongside are that 2025 was a year of declining revenue and profit, and that the business's quarterly results swing with the memory cycle and customer utilization.
- In short, if the industry recovery continues and firms up a return to growth in both revenue and operating profit, the low multiple comes alive directly as a strength; if the recovery proceeds slowly, the flat top line and volatility come into focus.
- Either way, the starting point is watching whether the Q1-confirmed earnings recovery continues quarter by quarter.
🔎 Valuation vs peers Undervalued
Narrowing to companies that make consumable parts and materials for the semiconductor etch process, the comparison uses Hana Materials for silicon parts, TCK for SiC parts, and Wonik QnC for quartz and ceramic consumables. All share the same business substance of supplying parts that wear out and are replaced inside etch equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hana Materials | 26.13x | 2.16x | 8.28% |
| TCK (Tokai Carbon Korea) | 36.14x | 4.87x | 13.46% |
| Wonik QnC | 33.89x | 1.57x | 4.62% |
(a) True-peer positioning: within the same etch-consumables business, Woldex's P/E and P/B sit at the lowest end while its profitability (ROE and operating margin) is on par. (b) Premium/discount: peers are growing their top line while Woldex saw revenue and profit fall in 2025, so the market appears to have applied a discount for a growth stall. In other words, rather than concluding it is cheap in absolute terms, it is better read as a zone where "a low multiple relative to profitability" coexists with "a negative-growth tag." (c) Limits of trailing: these P/E and P/B are based on 2025 confirmed results when profit fell. Reflecting the +47% Q1 net-profit rise and the seasonality-approximated net profit (about ₩67.7 billion), the forward P/E comes out around 6x, even lower, but this is an approximation rather than the company's official outlook, an unverified assumption. The low multiple gains meaning only once profit actually rises and is confirmed.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩72.0 billion | ₩14.8 billion | ₩20.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩28,200 and the market capitalization is ₩465.6 billion. The price sits above its 20-day moving average (₩28,130) and below its 60-day moving average (₩29,058). 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 50.8, a neutral level. The one-month change is +12.6%, the three-month change is +0.0%, and the position relative to the 52-week high is -19.3%. 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 outpaced the index by 31.4%. 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 +31.43% / 6M +41.76% / 12M +20.93%
Key metrics vs sector median
Valuation
The P/E of 11.36x is below the sector median (18.61x). The P/B of 1.34x is below the sector median (1.63x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 11.8%, above the sector average (7.0%). The operating margin is 20.1%. The debt ratio is 124.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $190.9M | $203.3M | $193.4M | -4.90% ↓ slower |
| Operating profit | $43.0M | $46.6M | $38.8M | -16.73% ↓ slower |
| Net profit | $35.7M | $43.1M | $27.2M | -37.00% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $126.0M | $169.6M | $190.9M | $203.3M | $193.4M |
| Operating profit | $26.7M | $33.6M | $43.0M | $46.6M | $38.8M |
| Net profit | $22.2M | $27.5M | $35.7M | $43.1M | $27.2M |
| Revenue CAGR | 4-yr avg 11.31% | ||||
Revenue fell 4.9% year over year (2023 ₩288.1 billion → 2024 ₩306.8 billion → 2025 ₩291.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 16.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.3%. The two-year revenue CAGR is 0.6%. In the most recent quarter (Q1 2026), revenue was 6.8% lower 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.
- ROE of 11.8% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 4.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-24EarningsDisclosure of a 30%-plus (15% for large corporations) change in revenue or profit structure. 2025 annual net profit fell sharply from the prior year, exceeding the change threshold.Short term: the profit decline is announced first, prompting recognition of weak results. Mid term: a starting point where recovery must be confirmed via quarterly results. Source
- 2026-03-18Filing2025 business report. Confirmed annual revenue of ₩291.8 billion, operating profit of ₩58.5 billion, and net profit of ₩41.0 billion (negative growth versus the prior year).Short term: confirmation of preliminary figures. Mid term: a baseline for comparison with subsequent quarterly results. Source
- 2026-03-26DividendAGM results. Along with approval of the financial statements, a 2025 year-end dividend of ₩100 per share (payout ratio about 4%) was finalized.Short term: the dividend is confirmed. Mid term: with a dividend yield of 0.4%, business results rather than dividend appeal are the core of the share price. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue ₩69.1 billion (-6.8%), operating profit ₩14.3 billion (-3.3%), net profit ₩17.9 billion (+47.4%).Short term: the net-profit recovery is confirmed. Mid term: whether revenue and operating profit turn back to growth is the next point to watch. Source
- 2026-05-14FilingResolution to convene an extraordinary shareholder meeting and set the record date. The process proceeds with the June 12 convening notice and proxy-solicitation materials.Short term: attention on governance and articles-of-incorporation matters depending on the agenda. Mid term: an item where the resolution outcome should be confirmed. Source
- 2026-06-09UpdateBulk-ownership report (abbreviated form). A stake-change report by a holder of 5% or more.Short term: a supply-demand reference. Mid term: if the change is trend-like, it may signal a shift in shareholder composition. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-14Shareholders' meeting notice
- 2026-04-01Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-13Amended filing
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-10OwnershipOwnership-change filing
📖 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.