Wonik Materials (104830) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Wonik Materials is a materials company that makes specialty gases (NF3, N2O, monosilane, WF6 and others) as well as blended gases and precursors that are repeatedly consumed in semiconductor and display manufacturing, so its revenue is tied more directly to customer fab utilization than to the scale of new investment. It posted 2025 annual operating profit of ₩56.5 billion and net profit of ₩48.7 billion, with net profit rising sharply for a second straight year and the recovery continuing into Q1; a dividend of ₩500 per share was approved at the March shareholders' meeting, and the debt ratio is in the low 20s (%). What stands out lately is that, as long as customer utilization keeps recovering, an operating margin in the 17% range, reviving earnings, and a light valuation - P/B of 0.95x and a P/E of around 8x on this year's earnings - together build appeal, whereas if the cycle turns back into a downturn, revenue and profit could fall together as they did in 2023-2024.
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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 “Industrial & Specialty Gases” (Chemicals, Refining, Steel & Materials · Chemicals), a type typically read first through EV/EBITDA.
Industrial and specialty gases throw off steady cash on the back of large facilities and long-term supply contracts, but heavy depreciation can mask the true earning power behind net income. That makes EV/EBITDA — enterprise value against operating cash generation before depreciation — 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 3.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 13.1% higher than a year earlier.
- ROE is 9.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.3%.
- 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 45.69% (corporate)
Controlling bloc incl. related parties 45.73%
With the controlling bloc holding 46%, the ownership structure is stable.
🔎 In-depth analysis Reading
Wonik Materials is a materials company that makes and sells specialty gases used in the manufacturing processes of semiconductor and display fabs. Its flagship products are gases such as NF3 (nitrogen trifluoride) that cleans the interior of deposition equipment, N2O (nitrous oxide) and monosilane (SiH4) used to form thin films, and WF6 (tungsten hexafluoride) used to deposit tungsten films for wiring; it also supplies blended gases mixing several gases in set ratios, as well as precursor materials. In other words, it supplies the "materials" that are repeatedly consumed at every step of etching, stacking, and cleaning chips or panels, so unlike equipment that is a one-time install, its revenue keeps arising as long as customer fabs run. As a result, it is tied more directly to customer fab "utilization" (how much the lines actually run) than to the scale of new investment. Within the same Wonik Group, its business scope is separated from Wonik IPS, which makes equipment, and Wonik QnC, which makes quartz and consumables.
The latest close is ₩32,650 and the market capitalization is ₩411.7 billion. The price sits below its 20-day moving average (₩32,832) and below its 60-day moving average (₩39,732). 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 46.0, a neutral level. The one-month change is -9.3%, the three-month change is -38.7%, and the position relative to the 52-week high is -40.5%. Relative strength versus the KOSDAQ is 68 (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 69% of all stocks. Over the past three months it lagged the index by 7.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual (2025) basis, the P/E ratio (how many times one year's net profit the price represents) is about 10.2x and the P/B (how many times net assets the price represents) is 0.77x. A P/B below 1x means the stock is priced below even book net assets, and given that the company carries almost no debt with a debt ratio of 21.4%, price pressure is light. Profitability is also sound, with ROE (how much is earned in a year on equity) of 9.3%, an operating margin of 17.5%, and a net margin of 15.1%, and the financials are very solid with a current ratio of 216% and an interest coverage ratio of 28.7x. One point to note is that the P/E is on a "last year's confirmed profit" basis. For a company like this, where earnings have bottomed and are rising again, a forward basis that reflects this year's already-higher earnings shows the real price appeal better. On this year's earnings, the P/E is about 8x and forward P/B is 0.82x, which reads as an undervaluation signal on the low side even against specialty-gas materials peers.
Over five years, revenue moved from ₩310.7 billion in 2021 to ₩581.3 billion in 2022, ₩391.7 billion in 2023, ₩310.7 billion in 2024, and ₩322.5 billion in 2025 - falling after the 2022 peak through the semiconductor downturn, then starting to rise again in 2025. The earnings recovery is even clearer. Operating profit went from ₩24.7 billion in 2023 to ₩51.9 billion in 2024 to ₩56.5 billion in 2025, and net profit from ₩13.8 billion to ₩31.8 billion to ₩48.7 billion (+53.1%), rising sharply for two straight years. The most recent quarter (Q1 2026) also continued the recovery, with revenue of ₩88.2 billion (+13.1%), operating profit of ₩15.7 billion (+6.3%), and net profit of ₩14.4 billion (+19.0%). The reason earnings are rising lies in the business structure. Because specialty gases are consumable materials used continuously while customer fabs run, when memory and display utilization recovers off the downturn's low, revenue follows immediately, and as additional volume rides on already-installed production and refining facilities, profit rises faster than revenue. Indeed, net profit growth (+53.1%) far exceeding revenue growth in 2025 shows this structure. Reflecting Q1's confirmed results and the accumulated utilization recovery, this year's earnings look set to run at a higher level than last year, and it is this forward earnings basis that becomes the standard for assessing the current valuation.
Recent disclosures center on earnings and governance confirmation. On May 7, 2026, a fair disclosure of preliminary consolidated operating results first revealed Q1 results, and the May 14 quarterly report confirmed the detailed figures. The March 18 annual report and audit report wrapped up 2025 annual results (operating profit ₩56.5 billion, net profit ₩48.7 billion) with an unqualified audit opinion, and the March 26 shareholders' meeting approved the settlement and dividend (₩500 per share, payout ratio about 12.9%) among other items. On June 2 there was a voluntary disclosure related to a sustainability report, and on May 29 a large business group status disclosure reaffirmed that the company is a member of the Wonik Group. The large-holding reports (simplified) of June 5 and April 1 are filings that some major-shareholder stakes changed, share events with little direct bearing on core earnings.
The strengths are clear. Given the business character of specialty gases repeatedly consumed in semiconductor processes, profit recovers quickly when customer utilization revives, and indeed net profit rose sharply for two straight years and the recovery continued into Q1. Solid financials with a debt ratio in the low 20s (%), an operating margin in the 17% range, and a light valuation - P/B of 0.95x and a P/E of around 8x on this year's earnings - support this together. Putting a price set below net assets alongside reviving earnings, price appeal stands out in this phase. At the same time, the cautions are clear too. Because revenue is tied to customer fab utilization and the memory and display cycle, if the cycle turns down again, revenue and profit could fall together as they did in 2023-2024. In short, while utilization keeps recovering, reviving earnings and a low valuation combine to build appeal, whereas if the cycle turns into a downturn, earnings volatility grows. It is appropriate to view it understanding that both the strong and weak conditions hinge on the cycle.
🔎 Valuation vs peers Fairly valued
The base sector is "chemicals," but the actual business is specialty-gas materials for semiconductors and displays. Accordingly, instead of general chemical companies, the peer set was built from companies in semiconductor materials and downstream industries. P/E, P/B, and ROE are on-site figures calculated on a current-price basis.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hansol Chemical | 17.25x | 2.19x | 13.99% |
| Foosung | 199.19x | 3.08x | 1.59% |
| Wonik QnC | 32.48x | 1.44x | 4.24% |
| Wonik IPS | 54.09x | 4.63x | 8.66% |
Against specialty-gas materials peers, a P/E of 11.3x and P/B of 1.05x are on the low side and an ROE of 9.3% is toward the top, so on surface numbers alone there is a discount. That said, much of this discount comes from the business character of "revenue being tied to the memory cycle and customer utilization, hence highly volatile," so rather than simply calling it cheap, it is more accurate to read it as "room to be re-valued when the cycle holds up." The displayed P/E is on last year's confirmed profit (trailing), so it can look somewhat expensive at an earnings inflection during recovery; plugging in this year's estimated profit from a DART seasonality approximation lowers the forward burden by a notch (see forecast below). All told, its position versus peers and financial strength are sound, but with cycle dependence as a risk alongside, we see it as Fairly valued.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩76.2 billion | ₩13.4 billion | ₩11.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩32,650 and the market capitalization is ₩411.7 billion. The price sits below its 20-day moving average (₩32,832) and below its 60-day moving average (₩39,732). 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 46.0, a neutral level. The one-month change is -9.3%, the three-month change is -38.7%, and the position relative to the 52-week high is -40.5%. Relative strength versus the KOSDAQ is 68 (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 69% of all stocks. Over the past three months it lagged the index by 7.5%. 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 -7.50% / 6M +19.29% / 12M +36.38%
Key metrics Computed vs sector median
Valuation
The P/E of 8.45x is below the sector median (14.15x). The P/B of 0.77x is in line with the sector median (0.90x).
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 9.8%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.5%, above the sector average (4.0%). The operating margin is 17.3%. The debt ratio is 24.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $275.2M | $218.3M | $226.5M | +3.78% ↑ faster |
| Operating profit | $17.3M | $36.5M | $39.7M | +8.82% ↓ slower |
| Net profit | $9.7M | $22.3M | $34.2M | +53.11% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $218.3M | $408.3M | $275.2M | $218.3M | $226.5M |
| Operating profit | $35.5M | $62.4M | $17.3M | $36.5M | $39.7M |
| Net profit | $37.1M | $40.6M | $9.7M | $22.3M | $34.2M |
| Revenue CAGR | 4-yr avg 0.93% | ||||
Revenue rose 3.8% year over year (2023 ₩391.7 billion → 2024 ₩310.7 billion → 2025 ₩322.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 8.8% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.9%. The two-year revenue CAGR is -9.3%. In the most recent quarter (Q1 2026), revenue was 13.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-07EarningsPreliminary consolidated Q1 2026 operating results pre-released via fair disclosure (revenue around ₩88.2 billion, operating profit around ₩15.7 billion)Short term: Q1 revenue grew double digits year over year, confirming the recovery flow. A starting point to check earnings durability alongside the confirmed figures in the quarterly report. Source
- 2026-05-14UpdateFiling of the Q1 2026 quarterly report, disclosing detailed confirmed figures for revenue and profitMedium term: the official primary source to check the line items behind the preliminary results and segment trends. The basis for tracking utilization and product-mix changes. Source
- 2026-03-26DividendAt the shareholders' meeting, 2025 settlement, financial statements, and the dividend (₩500 per share) among other items were approvedMedium term: a payout ratio of about 12.9% confirms a stable return policy even amid earnings recovery. Governance items such as outside-director appointments were also handled. Source
- 2026-03-18UpdateFiling of the 2025 annual report and audit report, confirming full-year results and the audit opinionMedium term: 2025 annual results such as operating profit of ₩56.5 billion and net profit of ₩48.7 billion were finalized with an unqualified opinion. The reference point for interpreting the five-year trend. Source
- 2026-05-29FilingA large business group status disclosure confirms membership in the Wonik Group (intra-group transactions and governance status)Medium term: reaffirms the structure of belonging to the same group as Wonik IPS and Wonik QnC. A clue to check the division of business within the group and the share of internal transactions. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-02Disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-13Amended filing
- 2026-03-13Amended 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.