Yes-T makes heat-treatment and temperature-control equipment used on semiconductor and display production lines, with furnaces (which process semiconductor wafers at high temperature) and chillers (which keep process temperatures steady through cooling) as its mainstays. 2025 was soft, with revenue of ₩87.1 billion and operating profit of ₩3.8 billion, but the first quarter of 2026 showed recovery signals, with revenue of ₩27.5 billion (up 9.6% year over year) and a swing back to profit at ₩3.2 billion net, and the company has since won a series of equipment supply contracts with Samsung Electronics and others. What stands out lately is that its HPA equipment, which processes wafers under high pressure, has entered a market long monopolized by HPSP, and higher-margin new-product revenue starts to arrive from the second half of 2026 — a strength — while annual profit is still thin and the debt ratio is high, so results could swing widely if the new-product revenue does not land as expected.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 13.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 9.6% higher than a year earlier.
- ROE is -0.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.4%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Dong-bok 21.24% (individual)
Controlling bloc incl. related parties 26.08%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Yes-T makes and sells heat-treatment and temperature-control equipment for semiconductor and display factory production lines.
- Its largest revenue source is furnace equipment that processes wafers (semiconductor base plates) at high temperature, and chiller equipment that keeps process temperatures steady and cool.
- Added to this are pressurized-cure equipment that hardens materials under pressure, and Neocon inspection and logistics-automation equipment.
- The core of recent growth is high-pressure hydrogen annealing equipment, called HPA.
- It processes wafers under high pressure and high temperature to reduce defects, an area that HPSP had effectively monopolized.
- Yes-T developed this equipment in-house and is broadening supply to overseas NAND customers and domestic foundries, shifting its center of gravity from a general equipment maker toward a high-value process-equipment maker.
- The stock is in a recovery phase.
- Recent returns of +3.5% over one month, +30.2% over three months and +34.5% over six months show a clear medium-term uptrend.
- The current price of ₩24,950 is below the 20-day line (₩33,155) and 60-day line (₩29,125) but near the 120-day line (₩25,479).
- It can be read as a spot where the price has pulled back after rising above the short-term moving averages.
- It is about 37% below its 52-week high.
- The RSI is 40.9, slightly below neutral, so the stock is not overheated.
- Valuation metrics call for care because earnings are at an inflection point.
- Because 2025 was a net loss (-₩0.58 billion), the P/E ratio (how many years of earnings the price represents) cannot be calculated, and metrics based on last year's earnings register as weak in this phase.
- The P/B (price versus net assets) is 4.05x, and the P/S (price versus revenue) is 6.19x.
- Profitability is still thin: last year's ROE (how much is earned in a year on equity) was -0.4% and the operating margin was just 4.4%.
- On the balance sheet, the debt ratio (borrowings versus equity) of 171.5% is not low.
- That said, it is in a net-cash position, with more cash than borrowings (net borrowings of -₩21.6 billion), so liquidity pressure is not large.
- One point to note is that last year's free cash flow (cash left after operating earnings less capital spending) was negative.
- It was a phase of spending on new-product facilities and development, so when this cash flow turns positive is key to its strength.
- Results have swung sharply over three years.
- Revenue went from ₩79.8 billion in 2023 to ₩100.1 billion in 2024 and back down 13% to ₩87.1 billion in 2025 — a 2024 rebound followed by a 2025 decline.
- Profit swings were larger.
- Operating profit fell from ₩11.3 billion in 2024 to ₩3.8 billion in 2025.
- Net profit turned from a ₩10.4 billion profit in 2024 to a slight -₩0.58 billion loss in 2025.
- Yet the flow changed in the first quarter of 2026, improving greatly to revenue of ₩27.5 billion (up 9.6% year over year), operating profit of ₩3.06 billion (up 38.1%) and net profit of ₩3.17 billion (up 141.6%).
- The key point is that the Q1 operating margin has already climbed into the 11% range — a step-change up from last year's annual 4.4%.
- If supply of high-pressure annealing (HPA) equipment starts to be recognized as revenue from the second half of 2026, the share of higher-margin products will grow, giving profit room to land more heavily than in the first half.
- For this reason, even though the stock looks expensive on last year's earnings, the multiple falls much lower on this year's earnings.
- Recent disclosures center on orders.
- From March through June 2026, several single-sale and supply-contract disclosures followed one after another, including supply of semiconductor manufacturing equipment to Samsung Electronics.
- Repeated equipment supply contracts signal that customers' resumed investment and adoption of new products are translating into actual revenue.
- The March 2026 annual general meeting and business report, and the May Q1 report, also disclosed financial and governance information.
- In June there were ownership-change disclosures such as large-holding and executive holdings reports.
- One caveat: because contract amounts are recognized as revenue at different points as delivery progresses, an order does not translate directly into profit in the same quarter.
- Yes-T is a semiconductor-equipment company in a phase where profit is bottoming and turning direction.
- The strong conditions are clear.
- With its high-pressure annealing (HPA) equipment, it has entered a high-value market that had been monopolized.
- When this product lands in revenue from the second half, margins step up.
- In fact, the Q1 operating margin has already jumped into double digits and net profit rose triple digits.
- While customers' HBM and NAND investment continues, demand for this equipment is supported.
- On the other hand, the weak conditions are also clear.
- Annual profit is still thin, so if new-product revenue recognition is delayed, profit could swing greatly.
- The high debt ratio and last year's negative free cash flow also depend on the recovery continuing to resolve.
- In sum, if new-product revenue lands on plan and customer investment holds, the structure produces large earnings leverage.
- If the opposite signals appear, one must weigh the other side — a stock with high earnings volatility.
🔎 Valuation vs peers Inconclusive
Among domestic listed makers of semiconductor heat-treatment and process equipment, the peer set is HPSP — a direct competitor specifically in high-pressure annealing (HPA) — together with leading heat-treatment and deposition equipment names.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HPSP | 44.50x | 10.49x | 23.60% |
| TES | 49.30x | 7.17x | 14.50% |
| Eugene Technology | 79.30x | 7.33x | 9.20% |
| Wonik IPS | 61.30x | 5.31x | 8.70% |
Because last year was a net loss, the stock is hard to judge on last-year-earnings metrics (P/E). In such cases the picture fits better when viewed on this year's earnings. The same heat-treatment and process-equipment peer set is generally high, at P/E 44-79x and P/B 5-10x, because the area is sensitive to the semiconductor investment cycle and high-margin. Yes-T's P/S (price versus revenue) of 6.19x is mid-range within the peer set. However, with still-low margins, the profit it earns on the same revenue is smaller than peers. The crux is whether HPA equipment lands from the second half and lifts margins in a step change. If that recovery proceeds on plan, this year's earnings multiple could fall below the peer set; if delayed, it becomes a burden. As it is still before the recovery is confirmed in results, keeping the verdict inconclusive is more accurate than declaring the stock under- or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩24,950 and the market capitalization is ₩538.6 billion. The price sits below its 20-day moving average (₩33,155) and below its 60-day moving average (₩29,125). 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 40.9, a neutral level. The one-month change is +3.5%, the three-month change is +30.1%, and the position relative to the 52-week high is -37.4%. Relative strength versus the KOSDAQ is 89 (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 90% of all stocks. Over the past three months it outpaced the index by 51.5%. 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 +51.53% / 6M +60.38% / 12M +48.39%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.05x 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 -0.4%, below the sector average (5.0%). The operating margin is 4.4%. The debt ratio is 171.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $52.9M | $66.3M | $57.7M | -13.03% ↓ slower |
| Operating profit | -$272,430 | $7.5M | $2.5M | -66.32% |
| Net profit | -$18.8M | $6.9M | -$381,925 | -105.52% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $48.0M | $50.4M | $52.9M | $66.3M | $57.7M |
| Operating profit | -$7.4M | -$11.2M | -$272,430 | $7.5M | $2.5M |
| Net profit | -$14.4M | -$1.8M | -$18.8M | $6.9M | -$381,925 |
| Revenue CAGR | 4-yr avg 4.71% | ||||
Revenue fell 13.0% year over year (2023 ₩79.8 billion → 2024 ₩100.1 billion → 2025 ₩87.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 66.3% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.7%. The two-year revenue CAGR is 4.4%. In the most recent quarter (Q1 2026), revenue was 9.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 13.0% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-04UpdateSingle-sale and supply-contract disclosures for semiconductor and display manufacturing equipment. Two contracts (June 1 and June 4) were disclosed consecutively in early June.A flow in which equipment supply leads to repeated orders. Revenue recognition may be spread into the second half as delivery progresses. Source
- 2026-05-14EarningsQ1 2026 report filed. Revenue ₩27.5 billion (up 9.6% year over year), operating profit ₩3.06 billion (up 38.1%), net profit ₩3.17 billion (up 141.6%), improving back into profit.Breaking out of last year's slump, the operating margin recovered into double digits. The first confirmation of the earnings inflection. Source
- 2026-03-25UpdateSingle-sale and supply contract concluded (amended, voluntary disclosure). Multiple contracts to supply semiconductor manufacturing equipment, including to Samsung Electronics, concluded in the spring.A signal of resumed investment by a core customer. Grounds for wider adoption of new and mainstay equipment. Source
- 2026-03-17Filing2025 business report filed. Annual revenue ₩87.1 billion, operating profit ₩3.8 billion, net profit -₩0.58 billion — a year-over-year decline in profit and a slight loss.Confirms that 2025 was a trough in the cycle. A base that contrasts with the subsequent quarterly recovery. Source
- 2026-03-26FilingAnnual general meeting results disclosed. Approval of financial statements and appointment of directors and auditors and other regular agenda items processed.Annual confirmation of governance and dividend policy. Limited direct effect on the direction of results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue and profit | revenue ₩27.5 billion, operating profit ₩3.1 billion, net profit ₩3.2 billion | 1 (2026.03) | Confirmed | link |
| 2025 full-year results | revenue ₩87.1 billion, operating profit ₩3.8 billion, net profit -₩0.6 billion | 2025 | Confirmed | link |
| 2026 full-year net profit (estimate) | approx. ₩15.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-10OwnershipOwnership-change filing
- 2026-06-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04Single supply/sales contract
- 2026-06-01Single supply/sales contract
- 2026-05-26Single supply/sales contract
- 2026-05-14PeriodicQuarterly report
- 2026-04-27Single supply/sales contract (amended)
- 2026-03-26Shareholders' meeting notice
- 2026-03-25Single supply/sales contract (amended)
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-10Disclosure
📖 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.