Komico cleans and coats the process parts inside semiconductor chambers that become contaminated or damaged so they can be reused. Coating makes up about half of revenue, cleaning about 40%, and parts the rest, and demand for these consumable services runs almost in proportion to customers' fab utilization. With manufacturing units in Austin (US), Wuxi (China), Taiwan, and Singapore, overseas sales exceed half the total. In May 2026 it increased its float through a 100% bonus issue and a stock split (par value ₩500 to ₩200), and it maintained a dividend of ₩1,400 per share (a payout ratio of about 28%). Worth noting recently is that, because it earns recurring revenue as semiconductor output rises, it is a direct beneficiary of the fab-utilization upcycle in the second half of 2026 and carries solid ROE in the 18% range; but with a debt ratio of 381% and a low current ratio, a slower-than-expected revenue ramp at its new units could delay the earnings recovery.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 381.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 95.3%).
- Revenue rose 19.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 16.4% higher than a year earlier.
- ROE is 18.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 18.4%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Mico 41.1% (corporate)
Controlling bloc incl. related parties 41.1%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis
- Komico cleans (washes off) and coats (re-applies the surface of) the process parts that are used continuously inside chambers during chip making and become contaminated or damaged, so they can be reused.
- Revenue is roughly half coating, about 40% cleaning, and the remainder parts.
- Demand for these consumable services runs almost in proportion to how busy customers' fabs are (utilization).
- With manufacturing units in Austin (US), where the likes of Samsung Electronics, Intel, and Micron operate, as well as Wuxi (China), Taiwan, and Singapore, overseas sales exceed half of the total.
- In short, it is not an equipment maker; it earns recurring, consumable revenue that grows as semiconductor output rises.
- The latest close is ₩75,900 and the market cap is ₩1.6 trillion.
- The price sits below the 20-day line (₩93,400) and below the 60-day line (₩121,755).
- Trading under both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 38.4, a neutral level.
- The one-month change is -29.1%, the three-month change is -31.2%, and the price stands -59.4% below its 52-week high.
- Relative strength versus the KOSDAQ is 63 (on a 1-99 scale, weighting recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 36% of all stocks by strength.
- Over the past three months it lagged the index by 12.2%.
- It is best to read the chart alongside trading volume and disclosure dates.
- ROE (how much the company earns in a year on its equity) is 18.4%, high even among semiconductor parts companies.
- The operating margin is also solid at 18.4%.
- However, the debt ratio (debt relative to equity) is high at 381%, and the current ratio (readily liquidatable assets against debt due within a year) is 95%, slightly below 100%.
- This is the result of increased borrowing and capital spending to build several overseas manufacturing units.
- EV/EBIT (akin to a debt-adjusted P/E) is 18.4x, and net debt (total borrowings minus cash) is about ₩424.4 billion.
- The FCF yield (actual cash earned relative to market cap) is -11%, because the company is in an investment phase pouring cash into new plants, so free cash flow is negative.
- This should improve once the plants begin generating revenue.
- Revenue nearly doubled in two years, from ₩307.3 billion in 2023 to ₩604.1 billion in 2025.
- Operating profit, by contrast, was ₩111.0 billion in 2025, similar to the prior year, and net profit fell slightly to ₩49.9 billion.
- Revenue rose sharply while profit stayed flat because start-up costs ran ahead as it set up new units in China and Japan.
- In the first quarter of 2026, revenue again rose 16% but operating profit was pushed back by start-up costs at the new plants.
- This is where it matters.
- When new lines such as Samsung Electronics' P4 and Taylor and SK Hynix's M15X come into full operation in the second half, cleaning and coating demand rises in step-like fashion.
- Because Komico's revenue is tied to that utilization, the earlier-invested new units should start generating revenue and margins should recover.
- So we see 2026 net profit recovering to roughly ₩75 billion, above a simple quadrupling of the first quarter.
- In May 2026 Komico rolled out a set of shareholder-return measures at once.
- It boosted its float and trading activity through a 100% bonus issue that grants one additional share for each held, plus a stock split (par value ₩500 to ₩200).
- In early June it disclosed, voluntarily, the 2025 progress on its corporate value-up plan.
- The dividend per share is ₩1,400 and the payout ratio is about 28%, so the dividend is maintained.
- In May a disclosure of a large supply contract (sale) also appeared, showing its order base continues.
- Taken together, this reads as a signal aimed at both earnings growth and shareholder returns.
- The strengths are clear.
- Because it earns recurring, consumable revenue as semiconductor output rises, it is a direct beneficiary of the fab-utilization upcycle in the second half of 2026.
- It also has high profitability with ROE in the 18% range plus a dividend.
- Its valuation is on the low side versus peer semiconductor parts and materials companies, so if earnings are on the mend it reads as undervalued.
- The caution is the balance sheet.
- The 381% debt ratio and low current ratio are the burden of the overseas-plant investment phase, and if the new units do not generate revenue as fast as expected, the earnings recovery could be delayed.
- In sum, it is strong in a phase where semiconductor utilization steps up, and weak in a phase where start-up costs at new units drag on or the utilization recovery is delayed.
🔎 Valuation vs peers Undervalued
Compared against high-ROE companies with a similar business reality that sell materials, parts, and consumable services repeatedly consumed in the semiconductor process.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| TCK (Tokai Carbon Korea) | 36.14x | 4.87x | 13.46% |
| Hana Materials | 26.13x | 2.16x | 8.28% |
| Leeno Industrial | 35.11x | 7.30x | 20.78% |
Komico resembles semiconductor materials and parts companies such as TCK, Hana Materials, and Leeno Industrial in its business reality. Against them its ROE is in the upper tier (18.4%) while its valuation is the lowest. The base P/E of 16.55 uses pre-bonus-issue earnings per share, so it looks lower than reality; recomputed on ₩49.9 billion of net profit attributable to owners, the trailing P/E is in the low 30s, similar to TCK and Leeno Industrial. That said, 2025 was a year in which profit was compressed by start-up costs at new units. If profit recovers with rising fab utilization in the second half, the forward multiple becomes clearly lower than peers. In other words, while the trailing metrics look demanding, on a forward basis that accounts for the earnings inflection it screens as undervalued versus peers.
Price history Close · MA20 · MA60
The latest close is ₩75,900 and the market capitalization is ₩1.6 trillion. The price sits below its 20-day moving average (₩93,400) and below its 60-day moving average (₩121,755). 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 38.4, a neutral level. The one-month change is -29.1%, the three-month change is -31.2%, and the position relative to the 52-week high is -59.4%. Relative strength versus the KOSDAQ is 63 (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 64% of all stocks. Over the past three months it lagged the index by 12.2%. 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 -12.16% / 6M -10.93% / 12M +5.47%
Key metrics vs sector median
Valuation
The P/E of 15.92x is in line with the sector median (14.44x). The P/B of 2.94x 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 18.4%, above the sector average (5.0%). The operating margin is 18.4%. The debt ratio is 381.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $203.6M | $336.1M | $400.4M | +19.12% ↓ slower |
| Operating profit | $21.9M | $74.5M | $73.6M | -1.31% ↓ slower |
| Net profit | $20.9M | $37.0M | $33.0M | -10.74% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $170.4M | $191.1M | $203.6M | $336.1M | $400.4M |
| Operating profit | $39.0M | $36.7M | $21.9M | $74.5M | $73.6M |
| Net profit | $31.2M | $27.8M | $20.9M | $37.0M | $33.0M |
| Revenue CAGR | 4-yr avg 23.82% | ||||
Revenue rose 19.1% year over year (2023 ₩307.3 billion → 2024 ₩507.1 billion → 2025 ₩604.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 1.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 23.8%. The two-year revenue CAGR is 40.2%. In the most recent quarter (Q1 2026), revenue was 16.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 18.4% points to solid profitability.
- Revenue grew 19.1% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 381.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 95.3%).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-12FilingDecided on a 100% bonus issue allocating one share per share held plus a stock split (par value ₩500 to ₩200). A measure to increase the number of shares outstanding and activate trading.The price and share count are mechanically adjusted, so the chart shows a larger apparent drop, but it is not a change in corporate value. A signal of shareholder returns and expanded liquidity. Source
- 2026-06-05IRVoluntary disclosure of 2025 progress on the corporate value-up plan. Confirmed a policy of maintaining the dividend and continuing shareholder returns.Payout ratio of about 28% and a ₩1,400 dividend per share maintained. A medium-term positive aimed at both earnings growth and shareholder returns. Source
- 2026-05-22UpdateDisclosure of a large supply contract (sale). Shows the order base for cleaning and coating services continues.A short-term positive suggesting real demand in the recurring-revenue structure is sustained. Source
- 2026-05-15EarningsQ1 2026 report. Revenue rose 16% year on year, but operating profit was pushed back by start-up costs at new units.Revenue growth continues but the margin reflects the burden of the investment phase. Room to recover if utilization rises in the second half. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-05Disclosure
- 2026-06-04OwnershipOwnership-change filing
- 2026-05-22Bonus (free) share issue
- 2026-05-22Material-fact report (amended)
- 2026-05-18Amended filing
- 2026-05-18Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Shareholders' meeting notice
- 2026-05-12Disclosure
- 2026-05-12Spin-off/split decision
- 2026-05-12Material-fact report
📖 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.