YC Corporation makes inspection equipment that screens out defects after chips are fabricated, with 'memory wafer testers' that inspect DRAM and NAND at the wafer stage accounting for over 80% of revenue, and a structure heavily dependent on Samsung Electronics, from which most of its parent-company revenue comes from that single customer. In 2026 it disclosed a run of Samsung Electronics inspection-equipment supply contracts, ₩40.3 billion in March, ₩42.1 billion in April and ₩93.0 billion in June (34% of last year's revenue), filling second-half revenue and profit recognition. The encouraging points are that it holds a secure position in Samsung-bound wafer inspection equipment, 2026 confirmed orders already reach about 60% of last year's revenue, and Q1 net profit reached a third of the full prior year. The caution is that most revenue is concentrated at Samsung alone, so if Samsung's investment timing slips or the semiconductor cycle cools, results wobble with it.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 29.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 14.5% lower than a year earlier.
- ROE is 5.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.2%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Semtek 50.22% (corporate)
Controlling bloc incl. related parties 52.24%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis
- YC Corporation makes and sells inspection equipment that screens out defects after chips are fabricated.
- Its main product is the 'memory wafer tester,' equipment that inspects the electrical characteristics of memory chips such as DRAM and NAND while they are still in wafer form.
- These wafer testers account for over 80% of revenue.
- The rest is filled by items such as the multilayer ceramic substrates for probe cards made by its subsidiary SamCNS.
- Most of its parent-company revenue comes from Samsung Electronics alone, a structure with very high dependence on Samsung.
- The latest close is ₩9,990 and market capitalization is ₩819.6 billion.
- The price sits below its 20-day line (₩13,246) and below its 60-day line (₩17,157).
- Being below both the short- and medium-term moving averages, the trend is on the pressured side.
- RSI (a gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 27.6, near oversold territory.
- The one-month change is -29.9%, the three-month change is -42.1%, and the position versus the 52-week high is -57.9%.
- Relative strength against the KOSDAQ is 56 (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).
- That places it in roughly the top 44% of all stocks by strength.
- Over the past three months it lagged the index by 27.5%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On valuation metrics alone the stock looks burdensome.
- The P/E ratio (how many times a year's profit the price represents) is 42.49x and the P/B (how many times book equity the price represents) is 2.23x.
- However, this P/E has the limit of being on last year's confirmed earnings.
- With this year's earnings rising sharply, viewed by last year's yardstick the stock looks more expensive than it is.
- ROE (how much the company earns in a year on its equity) is still low at 5.2%, and the operating margin is 6.2%.
- The debt ratio (debt against equity) is 165%, but the current ratio (cash-like assets against debt due within a year) of 374% means ample short-term payment capacity.
- EV/EBIT (debt-inclusive enterprise value divided by operating profit, an extension of P/E) is 56x, high on last year's basis.
- However, net debt (total borrowings less cash) is only ₩8.0 billion, so the company is effectively close to debt-free.
- The FCF yield (cash actually generated relative to market cap) is 2.6%, so cash generation is steady.
- Over a longer view, this company's results ride the semiconductor investment cycle heavily.
- Revenue fell from ₩311.3 billion in 2021 to ₩211.2 billion in 2024, then rebounded to ₩272.6 billion in 2025.
- In 2025 the recovery was clear, with revenue +29%, operating profit +60% and net profit +75%.
- Q1 2026 revenue fell 14.5% year on year.
- But that figure alone is a poor basis for concluding the recovery has stalled.
- Because this company recognizes revenue after equipment is delivered and installed, it has a characteristic of concentrating in the second half.
- In fact, Q1 net profit was ₩6.5 billion, already earning a third of the full prior-year net profit in a single quarter.
- On top of this, supply contracts signed with Samsung Electronics in 2026 are confirmed at ₩93.0 billion, ₩42.1 billion and ₩40.3 billion.
- The three combined reach about 60% of last year's revenue.
- If these volumes are recognized in the second half, this year's earnings are on a track well above last year's.
- Even if last year's P/E looks high, on this year's expected earnings the burden falls considerably.
- The key of 2026 is the Samsung Electronics order relay.
- It disclosed inspection-equipment supply contracts in succession: ₩40.3 billion in March, ₩42.1 billion in April (MT6133 LPE-B upgrade), and ₩93.0 billion in June.
- The June contract in particular is a large deal reaching 34% of last year's revenue.
- All are confirmed contracts with Samsung Electronics, paid 90% on delivery and 10% on installation.
- Because the contract periods span the second half, revenue and profit recognition also carry into the second half.
- In March there was a regular general meeting along with a change of chief executive.
- No dividend-related disclosure is confirmed.
- The strengths are clear.
- It holds a secure position in Samsung-bound wafer inspection equipment.
- Confirmed 2026 orders already reach about 60% of last year's revenue.
- Q1 net profit already reaching a third of the full prior year is also a signal that earnings power has revived.
- Last year's P/E looks high and expensive, but on this year's expected earnings the picture changes.
- The cautions are equally clear.
- Most revenue comes from Samsung Electronics alone.
- If Samsung's investment timing slips, results wobble with it.
- The large swings in quarterly results by delivery timing must also be taken into account.
- If the semiconductor investment cycle rolls over, orders themselves can thin out.
- In short, this is a stock that is strong when Samsung's investment continues and orders are recognized on schedule, and weak if Samsung's orders are delayed or the cycle cools.
🔎 Valuation vs peers Inconclusive
We take Korean semiconductor inspection-and-test equipment makers as the peer set. Exicon (memory tester) is the most similar in business, while Techwing (test handler) and Unitest (memory tester) are in the same back-end equipment domain.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Exicon | 22.23x | 1.02x | 4.58% |
| Techwing | 155.50x | 6.80x | 4.37% |
| Unitest | 0.00x | 2.14x | -21.42% |
On last year's confirmed earnings, the P/E of 49x and P/B of 2.6x sit in a middle position among peers, lower than Techwing (P/E 187, P/B 8.2) but higher than Exicon (P/E 26). However, the trailing P/E has the limit of making the stock look more expensive than it is in a phase where earnings rise sharply. In Q1 2026 the company already earned a third of the full prior-year net profit, and with Samsung Electronics confirmed orders recognized in the second half, on this year's expected earnings the valuation burden falls considerably. Conversely, if Samsung's orders are delayed or the cycle cools, this premium is hard to justify. Because the assessment splits sharply depending on order recognition, we hold judgment rather than concluding one way.
Price history Close · MA20 · MA60
The latest close is ₩9,990 and the market capitalization is ₩819.6 billion. The price sits below its 20-day moving average (₩13,246) and below its 60-day moving average (₩17,157). 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 27.6, near oversold territory. The one-month change is -29.9%, the three-month change is -42.1%, and the position relative to the 52-week high is -57.9%. Relative strength versus the KOSDAQ is 56 (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 56% of all stocks. Over the past three months it lagged the index by 27.5%. 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 -27.45% / 6M -28.36% / 12M -6.01%
Key metrics vs sector median
Valuation
The P/E of 42.49x is above the sector median (14.44x). The P/B of 2.23x 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 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 2.34x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.2%, in line with the sector average (5.0%). The operating margin is 6.2%. The debt ratio is 165.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $169.1M | $140.0M | $180.7M | +29.06% ↑ faster |
| Operating profit | $5.7M | $7.0M | $11.3M | +60.29% ↑ faster |
| Net profit | $9.0M | $7.3M | $12.8M | +74.89% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $206.3M | $189.1M | $169.1M | $140.0M | $180.7M |
| Operating profit | $36.2M | $24.1M | $5.7M | $7.0M | $11.3M |
| Net profit | $29.8M | $17.3M | $9.0M | $7.3M | $12.8M |
| Revenue CAGR | 4-yr avg -3.26% | ||||
Revenue rose 29.1% year over year (2023 ₩255.2 billion → 2024 ₩211.2 billion → 2025 ₩272.6 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 60.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -3.3%. The two-year revenue CAGR is 3.4%. In the most recent quarter (Q1 2026), revenue was 14.5% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 29.1% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-01UpdateSigned a ₩93.0 billion (34.1% of last year's revenue) inspection-equipment supply contract with Samsung Electronics, contract period 2026-05-29 to 11-30Very large for a single contract and a core axis of second-half revenue and profit. If the volume is recognized normally, it lifts full-year results substantially Source
- 2026-04-13UpdateMT6133 LPE-B upgrade supply contract of ₩42.16 billion (15.5% of last year's revenue) with Samsung Electronics, contract period 2026-04-10 to 12-31Stable volume from upgrade demand for existing equipment, with revenue recognition continuing into the second half Source
- 2026-03-04Update₩40.3 billion (19.1% of 2024 revenue) inspection-equipment supply contract with Samsung Electronics, contract period 2026-03-03 to 06-30Volume supporting first-half revenue. The starting point of the year's order relay Source
- 2026-05-15FilingFiled the Q1 2026 report - revenue ₩33.3 billion (-14.5% year on year), net profit ₩6.5 billionRevenue paused due to delivery timing, but net profit secured a third of the full prior year in one quarter. Confirms recovery of earnings power Source
- 2026-03-26FilingHeld the regular general meeting and changed the chief executiveSome management change. Direct effect on results is limited Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩272.6 billion | ₩272.6 billion(₩272,629,978,227) | Confirmed | link |
| Samsung Electronics June supply-contract amount | ₩93.0 billion | ₩93.0 billion | Confirmed | link |
| 2026 cumulative supply-contract total | approx. ₩175.5 billion | 403 + 421.6 + 930 = ₩175.5 billion | Confirmed | link |
| 2026 expected net profit (in-house estimate) | approx. ₩45.0 billion | — | Unverified | link |
Recent filings
- 2026-06-01Single supply/sales contract
- 2026-05-15PeriodicQuarterly report
- 2026-04-13Single supply/sales contract
- 2026-03-27Single supply/sales contract (amended)
- 2026-03-27Single supply/sales contract (amended)
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-04Single supply/sales contract
- 2026-02-27Shareholders' 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.