Wonik IPS sells manufacturing equipment used to make semiconductors and displays. The bulk of its revenue comes from front-end semiconductor tools (ALD, CVD, thermal processing and dry etch), and orders cluster whenever Samsung Electronics and SK Hynix build or expand new DRAM and NAND lines. Its Q1 2026 preliminary results showed revenue up 32.8% with net profit of ₩22.1 billion, and the 2025 annual report confirmed a return to full-year profitability, though no separate large single-order disclosure or official company annual guidance has been identified. The key takeaways are two-sided: on the strength side, as memory capacity expansion and HBM-related investment build through the second half, front-end equipment orders should rise, and the Q1 net margin of 13.4% already improved on last year's 9.2%; on the caution side, this is a cycle-sensitive business, and if customers push back capex or the memory market turns, equipment orders are the first and hardest to shrink.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 21.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 32.8% higher than a year earlier.
- ROE is 8.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 8.1%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Wonik Holdings 32.9% (corporate)
Controlling bloc incl. related parties 32.98%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis
- Wonik IPS sells the manufacturing equipment used to make semiconductors and displays.
- Most of its revenue comes from front-end semiconductor tools — the early steps that deposit or shape thin films on a wafer.
- Its flagship products include ALD equipment that builds up films one precise layer at a time, CVD equipment that deposits films through chemical reactions, and thermal-processing and dry-etch tools.
- Its main customers are Samsung Electronics and SK Hynix, and orders cluster whenever they build or expand DRAM and NAND production lines.
- On top of this sits a display-equipment business supplying Chinese and domestic panel makers, rounding out the revenue mix.
- In short, this is not a company that buys semiconductors but one that sells machines to semiconductor fabs, so its results track its customers' capital-investment (capacity expansion) cycle directly.
- The recent close was ₩104,900 and the market cap is ₩5.1 trillion.
- The price sits below both the 20-day line (₩149,435) and the 60-day line (₩130,122).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 37.7, a neutral reading.
- The one-month change is -10.1%, the three-month change is -8.1%, and the price sits -42.8% below its 52-week high.
- Relative strength versus the KOSDAQ is 93 (on a 1-99 scale, this converts return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 6% of all stocks by strength.
- Over the past three months it outpaced the index by 18.6%.
- Charts are best read alongside trading volume and disclosure dates.
- The financial structure is on the solid side.
- The debt ratio (debt relative to equity) is a low 20.1%, the current ratio (assets soon convertible to cash relative to debt due within a year) is 372%, and the interest coverage ratio (how many times operating profit covers interest) is 107x, so interest burden is minimal.
- On the surface, however, the valuation multiples look expensive: a P/E ratio (how many times one year's earnings the price represents) of 98x and a P/B (how many times book equity the price represents) of 8.5x.
- The important point is that this 98x P/E is based on last year's (2025) confirmed earnings.
- It is divided by early-recovery earnings that had only just emerged from a 2023 loss, which inflates the multiple, and it falls quickly as this year's earnings grow.
- On profitability, ROE (how much is earned in a year on equity) is 8.7% and the operating margin is 8.1%, both at the early stage of normalization.
- The five-year record makes clear why this is a cyclical company.
- After peaking in 2021 with revenue of ₩1.23 trillion and net profit of ₩145.1 billion, the memory downturn dragged it down to ₩690.3 billion in revenue and a ₩18.1 billion operating loss in 2023.
- It then turned profitable in 2024 (net profit ₩20.7 billion) and is recovering in 2025 with revenue of ₩909.8 billion (+21.6%) and net profit of ₩84.0 billion.
- The pace of recovery is accelerating: Q1 2026 revenue was ₩164.9 billion, up 32.8% year on year, and net profit of ₩22.1 billion already exceeds a quarter of last year's full-year net profit (₩84.0 billion).
- What comes next matters: with DRAM expansion investment such as Samsung Electronics' Pyeongtaek P4 and SK Hynix's new lines building through the second half, equipment orders and revenue recognition are more likely to land in the back half than the first.
- Reflecting this second-half acceleration and the operating leverage that comes with rising revenue (the effect where margins rise faster than revenue), full-year net profit looks set to nearly double last year's (₩84.0 billion) — the Q1 net margin of 13.4% already tops last year's 9.2%.
- On that basis, the forward P/E against this year's expected earnings is about 52x, much lower than the 98x on last year's figures.
- Recent disclosures center on results and shareholding changes.
- An April 29, 2026 earnings-schedule notice, then Q1 preliminary results (fair disclosure) on May 8 confirmed 32.8% revenue growth, and the Q1 report filed on May 15 reflected net profit of ₩22.1 billion.
- The 2025 annual report on March 16 confirmed the return to full-year profitability.
- Large-shareholding reports followed on June 2 and May 15, disclosures that flag changes in major shareholders' stakes.
- No separate large single-order disclosure or official company annual guidance has been identified, so the earnings trajectory is best judged from the quarterly results and periodic reports.
- What makes it strong: the earnings engine is DRAM capital investment by Samsung Electronics and SK Hynix.
- In a phase where memory capacity expansion and HBM-related investment build through the second half, front-end equipment orders rise, revenue and profit climb together, and the headline P/E normalizes quickly.
- In fact, the Q1 net margin of 13.4% already improved on last year's 9.2%, and low debt and ample liquidity support the capacity to respond to expansion.
- The key point is that even though the P/E looks high on last year's figures, the multiple comes down on this year's expected earnings.
- What makes it weak: conversely, if customers push back investment or the memory market turns, equipment orders shrink first and hardest — the 2023 loss illustrates that sensitivity.
- The stock has also risen sharply over six months and sits near its highs, so if results fall short of expectations the near-term pullback could be steep.
- In the end, whether the customer investment cycle continues is the axis that decides strength or weakness.
🔎 Valuation vs peers Fairly valued
Compared against domestic semiconductor-equipment companies that, like Wonik IPS, supply front-end tools to Samsung Electronics and SK Hynix.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jusung Engineering | 208.36x | 12.60x | 6.05% |
| PSK | 56.13x | 8.18x | 14.57% |
| Eugene Technology | 79.34x | 7.33x | 9.24% |
The headline P/E of 98x is actually on the low side within its peer group (Jusung 261x, Eugene Technology 100x, PSK 72x). This is because the whole group is at the early stage of an earnings recovery after passing through 2023 losses, which inflates multiples measured on last year's confirmed earnings. In an earnings inflection phase, this year's earnings trajectory reflects the underlying reality better than the absolute level of last year's trailing P/E; on this year's expected earnings, which factor in the second-half investment acceleration, the multiple falls to about 52x. Taking financial stability and demand visibility together, the premium versus peers is not excessive, so we view it as fairly valued. That said, if customer investment is delayed the pace of earnings improvement could slow, so whether the cycle premise holds is the key question.
Price history Close · MA20 · MA60
The latest close is ₩104,900 and the market capitalization is ₩5.1 trillion. The price sits below its 20-day moving average (₩149,435) and below its 60-day moving average (₩130,122). 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 37.7, a neutral level. The one-month change is -10.1%, the three-month change is -8.1%, and the position relative to the 52-week high is -42.8%. Relative strength versus the KOSDAQ is 93 (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 94% of all stocks. Over the past three months it outpaced the index by 18.6%. 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 +18.61% / 6M +57.09% / 12M +262.04%
Key metrics vs sector median
Valuation
The P/E is 61.28x. The P/B of 5.31x is below the sector median (8.18x).
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 11.0%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.846x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.7%, below the sector average (15.0%). The operating margin is 8.1%. The debt ratio is 20.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $457.5M | $495.9M | $603.0M | +21.60% ↑ faster |
| Operating profit | -$12.0M | $7.1M | $48.9M | +593.64% |
| Net profit | -$9.0M | $13.8M | $55.7M | +304.99% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $816.7M | $670.4M | $457.5M | $495.9M | $603.0M |
| Operating profit | $108.8M | $64.7M | -$12.0M | $7.1M | $48.9M |
| Net profit | $96.2M | $59.3M | -$9.0M | $13.8M | $55.7M |
| Revenue CAGR | 4-yr avg -7.30% | ||||
Revenue rose 21.6% year over year (2023 ₩690.3 billion → 2024 ₩748.2 billion → 2025 ₩909.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 593.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -7.3%. The two-year revenue CAGR is 14.8%. In the most recent quarter (Q1 2026), revenue was 32.8% higher 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.
- Revenue grew 21.6% year over year, a sign of growth.
- 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
- 2026-05-08EarningsQ1 2026 consolidated preliminary results (fair disclosure): revenue of ₩164.9 billion, up 32.8% year on yearConfirms that the memory-investment recovery is beginning to show up in revenue. A starting point for the earnings-improvement trend (positive over the medium term). Source
- 2026-05-15FilingQ1 2026 report filed: net profit of ₩22.1 billion (about 26% of last year's full-year net profit achieved in Q1 alone)Confirms that earnings are normalizing faster than revenue. A sign of operating leverage at work (positive over the medium term). Source
- 2026-03-16Filing2025 annual report filed: revenue of ₩909.8 billion (+21.6%) and net profit of ₩84.0 billion, confirming the return to full-year profitabilityOfficially confirms the recovery cycle after the 2023 loss (positive over the medium term). Source
- 2026-06-02UpdateLarge-shareholding report (abbreviated) filed: change in a major shareholder's stakeA supply-and-demand factor in the shareholder base. Not directly tied to business results, but it could affect near-term supply and demand (neutral in the near term). Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-29Large-business-group status disclosure
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-29EarningsEarnings disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit 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.