Auros Technology earns its revenue from overlay metrology equipment, which measures and corrects — down to the nanometer — how precisely the vertically stacked circuit patterns line up in the semiconductor lithography process. It is the pioneering firm that first localized this field in Korea, competing with ASML of the Netherlands and KLA of the U.S. and supplying memory-chip makers at home and abroad. A ₩4.8 billion supply contract in January 2026 showed orders continuing even at a trough, but because results swing heavily with customers' capital-investment timing, the company moved through a deep trough — a swing to a loss in 2025 followed by Q1 revenue dropping nearly 60%. The point worth watching is that it holds a rare position, having localized a high-barrier field, with growth threads in the next-generation OL-1000n, thin-film metrology, and Japan expansion, and with the price down nearly by half the burden has eased to a P/B of 3.06x; on the other hand, the timing of a swing back to profit has not yet been confirmed in disclosures, so if the investment-cycle recovery is delayed, the absence of results could drag on.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 15.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 59.6% lower than a year earlier.
- ROE is -10.1% (total-net basis). It is below the sector average.
- Operating margin is -16.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder FST 33.54% (corporate)
Controlling bloc incl. related parties 54.4%
With the controlling bloc holding 54%, control is very secure but the free float is thin.
🔎 In-depth analysis
- This company earns its money from 'overlay metrology equipment,' which measures and corrects how precisely the vertically stacked circuit patterns line up in the semiconductor lithography process (where circuits are etched with light).
- As circuits get finer, even a slight misalignment between layers causes defects, so equipment that measures this alignment down to the nanometer (nm, about one hundred-thousandth of the thickness of a human hair) is essential.
- Auros Technology is the pioneering firm that first localized this equipment in Korea, competing with the global leaders in the same field — ASML of the Netherlands and KLA of the U.S.
- The core of its revenue is overlay equipment for 12-inch wafers (the OL line), supplied to memory-chip makers at home and abroad.
- More recently it has been broadening its product range with next-generation overlay equipment (OL-1000n) and thin-film metrology that measures film thickness, and adding overseas customers in Japan and elsewhere.
- The latest close is ₩17,040 and the market cap is ₩159.6 billion.
- The price sits below its 20-day line (₩23,311) and below its 60-day line (₩28,783).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0–100 scale) is 31.9, a neutral level.
- The one-month change is -31.8%, the three-month change is -43.5%, and the position versus the 52-week high is -62.0%.
- Relative strength versus the KOSDAQ is 54 (1–99, converted from returns against 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 46% of all stocks by strength.
- Over the past three months it has trailed the index by 30.3%.
- It is best to read the chart alongside trading volume and disclosure dates.
- 2025 results were revenue of ₩52.1 billion, an operating loss of ₩8.4 billion, and a net loss of ₩6.4 billion — a swing from profit to loss.
- Because earnings are negative, the P/E (how many times one year's profit the share price is) cannot be calculated, so value is gauged by the P/B (how many times the company's net assets the share price is) and the P/S (how many times one year's revenue the share price is).
- The P/B is 2.51x and the P/S is 3.72x; as the price has come down from before, the burden against assets and revenue has grown lighter.
- A P/B of 3.06x is on the low side compared with other semiconductor metrology and inspection equipment makers (Nextin about 3.14x, Intekplus about 11.5x), so it is hard to see the current price as excessively expensive against asset value.
- Profitability is still in a loss phase, with ROE (how much it earns in a year on equity) of -10.1% and an operating margin of -16.1%.
- That said, the debt ratio (debt to equity) of 145% is not overly heavy, and the current ratio (assets readily convertible to cash against debt due within a year) of 2.17x indicates sound short-term liquidity, so the current loss is best seen as a profitability issue driven by a downturn in demand rather than a broken balance sheet.
- Over five years — a profit in 2021 (net profit ₩1.8 billion) → a loss in 2022 (-₩3.0 billion) → a profit in 2023 (₩3.4 billion) → a boom in 2024 (revenue ₩61.4 billion, net profit ₩5.9 billion) → a loss in 2025 (-₩6.4 billion) — the large swings characteristic of semiconductor equipment are plainly visible.
- 2024 was a year when demand for 12-inch overlay equipment concentrated, and in 2025 that demand receded and revenue fell 15.1%.
- In Q1 2026, revenue was ₩6.8 billion, down 59.6% from a year earlier, with a cumulative net loss reaching ₩5.1 billion — the industry trough having deepened further.
- Because this company's results hinge on customers' capital-investment timing, with large quarterly and annual variation, the current weakness is more naturally read as a phase in which the investment cycle passes a bottom than as a weakening of competitiveness in the business itself.
- The company points to the launch of the next-generation OL-1000n, thin-film metrology, and expansion of Japan revenue as recovery drivers, and the point that will decide future assessment is when these new products and overseas customers actually turn into orders and revenue and earnings swing back to profit.
- Judging by the numbers through Q1, a recovery large enough to return to an annual profit within this year has not yet been confirmed.
- Recent disclosures center on regular and results reports and shareholding-change reports.
- In January 2026 a single supply contract (₩4.8 billion, about 10.5% of recent annual revenue) was booked, showing orders continuing even at a trough.
- A profit-structure change disclosure in February and the March annual report officially confirmed the 2025 revenue decline and swing to a loss, and the May quarterly report (as of 2026.03) revealed the sharp Q1 revenue drop and widening loss.
- Over the same period, transaction plans and ownership reports by executives and major shareholders and large-holding reports followed, so shifts in shareholding are observable, and the March annual general meeting wrapped up the year's decision-making.
- No large new-order disclosures have been additionally confirmed in this window, so it will take more time before an industry recovery becomes evident in disclosed figures.
- On the strengths, overlay metrology is a high-barrier field held by global leaders such as ASML and KLA, and this is the rare position of a firm that first localized it in Korea, with clear growth threads in the next-generation OL-1000n and in thin-film metrology and Japan expansion.
- With low debt and a high current ratio, it also has the financial strength to weather a loss phase, and as the price has come down nearly by half from its prior high, at a P/B of 3.06x and a P/S of 3.72x it has entered the lighter-burden end among comparable metrology-equipment makers.
- The caution is that, given a business structure where results swing heavily with customers' capital-investment timing, this is a deep trough — Q1 2026 revenue down nearly 60% following 2025 — and the point at which earnings swing back to profit has not yet been confirmed in disclosures.
- In sum, it is strong in a phase where new products and overseas orders turn into actual revenue and earnings recover, while the absence of results could drag on if the investment-cycle recovery is further delayed or mass production of new products is late.
- The technological rarity and the lighter valuation are clear strengths, and the uncertainty over recovery timing is what needs to be watched alongside them.
🔎 Valuation vs peers Inconclusive
Compared against domestic listed companies with the same business substance of semiconductor metrology and inspection equipment: Park Systems (AFM metrology), Nextin (semiconductor inspection equipment), and Intekplus (appearance inspection equipment). Materials and components names are excluded.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Park Systems | 58.60x | 8.97x | 15.31% |
| Nextin | 0.00x | 2.70x | -1.64% |
| Intekplus | 0.00x | 10.81x | -7.21% |
(a) True peer position: Nextin and Intekplus are also currently in losses, so a P/E cannot be calculated — semiconductor equipment names broadly sit at an earnings trough — and Auros's P/B of 4.36x falls in the middle band, above Nextin (3.94) and below Intekplus (13.5). (b) Premium/discount: versus Park Systems, which is profitable (ROE 15%), Auros is in a loss (ROE -10%) yet trades at about half the P/B, so it partly reflects recovery expectations while also carrying a discount for the absence of results. (c) Trailing limits and forward basis: with both last year and this year's Q1 in losses, the past confirmed P/E (trailing) is meaningless, and assessment is possible only by watching whether the new products and overseas expansion the company has officially presented actually lead to a swing back to profit. Before the earnings inflection is confirmed, we do not declare it undervalued or overvalued and reserve judgment.
Price history Close · MA20 · MA60
The latest close is ₩17,040 and the market capitalization is ₩159.6 billion. The price sits below its 20-day moving average (₩23,311) and below its 60-day moving average (₩28,783). 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 31.9, a neutral level. The one-month change is -31.8%, the three-month change is -43.5%, and the position relative to the 52-week high is -62.0%. Relative strength versus the KOSDAQ is 54 (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 54% of all stocks. Over the past three months it lagged the index by 30.3%. 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 -30.29% / 6M -22.43% / 12M -16.75%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.51x 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 -10.1%, below the sector average (5.0%). The operating margin is -16.1%. The debt ratio is 145.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $30.2M | $40.7M | $34.6M | -15.10% ↓ slower |
| Operating profit | $1.6M | $4.0M | -$5.5M | -237.61% ↓ slower |
| Net profit | $2.2M | $3.9M | -$4.3M | -208.71% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.2M | $23.5M | $30.2M | $40.7M | $34.6M |
| Operating profit | $1.3M | -$2.2M | $1.6M | $4.0M | -$5.5M |
| Net profit | $1.2M | -$2.0M | $2.2M | $3.9M | -$4.3M |
| Revenue CAGR | 4-yr avg 7.16% | ||||
Revenue fell 15.1% year over year (2023 ₩45.5 billion → 2024 ₩61.4 billion → 2025 ₩52.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 237.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.2%. The two-year revenue CAGR is 7.0%. In the most recent quarter (Q1 2026), revenue was 59.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 15.1% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue of ₩6.8 billion, down 59.6% year on year, with continued operating and net losses, entering an industry-trough zoneOfficially confirms short-term earnings weakness. If the recovery timing is pushed out, it weighs on short-term sentiment Source
- 2026-03-23Filing2025 annual report. A slowdown in demand for the flagship 12-inch overlay equipment and a semiconductor downturn led to a 15.1% revenue decline and a swing to an operating lossOver the medium term, it makes explicit the business's cyclicality and swing to a loss. Next-generation products and overseas expansion strategy are presented alongside Source
- 2026-01-26UpdateSingle supply contract (amended). Contract amount ₩4.8 billion, about 10.5% of recent annual revenueConfirms that some orders continue even at an industry trough. Whether it expands into repeat business is the key to a medium-term recovery Source
- 2026-04-30FilingMultiple large-holding reports and executive/major-shareholder ownership-change reports receivedA window of observable shareholding shifts. A signal to check for possible changes in supply-demand and governance Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue and swing to a loss | revenue ₩52.1 billion, 84, 64, revenue YoY -15.1% | revenue 15.1% ·operating profit | Confirmed | link |
| Q1 2026 results | 1 revenue ₩6.8 billion, -59.6%, 51 | (2026.03) | Confirmed | link |
| Business identity (overlay metrology equipment) | (KSIC 292) | IR ' ·(Metrology & Inspection), Overlay' | Confirmed | link |
Recent filings
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-23PeriodicAnnual business report (amended)
- 2026-03-23Shareholders' meeting notice
- 2026-03-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-13PeriodicAnnual business 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.