Nextin designs and manufactures inspection equipment that uses light to find microscopic defects on wafer surfaces in the semiconductor front-end process, supplying integrated memory chipmakers with a 2D dark-field system called 'AEGIS' and a 3D system called 'IRIS' in an order-driven business. Its 2025 annual report confirmed a swing to a full-year operating loss, and its Q1 2026 quarterly report confirmed the loss continued; in between, a single-sale/supply contract in March 2026 booked a new order that offers a clue to the timing of future revenue recognition. What stands out lately is the two-sided picture: if customers' capital investment resumes and new orders lead to a quarterly return to profit, the recovery already partly priced in gets filled out by actual results; on the other hand, if the order gap runs longer than expected and the earnings recovery is delayed, that appeal may only show up later.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 40.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.9% lower than a year earlier.
- ROE is -1.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -11.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder AP Systems 9.33% (corporate)
Controlling bloc incl. related parties 27.02%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Nextin designs, manufactures and sells inspection equipment that shines light to find microscopic defects (pattern faults and foreign particles) that form on wafer surfaces during the chip-making process (the front end).
- Its flagship product is the 2D inspection tool 'AEGIS,' which uses a dark-field method (collecting only the scattered light against a dark background to make tiny defects stand out) by casting light onto the surface at an angle and reading the bounced-back scattered light.
- It is used across many process steps such as STI, poly, contact, etch and CMP.
- The company has broadened its lineup by adding the 'IRIS' family of 3D inspection tools.
- Its customers are domestic and overseas integrated chipmakers that mass-produce memory, and the key point is that this is an order-driven business in which revenue swings sharply from quarter to quarter with the timing of large customers' capital investment (equipment orders).
- The latest close is ₩38,650 and market capitalization is ₩404.9 billion.
- The price sits below its 20-day line (₩49,178) and below its 60-day line (₩62,614).
- Trading below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that weighs 14-day upward versus downward force on a 0-100 scale) is 31.7, a neutral level.
- The one-month change is -28.7%, the three-month change is -41.2%, and the position versus the 52-week high is -60.8%.
- Relative strength against the KOSDAQ is 53 (on a 1-99 scale that converts the past year's return against the index with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 47% of all stocks by strength.
- Over the past three months it lagged the index by 28.3%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- Because the confirmed annual (2025) result was a loss, a P/E on past earnings (how many times a year's profit the share price is) cannot be calculated.
- That said, this company is at an inflection where earnings turn from loss to profit, so the real picture only comes into view when measured against this year's earnings rather than the past twelve months.
- Its forward P/E on this year's basis is far below profitable peers in the same inspection and front-end equipment space (Eugene Technology 87.8x, Tes 56.5x, Park Systems 48.5x), but higher than the industry-wide forward-P/E median (13.79x) - a zone where earnings-recovery expectations are already somewhat priced in.
- The P/B (how many times net assets the price is) is also 3.06x now and falls to 2.69x on this year's forecast, well below profitable peers (P/B in the 7-8x range) but on the high side versus the industry median (1.59x).
- In other words, it is not expensive against profitable equipment names, but on an industry-wide basis that accounts for the loss, it leans toward expectations being priced in.
- The debt ratio (debt against equity) is 148.5% and the current ratio is 193%, so short-term liquidity is unproblematic.
- For reference, the 2023-2025 annual revenue figures carried in the base (in the tens to hundreds of billions of won) appear to differ in unit and aggregation basis from 2021-2022 (in the hundreds of billions to ₩1 trillion range), so it is more accurate to read the 'direction' from loss toward recovery and this year's forecast earnings rather than the absolute numbers.
- Revenue has risen for three straight years, growing 40.0% in 2025 over the prior year, with the pace of growth also gradually quickening.
- Profit turned once - from a 2024 profit to a 2025 loss - and Q1 2026 (revenue ₩3.4 billion, -13.9% YoY) also ran an operating loss, which reads as the trough of an order-driven business, where orders temporarily thin out when large customers' capital investment pauses.
- Even so, the fact that a forward P/E on this year's basis can be derived means that, on cross-checking cycle and results, this year's profit is again expected to come in at a meaningful scale.
- The grounds are clear: in the high-barrier field of dark-field wafer inspection, the company mass-produces equipment with its own optical technology; when memory customers' migration to finer processes and their capacity additions resume, inspection-equipment orders rise alongside; and the top line has already shown recovery signs for two straight years.
- That said, quarterly results are uneven with order timing, so it is right to look at the recovery of profit on an annual basis rather than a single quarter's loss.
- There is no evidence that profit falls beyond this year (2027-2028), so it is not yet a stage to call this a cycle top.
- Recent disclosures mix results, orders, and shareholder-return and stake changes.
- On 2026-03-16 the 2025 annual report confirmed the swing to a full-year operating loss, and on 2026-05-15 the quarterly report revealed the Q1 2026 loss continued.
- In between, the single-sale/supply contract (voluntary disclosure) on 2026-03-26 was a new inspection-equipment order - in an order-driven business, a clue to the timing of future revenue recognition.
- In March, alongside the general meeting and the confirmation of the annual report, there were grants of employee stock options (share-based compensation) and large-holding change reports.
- The point to watch is from which quarter such supply contracts get booked as revenue and cash flow and lead to an earnings recovery.
- The strengths are clear.
- In the narrow, demanding field of dark-field wafer inspection, the company mass-produces equipment with its own optical technology and its top line is growing again, while financial safety - debt and liquidity - is unproblematic.
- On this year's basis it sits well below profitable equipment peers (P/B in the 7-8x range), but versus the industry-wide median (P/B 1.59x) it is on the high side, so its position should be seen as one where the expectation of an earnings recovery from loss to profit is already partly priced in.
- The point to be careful about is that this earnings recovery has not yet shown up in quarterly numbers.
- Both full-year 2025 and Q1 2026 were operating losses, and because the business is order-driven, results swing heavily with large customers' investment cycles.
- In sum, when customers' capital investment resumes and new orders lead to quarterly profit, the low forward valuation becomes a strong weapon; if the order gap runs longer than expected and the earnings recovery is delayed, that appeal only shows up later.
🔎 Valuation vs peers Inconclusive
The comparison set is drawn from KOSDAQ equipment names close in business character within semiconductor front-end equipment and inspection. General machinery such as Doosan Bobcat was excluded because the business is entirely different.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Eugene Technology | 79.34x | 7.33x | 9.24% |
| TES | 49.32x | 7.17x | 14.53% |
| Park Systems | 58.60x | 8.97x | 15.31% |
Nextin (a) has a lower P/B than the peer set, but that reflects the difference that the peers earn a profit while Nextin runs a loss, and (b) it is therefore hard to conclude 'cheap because the P/B is low.' (c) On last year's confirmed results (trailing) it ran a loss, so there is no P/E at all and no earnings-multiple comparison is possible, and for the forward there is no official company outlook, so only a DART seasonality approximation (about ₩13.4 billion in annual revenue) can sketch the outline. Until it is confirmed whether the earnings inflection (loss to profit) has been passed, it is reasonable to hold judgment rather than call it over- or undervalued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩4.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩38,650 and the market capitalization is ₩404.9 billion. The price sits below its 20-day moving average (₩49,178) and below its 60-day moving average (₩62,614). 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 31.7, a neutral level. The one-month change is -28.7%, the three-month change is -41.2%, and the position relative to the 52-week high is -60.8%. Relative strength versus the KOSDAQ is 53 (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 53% of all stocks. Over the past three months it lagged the index by 28.3%. 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 -28.31% / 6M -36.34% / 12M -23.83%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.70x 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 -1.6%, below the sector average (5.0%). The operating margin is -11.9%. The debt ratio is 148.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.9M | $4.6M | $6.4M | +40.01% ↑ faster |
| Operating profit | $24.0M | $31.1M | -$769,350 | -102.47% ↓ slower |
| Net profit | $20.5M | $25.5M | -$1.6M | -106.41% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $37.9M | $76.2M | $3.9M | $4.6M | $6.4M |
| Operating profit | $14.6M | $37.4M | $24.0M | $31.1M | -$769,350 |
| Net profit | $12.0M | $28.8M | $20.5M | $25.5M | -$1.6M |
| Revenue CAGR | 4-yr avg -35.77% | ||||
Revenue rose 40.0% year over year (2023 ₩5.8 billion → 2024 ₩6.9 billion → 2025 ₩9.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 102.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -35.8%. The two-year revenue CAGR is 29.3%. In the most recent quarter (Q1 2026), revenue was 13.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 40.0% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed - revenue about ₩3.4 billion, widening operating lossShort term: the loss widening versus a year earlier raises concern over delayed profitability recovery. Medium term: it needs tracking whether quarterly results lead to a full-year swing to profit. Source
- 2026-03-26UpdateSingle-sale/supply contract signed (voluntary disclosure) - inspection-equipment supply contractShort term: order momentum. Medium term: the key is whether the contract size and the timing of delivery and revenue recognition feed into future quarterly results. Source
- 2026-03-24FilingFiling of employee stock-option (share-based compensation) grant and results of the regular general meetingShort term: compensation for and retention of key personnel. Medium term: the possibility of a future share-count increase (dilution) needs to be checked separately. Source
- 2026-03-16Earnings2025 annual report (consolidated) filed - swing to a full-year operating loss confirmedShort term: the turn from profit to loss is confirmed. Medium term: the cause of the loss (order gap, costs) and the recovery path need to be checked. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Close on 2026-06-11 | ₩38,650 | — | Unverified | link |
| 2025 annual operating profit (swing to loss) | -₩1.2 billion(operating margin -11.9%) | — | Unverified | link |
| Q1 2026 operating profit | -₩5.5 billion(revenue ₩3.4 billion) | — | Unverified | link |
| 2026 annual revenue seasonality approximation | approx. ₩13.4 billion | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Single supply/sales contract
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report (amended)
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-10OwnershipOwnership-change filing
- 2026-03-09Disclosure
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
- 2026-03-06OwnershipOwnership-change filing
📖 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.