CMTX makes precision components used in the etching and deposition equipment of the front-end semiconductor process, with roughly 97% of revenue coming from silicon (Si) parts. It runs a vertically integrated operation that handles everything from silicon ingot production through machining, cleaning, inspection and recycling, and counts Samsung Electronics, TSMC and Micron as customers. In December 2025 it voluntarily disclosed a ₩17.7 billion investment to expand its Gumi M-Campus, and in February and March it reported a roughly ₩47.8 billion valuation loss on preferred-share derivatives (a non-cash accounting loss); the preferred shares were converted into common stock, improving the capital structure, and the May Q1 preliminary results confirmed higher revenue and operating profit along with a swing back to a net profit. What stands out most is that the operating margin above 32%, the top-tier customer base, and a forward valuation that looks low given the growth (+47.8%) are clear strengths, while revenue is concentrated among a few large customers, so results can swing with order changes; if the semiconductor cycle turns down, demand falls with it, and the pace at which the capacity expansion translates into revenue needs to be watched.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 47.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 19.4% higher than a year earlier.
- ROE is -14.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 32.2%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Park Sung-hoon 30.57% (individual)
Controlling bloc incl. related parties 30.57%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis
- CMTX makes precision components used in the equipment for etching (which carves out circuits) and deposition (which lays down films), both part of the front-end process of building semiconductors.
- About 97% of revenue comes from silicon (Si) parts, with the rest from components in other materials such as ceramic, quartz and sapphire, plus merchandise (per the company's own materials).
- Rather than simply machining parts, the company says it runs a vertically integrated operation that handles everything within one company, from producing the silicon ingot that is the raw material through precision machining, cleaning, inspection and recycling.
- Ingot in-housing is handled by subsidiary Cellic (58.6% stake), and overseas sales and material supply run through a Taiwanese subsidiary (COMA Advanced Tech) and a Chinese subsidiary.
- In short, this is a business that supplies consumable parts to semiconductor makers rather than to displays, and demand for replacement parts rises as semiconductor utilization and investment increase.
- The latest close is ₩75,900 and the market cap is ₩732.8 billion.
- The price sits below the 20-day line (₩94,660) and below the 60-day line (₩117,265).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward against downward force over the last 14 days on a 0-100 scale) is 34.5, a neutral level.
- The one-month change is -28.4%, the three-month change is -34.1%, and the position versus the 52-week high is -53.8%.
- Relative strength versus the KOSDAQ is 62 (on a 1-99 scale, converting the last year's return against the index with more recent weighting; higher means stronger than the market).
- That places it in roughly the top 38% of all stocks by strength.
- Over the last three months it lagged the index by 18.6%.
- When reading the chart, it helps to look at trading volume and disclosure dates alongside it.
- On a full-year 2025 basis, the P/E ratio (how many times a year's earnings the price represents) cannot be calculated because net income was in the red, and ROE (how much was earned on shareholders' equity in a year) shows as -14.1%.
- What matters, though, is that this loss did not come from the core business losing money.
- The operating margin was 32.2%, among the highest in this component group, yet net income alone was negative because the redeemable convertible preferred shares (RCPS) issued before listing are treated as accounting liabilities, and revaluing them produced a roughly ₩47.8 billion valuation loss.
- This is not a loss of actual cash but rather an accounting loss that grows as the company's value rises, and as those preferred shares were fully converted into common stock, equity that was negative at the end of 2024 turned to a positive ₩192.8 billion at the end of 2025, greatly improving the capital structure itself.
- The P/B ratio (how many times net assets the price represents) is 4.11x, which is on the high side within the semiconductor-component group but not out of line with peers that have a similar earnings structure.
- The balance sheet is in a net-cash position.
- Net debt (total borrowings less cash; negative means net cash) is about -₩57.9 billion, meaning cash exceeds debt.
- Even on a debt-inclusive measure the burden is not heavy.
- EV/EBIT (enterprise value divided by operating profit, a debt-adjusted version of the P/E) is 14.6x, and the FCF yield (the ratio of cash actually generated to market cap; higher means more attractive cash generation) is 4.3%.
- The key point is that last year's confirmed P/E and ROE look worse than the true profitability because of one-off, non-cash items, and the swing back to a net profit in Q1 needs to be considered together to read the core business's real strength.
- Growth is fast.
- Revenue rose three years running, from ₩70.2 billion in 2023 to ₩108.7 billion in 2024 to ₩160.6 billion in 2025, with the most recent growth rate at +47.8% (roughly 51% average annual over three years).
- Operating profit jumped over the same period from ₩2.9 billion to ₩23.6 billion to ₩51.8 billion, up +118% in the last year alone.
- The backdrop is that semiconductor utilization and front-end investment continued, steadily lifting replacement demand for silicon parts used in etching and deposition, while the vertical integration that handles everything from ingot to machining and cleaning protected margins.
- In the most recent quarter, Q1 2026, revenue was ₩44.1 billion (+19.4% year over year) and operating profit was ₩13.5 billion (+7.0%), while net profit swung to a positive ₩14.1 billion on a consolidated basis.
- The biggest change is that the one-off, non-cash burden of the preferred-share valuation loss, which created last year's annual deficit, disappeared with the conversion into common stock.
- Three drivers lie ahead.
- First, supply volume to Micron in the U.S. is expected to grow by a double-digit percentage or more in value terms this year.
- Second, the recycling business for spent silicon parts, which has completed quality verification, ramps up in earnest from this year.
- Third, the ₩17.7 billion new-facility investment decided late last year comes online in 2027, sharply raising total production capacity from about ₩210 billion to about ₩400 billion.
- Because last year's net loss was a one-off, this year is the first in which profit is recorded normally on a positive footing, and the forward P/E, market cap divided by this year's estimated net profit, is about 15x, which reflects the company's real earnings power far better than last year's uncomputable P/E.
- That said, the controlling-shareholder share of Q1 net profit was ₩10.0 billion, down 10.5% year over year, so how the quality of earnings keeps pace as the top line grows is a point to watch each quarter.
- Three items are at the heart of the flow.
- First, in December 2025 the company voluntarily disclosed a ₩17.7 billion new facility investment to expand the Gumi M-Campus plant (8.7% of equity, aimed at raising production capacity and building long-term growth infrastructure, to proceed during 2026).
- It is an expansion to meet rising demand; if well filled, it becomes a springboard for top-line growth, while in the early phase of operation fixed costs such as depreciation may come in first.
- Second, in February and March 2026 the company disclosed a roughly ₩47.8 billion valuation loss on preferred-share derivatives alongside the prior year's annual results; it is a non-cash accounting loss, and the preferred shares were fully converted into common stock, so an improvement in the capital structure as liabilities turned into equity happened at the same time.
- Third, in the May Q1 preliminary results, both revenue and operating profit rose year over year and net profit turned positive, revealing the core business's earnings strength once the one-off loss is stripped out.
- Separately, the April disclosure of a change in the head-office location is a record tied to the expansion and relocation.
- The points to watch are clear.
- This is a supplier of consumable semiconductor parts earning an operating margin above 32%, and it has secured all of the top-tier customers Samsung Electronics, TSMC and Micron.
- Last year's net loss was a one-off accounting item from the listing process and has already disappeared; the swing to a Q1 profit this year is the evidence.
- So reading it as a loss-making, overvalued company by looking only at last year's uncomputable P/E and high P/B risks missing the core business's real strength.
- A forward P/E of about 15x is below the roughly 29x last-year P/E of a direct silicon-parts competitor, so given the revenue growth (+47.8%) it is on the cheap side on a forward basis.
- On the other hand, there are cautions.
- Revenue is concentrated among a few large customers, so results can swing sharply with any one customer's order changes.
- If the semiconductor cycle turns down, demand for consumable parts falls with it.
- The pace at which the expansion converts into revenue, and whether controlling-shareholder net profit keeps pace as the top line grows (the quality of earnings), are also points to confirm.
- In sum, if demand for semiconductor material components and the effect of the expansion come through as planned, there is ample room for earnings growth, whereas if customer orders slow or the cycle turns down, both margins and growth could be pressured.
🔎 Valuation vs peers Undervalued
Matched to the business reality of making consumable parts for the etching and deposition steps of semiconductor manufacturing rather than displays, the peer set is listed companies making semiconductor parts and materials such as silicon, ceramic, quartz and SiC (on-site figures, at the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hana Materials | 26.13x | 2.16x | 8.28% |
| Woldex | 11.36x | 1.34x | 11.82% |
| TCK (Tokai Carbon Korea) | 36.14x | 4.87x | 13.46% |
| Wonik QnC | 33.89x | 1.57x | 4.62% |
(a) The most direct silicon-parts competitor, Hana Materials, has a last-year P/E (how many times a year's earnings the price represents) of about 29x, and quartz and SiC parts makers (Wonik QnC at 37x, Tokai Carbon Korea at 40x) are in the 30-40x range. CMTX shows an uncomputable P/E because of last year's net loss, but that loss was a one-off, non-cash preferred-share valuation loss from the listing process, and it normalized with the swing to a Q1 profit this year. (b) The forward P/E, market cap divided by this year's estimated net profit, is about 15x, which given that revenue is growing far faster than peers (+47.8%) is on the low side on a forward basis. In other words, looking only at last year's uncomputable P/E and high P/B (4.56x) it looks expensive, but this is a typical optical illusion for a stock whose earnings have just passed an inflection point. (c) That said, there are also parts makers with lower P/Es such as KNJ, and concentration among a few large customers along with swings in the semiconductor cycle amplify the range of results, so those should be watched together.
Price history Close · MA20 · MA60
The latest close is ₩75,900 and the market capitalization is ₩732.8 billion. The price sits below its 20-day moving average (₩94,660) and below its 60-day moving average (₩117,265). 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 34.5, a neutral level. The one-month change is -28.4%, the three-month change is -34.1%, and the position relative to the 52-week high is -53.8%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged 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 -5.40% / 12M -35.21%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.11x is above the sector median (1.63x).
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 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -14.1%, below the sector average (7.0%). The operating margin is 32.2%. The debt ratio is 52.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $46.5M | $72.0M | $106.4M | +47.75% ↓ slower |
| Operating profit | $1.9M | $15.7M | $34.3M | +119.05% ↓ slower |
| Net profit | -$31.4M | $9.0M | -$16.6M | -285.37% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $46.5M | $72.0M | $106.4M |
| Operating profit | — | — | $1.9M | $15.7M | $34.3M |
| Net profit | — | — | -$31.4M | $9.0M | -$16.6M |
| Revenue CAGR | 2-yr avg 51.24% | ||||
Revenue rose 47.8% year over year (2023 ₩70.2 billion → 2024 ₩108.7 billion → 2025 ₩160.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 119.0% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 51.2%. The two-year revenue CAGR is 51.2%. In the most recent quarter (Q1 2026), revenue was 19.4% 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 47.8% year over year, a sign of growth.
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2025-12-09FilingDecision on a ₩17.7 billion new facility investment to expand the Gumi M-Campus plant (voluntary disclosure). Equal to 8.7% of equity, aimed at raising production capacity and building long-term growth infrastructure, with a one-year investment period in 2026.It could become a springboard for medium-term top-line expansion, but in the early phase of operation fixed-cost burdens such as depreciation may be reflected first. Source
- 2026-03-20UpdateDisclosure of a roughly ₩47.8 billion valuation loss on derivatives related to 2025 redeemable convertible preferred shares (RCPS). It is a non-cash accounting loss, accompanied by an improvement in the capital structure as the preferred shares were fully converted into common stock and liabilities turned into equity.In the short term it is the direct cause that pushed last year's annual net result into the red, but it is a one-off, non-cash item, and the conversion into common stock removes the burden of any future re-recognition. Source
- 2026-02-09EarningsDisclosure of 2025 annual preliminary results: revenue of ₩160.6 billion (+47.8%), operating profit of ₩51.6 billion (+118.4%), with net income turning negative on the preferred-share valuation loss. Total equity swung from negative in the prior year to a positive ₩192.8 billion.It shows a structure in which core-business growth and an accounting loss overlapped in a single year. The top line and operating profit should be viewed separately from the net result. Source
- 2026-05-11EarningsQ1 2026 consolidated preliminary results: revenue of ₩44.1 billion (+19.4% year over year), operating profit of ₩13.5 billion (+7.0%), and net profit of ₩14.1 billion, a swing to positive (controlling-shareholder share of ₩10.0 billion).The core business's earnings strength, once the one-off loss is stripped out, is confirmed in the quarterly results. That said, controlling-shareholder net profit fell year over year, so the quality of earnings needs checking. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue | ₩160.6 billion(₩160,555,762,764) | ₩160,555,762,764 | Confirmed | link |
| FY2025 operating profit | ₩51.8 billion | ₩51.6 billion | Confirmed | link |
| Cause of the FY2025 net loss | net profit -₩25.1 billion | (RCPS) approx. ₩47.8 billion | Confirmed | link |
| Q1 2026 operating profit | ₩13.5 billion(₩13,509,729,007) | 13,510 | Confirmed | link |
| Official 2026 full-year guidance figures | — | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-11EarningsFair-disclosure notice
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Shareholders' 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.