PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
Samyoung has posted consecutive record quarterly results through 2025-2026 as its capacitor film business recovers profitability and its July 2025 acquisition of Casco completes vertical integration into marine engine components.
2025 consolidated revenue reached KRW 153.2 billion (+21.6% YoY) and operating profit KRW 14.9 billion (+63.9% YoY), improving both scale and profitability together.
Both 1Q26 (revenue KRW 48.4bn, operating profit KRW 6.0bn) and 2Q26 (revenue KRW 54.0bn, operating profit KRW 7.2bn) set new all-time quarterly records.
The July 2025 acquisition of a 99.63% stake in Casco completed vertical integration in marine engine materials.
The debt ratio rose from 83.4% in 2024 to 124.7% in 2025, reflecting acquisition-related funding.
Mid-term growth triggers, including Casco's new KRW 27.1bn foundry plant in Jeongeup and battery-insulation film customer testing, are queued up sequentially.
Samyoung operates across two main business axes: electronic materials (capacitor film, BOPP, PVC wrap and other packaging films) and heavy industry (marine engine components).
It is the sole domestic and third-largest global producer of capacitor film, holding a leading position in BOPP film as the first domestic producer, and supplies essential materials for AI data centers, eco-friendly vehicles, renewable energy, and secondary batteries.
As of first-half 2024, standalone revenue mix was reportedly capacitor film 40.4%, BOPP 25.3%, PVC wrap and others 7.9%, and heavy industry 21.7%, though this reference predates the Casco acquisition and the heavy industry share has likely grown since.
The heavy industry segment comprises subsidiary Samyoung Heavy Industries' cylinder liner production and Casco's engine-frame casting business acquired in 2025, and the combination is viewed as forming a near-monopoly position in Korea's marine engine parts market.
The company runs plants in Cheongju and Gumi and produces food-packaging film through a Vietnamese subsidiary, while historically winding down low-margin wrap and BOPP operations.
The electronic materials segment has recently expanded into new materials such as secondary-battery insulation film and semiconductor ABF release film, seeking synergies with the Casco business.
Its customer base spans power-electronics and appliance capacitor makers, European power-generation equipment firms, and shipbuilders and engine manufacturers.
Traditional packaging film is treated more as a restructuring target than a growth driver, with the company's strategic center of gravity shifting toward higher-value electronic materials and marine components.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩33.4B | ₩2.3B | 7.0% |
| 2025Q3 | ₩45.8B | ₩5.6B | 12.2% |
| 2025Q4 | ₩42.6B | ₩4.7B | 11.1% |
| 2026Q1 | ₩48.4B | ₩6B | 12.4% |
| 2026Q2 | ₩54B | ₩7.2B | 13.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩147.7B | ₩1B | ₩1.1B | 0.7% | 2.1% | 160.7% |
| 2023 | ₩122.6B | ₩6B | ₩18.9B | 4.9% | 28.4% | 96.6% |
| 2024 | ₩126B | ₩9.1B | ₩8.3B | 7.2% | 11.4% | 83.4% |
| 2025 | ₩153.2B | ₩14.9B | ₩13.2B | 9.7% | 15.4% | 124.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated 2025 revenue reached KRW 153.21 billion, up 21.6% from KRW 126.04 billion in 2024, while operating profit rose 63.9% to KRW 14.92 billion, lifting the operating margin from 7.2% to 9.7%.
Net profit attributable to owners rose 57.7% to KRW 13.17 billion from KRW 8.35 billion, with top-line and profitability improving in tandem.
However, 2023's owners' net profit of KRW 18.91 billion far exceeded that year's operating profit of KRW 6.03 billion, indicating non-operating items drove the bottom line, so that year's net profit jump should not be read as a direct sign of improved core earnings power.
On a quarterly basis, revenue jumped from KRW 33.37 billion with operating profit of KRW 2.32 billion (margin about 7.0%) in 2Q25 to KRW 45.85 billion with operating profit of KRW 5.61 billion (margin about 12.2%) in 3Q25, coinciding with Casco's initial consolidation. 4Q25 revenue slipped modestly quarter-on-quarter to KRW 42.64 billion with operating profit of KRW 4.73 billion (margin about 11.1%), attributed to temporary utilization declines from equipment maintenance including transformer replacements.
In 2026, the company posted revenue of KRW 48.44 billion and operating profit of KRW 6.01 billion (margin about 12.4%) with owners' net profit of KRW 5.23 billion in 1Q, followed by revenue of KRW 54.04 billion and operating profit of KRW 7.18 billion (margin about 13.3%) with owners' net profit of KRW 5.69 billion in 2Q, marking two consecutive all-time-high quarters.
Operating cash flow increased from KRW 10.4 billion in 2024 to KRW 18.54 billion in 2025, showing improved cash conversion alongside earnings growth. Over the same period, the debt ratio rose from 83.4% to 124.7%, reflecting financing and liabilities tied to the Casco acquisition.
Capacitor film is regarded as a key material for the power-electronics demand growth accompanying the spread of AI data centers, ESS, and renewable energy, with the sector's development driving a surge in power-electronics demand and helping newly stabilized production lines contribute to improved revenue and profitability through ultra-thin film output.
During periods of EV demand slowdown, there have been past instances of declining capacitor film sales combined with weakness in the heavy industry segment, showing that sensitivity to end-market cycles remains.
The marine equipment segment is underpinned by a global shipbuilding order boom and expectations for wider use of marine engines as power generators, with the company seen as having built a near-monopoly position in Korea's marine engine parts market through Samyoung Heavy Industries' cylinder liners and Casco's engine-frame castings.
However, while competitors that have internalized both casting and machining reportedly post operating margins above 25%, Samyoung Heavy Industries has historically sourced liners externally and only performed machining, keeping its margin around 5%, making the pace of margin convergence after Casco's integration a key watch point.
Industry observers also note that surging power demand from AI data centers combined with renewable-energy-driven voltage stabilization needs is creating a new market for using marine low-speed engines as generators.
Given its status as the sole domestic and third-largest global capacitor film producer, the company is seen as directly exposed to this structural demand expansion.
Hana Securities, in a May 2026 report, forecast Samyoung's full-year consolidated revenue and operating profit at KRW 207.4 billion and KRW 26.3 billion, respectively, representing year-on-year increases of 35.4% and 76.1%.
The company plans to execute roughly KRW 30 billion in capex to expand its foundry lines from one to two in response to growing demand in marine equipment, with the new line targeted to start operation by the end of 2027.
Casco similarly signed an investment agreement with Jeollabuk-do and Jeongeup City in December 2025 to invest KRW 27.1 billion in expanding a dedicated cylinder-liner foundry at the Jeongeup 3rd General Industrial Complex, targeting completion by March 2027 and planning to hire 21 new employees to scale up production thereafter.
Separate coverage of the same investment cited a target of full-scale mass production by the second half of 2027, suggesting there may be a gap between plant completion and stabilized output.
In the electronic materials segment, insulation film testing for secondary batteries is underway with global prismatic battery makers, and whether new customer accounts are secured could influence the mid-term growth path.
The Casco acquisition is expected to generate synergy by combining a near-monopoly position in engine-frame castings with expansion into secondary-battery insulation film and semiconductor ABF release film.
Management has stated an ambition to build a one-stop cylinder-liner production system to become a preferred partner for global engine makers. If these triggers materialize sequentially over 2026-2028, profit contribution from both the heavy industry and electronic materials segments could expand further.
Samyoung's recent trading multiples sit near the upper end of the range formed over the past several years, and the stock also trades with a certain premium relative to net assets.
This can be read as partly reflecting the earnings recovery trajectory, from an operating margin below 1% in 2022 to about 9.7% in 2025 and into the mid-teens percentage range in the first half of 2026.
That said, because 2023 saw non-operating items lift net profit well above operating profit, earnings quality is better assessed by tracking operating margin and cash flow trends together rather than relying on net-profit-based metrics alone.
Dividend-related figures were not clearly finalized in the disclosure data available for this report and are therefore not addressed separately. The rise in the debt ratio following the Casco acquisition is a variable worth considering alongside net-asset-based valuation from a capital structure perspective.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Rising power-electronics demand from the spread of AI data centers, ESS, and renewable energy is credited with improving capacitor film sales and profitability. Newly stabilized production lines reaching normal output and enabling ultra-thin film production is also a positive factor.
Insulation film testing for secondary batteries with global prismatic battery makers is underway, opening potential new revenue sources.
The July 2025 acquisition of Casco completed vertical integration in marine engine materials, reportedly securing a near-monopoly position in engine-frame castings within the heavy industry segment.
While Samyoung Heavy Industries previously sourced liners externally and performed only machining at an operating margin around 5%, competitors with internalized casting reportedly post margins above 25%, leaving room for margin improvement after Casco's integration. The planned new foundry expansion in Jeongeup could also extend mid-term production capacity.
From 3Q25 through 2Q26, revenue and operating profit repeatedly set new quarterly records, confirming improved earnings power in actual results. Operating cash flow also rose from KRW 10.4 billion in 2024 to KRW 18.54 billion in 2025, supporting the cash conversion of profits.
Hana Securities, in a May 2026 report, forecast full-year revenue and operating profit at KRW 207.4 billion and KRW 26.3 billion, up 35.4% and 76.1% year-on-year, respectively.
The debt ratio rose sharply from 83.4% in 2024 to 124.7% in 2025 due to financing and liabilities tied to the Casco acquisition.
While still below the 160.7% level of 2022, this marks a renewed upward trend in recent years, and how the financial burden is managed alongside further planned investments will be worth watching.
2023's owners' net profit of KRW 18.9 billion far exceeded that year's operating profit of KRW 6.0 billion, an instance where non-operating factors substantially lifted net profit, making it harder to gauge underlying earnings power from net-profit metrics alone.
While the operating margin has improved from 0.7% in 2022 to 4.9% in 2023, 7.2% in 2024, and 9.7% in 2025, there have also been temporary quarterly slowdowns tied to equipment maintenance.
During a past period of EV demand slowdown, capacitor film sales declined alongside weakness in the heavy industry segment, shrinking overall revenue. Shipbuilding is also a cyclical industry, and a slowdown in global order flow could weigh on the combined contribution of Casco and Samyoung Heavy Industries.
The gap between the targeted March 2027 completion of the new Jeongeup plant and full-scale production targeted for the second half of 2027 can also be viewed as an execution risk.
The debt ratio rose to 124.7% following the Casco acquisition, increasing pressure on the capital structure.
With additional investment plans in place, including the new Jeongeup foundry (KRW 27.1bn) and Casco line expansion (about KRW 30bn), how the funding is arranged and financial soundness is managed will remain an ongoing watch item.
Capacitor film sales can be affected by end-market conditions such as EV demand chasm or a global economic slowdown, and a slowdown in shipbuilding order cycles could simultaneously weigh on the heavy industry segment.
While application diversification, including expanding sales to European power-generation equipment, is underway, reliance on specific end applications has not yet been fully resolved.
There is potential for temporary fixed-cost or one-off expenses during the post-merger integration process following Casco's consolidation.
Reported timelines for the new Jeongeup plant's completion (targeted March 2027) and full-scale mass production (targeted second half of 2027) differ across sources, so actual progress should be reconfirmed through disclosures and follow-up reporting.
The 3Q26 earnings disclosure will show whether the Casco integration effect and capacitor film demand growth continue, and whether the company is on track relative to the annual guidance range referenced by Hana Securities (revenue KRW 207.4bn, operating profit KRW 26.3bn).
Watch for test results with global prismatic battery makers for secondary-battery insulation film, whether new customer accounts are secured, and progress on new material businesses such as ABF release film.
Check whether Casco's new Jeongeup foundry is completed on schedule and how the gap to full-scale mass production (separately reported as targeted for the second half of 2027) narrows.
Check the finalized 2026 full-year earnings disclosure along with changes in financial structure such as the debt ratio, and any dividend policy disclosures.
Samyoung has posted consecutive record quarterly results from 3Q25 through 2Q26 as profitability recovery in its capacitor film business coincided with vertical integration into marine components via the Casco acquisition.
Consolidated 2025 revenue and operating profit rose 21.6% and 63.9%, respectively, with the operating margin improving from 7.2% to 9.7%, and the company posted record results in both quarters of the first half of 2026.
However, financing tied to the Casco acquisition pushed the debt ratio up from 83.4% to 124.7%, and given 2023's instance of non-operating factors heavily influencing net profit, assessing earnings quality requires looking at operating margin and cash flow together.
Growth triggers spanning 2026-2028, including the new foundry expansion in Jeongeup and secondary-battery insulation film customer testing, are queued up sequentially, making it important to track progress through future disclosures and follow-up reporting.
On the demand side, the company holds two simultaneous growth axes in power-electronics demand from AI data center and ESS proliferation and the global shipbuilding order cycle, though both industries remain exposed to cyclical swings that warrant consideration.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.