PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Mirae Corporation has emerged from a heavy 2023 loss, posting 87.8% annual revenue growth in 2025 and continuing to expand both quarterly sales and operating margin through 2026.
2025 consolidated revenue reached KRW 50.78 billion, up 87.8% year-on-year, marking an exit from a chronic loss structure
2Q26 revenue of KRW 30.8 billion and operating profit of KRW 10.36 billion mark a quarterly record, with operating margin expanding to 33.6%
Largest shareholder Nexton&Roll Korea, part of the Roa&Co Holdings group, raised its stake to 40.4%, stabilizing governance
Successive equipment supply contracts with SK Hynix, Unimos (China), and YMTC confirm order momentum
Structural changes are underway, including a face-value split (KRW 500 to KRW 100) and an affiliate's entry into semiconductor component manufacturing
Founded in 1983, Mirae Corporation is a semiconductor back-end test equipment specialist organized into an ATE (Automated Test Equipment) division and an MAI (odd-shaped component insertion) division.
Its core product is the test handler, which inspects finished semiconductors for performance and defects and sorts them by grade; recent reporting indicates the ATE division now drives roughly 84% of total revenue.
The MAI division, based on SMT mounter technology used in IT and automotive electronics production, generates over KRW 3.4 billion in quarterly revenue and serves as a buffer against cyclical swings.
Key customers include SK Hynix, China's Yangtze Memory Technologies (YMTC) and Changxin Memory Technologies (CXMT), Infineon, and Flextronics International. Domestic competitors include Techwing, JT, and AMT, while Advantest of Japan represents the main overseas competitor.
Since being acquired by the Roa&Co Holdings Company Group in July 2023, control has shifted to affiliate Nexton&Roll Korea, which has since raised its stake to 40.4%.
The company is also developing a glass-substrate-based HBM test solution called the All-In-One Carrier and a fourth-generation handler named Quantum, aiming to broaden its product lineup.
Separately, affiliate Nexton&Roll Korea has announced entry into the semiconductor injection molding and mold parts market using its precision machine-tool technology, pursuing vertical integration between equipment and components.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.8B | ₩1B | 15.2% |
| 2025Q3 | ₩22.6B | ₩6B | 26.5% |
| 2025Q4 | ₩16.6B | ₩1.8B | 10.9% |
| 2026Q1 | ₩20.7B | ₩4.9B | 23.6% |
| 2026Q2 | ₩30.8B | ₩10.4B | 33.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩56.2B | ₩8B | ₩8B | 14.3% | 8.9% | 44.0% |
| 2023 | ₩21.7B | -₩16B | -₩29B | −73.5% | −37.9% | 35.8% |
| 2024 | ₩27B | ₩12.1B | ₩6.6B | 44.8% | 6.2% | 24.2% |
| 2025 | ₩50.8B | ₩9.1B | ₩10.1B | 18.0% | 8.2% | 24.3% |
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
Mirae Corporation posted a heavy loss in 2023, with revenue of KRW 21.74 billion, an operating loss of KRW 15.98 billion, and a net loss of KRW 28.96 billion, before turning profitable in 2024 with revenue of KRW 27.04 billion and a 44.8% operating margin (operating profit of KRW 12.12 billion).
In 2025, revenue surged 87.8% year-on-year to KRW 50.78 billion, yet operating margin narrowed to 18.0% (operating profit of KRW 9.14 billion), creating a gap between top-line growth and margin.
Net income of KRW 10.11 billion nevertheless exceeded operating profit, suggesting additional non-operating income contributed to the bottom line.
On a quarterly basis, volatility was pronounced: 3Q25 revenue jumped to KRW 22.63 billion with operating profit of KRW 6.00 billion (26.5% margin), before slowing to KRW 16.59 billion in revenue and KRW 1.81 billion in operating profit (10.9% margin) in 4Q25.
The recovery resumed in 2026, with 1Q26 revenue of KRW 20.74 billion and operating profit of KRW 4.89 billion (23.6% margin), followed by 2Q26 revenue of KRW 30.80 billion and operating profit of KRW 10.36 billion (33.6% margin) — two consecutive quarters of expanding revenue and margin together.
Net income summed over the most recent four quarters (3Q25-2Q26) reached KRW 25.34 billion, already well above the full-year 2025 net income of KRW 10.11 billion.
On the cash flow side, however, 2025 operating cash flow was negative KRW 5.18 billion, diverging from net income, likely reflecting increased working capital tied up in receivables and inventory amid the rapid revenue expansion.
The debt ratio improved steadily from 44.0% in 2022 to 24.3% in 2025, indicating a gradually stabilizing balance sheet.
The global semiconductor test equipment market was valued at approximately USD 15.06 billion in 2025 and is projected to grow to USD 16.04 billion in 2026 and USD 21.59 billion by 2031, implying a compound annual growth rate of 6.12% over the period.
Growth drivers include rising functional-safety test requirements from automotive electrification, increasing pin counts as chipmakers migrate below the 3-nanometer node, and the shift in verification scope from die-level to system-level testing driven by chiplet-based heterogeneous integration.
Foundries remain the largest capital spenders, but automotive component suppliers are emerging as the fastest-growing buyer group, while demand continues to concentrate in the Asia-Pacific region.
In Korea, Techwing, the global market-share leader in memory handlers, stands as a key competitor, alongside JT, AMT, and Japan's Advantest.
Mirae Corporation counts SK Hynix, YMTC, and CXMT among its customers across domestic and Chinese memory and integrated device manufacturers, positioning it to benefit from any recovery in the memory cycle.
Exposure to Chinese customers, however, remains a variable subject to shifts in U.S. semiconductor export control policy.
Having already achieved its stated 2025 goal of becoming the 'inaugural year of turning profitable,' the company has signaled intent to sustain growth momentum into 2026, referring to targets for its 'largest performance in company history.' Order momentum has continued, with a roughly KRW 8.0 billion equipment supply contract signed with China's Unimos Microelectronics (Wuhan) in May and a KRW 3.96 billion supply contract with SK Hynix in July, covering the period from July 30 to September 30, 2026.
To secure liquidity, the company decided in January on a KRW 11.5 billion third-party share allotment to largest shareholder Nexton&Roll Korea and Roa&Co Holdings, which is expected to raise the controlling group's combined stake to 43.9%.
On the technology front, second-sample production and internal testing for customer verification of the glass-substrate-based HBM test solution All-In-One Carrier are underway, alongside development of an associated fourth-generation handler named Quantum.
Affiliate Nexton&Roll Korea has announced entry into the semiconductor injection-molding and mold-parts market, seeking vertical-integration synergy with Mirae Corporation.
More recently, however, Mirae Corporation has reportedly moved to acquire precision-parts company Alloys, with a down payment, interim payment, and balance structure underway — a development that signals capital allocation extending beyond the core business, making the eventual integration approach and funding plans worth monitoring.
The current share price trades close to net asset value, indicating a relatively modest premium over book value.
The price-to-earnings ratio reflects a recent four-quarter run of expanding revenue and operating margin, but this should be weighed against the company's history of significant earnings volatility, including a large 2023 loss followed by a turn to profitability in 2024-2025.
On the dividend front, the company has not paid a cash dividend recently, meaning shareholder returns through dividends have yet to materialize in a meaningful way.
With a market capitalization in the small-cap range and combined ownership by the largest shareholder and affiliates exceeding 40%, trading liquidity and ownership structure remain relevant considerations for valuation interpretation even after the face-value split intended to expand the free float.
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
1Q26 and 2Q26 revenue rose sequentially to KRW 20.74 billion and KRW 30.80 billion, while operating margin expanded from 23.6% to 33.6%. Net income summed over the trailing four quarters (KRW 25.34 billion) already exceeds twice the full-year 2025 net income of KRW 10.11 billion.
The simultaneous improvement in revenue and margin suggests order expansion and product mix gains working in tandem.
The company has secured a string of equipment supply contracts with domestic and overseas memory and semiconductor firms including SK Hynix, YMTC, CXMT, and Unimos Microelectronics (Wuhan).
In 2026 alone, contracts with Unimos (roughly KRW 8.0 billion) and SK Hynix (KRW 3.96 billion) demonstrate a continuing order base. A diversified customer set may help reduce dependence on any single buyer.
Mirae Corporation has developed a glass-substrate-based HBM test solution called the All-In-One Carrier along with a fourth-generation handler named Quantum, completing domestic and overseas patent filings.
The technology is positioned around reducing customer investment costs and improving maintenance efficiency, with customer verification of second samples currently underway. This could serve as a new pillar extending the technological competitiveness of the existing test handler business.
In 2023, the company posted a large net loss of KRW 28.96 billion against revenue of KRW 21.74 billion, and it has a history of repeated capital raises. In January 2026, a KRW 11.5 billion third-party share allotment was again directed to the largest shareholder and an affiliate.
While the current phase shows improvement, the historical volatility and frequency of capital raises warrant consideration.
A large share of revenue is concentrated among a small number of major customers including SK Hynix, YMTC, and CXMT, several of which are Chinese firms. Shifts in U.S. semiconductor export control policy remain a variable that could affect revenue tied to Chinese customers.
The wide quarter-to-quarter revenue swings also suggest a structure heavily influenced by the timing of orders from specific customers.
Largest shareholder Nexton&Roll Korea and its controlling entity, the Roa&Co Holdings group, have undertaken complex financial restructuring including asset sales, capital raises, and intra-group fund flows.
More recently, Mirae Corporation's move to acquire precision-parts company Alloys involved an unusual procedure in which the acquirer's personnel joined the board before deal closing, raising questions in the market.
As affiliate funding and business-expansion structures grow more complex, minority shareholders may have reason for concern over transparency.
Demand for semiconductor back-end test equipment is heavily influenced by memory prices, inventory levels, and customers' capital expenditure plans. A downturn in the industry could delay or reduce new orders, a pattern already visible in the wide quarterly revenue swings.
Whether growing demand from new applications such as automotive and AI can buffer the traditional memory-driven cycle remains to be seen.
Largest shareholder Nexton&Roll Korea and the related Roa&Co Holdings group are engaged in a complex mix of financing and capital-allocation activities, including real estate sales, share allotments to affiliates, and new M&A.
Whether intra-group fund flows and new business ventures ultimately strengthen Mirae Corporation's core competitiveness or instead disperse resources requires ongoing monitoring. With the largest shareholder's stake exceeding 40%, alignment of interests with minority shareholders is also worth watching.
With a market capitalization in the small-cap range and a relatively high combined stake held by the largest shareholder and affiliates, the effective free float may be limited.
While the face-value split increased the number of shares outstanding, the actual improvement in trading liquidity needs to be confirmed over time. As is typical for small-cap stocks, price volatility driven by news flow or supply-demand shifts can be relatively pronounced.
This marks the end date of the KRW 3.96 billion equipment supply contract with SK Hynix, making it worth checking whether a follow-on contract is signed and whether its scale expands.
Around this time, the 3Q26 quarterly report is expected to be filed, allowing confirmation of whether the revenue and margin expansion seen through 2Q26 continued into the third quarter.
It will be worth checking on the integration progress of the Alloys acquisition, any changes to business scope, and whether additional funding plans are announced.
Progress on customer verification and certification for the glass-substrate-based HBM test solution All-In-One Carrier and the fourth-generation Quantum handler can be checked.
It will be worth confirming whether Nexton&Roll Korea's new semiconductor injection-molding and mold-parts business becomes operational and whether concrete vertical-integration synergy with Mirae Corporation materializes.
Mirae Corporation has moved past a heavy 2023 loss to achieve profitability in 2024-2025, and in 2026 it has shown a clear recovery with two consecutive first-half quarters of expanding revenue and operating margin together.
The company counts SK Hynix, YMTC, CXMT, and Unimos among its domestic and overseas memory and semiconductor customers, while also pursuing new technology development such as a glass-substrate-based HBM test solution.
That said, factors worth watching include the divergence between 2025 operating cash flow and net income, a history of repeated capital raises and earnings volatility, and the complex capital-allocation and M&A activities of the largest shareholder and its affiliates.
As a small-cap stock, liquidity and ownership structure also remain variables relevant to valuation interpretation.
Going forward, the 3Q earnings disclosure, new order contracts, progress on customer certification of new technology, and the integration progress of affiliate new businesses and M&A will likely serve as key variables in gauging whether the current trend continues.
Report written 2026-09-05 · Data as of 2026-09-04
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