PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,080 per share · Prices as of the 2026-10-02 close
Its near-monopoly position in descum and reflow tools has sustained operating margins in the 30-40% range, yet quarterly revenue can swing more than twofold depending on when customers place packaging investments.
In 2025 revenue was 207.8bn won and operating profit 73.4bn won, down 3.6% and 17.0% year on year, yet the 35.3% operating margin remains unusually high for an equipment maker.
Second-quarter 2026 revenue of 47.3bn won and operating profit of 13.8bn won rose clearly from 34.7bn won and 8.5bn won a year earlier, with first-half net profit attributable to owners at 44.4bn won.
It supplies all three HBM makers - Samsung Electronics, SK hynix and Micron - as well as TSMC and Taiwanese OSAT firms, and is reported to have broken Japan's ULVAC monopoly in descum tools for CoWoS.
In a value-up plan disclosed in March 2026, the company set targets of 10% average annual revenue growth and an operating margin above 20% for 2026-2030.
Net profit consistently exceeds operating profit, so equity-accounted income from its stake in front-end toolmaker PSK Inc. and interest income are key variables in reading the results.
PSK Holdings manufactures and sells back-end semiconductor packaging process equipment; founded in 1990, it listed on KOSDAQ in 1997.
Its core products are descum tools, which strip photoresist residue left after lithography, and reflow tools, which melt solder bumps and balls for bonding or planarization, alongside items such as hot deionized water heating units.
Its 2025 revenue mix is reported as 88.6% semiconductor process equipment and 11.4% parts and service fees (Daily Invest, March 2026). The customer base spans more than 60 companies at home and abroad, including major integrated device makers as well as OSAT and foundry firms.
It has supplied HBM production reflow and descum tools to Samsung Electronics and SK hynix, and by adding Micron it became the first Korean toolmaker to serve all three DRAM makers with HBM-related equipment (The Elec).
In descum for CoWoS packaging, it was described as having entered a supply chain effectively monopolized by Japan's ULVAC, turning it into a two-vendor market (Greened, March 2025).
That said, one analysis put it second in share behind ULVAC within TSMC and leading Taiwanese OSAT accounts (Korea Investment & Securities, cited by Daily Invest). The company also functions partly as a holding entity: PSK Holdings and 12 related parties hold a 32.86% stake in front-end toolmaker PSK Inc.
(319660) (Daishin Securities, April 2026). Earnings therefore blend the back-end tool business with the performance of the front-end affiliate, meaning both halves of the equipment cycle need watching.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩34.7B | ₩8.5B | 24.4% |
| 2025Q3 | ₩90.6B | ₩41.2B | 45.5% |
| 2025Q4 | ₩51.4B | ₩14.2B | 27.6% |
| 2026Q1 | ₩28B | ₩9.2B | 32.8% |
| 2026Q2 | ₩47.3B | ₩13.8B | 29.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩72.8B | ₩16.9B | ₩40.8B | 23.2% | 14.4% | 16.4% |
| 2023 | ₩94.7B | ₩27B | ₩42.7B | 28.5% | 12.5% | 17.6% |
| 2024 | ₩215.5B | ₩88.5B | ₩95.8B | 41.1% | 22.2% | 19.0% |
| 2025 | ₩207.8B | ₩73.4B | ₩91.7B | 35.3% | 18.1% | 15.5% |
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
On confirmed figures, revenue jumped from 72.8bn won in 2022 to 94.7bn won in 2023 and 215.5bn won in 2024, before easing to 207.8bn won in 2025. Operating profit followed a similar path: 16.9bn won in 2022 (23.2% margin), 27.0bn won in 2023 (28.5%), 88.5bn won in 2024 (41.1%), then 73.4bn won in 2025 (35.3%).
So 2025 was a corrective year - revenue down 3.6% and operating profit down 17.0% from the 2024 peak - though the margin still held in the mid-30s.
Net profit attributable to owners slipped from 95.8bn won in 2024 to 91.7bn won in 2025; in both years net profit exceeded operating profit, pointing to a meaningful contribution from equity-accounted and financial items outside the core business. Quarterly patterns are highly volatile.
From 34.7bn won in revenue and 8.5bn won in operating profit (24.4% margin) in the second quarter of 2025, results spiked to 90.6bn won and 41.2bn won (45.5%) in the third quarter, then normalized to 51.4bn won and 14.2bn won (27.6%) in the fourth.
Analysts explained that the third-quarter surge reflected equipment revenue delayed from the second quarter being recognized later, unrelated to underlying industry conditions (Korea Investment & Securities, January 2026).
In 2026, first-quarter revenue was 28.0bn won with operating profit of 9.2bn won (32.8%), and second-quarter revenue 47.3bn won with operating profit 13.8bn won (29.2%), both above the year-earlier quarter's 34.7bn won and 8.5bn won.
First-half totals came to 75.3bn won in revenue, 23.0bn won in operating profit and 44.4bn won in net profit attributable to owners, again with net profit well above operating profit.
The balance sheet is conservative, with equity of 506.4bn won, liabilities of 78.5bn won and a 15.5% debt-to-equity ratio at end-2025, while operating cash flow rose from 66.6bn won in 2024 to 81.4bn won in 2025, indicating smooth cash conversion.
The end market is in a memory-led reshuffle driven by AI infrastructure spending. The World Semiconductor Trade Statistics body projects the 2026 global semiconductor market to grow more than 25% to about 975bn dollars, with memory rising at a 30%-plus pace.
Company results are tied directly to capacity build-outs in HBM TSV processing and advanced packaging such as CoWoS. Korea Investment & Securities projected TSMC's CoWoS capacity rising from around 75K wafers per month at end-2025 to 120-140K per month by end-2026 (March 2026, cited by Daily Invest).
By contrast, the same analysis noted that combined HBM packaging additions at Samsung Electronics and SK hynix fell to roughly 70K per month in 2025, well below 2024, but should exceed 100K per month in 2026 as HBM4 transition spending resumes.
In other words, memory makers' HBM back-end capex and Taiwanese foundry and OSAT CoWoS spending move to different rhythms, partly filling each other's gaps. Generational change also feeds tool demand: the doubling of TSV via counts from HBM4 has been cited as a driver of larger equipment orders.
On competition, ULVAC of Japan is the reference point in descum, while adjacent back-end niches feature players such as Hanmi Semiconductor in thermal compression bonders, leaving the company competing for share in narrow, few-vendor process segments.
Some research houses and foreign media, meanwhile, raise the possibility of HBM pricing entering a correction phase after 2026 as competition intensifies and capacity expands.
On March 30, 2026 the company voluntarily disclosed a corporate value-up plan. For 2026-2030 it set goals of 10% average annual revenue growth, an operating margin sustained above 20%, maintenance of a minimum dividend level, and an ESG rating of at least B from KCGS.
The same filing showed a 2025 payout ratio of 25.4% and total 2025 dividends of 23.29bn won, up 54.3% from 15.09bn won for 2024.
On segment forecasts, Korea Investment & Securities identified 2026 reflow tool sales of about 152bn won (up 24% year on year) as the key driver of company results, while projecting descum sales of about 85bn won (up 18%) with a back-half-weighted profile (March 2026).
The same analysis argued that after the sharp HBM capacity additions of 2023-2024, domestic HBM back-end investment shrank considerably in 2025, but should restart from the second half of 2026 with the shift to HBM4. Sell-side coverage has also widened.
KB Securities said in a report published in early July 2026 that it initiated coverage of PSK Holdings with a Buy rating and a target price of 220,000 won, estimating three-year compound growth of 33% in revenue and 37% in operating profit on advanced packaging (TSV and CoWoS) expansion momentum and the global standing of its reflow and descum tools.
These are that broker's projections, and second-half 2026 results have not yet been confirmed in filings. What matters is the actual timing of customer orders and the quarter of revenue recognition; as in the past, slippage into the following quarter can widen quarterly swings again.
Earnings-based multiples sit at a level that is not low within Korea's back-end equipment group, since the share price moved even more than the 2024-2025 profit surge, and the stock also trades at a sizable premium to book value.
For reference, KB Securities said in an early-July 2026 report that its target price implied a 12-month forward price-earnings ratio of 30.3 times and a price-book ratio of 6.6 times.
Those figures assume a growth path far steeper than the company's own goals of 10% average annual revenue growth and a 20%-plus operating margin, so any mismatch between order intake and revenue recognition increases multiple sensitivity.
On dividends, the 2025 payout ratio of 25.4% returned roughly a quarter of earnings and the total amount grew strongly, but given how fast the share price has moved, the dividend yield itself remains on the low side.
Financially, a 15.5% debt-to-equity ratio and 81.4bn won of operating cash flow at end-2025 are verifiable facts that provide a cushion of cash generation and balance-sheet stability behind those multiples.
The crux is whether margins hold in the 30s and when HBM4 and CoWoS investment actually converts into quarterly results.
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
After Samsung Electronics and SK hynix, adding Micron made it the first Korean toolmaker to supply HBM equipment to all three DRAM producers. In CoWoS descum it was also credited with entering a chain effectively monopolized by Japan's ULVAC and creating a two-vendor market.
Riding both memory and foundry/OSAT investment cycles can partly offset lulls in either one. Its customer base is broad, at more than 60 companies at home and abroad.
The operating margin rose from 23.2% in 2022 to 28.5% in 2023 and 41.1% in 2024, and still held at 35.3% in 2025. Through the first half of 2026 it stayed near 30%, at 32.8% in the first quarter and 29.2% in the second. Commentary noted that margins above 40% are rarely seen in the manufacturing equipment sector. A few-vendor structure in specialized process tools and cost control are cited as the reasons.
Operating cash flow reached 81.4bn won in 2025, up from 66.6bn won in 2024, while the debt-to-equity ratio stayed at 15.5%. The March 2026 value-up plan set 2026-2030 goals of 10% average annual revenue growth, an operating margin above 20% and maintenance of a minimum dividend level.
The 2025 payout ratio was 25.4% and total dividends rose 54.3% from the prior year. The verifiable point is that the balance sheet can fund investment and returns even through slower cycle phases.
Revenue and operating profit went from 90.6bn won and 41.2bn won in the third quarter of 2025 to 51.4bn won and 14.2bn won in the fourth, then 28.0bn won and 9.2bn won in the first quarter of 2026, illustrating the amplitude of quarterly swings.
Analysts attributed the third-quarter spike to recognition of revenue delayed from the second quarter. With such a pattern, a single quarter says little about trend, and gaps versus expectations around results dates can widen. On an annual basis, 2025 revenue also fell 3.6% from the prior year.
Results hinge heavily on specific capex lines - HBM TSV and CoWoS capacity additions. The case of 2025, when domestic HBM packaging additions fell sharply from 2024, shows how quickly shifts in customer investment rhythm feed into results.
The decline in 2025 revenue and operating profit is not unrelated to that adjustment. Order deferrals or delayed generational transitions at a handful of large customers translate directly into empty quarters.
In both 2024 and 2025 net profit (95.8bn and 91.7bn won) exceeded operating profit (88.5bn and 73.4bn won), and in the first half of 2026 net profit attributable to owners of 44.4bn won was roughly double the 23.0bn won of operating profit.
That implies a large contribution from equity-accounted and financial income, with the performance of front-end toolmaker PSK Inc., in which PSK Holdings and 12 related parties hold 32.86%, feeding through to the bottom line. If the front-end cycle turns, net profit can wobble independently of the core business. Profitability therefore cannot be judged from the operating margin alone.
Some research firms and foreign media flag the possibility that HBM pricing enters a correction after 2026 as competition intensifies and capacity expands. If HBM profitability wavers, the intensity of back-end investment at the three memory makers could be recalibrated.
Equipment vendors lag the cycle, so signals of reduced capex take time to show in results. The same lag applies in recovery phases.
One analysis placed it second in share behind ULVAC within TSMC and leading Taiwanese OSAT accounts. Reports also suggested that a relatively lower price point versus ULVAC products helped its entry into descum.
If price competition reignites or the incumbent sharpens its response, holding margins could become a challenge. Attempts by other Korean back-end toolmakers to enter these niches also warrant monitoring.
Reports indicated that SK hynix began redesigning its top-tier HBM4 product, with a supply decision expected around year-end (Dealsite, March 2026). If customers' qualification and mass-production schedules slip, related back-end tool orders can be pushed out with them.
Generational transitions bring specification changes and re-evaluation, so revenue recognition may cross quarter boundaries. That raises the risk of misreading the trend from any single quarter.
Third-quarter 2026 report filing. The key questions are whether revenue and the operating margin hold near 30%, and whether the back-half-weighted profile projected by Korea Investment & Securities in March 2026 actually materializes.
A decision on SK hynix's top-tier HBM4 supply is expected around year-end. The outcome and its timing could shape how strongly domestic memory makers resume HBM back-end investment and how descum orders flow.
Full-year 2026 results and the dividend decision. This is when to check delivery against the value-up plan's targets of 10% average annual revenue growth and a 20%-plus operating margin, and the direction of the payout ratio.
The annual general meeting and the update to the corporate value-up plan. Watch for any revision of targets reflecting 2026 results and changes to the shareholder return policy.
Orders tied to CoWoS expansion at Taiwanese foundry and OSAT firms, plus any additional supply to overseas customers such as Micron. The issue is whether the projection of CoWoS capacity reaching 120-140K per month by end-2026 translates into actual tool deliveries.
PSK Holdings holds a few-vendor position in specialized back-end tools - descum and reflow - and counts all three HBM makers as well as Taiwanese foundry and OSAT firms among its customers.
On confirmed figures, 2024 was the peak with revenue of 215.5bn won and operating profit of 88.5bn won; 2025 saw 207.8bn won and 73.4bn won, down 3.6% and 17.0%, while the operating margin held at 35.3%.
First-half 2026 delivered 75.3bn won in revenue, 23.0bn won in operating profit and 44.4bn won in net profit attributable to owners, with second-quarter revenue and profit above the year-earlier quarter.
Still, quarterly amplitude is wide - 90.6bn won in the third quarter of 2025 versus 28.0bn won in the first quarter of 2026 - and net profit persistently exceeds operating profit, making core profitability hard to read from the operating line alone.
The bullish case rests on two investment axes, HBM4 transition and CoWoS expansion, plus margins in the 30s and low leverage; the bearish case rests on dependence on customer capex cycles, distortion from revenue recognition timing, and the possibility of HBM price corrections.
In March 2026 the company set targets of 10% average annual revenue growth and a 20%-plus operating margin, while broker forecasts assume a faster path than that. Upcoming quarterly filings and customers' HBM4 supply decisions will determine which of these scenarios the data confirms. This material is for information purposes only and contains no buy or sell recommendation.
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.