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
Having recovered display equipment revenue and returned to operating profit, ICD stands at a crossroads as it expands into semiconductor glass-substrate and process equipment.
2025 consolidated revenue reached KRW 197.0 billion (+33% year-on-year), with operating profit of KRW 4.45 billion, the first operating profit in three years.
Quarterly revenue and profit swing sharply depending on customer delivery timing, with revenue plunging in Q1 2026 before recovering again in Q2.
The company signed a KRW 41.3 billion equipment supply contract with China's CSOT, while continuing business with Samsung Display and LG Display.
The company has entered the semiconductor glass-substrate market by supplying dry-etch equipment to Absolics, the SKC-Applied Materials joint venture.
The company raised funds for its new semiconductor business via a zero-coupon convertible bond, but cash reserves fell sharply, increasing reliance on external financing.
Founded in 2000, ICD manufactures flat panel display (FPD) and semiconductor equipment, having spun off its electrostatic chuck (ESC) business into ICD Materials in 2018.
Its core products are the HDP Dry Etcher, used in thin-film etching, and vacuum logistics equipment for transferring substrates during OLED deposition. The company manufactures and sells AMOLED, LCD, and semiconductor equipment in Korea and internationally, offering DRY etchers and research-thermal evaporators.
It also runs a bio and medical business, using plasma technology for sterilization, medicine, and cosmetics applications.
Its customer base is composed of major domestic display panel makers such as Samsung Display and LG Display, along with diversified overseas customers including China's BOE, CSOT, and Tianma, giving it a stable business foundation.
More recently, the company has entered the semiconductor glass-substrate market by supplying dry-etch equipment to the SKC-Absolics joint venture, securing a new growth driver. Localization of ESC through subsidiary ICD Materials has contributed to cost reduction and stronger equipment competitiveness.
At its March 2026 annual general meeting, display division president Kim Myung-ho was reappointed as an inside director, while Yang Jang-gyu, president of the semiconductor division, who holds a physics PhD from KAIST and previously worked at Applied Materials and Samsung Electronics' equipment technology research institute, was newly appointed.
The company is also pursuing expansion of equipment lines applicable to both OLED and LCD processes, adoption of AI-based process optimization systems, and upgrades to vacuum transfer automation.
Through these moves, ICD is pursuing portfolio diversification from a single display-equipment business toward semiconductor and bio segments.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩85.7B | ₩7.6B | 8.8% |
| 2025Q3 | ₩41.9B | -₩300M | −0.8% |
| 2025Q4 | ₩52B | ₩4.2B | 8.1% |
| 2026Q1 | ₩22.4B | -₩5B | −22.4% |
| 2026Q2 | ₩29B | ₩1.8B | 6.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩150.9B | -₩5.1B | -₩5.4B | −3.3% | −3.5% | 32.1% |
| 2023 | ₩62.3B | -₩37.2B | -₩37.4B | −59.8% | −28.6% | 60.4% |
| 2024 | ₩147.6B | -₩26.7B | -₩28.3B | −18.1% | −29.2% | 97.0% |
| 2025 | ₩197B | ₩4.5B | -₩1.9B | 2.3% | −1.9% | 46.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
ICD's results have swung sharply over the past four years. In 2022, revenue was KRW 150.9 billion with an operating loss of KRW 5.05 billion (operating margin -3.3%), and in 2023 revenue collapsed to KRW 62.3 billion as the operating loss widened to KRW 37.2 billion (margin -59.8%).
In 2024, revenue recovered to KRW 147.6 billion, but the operating loss actually deepened to KRW 26.7 billion, and the net loss reached KRW 28.3 billion.
In 2025, revenue rose about 33% year-on-year to KRW 197.0 billion, and operating profit turned positive at KRW 4.45 billion (margin 2.3%), the first operating profit in three years.
However, net income remained negative at KRW -1.98 billion (KRW -1.90 billion attributable to owners), suggesting non-operating items weighed on the bottom line. Operating cash flow improved markedly from KRW -27.8 billion in 2024 to KRW +8.0 billion in 2025, supporting a recovery in cash generation.
On a quarterly basis, Q2 2025 delivered strong results with revenue of KRW 85.7 billion and operating profit of KRW 7.6 billion, yet net income attributable to owners was only KRW 0.1 billion; revenue then plunged to KRW 41.9 billion in Q3, with operating profit swinging back to a loss of KRW -0.3 billion.
Q4 revenue rebounded to KRW 52.0 billion with operating profit of KRW 4.2 billion and net income of KRW 4.7 billion, but Q1 2026 revenue fell sharply again to KRW 22.4 billion, producing an operating loss of KRW 5.0 billion and a net loss of KRW 3.6 billion, before Q2 2026 recovered to revenue of KRW 29.0 billion, operating profit of KRW 1.8 billion, and net income of KRW 4.6 billion.
Quarterly results thus vary widely depending on equipment delivery timing, while cumulative net income attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) totaled roughly KRW 6.0 billion, maintaining a profitable trend on an annualized basis.
The OLED market is expanding beyond smartphones into IT, TV, and automotive applications, and OLED penetration is forecast to rise from 34.6% in 2022 to 40% by 2027, with Samsung Display's TV mass production expected to expand OLED's presence in the premium TV market.
As a result, demand for HDP Etchers and vacuum logistics equipment is rising, driving performance improvement for related equipment makers.
In particular, Chinese panel makers' 8.6-generation OLED investment is emerging as a new order pipeline: CSOT is building an OLED 'T8' line in Guangzhou with a monthly capacity of 22,500 sheets on an 8.6-generation glass substrate basis, investing 29.5 billion yuan (roughly KRW 6 trillion).
ICD and Yas signed equipment supply contracts with CSOT and began manufacturing, while DMS and Avaco are said to have effectively secured orders as well.
Industry observers note that not only CSOT but also Visionox, HKC, and other Chinese firms are expected to place equipment orders for OLED and LCD plant construction, with BOE, China's largest maker, also poised to invest in a second 8.6-generation OLED plant, suggesting supply contracts will continue.
At the same time, a new application area is opening in semiconductor packaging glass substrates, with SKC's Absolics regarded as the front-runner in this market.
Against this backdrop, ICD is building a relatively diversified position by expanding into semiconductor glass-substrate equipment while maintaining its existing display equipment customer base, though it continues to compete with domestic small and mid-sized equipment makers such as Yas, DMS, Avaco, and Toptec.
ICD plans to invest funds in stages to pursue its new semiconductor business.
The company plans to sequentially invest in semiconductor process technology development, labor costs, and material costs from this year through 2028 and beyond, and as internal development of the semiconductor business is partly complete, funds are needed for producing demo tools for customer evaluation, along with raw material pre-purchase funding to prepare for production volume.
On the order front, the company recently disclosed a KRW 41.3 billion equipment supply contract with CSOT, equivalent to 20.96% of last year's revenue, with delivery scheduled by January 25 of next year (2027).
It also signed a KRW 25.1 billion FPD manufacturing equipment supply contract with LG Display, equivalent to 17.00% of last year's revenue.
In the semiconductor glass-substrate segment, ICD participates as an equipment supplier within the SKC value chain, where subsidiary Absolics has completed its Georgia plant and is undergoing customer quality certification with AMD, Amazon, and Intel, making the pace of customer certification a key variable for future order volume.
The company has also pursued shareholder-return efforts, having decided to retire 400,000 treasury shares to enhance shareholder value.
That said, its history of being designated an investment-caution stock in 2024 due to inadequate internal accounting controls, before the designation was lifted in March 2026 after the issue was resolved, is a factor worth monitoring for future internal-control stability.
On balance, ICD is in a phase where display equipment order recovery and semiconductor business expansion are proceeding simultaneously, with execution of order fulfillment and the funding plan serving as key watch points for future results.
Having posted net losses for three consecutive years from 2022 to 2024, ICD is a stock for which there was little basis to discuss earnings-based valuation until recently.
With the operating profit turnaround in 2025 and cumulative net profit over the trailing four quarters, the stock is now in an early phase of forming an earnings-based valuation. The share price trades below net asset value, indicating the market currently assigns a value lower than the company's book equity.
The company pays no dividend, so shareholder returns rely on measures such as treasury share retirement rather than cash dividends.
Given the high quarterly volatility typical of the equipment business, quarterly swings can affect valuation interpretation, making it important to also examine annual and cumulative earnings trends.
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 2026-08-23
Revenue grew 33% in 2025, and operating profit turned positive at KRW 4.45 billion. Stable orders tied to 8.6-generation IT OLED investment coincided with cost reductions and reduced fixed-cost burden.
Operating cash flow also improved sharply from KRW -27.8 billion in 2024 to KRW +8.0 billion in 2025, signaling a recovery in underlying business fundamentals.
The company entered the semiconductor glass-substrate market by supplying dry-etch equipment to the SKC-Absolics joint venture. A semiconductor-experienced executive with backgrounds at Applied Materials and Samsung Electronics joined the board, reinforcing the new business drive. The company continues efforts to diversify its growth axis beyond a single display-equipment business.
The company signed a KRW 41.3 billion equipment supply contract with CSOT, and additional investment and orders from other Chinese panel makers such as BOE, Visionox, and HKC are also anticipated. As Chinese firms' large-scale OLED investment cycle gains momentum, related equipment orders could continue.
Revenue and profit swing widely depending on equipment delivery timing, plunging from KRW 85.7 billion in Q2 2025 to KRW 22.4 billion in Q1 2026. A pattern in which strong results in one quarter do not carry over to the next has recurred, making earnings difficult to forecast.
Cash and cash equivalents fell sharply from KRW 23.3 billion to KRW 8.4 billion, making it difficult to cover R&D and working-capital needs with internal cash alone.
To address this, the company issued a zero-coupon convertible bond, but its conversion price resets every seven months, leaving room for future equity dilution.
Although operating profit was positive at KRW 4.45 billion in 2025, net income attributable to owners remained negative at KRW -1.90 billion. Net losses persisted in 2023 and 2024 regardless of revenue recovery, so the impact of non-operating items on earnings continues to warrant close monitoring.
Revenue is heavily dependent on the capex cycles of Samsung Display, LG Display, and Chinese panel makers. A delay or reduction in 8.6-generation OLED investment schedules could directly affect orders and revenue.
Delays in fulfilling specific large contracts, such as those with CSOT or LG Display, could also amplify earnings volatility.
The convertible bond issued to fund the new semiconductor business resets its conversion price every seven months after issuance. The minimum adjusted price can fall to 80% of the initial exercise price, raising the potential for equity dilution during periods of share price weakness.
At the same time, the company is retiring treasury shares, so the offsetting effects of these two policies should be considered together.
As the company plans to sequentially invest funds in semiconductor process technology development, labor, and materials through 2028 and beyond, there could be a considerable lag before this translates into commercial revenue.
Since the business is still at the demo-tool production and customer evaluation stage, the scale and timing of initial orders remain uncertain. The company's past history of inadequate internal accounting controls is also a matter that warrants ongoing verification regarding future financial reliability.
This is when Q3 2026 results are expected to be disclosed; it is worth checking whether the recovery trend continues following the sharp revenue decline seen in Q1 2026.
This is the delivery deadline for the KRW 41.3 billion equipment supply contract signed with CSOT; whether delivery and revenue recognition proceed on schedule is a key point to watch.
The seven-month conversion-price repricing cycle for the zero-coupon convertible bond may come due, making it worth checking for conversion price adjustments and potential equity dilution.
Follow-up orders for ICD's semiconductor glass-substrate equipment could hinge on the progress of SKC Absolics' quality certification with customers such as AMD, Amazon, and Intel, making related news worth tracking.
It is worth continuing to monitor for news on BOE's second 8.6-generation OLED investment and equipment orders from other Chinese panel makers such as Visionox and HKC.
ICD showed signs of emerging from three years of weak performance through 2025 revenue growth and an operating profit turnaround, though net income remained negative and quarterly results continue to show very high volatility.
The expansion into semiconductor glass-substrate and process equipment represents an attempt at a new growth axis, but it remains at an early stage and commercial results may take time to materialize.
The expanding 8.6-generation OLED investment among Chinese panel makers provides a favorable order environment, though the timing and scale of contract execution remain variables to watch.
Declining cash liquidity and the potential for equity dilution from the convertible bond are financial aspects that warrant caution.
Overall, ICD is in a phase where display equipment recovery and semiconductor business expansion are proceeding in parallel, with future order execution and earnings stability likely to be the key points to monitor.
Report written 2026-09-05 · Data as of 2026-09-04
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