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
Fine D&C, long a display-parts supplier centered on Samsung Electronics, is diversifying into semiconductor test parts, drones, construction-safety products, and secondary-battery components, but it has posted operating and net losses in each of the four years from 2022 through 2025, delaying a profitability recovery.
Core business is display parts such as TOP/BOTTOM chassis for TFT-LCD, while diversifying into semiconductor test parts (FINEOHMS), drones (FINEDRONE), construction safety (MES), and secondary-battery components
FY2025 consolidated revenue rose 1.2% to KRW 65.8bn, but the operating loss widened to KRW 4.08bn and the net loss expanded sharply to KRW 22.17bn
The debt ratio fell from 295.6% in 2022 to 108.4% in 2025, while total equity rose from KRW 27.1bn to KRW 52.0bn over the same period
Quarterly results show high volatility, including a KRW 16.35bn net loss in Q4 2025, suggesting possible one-off items
The company carried out a 5-for-1 reverse stock split in April 2026 and resumed trading on May 6, 2026
Founded in 1992 and headquartered in Asan, South Chungcheong Province, Fine D&C is a KOSDAQ-listed parts and materials maker that has long supplied display components such as TOP-CHASSIS and BOTTOM-CHASSIS for TFT-LCD, along with precision molds, as a partner to Samsung Electronics and Samsung Display.
The company describes its operations as spanning press, mold, advanced development, semiconductor test-parts, and drone businesses, and it operates a separate Semiconductor Business Division (FINEOHMS) and Drone Business Division (FINEDRONE).
More recently, its Construction Business Division (MES) has entered the fire-safety product market with outdoor and indoor folding evacuation stairs, and the indoor version was selected as an LH growth technology for small and medium-sized enterprises in the first half of 2025.
The company is also pursuing secondary-battery cell case and related assembly components as a new business, leveraging years of parts and materials manufacturing know-how.
It operates an overseas production base in Slovakia, and management has previously stated an intention to ramp up mass production there once related preparations are complete.
In display parts, the company competes and cooperates with other Samsung Display partners such as InJ Display and Fine Technics, while the semiconductor test-parts space includes specialized equipment and component makers such as Unitest.
The diversification effort appears aimed at reducing reliance on a single display-parts business, though the precise revenue contribution of each new segment is not separately disclosed in the financial statements.
The company also carried out a capital-structure adjustment in April 2026, consolidating shares and raising par value from KRW 500 to KRW 2,500 per share.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩14.9B | -₩400M | −3.0% |
| 2025Q3 | ₩11.3B | -₩500M | −4.9% |
| 2025Q4 | ₩10.7B | -₩3.7B | −34.6% |
| 2026Q1 | ₩13.8B | -₩1B | −7.4% |
| 2026Q2 | ₩11B | -₩1.4B | −13.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩58.3B | -₩4B | -₩25.3B | −6.8% | −93.4% | 295.6% |
| 2023 | ₩43.5B | -₩9.6B | -₩10.2B | −22.1% | −34.2% | 264.2% |
| 2024 | ₩65B | -₩700M | -₩2.6B | −1.1% | −7.3% | 197.0% |
| 2025 | ₩65.8B | -₩4.1B | -₩22.2B | −6.2% | −42.6% | 108.4% |
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
Consolidated revenue fell 25.4% from KRW 58.3bn in 2022 to KRW 43.5bn in 2023, then recovered to KRW 65.0bn in 2024 (+49.5%) and KRW 65.8bn in 2025 (+1.2%), suggesting the topline has stabilized over the past two years.
Profitability, however, has not shown a clear improvement: the operating loss widened from KRW 3.97bn in 2022 to KRW 9.62bn in 2023, narrowed sharply to KRW 0.74bn in 2024, then widened again to KRW 4.08bn in 2025.
The operating margin deteriorated to -22.1% in 2023, improved markedly to -1.1% in 2024, but slipped back to -6.2% in 2025, indicating that the earlier improvement was not sustained.
The net loss attributable to owners narrowed from KRW 25.3bn in 2022 to KRW 10.2bn in 2023 and KRW 2.6bn in 2024, before expanding sharply to KRW 22.2bn in 2025, the largest annual net loss in the four-year window.
On a quarterly basis, losses were concentrated in the fourth quarter of 2025, with the net loss widening to KRW 16.35bn from KRW 4.47bn in the third quarter, while the operating loss also jumped to KRW 3.71bn from KRW 0.55bn, pointing to possible one-off charges.
In 2026, the first quarter posted revenue of KRW 13.75bn and a net loss of KRW 1.10bn, while the second quarter posted revenue of KRW 10.96bn and a net loss of KRW 1.13bn, a smaller loss than the fourth quarter of 2025 but still in negative territory.
Notably, despite the widening net loss, total equity rose from KRW 27.1bn in 2022 to KRW 52.0bn in 2025, and the debt ratio improved sharply from 295.6% to 108.4%, indicating capital was raised through means other than retained earnings.
Operating cash flow moved from a large outflow of KRW 8.11bn in 2022 to smaller outflows of KRW 2.58bn in 2023, KRW 1.10bn in 2024, and KRW 2.06bn in 2025.
Although Fine D&C is classified under the semiconductor sector on KOSDAQ, the bulk of its revenue still derives from display parts such as TFT-LCD chassis, with semiconductor-related operations serving as one of several diversification pillars.
The global semiconductor market is projected to grow from roughly $627 billion in 2024 to more than $1 trillion by 2030, an average annual growth rate of about 8.6%, driven mainly by AI and expanding server and automotive chip demand.
The semiconductor test equipment market is likewise expected to expand from $15.06 billion in 2025 to $21.59 billion by 2031, a compound annual growth rate of 6.12% between 2026 and 2031, providing a broadly favorable backdrop for the company's semiconductor test-parts business (FINEOHMS).
That growth, however, tends to concentrate in higher-value areas such as advanced packaging and system-level testing, so the extent to which a general-purpose parts supplier benefits depends on specific contracts and technical capability.
The display parts segment is exposed to structural demand shifts as Samsung Display transitions from LCD toward OLED and QD-based product lines, and peer partner companies are similarly restructuring toward automotive and QD-OLED applications.
The construction-safety (evacuation stairs) segment is an emerging market tied to stricter apartment fire-safety regulation and public-procurement certifications such as those from LH, though its revenue contribution still appears to be at an early stage.
The secondary-battery parts segment represents a potential market linked to capacity expansion among domestic and overseas battery cell makers, with the timing of full-scale production at overseas sites such as Slovakia being a key variable.
Following the 5-for-1 reverse stock split effective April 2026, which raised par value from KRW 500 to KRW 2,500 per share, the related trading suspension was lifted and trading resumed on May 6, 2026.
With the indoor folding evacuation stairs product selected as an LH growth technology for small and medium enterprises in the first half of 2025, whether new public-procurement contracts materialize remains a key variable for the construction-safety segment's earnings contribution.
Management has previously stated that secondary-battery component development is underway with domestic and overseas customers and that preparations for mass production at the Slovakia site are nearing completion, making utilization at that facility a key point to monitor for revenue diversification going forward.
That statement, however, dates back some time, so actual production start and revenue recognition should be confirmed through the most recent disclosures.
The semiconductor test-parts business (FINEOHMS) sits within a favorable backdrop of global semiconductor and test-equipment market growth, though specific order pipelines or customer expansion details are not extensively disclosed.
The display parts segment's revenue stability may hinge on shifts in major customers' LCD production strategies, which is part of why the company has repeatedly referenced efforts to secure new customers.
Whether the loss concentration seen in the fourth quarter of 2025 and the narrower losses in the first half of 2026 continue into the second half, and whether the improved balance-sheet metrics from capital raising translate into future investment capacity, are both worth tracking.
Overall, the diversification strategy has a clear direction, but the timing at which each new business will scale up in revenue terms has not yet been officially specified.
Because the company continues to post net losses, conventional earnings-based valuation metrics have limited applicability. The share price sits in a range discounted relative to book value per share, which can be read as reflecting the market's cautious view of equity quality amid persistent losses.
The company has not paid dividends in recent years, suggesting investor focus may center more on the progress of business diversification than on dividend appeal.
The increase in total equity and improvement in the debt ratio in 2025 are positive signals for balance-sheet stability, though whether these translate into improved operating results remains to be seen.
Future valuation discussion is likely to hinge significantly on the timing and pace at which the diversification businesses—semiconductor test parts, construction safety, and secondary-battery components—become visible in revenue.
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
The debt ratio fell sharply from 295.6% in 2022 to 108.4% in 2025, while total equity rose from KRW 27.1bn to KRW 52.0bn over the same period. This occurred despite continued net losses, suggesting an attempt to strengthen the capital structure through equity funding. A lower debt ratio could ease future interest burden and support additional investment capacity.
The company is expanding beyond a single-segment display-parts structure into semiconductor test parts, drones, construction safety, and secondary-battery components.
Notably, the indoor folding evacuation stairs product was selected as an LH growth technology for small and medium enterprises in 2025, providing an entry point into the public-procurement market. Successful revenue contribution from diversification could reduce dependence on any single customer or product.
The global semiconductor market is projected to grow at an average annual rate of about 8.6% through 2030, and the semiconductor test equipment market is expected to grow at a 6.12% compound annual rate between 2026 and 2031.
This industry growth could provide a favorable external environment for the company's semiconductor test-parts business (FINEOHMS).
The company posted operating and net losses every year from 2022 through 2025, with the FY2025 net loss widening to KRW 22.17bn compared with the prior year. The operating margin also fluctuated, improving to -1.1% in 2024 before slipping back to -6.2% in 2025, meaning a clear turnaround has yet to materialize.
The net loss in the fourth quarter of 2025 widened sharply to KRW 16.35bn from KRW 4.47bn in the third quarter, while the operating loss also jumped from KRW 0.55bn to KRW 3.71bn over the same period.
Such a sharp swing suggests the possible recognition of one-off charges and reduces the predictability of quarterly results.
The core TFT-LCD chassis parts business is exposed to major customers' shift from LCD toward OLED and QD-based product lines. With new business revenue contribution not yet fully realized, structural change in the core business could weigh on revenue stability.
The company recorded operating and net losses in all four years from 2022 to 2025, with significant volatility in loss magnitude. If profitability improvement is delayed, additional capital raising or cost restructuring may become necessary.
Core revenue is concentrated in display parts tied to Samsung Electronics and Samsung Display, making results sensitive to changes in those customers' production strategy or order volume. Since new businesses have yet to make a large revenue contribution, this concentration is unlikely to be resolved in the near term.
The rise in total equity despite continued net losses suggests external capital may have been raised, and further capital raising going forward could not rule out dilution for existing shareholders.
Capital-structure actions such as the April 2026 reverse stock split are also factors that can affect the shareholder base.
The Q3 2026 quarterly report is expected around this time; investors should check whether the narrower losses seen in H1 2026 continue into Q3, and whether one-off items similar to Q4 2025 recur.
Investors should monitor whether and to what extent new supply contracts materialize on the back of the LH growth-technology certification for the indoor folding evacuation stairs product.
The start of mass production of secondary-battery components at the Slovakia site and its revenue recognition should be reconfirmed through the latest disclosures.
Whether the background of the 2025 increase in total equity and improved debt ratio—such as any capital raising—is specifically confirmed in subsequent disclosures is worth watching.
Fine D&C is pursuing a diversification strategy that extends beyond its core display-parts business for Samsung Electronics and Samsung Display into semiconductor test parts, drones, construction safety (evacuation stairs), and secondary-battery components.
However, it has failed to escape operating and net losses in every year from 2022 through 2025, with the FY2025 net loss widening sharply versus the prior year and losses concentrated in the fourth quarter, reflecting significant earnings volatility.
At the same time, the debt ratio fell substantially and total equity increased over the same period, indicating a shift in the balance-sheet structure, though whether this translates into stronger operating competitiveness has not yet been confirmed by results.
Medium-to-long-term growth prospects for the semiconductor and semiconductor test equipment markets provide a favorable backdrop for the diversification businesses, but publicly available information on specific orders or revenue contribution remains limited.
Capital-structure adjustments, including the April 2026 reverse stock split and the May resumption of trading, have also taken place.
Investors should watch the persistence of the narrower-loss trend in upcoming quarterly results, the timing at which new businesses become visible in revenue, and the background and direction of any capital raising.
Report written 2026-09-05 · Data as of 2026-09-04
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