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
Meere Company posted two consecutive quarters of operating profit in 2026 as display equipment orders recovered, but its combined net result for the trailing four quarters (Q3 2025 through Q2 2026) remains in the red.
Two consecutive quarters of operating profit in Q1-Q2 2026, driven by a display-segment recovery on new orders including from BOE
Revenue declined for four straight years from 2022-2025 amid heavy losses, and the trailing four-quarter net result is still negative
Diversification is underway via a government-backed ultra-thin wafer processing equipment project and mass-production qualification at a major global memory chipmaker
The Revo-i surgical robot was designated an innovative product by South Korea's Ministry of Trade, Industry and Energy in June 2026, with overseas supply expanding into markets such as Mongolia
Regent Partners, a new-technology investment finance company, was brought in as a subsidiary in 2026, adding an investment business line to the group structure
Meere Company was founded in 1984 and listed on KOSDAQ in 2005 as a precision equipment maker for semiconductors and displays.
Its core business is the Edge Grinder, a back-end process tool that uniformly polishes the edges of display panels, in which the company has been described as the global No.1 player with roughly a 70% market share.
It has expanded into precision semiconductor wafer processing equipment, including bare-wafer processing and trim systems, and has diversified its semiconductor equipment portfolio after passing mass-production qualification at a major global memory chipmaker.
Consolidated revenue in 2023 was reportedly split into 90.90% from semiconductor and display manufacturing equipment, 5.53% from surgical robots, and 3.57% from touch panels. Through its subsidiary MiraeDP, the company also manufactures and sells touch panels.
Its newer growth business is Revo-i, the first commercialized laparoscopic surgical robot developed in Korea, which has been supplied to major domestic hospitals such as Severance Hospital and the Korea Institute of Radiological and Medical Sciences, as well as hospitals in Mongolia, Uzbekistan, Russia, Paraguay, Tunisia, and Morocco.
The global laparoscopic surgical robot market remains dominated by Intuitive Surgical's da Vinci system, positioning Revo-i as a later entrant competing on relative affordability and an open R&D strategy.
In 2026 the company increased its stake in Regent Partners, a new-technology investment finance firm, bringing it in as a subsidiary and extending its business into investing in materials, parts, equipment, and healthcare sectors.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.3B | -₩6.9B | −131.2% |
| 2025Q3 | ₩9.4B | -₩5.4B | −57.8% |
| 2025Q4 | ₩13.6B | -₩5.7B | −42.2% |
| 2026Q1 | ₩21.2B | ₩1.3B | 5.9% |
| 2026Q2 | ₩23.3B | ₩4.5B | 19.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩154.9B | ₩25.5B | ₩29.3B | 16.5% | 22.0% | 28.6% |
| 2023 | ₩109.5B | -₩1.7B | ₩3.5B | −1.6% | 2.7% | 16.5% |
| 2024 | ₩67.3B | -₩16.8B | -₩7.1B | −25.0% | −5.7% | 18.4% |
| 2025 | ₩40.9B | -₩24.7B | -₩25B | −60.4% | −24.7% | 20.2% |
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
Meere Company's consolidated revenue fell for four straight years, from KRW 154.9 billion in 2022 to KRW 109.5 billion in 2023, KRW 67.3 billion in 2024, and KRW 40.9 billion in 2025.
Over the same period, operating profit swung from a KRW 25.5 billion profit in 2022 (a 16.5% margin) to losses of KRW 1.7 billion (-1.6%) in 2023, KRW 16.8 billion (-25.0%) in 2024, and KRW 24.7 billion (-60.4%) in 2025, with losses actually widening; owners' net income likewise flipped from a KRW 29.3 billion profit in 2022 to a KRW 25.0 billion loss in 2025.
This reflects a prolonged pullback in capital spending by the company's core display-panel customers. Quarterly figures, however, show a clear inflection point.
Operating losses persisted from Q2 2025 (a loss of KRW 6.9 billion) through Q4 2025 (a loss of KRW 5.7 billion), before the company posted revenue of KRW 21.2 billion, operating profit of KRW 1.3 billion, and owners' net income of KRW 3.8 billion in Q1 2026, turning operating profit positive for the first time in nine quarters.
In Q2 2026, revenue reached KRW 23.3 billion with operating profit of KRW 4.5 billion and net income of KRW 3.6 billion, extending the profitable streak to two straight quarters on sharply higher year-on-year revenue.
Even so, the combined owners' net income across the trailing four quarters (Q3 2025 through Q2 2026) was still a loss of KRW 3.2 billion, indicating that the recent two profitable quarters have not yet fully offset the large losses that preceded them.
Operating cash flow also turned negative, from a positive KRW 10.7 billion in 2022 to a negative KRW 13.8 billion in 2025, while owners' equity declined from KRW 132.9 billion in 2022 to KRW 101.4 billion in 2025.
The display equipment market that anchors Meere Company's business went through a downturn in 2023-2024 as panel makers cut capital spending, but has entered a recovery phase since 2025 as large-area IT OLED investment resumed.
Counterpoint Research projected that global display capital expenditure would rise 57% year-on-year in 2026.
China's BOE is wrapping up phase-one investment at its Gen 8.6 OLED fab "B16" in Chengdu, Sichuan, while preparing phase-two orders, and Samsung Display has confirmed mass production of OLED panels for Apple's MacBook Pro along with a large-scale investment plan through 2040.
Meere Company's display business is said to have turned a corner following orders from a major Chinese customer in 2025.
In semiconductors, growing demand for ultra-thin wafer processing tied to the spread of HBM (high-bandwidth memory) and advanced packaging is the backdrop, though this segment's absolute contribution to revenue remains small even as its growth potential draws attention.
The surgical robot market continues to be dominated by Intuitive Surgical's da Vinci system, leaving Revo-i, the domestic robot, as a later entrant expanding its footprint mainly among smaller domestic hospitals and in emerging markets.
Overall, Meere Company sits at the intersection of a cyclical recovery in its mature display equipment business and early-stage expansion into semiconductor and surgical robot businesses.
When reporting Q1 2026 results, the company said the recovery in global display investment and expanded new orders were the key drivers of the earnings improvement.
It has secured a new order worth roughly KRW 46.4 billion from BOE, and its order backlog is understood to have grown from KRW 16.2 billion at the end of 2024 to about KRW 60 billion at the end of 2025.
Industry observers note that continued policy-financed large OLED investment among Chinese panel makers could open up new equipment order opportunities in the second half of this year or next.
In semiconductors, the company is carrying out an "ultra-thin wafer processing equipment development" project selected under a government program by the Ministry of Trade, Industry and Energy, and is seeking to expand its customer base building on bare-wafer processing equipment and trim systems already in mass production.
In surgical robots, the business is centered on Revo-i, which was newly designated an innovative product by the Ministry of Trade, Industry and Energy in June 2026, and the company is pursuing expansion into emerging markets building on supply to Mongolia's National Cancer Center and National Central Hospital No.1.
It has also been selected as a joint research institution for a Ministry of Science and ICT national project on "virtual convergence-based physical AI core technology,
The current share price appears to trade at a discount to the company's book value, a pattern that can be read as reflecting the losses accumulated over recent years.
On the earnings side, two consecutive profitable quarters in Q1 and Q2 2026 signaled an improving direction, but the combined net result across the trailing four quarters remains negative, making it premature to characterize this as a full profit turnaround.
Dividends have not been paid in the most recent fiscal year, leaving dividend appeal limited for now.
Because 2022, the last clearly profitable year, saw a double-digit operating margin, how the margin structure evolves if display and semiconductor order recovery continues stands out as a key variable for future valuation assessments.
No officially disclosed target price for this stock within the past six months was identified in available sources, so none is cited in this report.
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
Two consecutive quarters of operating profit in Q1-Q2 2026 came on the back of expanded new orders, including from BOE, and a growing order backlog. Counterpoint Research projected that global display capital expenditure would rise 57% year-on-year in 2026, underpinning the broader industry recovery.
If Chinese panel makers continue investing in Gen 8.6 IT OLED, additional order opportunities could open up in the second half and beyond.
The company was selected for a national project run by the Ministry of Trade, Industry and Energy, driven by growing demand for ultra-thin wafer processing tied to the spread of HBM and advanced packaging.
Bare-wafer processing equipment and trim systems already in mass production have passed qualification at a major global memory chipmaker, providing a foothold for revenue diversification. Efforts to reduce reliance on the display segment are translating into visible progress.
Revo-i's competitiveness was reaffirmed when it was newly designated an innovative product by the Ministry of Trade, Industry and Energy in June 2026.
It is building an overseas track record with supply to Mongolia's National Cancer Center followed by National Central Hospital No.1, alongside AI upgrades pursued through a Ministry of Science and ICT national project.
The company is gradually widening its footprint as a domestic alternative in a market otherwise dominated by da Vinci.
Consolidated revenue fell for four straight years, from KRW 154.9 billion in 2022 to KRW 40.9 billion in 2025, and operating results flipped from a profit to a large loss over the period. Owners' net income likewise swung from a KRW 29.3 billion profit in 2022 to a KRW 25.0 billion loss in 2025. Two recent profitable quarters alone do not necessarily resolve the extended loss structure.
The combined owners' net income across the four quarters from Q3 2025 through Q2 2026 was a loss of KRW 3.2 billion, still negative.
The Q1 and Q2 profits have not yet offset the large losses of the preceding three quarters, meaning the durability of the turnaround will need to be reconfirmed in future quarterly results.
Operating cash flow turned negative, from a positive KRW 10.7 billion in 2022 to negative KRW 13.8 billion in 2025, while owners' equity fell from KRW 132.9 billion in 2022 to KRW 101.4 billion in 2025.
As losses accumulated, the company's financial buffer weakened, raising the possibility that funding new businesses while recovering the existing one could add to financial strain.
Display-segment performance depends heavily on the capex schedules of a small number of large panel makers, including BOE and Samsung Display. A growing reliance on Chinese customers could increase earnings volatility if trade conditions shift or if individual customers delay or cancel investment.
The semiconductor wafer processing equipment and surgical robot businesses are still early-stage and account for a small share of total revenue. It may take more time for selection into national projects and overseas supply expansion to translate into stable revenue and profit.
As a small-cap stock, the company may be exposed to relatively greater share price volatility and liquidity risk.
With the 2026 addition of Regent Partners as a subsidiary bringing an investment business into the group, the more complex structure could make earnings visibility and financial-statement interpretation more challenging.
Timing of the Q3 2026 quarterly report filing, when it will become clear whether the two-quarter profit streak continued into Q3 and how much of the display and semiconductor order pipeline converted into actual revenue.
Expected timing for confirmation of domestic equipment orders tied to BOE's phase-two Gen 8.6 OLED investment, with attention on whether Meere Company is included in the follow-on orders.
Watch for news of additional overseas supply contracts or new market entries for Revo-i to gauge the pace at which the surgical robot business is contributing to revenue.
Point at which the first Q3 results since Regent Partners became a subsidiary will show how much the investment business is affecting consolidated earnings.
Meere Company saw revenue and earnings shrink sharply during the 2023-2025 display investment downturn, but appears to be moving past a bottom with two consecutive profitable quarters in Q1 and Q2 2026.
The recovery can be traced to three factors: new orders as Chinese panel makers such as BOE resumed IT OLED investment, diversification into semiconductor wafer processing equipment, and expanded overseas reach for the Revo-i surgical robot.
However, the combined net result over the trailing four quarters remains a loss, meaning the two profitable quarters have not yet offset the losses accumulated before them. Owners' equity and operating cash flow have also trended lower in recent years, leaving the company's financial buffer weaker than before.
Going forward, the scale and timing of follow-on orders from display customers, along with the revenue contribution from the semiconductor and surgical robot businesses, are likely to be the key variables shaping earnings direction.
Investors should watch the Q3 earnings release and major order-related disclosures to assess whether the recovery holds, and this report does not include a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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