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
Amotech returned to annual profit in 2025, but its 2026 quarterly results have swung between gains and losses, showing that its AI-server MLCC business has not yet settled into a stable earnings structure.
2025 consolidated revenue reached KRW 253.8bn with operating profit of KRW 5.5bn, turning profitable after three straight years of losses from 2022-2024
After a profitable 2026 Q1 (net income of KRW 0.5bn), Q2 revenue rose but operating and net income both swung back to losses
Began supplying initial volumes of AI-grade MLCCs to US fabless chipmaker Marvell, with early revenue also emerging from optical-network customers
Completed a roughly KRW 35bn rights offering (final issue price of KRW 8,700) to fund AI MLCC capacity expansion, with new shares listed on August 25
IBK Investment & Securities raised its target price from KRW 20,000 to KRW 42,000 in May 2026, while Kiwoom Securities forecast double- and triple-digit growth in 2026 revenue and operating profit
Founded in 1994, Amotech is a ceramics-materials-based electronic components maker organized into four segments: EMC (ceramic chip) components, antenna components, BLDC motors, and its newer MLCC business.
The ceramic chip business makes components that protect electronic devices from electrostatic discharge (ESD) and electromagnetic interference (EMI), the antenna business makes wireless communication antennas for Bluetooth, GPS and NFC, and the BLDC motor business produces low-noise, high-efficiency motors for home appliances and automobiles.
Core products span antennas, ceramic chip components, brushless (BLDC) motors and MLCCs, with major customers including Samsung Electronics, LG Electronics, Hyundai Mobis, ZTE, and a US electric-vehicle maker.
MLCC, nurtured as a new business since 2018, initially grew around automotive applications, beginning supply of battery-management-system (BMS) components to China's top EV maker and receiving final supply approval from a North American global EV maker through a tier-one supplier.
Amotech has since begun mass-producing AI-grade MLCCs, supplying initial volumes to US fabless chipmaker Marvell, with the product used in digital signal processors (DSPs) for data-center interconnects—a core AI server component.
Kiwoom Securities estimated 2025 segment revenue mix at 20% for EMC, 39% for antenna, 33% for motors, and 8% for other segments including MLCC.
The global high-spec MLCC market is dominated by leading players such as Japan's Murata Manufacturing and Samsung Electro-Mechanics, positioning Amotech as a relative latecomer pursuing niche areas in automotive, telecom, and AI interconnect applications.
The antenna and motor segments, anchored in the mature smartphone and appliance markets, serve as a relatively stable revenue base, while the MLCC segment is viewed as the key variable for future growth.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩59.4B | ₩1.3B | 2.1% |
| 2025Q3 | ₩56.7B | ₩800M | 1.4% |
| 2025Q4 | ₩53.6B | -₩400M | −0.8% |
| 2026Q1 | ₩61B | ₩600M | 0.9% |
| 2026Q2 | ₩62.3B | -₩600M | −0.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩215.7B | -₩4.3B | -₩9.2B | −2.0% | −5.2% | 117.2% |
| 2023 | ₩186.8B | -₩26B | -₩14.7B | −13.9% | −8.9% | 127.9% |
| 2024 | ₩229.4B | -₩23.9B | -₩19.8B | −10.4% | −13.3% | 138.4% |
| 2025 | ₩253.8B | ₩5.5B | ₩7.9B | 2.2% | 5.1% | 126.2% |
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
Amotech posted three consecutive years of operating losses from 2022 to 2024 before turning profitable in 2025.
Revenue fell from KRW 215.7bn in 2022 to KRW 186.8bn in 2023, then recovered to KRW 229.4bn in 2024 and KRW 253.8bn in 2025, while operating profit remained in the red at -KRW 4.3bn (2022), -KRW 26.0bn (2023) and -KRW 23.9bn (2024) before turning positive at KRW 5.5bn in 2025.
Net income attributable to owners followed a similar path, moving from losses of -KRW 9.2bn, -KRW 14.7bn and -KRW 19.8bn in 2022-2024 to a profit of KRW 7.9bn in 2025. The quarterly pattern, however, has been far from smooth.
In Q2 2025, revenue reached KRW 59.4bn with operating profit of KRW 1.3bn, while net income of KRW 7.0bn far exceeded operating profit, suggesting a significant contribution from non-operating items.
Profit then narrowed or reversed into losses in Q3 2025 (revenue KRW 56.7bn, operating profit KRW 0.8bn, net income -KRW 0.05bn) and Q4 2025 (revenue KRW 53.6bn, operating profit -KRW 0.4bn, net income -KRW 1.5bn).
Q1 2026 returned to profit with revenue of KRW 61.0bn, operating profit of KRW 0.6bn and net income of KRW 0.5bn, but Q2 2026 revenue rose to KRW 62.3bn while operating profit and net income both reversed into losses of -KRW 0.6bn and -KRW 2.4bn, respectively.
As a result, net income attributable to owners across the most recent four quarters (Q3 2025 through Q2 2026) totaled -KRW 3.5bn, still in loss territory—indicating that the annual return to profitability has not yet translated into a stable quarter-to-quarter earnings structure.
Amotech's end markets span smartphone antennas and NFC, home appliance and automotive BLDC motors, EV and telecom-equipment MLCCs, and the recently emerging AI server and data-center MLCC market.
The smartphone market is considered mature, limiting growth in the antenna and NFC business, while rising vehicle electrification has driven growing annual demand for high-voltage automotive MLCCs across batteries, charging systems and powertrains.
In 2023, Amotech expanded its MLCC lines ahead of securing large customers and pursued capacity expansion at its Vietnam MLCC line.
More recently, the spread of AI data centers has emerged as a new demand driver, with Amotech strengthening its push into AI infrastructure components through MLCCs used in data-center interconnect DSPs.
The global high-spec MLCC market remains heavily influenced by leading players such as Japan's Murata Manufacturing and Samsung Electro-Mechanics, positioning Amotech as a smaller, later entrant pursuing customer expansion in relatively niche areas such as automotive, telecom, and AI interconnects.
On the telecom equipment side, the company began supplying MLCCs to China's ZTE in 2021 before going on to sign supply agreements with a North American EV maker and China's largest EV maker.
While customer diversification is underway across multiple industries, the revenue contribution from any single new industry remains limited, suggesting the company is still in an early stage of this growth cycle.
To expand AI-infrastructure MLCC capacity, Amotech disclosed a rights offering of roughly KRW 35bn on May 22, 2026, issuing 2.37 million new common shares (a 16.22% increase in outstanding shares).
The proceeds are earmarked for capacity expansion in AI MLCC production, planned as a facility investment spanning roughly three years. The company stated it expects MLCC revenue for AI data centers to reach approximately KRW 150bn between 2027 and 2029.
The final issue price for the rights offering was set at KRW 8,700 per share, raising a total of approximately KRW 20.6bn, with new shares listed on August 25. The same proceeds are also slated for new product development in automotive and ESS (energy storage system) motors.
IBK Investment & Securities said on May 27, 2026 that it raised its target price from KRW 20,000 to KRW 42,000 while maintaining a buy rating.
The same report noted, however, that the company's cash position stood at KRW 32.8bn at the end of 2025, a level it deemed insufficient to fund investment beyond operating needs.
Kiwoom Securities forecast 2026 annual revenue of KRW 283.5bn (up 16% year-on-year) and operating profit of KRW 18.6bn (up 205% year-on-year), estimating that MLCC segment revenue would grow from KRW 25.0bn in 2025 to KRW 55.0bn in 2026 and KRW 94.8bn in 2027.
On a trailing four-quarter basis, net income remains in loss territory, making conventional price-to-earnings analysis difficult to apply.
The price-to-book ratio sits at a level close to net asset value or reflecting only a modest premium, which does not appear to represent an extreme discount or premium relative to the valuation bands seen during the company's past periods of weak earnings.
The company has not paid dividends in recent years, limiting its appeal from a dividend-yield perspective.
Brokerages have issued earnings forecasts premised on MLCC and optical-network revenue growth in 2026-2027, and some have raised target prices, while also noting that these outlooks depend heavily on how quickly the new businesses deliver results.
The recent rights and bonus share issuances, which increased shares outstanding, are also a factor to consider when interpreting per-share metrics.
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
Amotech entered the data-center interconnect market by supplying initial volumes of AI-grade MLCCs to US fabless chipmaker Marvell. Revenue has also begun to emerge from optical-network chip-related switch and connector makers, along with direct supply to chip customers. The company has set a target of KRW 150bn in AI data-center MLCC revenue for 2027-2029.
After three straight years of operating losses from 2022-2024, Amotech turned profitable in 2025 with revenue of KRW 253.8bn and operating profit of KRW 5.5bn. Net income attributable to owners also swung to a profit of KRW 7.9bn, laying groundwork for improved financial footing. Expanded supply of automotive MLCCs is cited as a key driver of the turnaround.
IBK Investment & Securities raised its target price from KRW 20,000 to KRW 42,000 in May 2026 while maintaining a buy rating. Kiwoom Securities also estimated double- and triple-digit growth, respectively, in 2026 revenue and operating profit. This reflects analyst expectations for MLCC segment growth.
Net income attributable to owners over the most recent four quarters since Q3 2025 totaled -KRW 3.5bn, still in loss territory. The profitability seen in Q1 2026 failed to carry through to Q2, when both operating and net income reversed into losses despite higher revenue. The annual return to profit has not yet settled into a stable quarterly earnings structure.
Amotech decided in May 2026 on a rights offering of roughly KRW 35bn, equal to 16.22% of shares then outstanding, alongside a bonus issue of 0.1 new shares per existing share. The final issue price was set at KRW 8,700, raising a total of KRW 20.6bn. The resulting dilution from the new shares could weigh on per-share metrics.
The global high-spec MLCC market is heavily influenced by leading players such as Japan's Murata Manufacturing and Samsung Electro-Mechanics, and Amotech remains a smaller, later entrant by revenue scale.
Its expansion into AI and automotive MLCCs is underway but still at an early validation stage, requiring time for large-customer approvals and production stabilization.
AI-grade MLCC supply remains at an initial-volume stage, with approval processes for additional customers beyond Marvell still underway and their outcomes unconfirmed. If the pace of progress in new industries proves slower than expected, the timing of revenue contribution could be delayed.
While the company raised capital via a rights offering to fund AI MLCC expansion, its year-end 2025 cash position of KRW 32.8bn has been assessed as leaving limited room for investment beyond operating needs. Should further fundraising be required, additional share dilution could occur.
The smartphone antenna and NFC business is anchored in a mature market with limited growth potential, while EV and AI server demand is also subject to volatility from macro conditions and customer inventory adjustments. Shifts in end-market demand cycles can translate directly into quarter-to-quarter earnings swings.
Q3 2026 earnings are due to be disclosed, offering a chance to assess MLCC and optical-network revenue contribution and any improvement in operating margin.
Progress on the AI MLCC production line expansion funded by the May rights offering, and the initial utilization trend, will need to be checked.
The year-by-year progress toward the company's stated goal of KRW 150bn in AI data-center MLCC revenue for 2027-2029 warrants ongoing monitoring.
This period will be a key window to confirm whether approval processes with additional US and Greater China fabless customers beyond Marvell are completed and whether new supply agreements are signed.
Amotech emerged from three years of annual losses to post a profit in 2025, driven by expanded automotive MLCC supply and entry into a smartphone customer's volume model.
However, 2026 quarterly results have again fluctuated—profitable in Q1, loss-making in Q2—and net income attributable to owners over the trailing four quarters remains negative.
The company has made AI-server MLCCs a new growth pillar, beginning initial supply to US fabless customers such as Marvell, and raised roughly KRW 35bn through a rights offering to fund capacity expansion toward its 2027-2029 target of KRW 150bn in related revenue.
This process has resulted in share dilution, and the pace of progress in these new businesses and customer expansion remain the key variables for future results.
While the brokerage community has shown a positive tilt, including IBK's target price increase, this outlook also reflects considerable expectations for a growth story that has not yet been fully validated. Continued monitoring of upcoming quarterly results and new customer wins will be important for future assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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