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
After two consecutive years of losses in 2024 and 2025, LOT Vacuum posted a sharp swing back to profit in the second quarter of 2026, signaling a possible inflection in its earnings trend.
2025 revenue fell 7.9% year over year to KRW 244.9 billion, with the operating loss widening to KRW 8.1 billion
Q2 2026 revenue reached KRW 81.5 billion with operating profit of KRW 8.7 billion, the strongest quarter in the last five
Samsung Electronics acquired roughly a 7.1% stake (KRW 19.0 billion) in 2020, making the company a strategic semiconductor supply-chain partner
Business diversification is underway beyond semiconductor dry vacuum pumps into solar, secondary battery, and general industrial applications
The debt ratio declined from 53.0% in 2022 to 32.3% in 2025, indicating a more stable balance sheet despite the losses
LOT Vacuum, founded in 2002, is a specialized manufacturer of dry vacuum pumps for semiconductor and display manufacturing, and is described as the company that localized dry vacuum pump production in Korea.
Its core product removes gases from process chambers to create the vacuum environment required for semiconductor processes such as CVD, etching, and diffusion, and the company has expanded into vacuum solutions for display, solar, and secondary battery applications as well as a Total Exhaust System (TES) business.
Past disclosures showed a nine-month cumulative revenue mix of 60.8% vacuum pumps, 5.5% equipment, and 33.7% other items.
The company's key semiconductor customer is understood to be Samsung Electronics, which acquired roughly a 7.1% stake (KRW 19.0 billion, 1.268 million shares) through a third-party share allocation in 2020, establishing a strategic partnership within Korea's semiconductor supply-chain ecosystem.
As a new growth business, the company expanded dry vacuum pump supply to Chinese solar cell, module, and wafer manufacturers, and at one point the solar segment accounted for a substantial share of total revenue.
Competitively, there is little direct domestic substitute, while overseas the company competes with global vacuum equipment makers including Japan's Ebara and ULVAC and the UK's Edwards.
The company positions its domestic supply-chain responsiveness and localization capability as differentiators, and has laid out a mid- to long-term strategy of diversifying overseas customers and expanding into general industrial applications such as secondary batteries, chemicals, and pharmaceuticals.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩63.2B | ₩3.3B | 5.3% |
| 2025Q3 | ₩58.6B | -₩2.2B | −3.8% |
| 2025Q4 | ₩67.5B | -₩3.2B | −4.7% |
| 2026Q1 | ₩62.6B | -₩5.4B | −8.7% |
| 2026Q2 | ₩81.5B | ₩8.7B | 10.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩374.2B | ₩29.8B | ₩24.6B | 8.0% | 11.7% | 53.0% |
| 2023 | ₩473B | ₩67.2B | ₩53.5B | 14.2% | 20.8% | 41.5% |
| 2024 | ₩266B | -₩4.2B | ₩1.7B | −1.6% | 0.7% | 32.1% |
| 2025 | ₩244.9B | -₩8.1B | -₩7.9B | −3.3% | −3.3% | 32.3% |
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
LOT Vacuum's consolidated revenue rose 26% from KRW 374.2 billion in 2022 to a record KRW 473.0 billion in 2023, with the operating margin improving sharply from 8.0% to 14.2%.
In 2024, however, revenue plunged to KRW 266.0 billion and the operating result swung to a loss of KRW 4.2 billion, while net income barely stayed positive at KRW 2.4 billion (owners' net income of KRW 1.7 billion).
In 2025, revenue fell a further 7.9% year over year to KRW 244.9 billion, the operating loss widened to KRW 8.1 billion, and owners' net loss reached KRW 7.9 billion, marking a second straight year of losses.
On a quarterly basis, an operating profit of KRW 3.3 billion in Q2 2025 gave way to losses of KRW 2.2 billion in Q3 and KRW 3.2 billion in Q4, with the slump extending into Q1 2026 at a loss of KRW 5.4 billion.
Q2 2026, however, saw revenue jump to KRW 81.5 billion from KRW 62.6 billion in the prior quarter, with operating profit of KRW 8.7 billion and owners' net income of KRW 7.7 billion, marking a clear swing to profit.
This represents the largest revenue and profit figures of the last five quarters, and could reflect a concentration of renewed customer investment or order recognition in a single quarter.
On the cash flow side, 2025 operating cash flow remained positive at KRW 6.5 billion despite the net loss, though this was well below the levels seen in 2023 (KRW 83.0 billion) and 2022 (KRW 7.2 billion).
The debt ratio declined from 53.0% in 2022 to 32.3% in 2025, showing that financial leverage actually stabilized even as operating performance weakened.
The front-end semiconductor equipment industry is heavily influenced by memory makers' capital expenditure cycles, and LOT Vacuum's performance is similarly tied to the investment pace of major customers such as Samsung Electronics.
According to commentary from market data provider FnGuide, delayed semiconductor industry investment and weaker demand were cited as the main reasons for the decline in dry vacuum pump revenue on a nine-month cumulative basis in 2025.
The same source also noted that rising layer counts and increasing miniaturization and integration in high-bandwidth memory are structurally increasing vacuum pump demand.
The solar segment grew to account for a substantial share of revenue at one point, driven by China's decarbonization policy and large-scale cell, module, and wafer investment, but energy research institute data indicates that falling solar module prices and persistent oversupply have continued recently, which could alter the pace of new investment going forward.
Competitively, the company has positioned itself as effectively the sole domestic supplier of localized dry vacuum pumps given the lack of comparable domestic rivals, though overseas it competes with global players including Japan's Ebara and ULVAC and the UK's Edwards, leaving brand strength and track record as ongoing challenges for expanding overseas orders.
Vacuum pumps also have a consumable component with periodic replacement cycles, meaning maintenance demand contributes to revenue alongside new capital investment.
In its mid- to long-term strategy as presented at events such as SEMICON Korea, the company has set goals of expanding its share of overseas customers and broadening vacuum pump sales beyond semiconductors and displays into general industrial applications such as secondary batteries, chemicals, and pharmaceuticals, alongside expansion of its Total Exhaust System (TES) business.
The clear improvement in both revenue and profit in Q2 2026 compared with the prior quarter is notable, but whether this reflects a structural rebound driven by renewed customer investment or a one-off recognition of specific orders will need to be confirmed by subsequent quarterly results.
In the solar segment, supply to Chinese solar manufacturers continues, though securing new customers remains a key watch point amid industry-wide headwinds from falling module prices and oversupply.
In the semiconductor segment, the timing of renewed new-line or conversion investment by major customers such as Samsung Electronics, along with pump demand growth tied to expanding high-bandwidth memory processes, are cited as key variables for revenue recovery.
The equity relationship with Samsung Electronics is understood to extend beyond a simple financial investment into a strategic partnership sharing a long-term technology roadmap, making it important to watch whether the company can maintain preferred-supplier status during future process transitions or new investment cycles.
The Korea IR Council noted in a December 2024 report that a decline in 2024 performance was unavoidable but that demand could partially improve in 2025 amid an improved interest rate environment and China's long-term solar investment plans; no investment rating or target price was given at that time.
In valuation terms, LOT Vacuum appears to trade at a price below its per-share net asset value, reflecting two consecutive years of losses and declining revenue, representing a wider discount to book value than during the high-growth period around 2023.
On the earnings side, operating losses persisted through 2024 and 2025 before swinging to a profit in a single quarter in Q2 2026, so how the market judges the durability of that swing could significantly affect how any earnings-based multiple is interpreted.
Compared with the profit levels achieved during the 2023 semiconductor and solar investment boom, current earnings remain considerably lower, meaning the denominator (net income) used in earnings-based multiples carries significant volatility that warrants caution.
On the dividend front, no separate cash dividend has been confirmed for the most recent fiscal year, suggesting that earnings recovery and balance sheet stabilization currently take priority over shareholder returns.
Ultimately, valuing this stock appears to require looking beyond any single metric and tracking the durability of the quarterly swing to profit alongside order and revenue trends across both the semiconductor and solar business lines.
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
Q2 2026 revenue of KRW 81.5 billion and operating profit of KRW 8.7 billion marked the strongest quarter in the last five, breaking a three-quarter streak of operating losses. Owners' net income also improved markedly to KRW 7.7 billion. The next quarter's results will be a key test of whether this trend can continue.
Samsung Electronics acquired roughly a 7.1% stake through a third-party share allocation in 2020, positioning LOT Vacuum as a strategic partner within Korea's semiconductor supply-chain ecosystem.
This equity relationship is understood to extend beyond simple financial investment into shared long-term technology roadmaps. The company's position as a leading domestic supplier of localized dry vacuum pumps reinforces this relationship.
The company has expanded vacuum pump supply into solar, secondary batteries, and general industrial applications to reduce its reliance on semiconductors. Revenue from Chinese solar cell, module, and wafer manufacturers grew to account for a substantial share of total sales at one point. Expansion of the Total Exhaust System (TES) business has also been presented as an additional growth axis.
Both 2024 and 2025 posted annual operating losses, with the 2025 owners' net loss reaching KRW 7.9 billion. Quarterly results were also volatile, with three consecutive quarters of operating losses from Q3 2025 through Q1 2026. This exposes a structural vulnerability to the investment cycles of key customers.
The solar segment has depended heavily on investment by Chinese cell, module, and wafer manufacturers, but recent data indicate ongoing declines in solar module prices and persistent oversupply.
If the pace of investment in this new growth segment changes from prior years, the benefit of revenue diversification could weaken.
In overseas markets, the company must compete with global vacuum equipment makers including Japan's Ebara and ULVAC and the UK's Edwards. Unlike its dominant domestic position, the company appears to face a scale disadvantage abroad in terms of brand strength and track record.
If overseas order growth remains slow, a large portion of growth may continue to depend on domestic and Chinese customers.
Semiconductor segment revenue is understood to be concentrated among a small number of customers such as Samsung Electronics, meaning any reduction or delay in a key customer's investment can directly affect results.
Much of the 2024-2025 earnings deterioration has been attributed to delays in new facility investment by major customers. Customer diversification is underway, but reliance on the semiconductor segment remains high.
As solar segment sales expand and transactions with overseas customers such as those in China increase, exposure to foreign exchange fluctuations may grow. Changes in the prices of key raw materials such as metals can directly affect manufacturing costs. A simultaneous deterioration in exchange rates and raw material prices could act as a margin pressure factor.
Tightening import regulations on solar products by countries such as the United States, or changes in China's solar industry policy, could affect demand for solar-related vacuum pumps.
In the semiconductor segment, export controls and subsidy policy changes across various countries also remain structural factors that could influence customers' investment decisions.
The Q3 2026 quarterly report is expected to be filed — check whether the Q2 swing to profit continued into Q3 and whether revenue and operating profit levels held up.
Watch for announcements of new-line investment or high-bandwidth memory-related process expansion by major customers such as Samsung Electronics — a key variable for the recovery of the semiconductor segment.
The 2026 annual business and audit reports are expected to be filed — check the confirmed full-year results and whether segment-level (semiconductor, solar, etc.) revenue mix disclosures are updated.
Continue monitoring investment trends among Chinese solar cell and module makers, related policy changes, and any new contract disclosures — directly relevant to whether the solar segment's revenue diversification benefit continues.
LOT Vacuum is a leading supply-chain company representing the localization of semiconductor dry vacuum pumps in Korea, maintaining a stable position in the semiconductor segment through its strategic equity relationship with Samsung Electronics.
However, delayed investment by major customers led to two consecutive years of losses in 2024 and 2025, with substantial quarterly volatility along the way.
Q2 2026 saw a marked improvement in both revenue and operating profit compared with the prior quarter, swinging to a profit, but whether this reflects a structural recovery or a temporary factor requires further confirmation through subsequent quarterly results.
Diversification into solar and secondary batteries represents an attempt to reduce dependence on the semiconductor cycle, though headwinds from oversupply in the Chinese solar market also persist.
On the balance sheet side, a declining debt ratio points to a stabilizing trend, but the absolute scale of profit remains well below levels seen during the 2023 boom.
Investors will want to watch the next quarterly earnings release, the timing of renewed investment by major customers, and any new contracts in the solar segment.
Report written 2026-09-05 · Data as of 2026-09-04
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