PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
KM Corp, a KOSDAQ-listed maker of semiconductor cleanroom consumables and daily necessities such as masks, returned to annual net profit in 2025, though quarterly operating results continue to swing between gains and losses.
2025 revenue reached KRW135.4 billion (+3.3% year on year) and owner net profit turned positive at KRW4.19 billion, while operating profit remained negative at KRW-0.39 billion for a second straight year.
Q2 2026 revenue of KRW39.56 billion was the highest of the past five quarters, with operating profit swinging back to positive at KRW0.93 billion.
In July 2026, ownership shares were gifted to the founder's two sons (in-house directors), resulting in a largest-shareholder change and an ongoing management succession process.
Revenue is divided among cleanroom consumables (wipers, gloves, coveralls), daily necessities (masks), the BLU segment (optical film via Chinese affiliates), and other businesses (polyimide, life science, industrial safety gear).
In early 2025 the company signed a contract to sell certain cleanroom-segment fixed assets for a total of KRW7.18 billion, with the transfer scheduled for November 2025, reflecting ongoing business restructuring.
Founded in 1989 and listed on KOSDAQ in 2005, KM Corp is a cleanroom consumables specialist with production sites in Pyeongchang, Gangwon Province, and Anseong, Gyeonggi Province.
Revenue is organized into the cleanroom consumables segment (wipers, gloves, coveralls), the daily necessities segment (masks), the BLU segment (Chinese affiliate operations), and other businesses including polyimide, life science, and industrial safety gear.
The cleanroom consumables business covers PVC dust-free gloves, wipers, clean-room paper, and coveralls used for contamination control in semiconductor and display fabs, supplied to semiconductor, pharmaceutical, and bio customers.
The industrial safety segment supplies a range of personal protective equipment (PPE) including dust-proof suits, chemical-resistant suits, firefighting suits, flame-retardant suits, safety gloves and shoes, health and industrial masks, and safety goggles.
The polyimide business filters and fills semi-finished polyimide material sourced from a Japanese partner for delivery to domestic customers. The BLU segment processes and sells optical film for tablets, laptops, monitors, and TVs through Chinese affiliates WOOJIN ACT (Suzhou) and DONG SHAN LCD.
The company began as a cleanroom consumables maker and has since expanded into BLU, dust masks, and polyimide subdivision businesses. In early 2025 it also signed a contract to sell certain fixed assets in the cleanroom segment, indicating ongoing portfolio adjustments.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩33.4B | ₩100M | 0.3% |
| 2025Q3 | ₩34.5B | ₩1.7B | 4.8% |
| 2025Q4 | ₩36.2B | -₩600M | −1.7% |
| 2026Q1 | ₩33.8B | -₩900M | −2.7% |
| 2026Q2 | ₩39.6B | ₩900M | 2.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩151.6B | ₩6.9B | ₩7.6B | 4.6% | 5.7% | 38.9% |
| 2023 | ₩127.8B | -₩7.7B | -₩3.7B | −6.1% | −2.9% | 36.7% |
| 2024 | ₩131.1B | -₩3.4B | -₩2.3B | −2.6% | −1.8% | 40.4% |
| 2025 | ₩135.4B | -₩400M | ₩4.2B | −0.3% | 3.2% | 37.5% |
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
KM Corp's annual revenue fell from KRW151.65 billion in 2022 to KRW127.78 billion in 2023, then recovered for two consecutive years to KRW131.14 billion in 2024 and KRW135.41 billion in 2025.
Profitability, however, deteriorated sharply: operating profit of KRW6.92 billion (4.6% margin) in 2022 turned to an operating loss of KRW-7.74 billion in 2023 and KRW-3.43 billion in 2024, with the loss persisting at KRW-0.39 billion in 2025.
Net profit followed a similar pattern, swinging from KRW7.69 billion in 2022 to net losses of KRW-3.66 billion in 2023 and KRW-2.37 billion in 2024, before owner net profit turned positive again at KRW4.19 billion in 2025.
The gap between operating and net results suggests non-operating items such as equity-method gains or financial income played a role. On a quarterly basis, Q2 2025 operating profit was a marginal KRW0.1 billion, improving to KRW1.67 billion in Q3 before slipping back to an operating loss of KRW-0.62 billion in Q4.
Q1 2026 posted revenue of KRW33.84 billion with an operating loss of KRW-0.93 billion, though the net loss was a relatively contained KRW-0.22 billion, while Q2 2026 swung back to an operating profit of KRW0.93 billion on revenue of KRW39.56 billion, the highest quarterly revenue in the five-quarter window.
Operating cash flow has remained comparatively steady relative to earnings volatility, running at KRW12.2 billion in 2022, KRW3.69 billion in 2023, KRW5.25 billion in 2024, and KRW3.81 billion in 2025.
KM Corp's core market of semiconductor cleanroom consumables sits in a structurally expanding phase as front-end process shrinkage and advanced packaging adoption tighten contamination-control specifications.
Industry forecasts from bodies such as SEMI point to double-digit growth in wafer fab equipment investment continuing into 2026, suggesting the underlying demand base for cleanroom consumables should broaden.
However, because KM Corp operates a diversified portfolio spanning consumables, daily necessities, and the BLU business, any benefit from a semiconductor upcycle concentrated in one segment may take time to flow through to overall results.
The daily necessities (mask) segment is subject to significant seasonal and epidemic-driven demand swings, with peers including C&T Co., Welcron, and Hancom Life Care cited as competitors in health masks and hygiene products.
The BLU business, which processes display optical film through Chinese affiliates, is exposed to shifts as global set assemblers diversify production away from China.
Overall, the mix of a structurally growing semiconductor cleanroom theme alongside cyclical, seasonally sensitive businesses such as daily necessities and BLU helps explain the company's earnings volatility.
Following a January 2025 board resolution, the company is proceeding with the disposal of certain cleanroom-segment fixed assets under a total contract value of KRW7.18 billion, with the transfer scheduled for November 2025, indicating ongoing asset efficiency efforts.
On the ownership front, two rounds of share gifting to the founder's sons—in-house directors Shin Ji-hoon and Shin Seung-hoon—in January and July 2026 resulted in a change of largest shareholder, with the succession process now considered largely complete.
The company has stated that no major near-term change to the management structure is expected following the ownership change.
Q2 2026 revenue of KRW39.56 billion, the highest in the past five quarters, alongside a return to operating profit, could be read as a sign of improvement, but the preceding Q1 2026 posted an operating loss, underscoring continued quarter-to-quarter volatility.
The company declared a year-end cash dividend of KRW50 per common share for fiscal 2025 (a 1.54% dividend yield at declaration), having paid dividends for at least four consecutive years.
Key items to watch going forward include the completion timeline of the cleanroom-segment asset restructuring and how any spillover from expanding semiconductor front-end capital investment flows through to quarterly results.
KM Corp's share price history, shaped by a pattern of alternating net losses and net profit years, has resulted in the stock trading at a price-to-book ratio below net asset value for much of the recent period.
On an earnings basis using the most recent four quarters, the price-to-earnings multiple has moved within a range seen over the past several years, and some reference data place it above the median of profitable peers within the textile and apparel category.
On the dividend side, the year-end cash dividend has continued to be paid, though the dividend yield at declaration is understood to sit below the sector average.
Despite the return to net profit in 2025, operating profit has yet to break out of a loss pattern, leaving core profitability improvement as the central variable in any valuation discussion. No credible brokerage report providing a specific target price or investment rating could be identified in available sources.
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 company swung from a net loss of KRW-2.37 billion in 2024 to owner net profit of KRW4.19 billion in 2025. Q2 2026 also saw revenue and operating profit improve together, marking the highest quarterly revenue in five quarters.
That said, operating profit itself has yet to escape negative territory, so the durability of the turnaround will need confirmation from coming quarters.
As semiconductor process shrinkage and advanced packaging adoption tighten contamination-control standards, the demand base for cleanroom consumables is broadening. Industry forecasts point to continued double-digit growth in wafer fab equipment investment through 2026.
However, because the company also runs unrelated businesses in daily necessities and BLU, the pace at which any benefit flows through may be limited.
Through two rounds of gifting in January and July 2026, largest-shareholder status transferred to the founder's sons, in-house directors Shin Ji-hoon and Shin Seung-hoon, effectively completing the succession process.
Combined ownership among the largest shareholder group remained unchanged at 32.29% before and after the gifting, confirming continuity of control. The company has indicated no major near-term change to the management structure is expected.
Operating profit posted losses for three straight years: KRW-7.74 billion in 2023, KRW-3.43 billion in 2024, and KRW-0.39 billion in 2025. Even in 2025, when net profit turned positive, the core operating business itself remained in the red, warranting scrutiny of earnings quality. Q1 2026 also posted an operating loss of KRW-0.93 billion, extending the loss-making trend.
Across the five quarters from Q2 2025 to Q2 2026, operating profit alternated between gains and losses (a KRW0.1 billion profit, then a KRW1.67 billion profit, then losses of KRW-0.62 billion and KRW-0.93 billion, before returning to a KRW0.93 billion profit).
This volatility makes it difficult to determine whether any given quarter's improvement represents a durable trend, and further confirmation is needed on whether gains carry into subsequent quarters.
With multiple segments including cleanroom consumables, daily necessities (masks), BLU (Chinese display optical film), and polyimide, life science, and industrial safety gear, it is difficult to isolate the impact of any single industry cycle.
The BLU business in particular is exposed to global set assemblers' diversification away from China, while the mask segment sees significant demand swings tied to seasonality and epidemic events.
This diversified structure can create lags or offsetting effects before improvement in one segment is fully reflected in consolidated results.
With operating profit posting losses for three consecutive years, whether the Q2 2026 return to profit represents a temporary blip or a genuine trend will need confirmation from further quarterly results.
If underlying cost structure or pricing power does not fundamentally improve, the pattern of alternating losses and profits could persist.
The sale of certain cleanroom-segment fixed assets for a total of KRW7.18 billion, resolved in January 2025 and scheduled for transfer in November 2025, carries risk if the disposal is not completed as planned or if terms change, potentially affecting the financial structure or production capacity plans.
The impact of any resulting production line reduction or replacement on overall business scale also bears watching.
Two rounds of share gifting in 2026 shifted largest-shareholder status from the elderly founder to his sons.
While the equity succession is nearing completion, management succession is considered ongoing, and the possibility of decision-making gaps or strategic shifts during the transition of control cannot be ruled out.
This is the statutory filing deadline for the Q3 2026 quarterly report, a key point to check whether the Q2 return to operating profit continues and whether the revenue growth trend persists.
Check whether the disposal of certain cleanroom-segment fixed assets (total contract value KRW7.18 billion) is completed as scheduled, and monitor any resulting changes to the financial structure or production capacity.
Check for any changes to dividend policy (continuation and scale of cash dividends) and treasury share-related agenda items reflecting the company's shareholder return policy.
Continue to monitor the revenue contribution from the BLU business (Chinese affiliates) and the impact of seasonal demand swings in the daily necessities (mask) segment on consolidated results.
KM Corp is a KOSDAQ-listed company centered on semiconductor cleanroom consumables alongside a diversified mix of daily necessities and BLU businesses, and it showed positive signals with a return to net profit in 2025 and a joint improvement in revenue and operating profit in Q2 2026.
However, operating profit remained negative for three consecutive years from 2023 through 2025, and results across the most recent five quarters alternated between profit and loss, making it premature to conclude a sustained trend of improvement.
Two rounds of share gifting to the founder's sons in 2026 shifted the largest-shareholder position and brought equity succession near completion, though management succession and strategic continuity remain matters to watch.
Key items going forward include whether the planned disposal of certain cleanroom-segment assets proceeds as scheduled and whether expanding semiconductor front-end capital investment is substantively reflected in the company's results.
The diversified business structure both cushions against swings in any single industry cycle and makes forecasting more complex. Before forming an investment view, readers should confirm upcoming quarterly results and the completion status of the asset restructuring.
Report written 2026-09-29 · Data as of 2026-09-28
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