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
JT Corp, a company recognized as the world's leading supplier of burn-in sorters for memory semiconductors, posted an annual operating loss in 2025 but returned to quarterly profitability from the third quarter of 2025 and showed a marked improvement in operating margin through the first half of 2026.
The company is recognized as holding the world's leading market share in burn-in sorters, with Samsung Electronics, SK hynix, and Micron as key customers.
Following a full-year operating loss in 2025, the company posted four consecutive quarters of operating profit from Q3 2025, with operating margin improving substantially in Q1 and Q2 of 2026.
In both Q1 and Q2 of 2026, net income attributable to owners considerably exceeded operating profit, indicating that non-operating factors contributed significantly to the recent earnings improvement.
The company signed a KRW 17.99 billion handler supply contract with Samsung Electronics in December 2025, but the contract period ended in late June 2026, making any follow-on contract a key item to watch.
Domestic semiconductor equipment investment is estimated to expand significantly in 2026, centered on HBM and sub-10nm DRAM capacity, creating a favorable industry backdrop for back-end test equipment demand.
JT Corp was founded in 1998 and listed on KOSDAQ the same year as a specialist in semiconductor back-end test equipment. Its core business is the design and development of semiconductor test equipment, with its flagship products being the Test Handler and the Burn-In Sorter.
The burn-in sorter applies high temperature and voltage stress to semiconductor chips to verify long-term stability under real operating conditions, and the company is recognized as holding the world's leading market share in this segment.
Its key customers are global memory semiconductor makers including Samsung Electronics, SK hynix, and Micron, giving the company a structurally high reliance on a small number of large IDM customers.
More recently, the company has expanded its product portfolio to include SSD module test handlers, non-memory test handlers, and vision inspection equipment, addressing emerging demand from AI, high-performance computing, and automotive semiconductors.
Through this, JT is pursuing a strategy of broadening its customer base from memory-centric to system and storage semiconductors. As chip miniaturization and performance requirements intensify, the importance of test processes is rising, aligning the company's business direction with this broader industry trend.
In December 2025, the company signed a single sales and supply contract with Samsung Electronics for handler equipment worth KRW 17.99 billion, covering a contract period from November 28, 2025 to June 30, 2026, with the supply location specified as Asan, Chungcheongnam-do, to be fulfilled through outsourced production.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.4B | -₩400M | −4.3% |
| 2025Q3 | ₩12.9B | ₩44,276,128 | 0.3% |
| 2025Q4 | ₩12.2B | ₩31,493,998 | 0.3% |
| 2026Q1 | ₩23.2B | ₩1.7B | 7.3% |
| 2026Q2 | ₩13.9B | ₩2.3B | 16.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩81.9B | ₩15.1B | ₩15B | 18.4% | 27.5% | 48.0% |
| 2023 | ₩47.2B | ₩3B | ₩5.5B | 6.3% | 9.2% | 49.7% |
| 2024 | ₩49.5B | ₩600M | ₩4.2B | 1.3% | 6.5% | 40.9% |
| 2025 | ₩38.4B | -₩2.2B | -₩400M | −5.7% | −0.6% | 55.5% |
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
JT Corp's earnings show a pattern of sharp decline after a 2022 peak followed by a recent recovery. In 2022, consolidated revenue was KRW 81.86 billion with operating profit of KRW 15.07 billion, an operating margin of 18.4%, the highest profitability of the past four years.
In 2023, however, revenue fell to KRW 47.16 billion and the operating margin dropped to 6.3%, while in 2024 revenue was KRW 49.51 billion with an operating margin of just 1.3%.
In 2025, revenue declined further to KRW 38.38 billion, and the company posted an operating loss of KRW 2.20 billion (operating margin of -5.7%) and a net loss attributable to owners of KRW 0.39 billion, marking a swing into deficit after three straight years of margin erosion.
Looking at the quarterly pattern, the company moved from an operating loss of KRW 0.45 billion in Q2 2025 to operating profits of KRW 44 million in Q3 and KRW 31 million in Q4, and the improvement became more pronounced in Q1 2026 with revenue of KRW 23.20 billion and operating profit of KRW 1.69 billion.
In Q2 2026, revenue reached KRW 13.87 billion, operating profit KRW 2.34 billion, and net income attributable to owners KRW 5.69 billion, with operating margin expanding markedly.
Notably, in both Q1 and Q2 of 2026, net income attributable to owners considerably exceeded operating profit, suggesting non-operating factors contributed substantially to the net income improvement, though the specific details are not confirmed.
On the cash flow side, operating cash flow was positive at KRW 1.38 billion in 2025, contrasting with the negative operating cash flow of KRW 3.76 billion recorded in 2023.
The domestic semiconductor equipment market is expanding on the back of increased capital spending by Samsung Electronics and SK hynix.
According to industry sources, domestic semiconductor equipment investment led by these two companies in 2026 is estimated at roughly USD 29.7 billion, up 27% year over year, putting Korea in second place globally behind China and ahead of Taiwan.
The investment focus is concentrated on HBM and sub-10nm DRAM capacity expansion, which is directly tied to growing demand for AI server memory. This trend creates a favorable backdrop for demand in back-end test equipment such as burn-in sorters and test handlers.
Some in the industry view JT Corp as well positioned to benefit from the capital spending expansion of large domestic customers, given its leading global position in burn-in sorters.
That said, the domestic semiconductor equipment sector includes numerous competitors such as Genesem, Unitest, DI Corp, and Hanmi Semiconductor, with competitive dynamics varying by specific test equipment segment.
The market for non-memory and system semiconductor test equipment has not yet settled into a clear market share structure among domestic suppliers, and several companies including JT Corp are pursuing new product development to expand their footprint.
The company's future performance is likely to hinge heavily on the pace of back-end investment execution by large customers such as Samsung Electronics and SK hynix.
The KRW 17.99 billion handler supply contract signed with Samsung Electronics in December 2025 concluded at the end of June 2026, making the presence and scale of any follow-on contract a key indicator of future revenue trends.
The company continues to expand its new product lineup with SSD module test handlers, non-memory test handlers, and vision inspection equipment, which could support revenue diversification if demand from AI, HPC, and automotive semiconductors expands.
Given the clear improvement in quarterly operating margin seen in the first half of 2026, whether this trend continues into the second half is a key point to watch. The company also granted stock options to two employees in May 2026, reflecting efforts to strengthen talent retention and compensation structures.
As domestic semiconductor equipment investment continues to center on HBM and leading-edge DRAM, how closely the company's burn-in sorter and test handler orders track this investment cycle is considered a key variable for medium- to long-term growth.
The share price appears to reflect much of the multi-year margin erosion since the 2022 peak and the swing to an annual loss in 2025.
On a combined basis for the most recent four quarters (Q3 2025 through Q2 2026), the shift from loss to profit is evident, but a notable portion of net income during this period stems from non-operating factors that exceeded operating profit, warranting continued scrutiny of earnings quality.
The stock trades below its per-share net asset value, placing it in a discounted range relative to book value. With no dividend payments identified over the past three fiscal years, the stock's dividend appeal appears relatively low compared with sector peers that maintain regular payouts.
Ultimately, how the valuation is assessed may depend on whether the recent earnings recovery persists across additional quarters and whether core operating profitability stabilizes as the contribution from non-operating items diminishes.
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
After an operating loss in Q2 2025, the company achieved four consecutive quarters of operating profit from Q3 onward, with operating margin improving substantially in Q1 and Q2 2026. This suggests a combination of revenue recovery and cost structure efficiency gains.
The pace of net income improvement outpaced operating profit, with combined net income attributable to owners over the most recent four quarters showing a clear positive turn.
The company is recognized as holding the world's leading market share in burn-in sorters and counts top-tier memory makers such as Samsung Electronics, SK hynix, and Micron among its customers.
This position can act as a barrier to new entrants and provides a direct channel to benefit when large customers expand their capital spending.
Domestic semiconductor equipment investment led by Samsung Electronics and SK hynix in 2026 is estimated to rise 27% year over year to roughly USD 29.7 billion, concentrated on HBM and sub-10nm DRAM capacity expansion. Demand for back-end test equipment has room to grow alongside this expanded investment.
After recording revenue of KRW 81.86 billion and an operating margin of 18.4% in 2022, revenue and profit declined for three consecutive years from 2023 to 2025, culminating in an annual loss in 2025.
Given the business structure's high reliance on a handful of large customers, results can swing significantly depending on the timing and scale of orders.
In both Q1 and Q2 2026, net income attributable to owners considerably exceeded operating profit, indicating that non-operating factors accounted for a substantial portion of the net income improvement.
Whether this non-operating contribution is repeatable or closer to a one-off event has not been confirmed, making it difficult to assess the sustainability of future earnings.
As a small-cap KOSDAQ stock, trading volume and price volatility can be relatively pronounced. The information asymmetry and limited analyst coverage typical of small-cap names can also constrain investment decision-making.
Revenue is concentrated among a small number of large memory makers including Samsung Electronics, SK hynix, and Micron, so changes to their capex plans or order delays can directly affect performance.
The contract signed with Samsung Electronics in December 2025 also expired at the end of June 2026, meaning the absence of a follow-on contract could translate into a revenue gap risk.
The debt-to-equity ratio rose from 48.0% in 2022 to 55.5% in 2025, and operating cash flow turned negative at KRW 3.76 billion in 2023, reflecting year-to-year volatility in cash generation. Prolonged earnings weakness could constrain the company's capacity to manage its financial structure.
The domestic semiconductor equipment sector includes numerous competitors, and no clear winner has yet emerged in the new market for non-memory and system semiconductor test equipment. Delays in new product development or customer qualification schedules could result in losing market share to competitors.
This is the expected filing date for the Q3 2026 quarterly report, a point to check whether the operating margin improvement seen in the first half of 2026 continued into Q3 and how the share of non-operating factors in net income has changed.
It is worth monitoring DART disclosures for whether a follow-on contract is signed to succeed the Samsung Electronics handler supply contract that ran from December 2025 through the end of June 2026, and at what scale.
This is when Samsung Electronics and SK hynix are expected to announce their 2027 semiconductor capex plans, which could influence back-end test equipment order flow depending on the scale of HBM and DRAM capacity expansion.
This is when the audited financial statements and annual business report for fiscal year 2026 are expected to be disclosed, confirming annual results and whether the recent quarterly earnings recovery held up on a full-year basis.
JT Corp is recognized as holding the world's leading market share in semiconductor back-end test equipment, particularly burn-in sorters, with large memory makers such as Samsung Electronics, SK hynix, and Micron as customers.
Following its 2022 earnings peak, revenue and profit declined for three consecutive years and turned into an annual loss in 2025, but the company achieved quarterly profitability from Q3 2025 and saw a marked improvement in operating margin in Q1 and Q2 2026.
However, since recent quarterly net income has substantially exceeded operating profit due to non-operating factors, further confirmation is needed on whether this earnings improvement reflects a structural recovery in the core business or is largely temporary.
On the industry side, 2026 semiconductor equipment investment by Samsung Electronics and SK hynix is expected to rise significantly year over year, concentrated on HBM and DRAM capacity expansion, which some view as creating a favorable backdrop for back-end test equipment demand.
On the other hand, factors such as revenue dependence on a small number of large customers, a rising debt ratio, and the liquidity and information constraints typical of small-cap stocks warrant continued attention.
Going forward, new supply contract disclosures, third-quarter results, and announcements of 2027 capex plans by large customers are likely to serve as key indicators of whether the company's recovery trend continues.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.