PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,200 per share · Prices as of the 2026-10-02 close
Makus, the domestic technical-distribution partner for global non-memory semiconductor makers such as AMD, Renesas, and MACOM, has seen revenue and profit recover since a 2023 trough while carrying out a large-scale treasury share retirement program.
2025 consolidated revenue reached KRW 227.2bn (+13.9% YoY) with operating profit of KRW 29.1bn (+8.2%), marking a second straight year of growth
The company is executing a multi-year plan to retire 6 million of its roughly 7.47 million treasury shares (46.2% of shares) in annual tranches of 2 million shares from 2025 to 2027
In January 2026 the company disclosed an additional treasury share purchase of KRW 6.5bn (300,000 shares), extending its shareholder-return stance
Quarterly revenue and profit show notable volatility, with Q3 2025 revenue and operating profit contracting sharply versus the prior quarter
Heavy reliance on distributing AMD/Xilinx FPGAs and AI accelerators means earnings are closely tied to a small number of suppliers and to end-market cycles
Makus primarily distributes non-memory (system) semiconductors, focusing on FPGAs and analog semiconductors, and positions itself as a technical-support distributor that engages with customers from the product-planning stage rather than simple resale.
Its key principal suppliers are AMD (formerly Xilinx), RENESAS, and MACOM, with sales split between merchandise sales and other sales.
The global FPGA market is estimated to be roughly 80% controlled by AMD and Intel combined, and Makus serves as AMD's core domestic partner, providing integrated support from development through mass production.
Subsidiaries include Makus Investment (an investment business) and Makus Systems, which distributes and maintains storage and servers for PURE STORAGE.
Past industry reports have cited demand drivers including semiconductor equipment makers serving Samsung Electronics, automotive ADAS, data centers, 5G repeaters, and aerospace/defense.
Comparable domestic non-memory/system-semiconductor distributors mentioned in industry coverage include Uniquest, SAMT, and Mirae Semiconductor.
Given the company's historically unusual concentration of treasury shares, an ongoing shareholder-return program combining buybacks with retirement has become as much a part of its identity as its core distribution business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩65.7B | ₩9.3B | 14.2% |
| 2025Q3 | ₩49.3B | ₩3.9B | 7.8% |
| 2025Q4 | ₩46B | ₩6.2B | 13.6% |
| 2026Q1 | ₩55.3B | ₩9.1B | 16.4% |
| 2026Q2 | ₩66.8B | ₩13B | 19.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩193.8B | ₩31.5B | ₩22.1B | 16.2% | 23.7% | 206.9% |
| 2023 | ₩175.4B | ₩26.3B | ₩20.2B | 15.0% | 19.8% | 186.9% |
| 2024 | ₩199.6B | ₩26.9B | ₩20B | 13.5% | 17.7% | 260.9% |
| 2025 | ₩227.2B | ₩29.1B | ₩23.1B | 12.8% | 18.3% | 86.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
On an annual basis, revenue fell from KRW 193.8bn and operating profit of KRW 31.5bn (16.2% operating margin) in 2022 to KRW 175.4bn (-9.5%) and KRW 26.3bn (-16.2%) in 2023, reflecting a broader semiconductor downturn; operating cash flow that year was negative at KRW -51.9bn, suggesting a buildup in inventory and receivables burden.
Recovery began in 2024 with revenue of KRW 199.6bn (+13.8%) and operating profit of KRW 26.9bn (+2.0%), while operating cash flow normalized to KRW +49.4bn.
In 2025, revenue reached KRW 227.2bn (+13.9%), operating profit KRW 29.1bn (+8.2%), and owners' net income KRW 23.1bn (+14.2%), continuing the growth trend, though the operating margin eased to 12.8% from 16.2% in 2022.
Quarterly results show pronounced volatility: revenue of KRW 65.7bn and operating profit of KRW 9.3bn in Q2 2025 dropped sharply to KRW 49.3bn and KRW 3.9bn in Q3, before partially recovering to KRW 46.0bn and KRW 6.2bn in Q4.
In 2026, both revenue and operating profit improved further, with Q1 at KRW 55.3bn/KRW 9.1bn and Q2 at KRW 66.8bn/KRW 13.0bn; notably, Q2 2026 owners' net income of KRW 14.1bn exceeded that quarter's operating profit of KRW 13.0bn, pointing to a non-operating factor whose specifics warrant confirmation through subsequent disclosures.
Owners' net income summed over the four quarters from Q3 2025 through Q2 2026 reached KRW 29.2bn, a level that now exceeds recent full-year figures.
System (non-memory) semiconductors are estimated to account for roughly 70% of the overall global semiconductor market, and expanding AI server and data-center investment continues to spill over from CPUs and GPUs into demand for FPGAs, analog, and power semiconductors.
FPGAs, which can be reconfigured for specific workloads, are drawing attention as a complement or alternative to GPUs in AI acceleration given their lower power consumption for certain computations, and this market is largely an oligopoly dominated by AMD and Intel.
Makus, as the domestic technical-distribution partner within the AMD camp, sits within the beneficiary chain of this market's growth.
That said, semiconductor distribution is inherently sensitive to manufacturers' production and supply policies and to inventory-adjustment cycles in end markets, and the simultaneous revenue and profit decline along with negative operating cash flow in 2023 illustrated this cyclical risk.
Subsidiary Makus Systems' distribution of PURE STORAGE storage and servers is tied to high-performance computing and data-center demand, broadening the group's exposure to AI infrastructure expansion alongside its core FPGA business.
Domestic peers cited for comparison include Uniquest, SAMT, and Mirae Semiconductor, though each carries different supplier lineups and customer bases, making individual supply-chain positioning a more useful lens than direct market-share comparison.
Under its shareholder-return plan, the company intends to retire a total of 6 million treasury shares in annual tranches of 2 million shares from 2025 through 2027, having completed the first 2-million-share retirement in July 2025.
In January 2026 it disclosed an additional treasury share purchase of 300,000 shares (approximately KRW 6.5bn), which began in February, and whether the 2026 tranche of 2 million shares is subsequently retired as planned is a key point to watch.
Management has stated a policy of allocating 30% or more of annual standalone net income to dividends and share buybacks/retirements, with the board deciding the mix between the two flexibly.
On the business side, industry commentary points to continued FPGA and AI-accelerator demand growth from AI data centers, autonomous driving, and robotics, with Makus Systems' storage and server distribution business also seen as linked to high-performance computing demand.
Company representatives have indicated a focus on retaining existing customers while securing new accounts, characterizing their approach as pursuing steady rather than sharply accelerating growth.
If the retirement schedule proceeds as planned, the treasury share ratio was projected to fall from above 46% before 2025 to around 28% in 2026, with further declines expected once subsequent tranches are completed.
The price-to-book ratio sits above 1x, indicating the stock trades with some premium to net asset value.
Following the 2023 earnings trough, revenue and profit recovered through 2024 and 2025, and the ongoing treasury share retirement is reducing shares outstanding, which affects how per-share metrics are calculated going forward.
On dividends, since the company has stated a policy of returning 30% or more of annual standalone net income via dividends and retirements, the future direction of shareholder returns will depend on both earnings performance and board decisions.
However, the considerable quarter-to-quarter volatility in revenue and profit is worth keeping in mind when interpreting valuation based on the most recent four quarters.
Some brokerages previously raised their target prices around the time of shareholder-return announcements, but those reports are now dated enough that they should not be treated as a basis for current judgment.
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 2026-08-24
The company has announced a plan to retire a total of 6 million shares in annual tranches of 2 million from 2025 through 2027, and has already completed the first tranche in 2025. The treasury share ratio declining stepwise from above 46% continues to affect how per-share metrics are calculated.
Management also committed to allocating 30% or more of annual standalone net income to dividends and retirements.
Industry commentary points to growing FPGA and AI-accelerator demand from AI data centers, autonomous driving, and robotics. Makus, as a core domestic partner within the AMD camp, is positioned within this expanding supply chain.
Subsidiary Makus Systems' storage and server distribution business is also linked to high-performance computing demand.
After a 2023 period of simultaneous revenue and operating profit decline with negative operating cash flow, revenue posted double-digit growth in both 2024 and 2025 while operating cash flow turned positive and expanded. Revenue and operating profit improvement continued into the first half of 2026.
Revenue and operating profit both contracted sharply from Q2 to Q3 2025, indicating limited quarterly predictability. This appears to reflect the distribution business characteristic where revenue recognition can hinge on order timing from specific suppliers or customers.
The operating margin declined from 16.2% in 2022 to 12.8% in 2025. Margins failing to improve even as revenue scale grew reflects the inherently thin-margin structure and competitive intensity typical of the distribution business.
Q2 2026 owners' net income of KRW 14.1bn exceeding that quarter's operating profit of KRW 13.0bn suggests non-operating items had a meaningful impact on results. Such items may not recur, and the gap between operating profit and net income could narrow again in future quarters.
Makus's core revenue rests on distributor/partner agreements with a small number of global manufacturers including AMD (Xilinx), RENESAS, and MACOM. Any policy shift by these manufacturers, changes to distribution terms, or expansion of direct sales channels could directly affect Makus's business foundation.
During the 2023 semiconductor downturn, revenue and operating profit declined together while operating cash flow turned negative. Should the AI/data-center investment cycle slow or inventory adjustments recur, similar downward pressure on results could resurface.
Because the mix between dividends, buybacks, and retirements under the multi-year plan and return-rate target can be adjusted flexibly by board decision, the possibility that planned scale or timing may change cannot be ruled out. A downturn in earnings could also reduce the capacity for shareholder returns.
The Q3 2026 quarterly report should be checked to clarify the nature of the Q2 non-operating factor and whether the seasonal revenue/profit pattern recurs.
Whether the planned 2-million-share retirement for 2026 is disclosed and executed as scheduled needs to be confirmed. Any delay or scale adjustment could affect the credibility of the return plan.
The board's annual dividend resolution (dividend-per-share amount and whether the 30%+ return-rate policy was actually met) will be the point to verify how the shareholder-return policy was implemented in practice.
Follow-up disclosures and news regarding new AMD/Xilinx FPGA and AI-accelerator supply/distribution contracts, as well as trends in Makus Systems' storage and server distribution revenue, should be monitored to gauge whether growth drivers persist.
Makus, as the core domestic partner within the AMD camp, focuses on distributing FPGA and analog semiconductors, and has seen revenue and operating profit recover since the 2023 trough.
It posted consolidated revenue of KRW 227.2bn and operating profit of KRW 29.1bn in 2025, with further improvement observed in the first half of 2026, though the fact that Q2 net income exceeded operating profit warrants further confirmation regarding the underlying non-operating factor.
The company is executing a plan to retire a total of 6 million treasury shares in annual 2-million-share tranches from 2025 to 2027, and has stated a policy of allocating 30% or more of annual standalone net income to dividends and retirements.
That said, considerable quarterly earnings volatility, high dependence on a small number of global manufacturers, and a gradually declining operating margin are factors that also warrant attention.
The industry backdrop of expanding AI/data-center-driven demand for non-memory semiconductors is a positive, but end-market cycle risk and execution risk around the shareholder-return plan coexist alongside it.
Ahead of any investment decision, it would be prudent to review upcoming Q3 earnings and follow-up disclosures on treasury share retirement execution.
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.