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
Winpac posted quarterly revenue of KRW 30.2 billion and operating profit of KRW 0.8 billion in Q2 2026, turning profitable on a quarterly basis, but the company has remained in an annual net loss for four consecutive years since 2022.
Q2 2026 revenue reached KRW 30.18 billion with operating profit of KRW 0.79 billion and owner net income of KRW 0.13 billion, ending a streak of quarterly losses.
Full-year 2025 revenue was KRW 75.5 billion, slightly up from KRW 74.1 billion in 2024, but the company recorded an operating loss of KRW 14.3 billion and an owner net loss of KRW 13.7 billion.
The largest shareholder is ABOV Semiconductor, holding roughly 37-38% of shares, an MCU fabless company that acquired Winpac in 2021 to diversify into back-end semiconductor services.
The company is pursuing non-memory wafer test business as a new growth driver and plans to expand turnkey services spanning wafer test through package and final test.
The debt ratio declined from 220.0% in 2023 to 107.8% in 2025, but net borrowing pressure persists, and operating cash flow has been negative for four consecutive years.
Winpac is a back-end semiconductor specialist founded in 2002 and listed on KOSDAQ in 2013, with its production base located in Yongin, Gyeonggi Province.
The company operates a one-stop back-end system performing both packaging (PKG) and testing (TEST) simultaneously, differentiating itself from most domestic OSAT peers that focus on only one of the two areas.
Packaging is reported to account for roughly 80% of revenue and testing about 20%, with core products including FBGA, WLP, MCP, CSP, and DDP packaging solutions centered on memory semiconductors.
SK Hynix is understood to be one of the company's major customers, accounting for a significant share of its revenue structure. In 2021, Winpac developed the F78 DDR4 flip-chip package while adopting the Molded Underfill (MUF) method to improve reliability in high-performance DRAM packaging.
The largest shareholder is ABOV Semiconductor, Korea's leading MCU fabless company, which acquired existing shares from TLI and Sensonia and participated in a third-party capital increase in 2021 to become the controlling shareholder, currently holding roughly 37-38% of shares.
The company is pursuing non-memory wafer test business as a new growth driver, aiming to expand the share of test-related revenue, and competes with domestic OSAT players including Signetics, SFA Semicon, Hana Micron, LB Semicon, MK Electron, and Dtest (Doosan Tesna).
The company's regulatory filings also mention a diabetic insulin patch business as a planned new venture, though it has not yet contributed to revenue.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩18.3B | -₩3.6B | −19.5% |
| 2025Q3 | ₩21.4B | -₩3B | −13.8% |
| 2025Q4 | ₩21.2B | -₩3B | −14.1% |
| 2026Q1 | ₩22.2B | -₩2.1B | −9.3% |
| 2026Q2 | ₩30.2B | ₩800M | 2.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩152.6B | ₩1.9B | -₩1.6B | 1.3% | −2.1% | 134.5% |
| 2023 | ₩86.2B | -₩22.9B | -₩33.3B | −26.5% | −71.3% | 220.0% |
| 2024 | ₩74.1B | -₩23.3B | -₩30B | −31.4% | −45.3% | 116.3% |
| 2025 | ₩75.5B | -₩14.3B | -₩13.7B | −18.9% | −21.8% | 107.8% |
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
Winpac's annual revenue fell from KRW 152.6 billion in 2022 to KRW 86.2 billion in 2023, KRW 74.1 billion in 2024, and then edged up to KRW 75.5 billion in 2025, reflecting the sharp post-pandemic memory downturn.
Operating profit swung from a KRW 1.9 billion gain in 2022 to losses of KRW 22.9 billion in 2023 and KRW 23.3 billion in 2024 before narrowing to a KRW 14.3 billion loss in 2025.
Owner net loss expanded sharply from KRW 1.6 billion in 2022 to KRW 33.3 billion in 2023, then gradually narrowed to KRW 30.0 billion in 2024 and KRW 13.7 billion in 2025.
On a quarterly basis, the operating loss progressively narrowed from KRW 3.6 billion on revenue of KRW 18.3 billion in Q2 2025, to KRW 3.0 billion on KRW 21.4 billion in Q3 2025, KRW 3.0 billion on KRW 21.2 billion in Q4 2025, and KRW 2.1 billion on KRW 22.2 billion in Q1 2026.
In Q2 2026, revenue jumped to KRW 30.2 billion versus the prior quarter, with operating profit of KRW 0.79 billion and owner net income of KRW 0.13 billion, marking the company's first quarterly profit in this stretch.
The company attributed the improvement to higher volumes, greater manufacturing and equipment efficiency, and business structure improvements, noting that expansion of the higher-value-added test business contributed to the margin gain.
Combined owner net loss over the trailing four quarters (Q3 2025-Q2 2026) was approximately KRW 7.6 billion, indicating the annualized loss trend has not yet fully reversed. The debt ratio declined from 220.0% in 2023 to 116.3% in 2024 and 107.8% in 2025, reflecting a combination of capital raises and narrowing losses.
Korea's OSAT (outsourced semiconductor assembly and test) industry shows a clear divergence tied to the upstream chip cycle.
Recent industry reports indicate that as wafer supply has stabilized, customer packaging orders have normalized, a reversal from the prior year when volatile wafer pricing and inventory concerns led customers to place orders more conservatively.
However, since high-bandwidth memory (HBM) is largely produced in-house by chipmakers, the direct benefit to outsourced back-end providers like Winpac is limited, and the company itself views recovery in the commodity memory market as the more direct driver for its business.
System-semiconductor-focused OSAT players such as Hana Micron, SFA Semicon, LB Semicon, Signetics, and Doosan Tesna have reported relatively favorable results at times, boosted by rising volumes of CMOS image sensors and SoCs, while memory-centric back-end providers have at times faced headwinds from major customers' insourcing expansion.
Competitively, Winpac positions its combined packaging-and-test capability as a differentiator, allowing chipmakers or fabless firms to place integrated back-end orders in one contract.
Some industry observers expect demand for high-performance, high-density semiconductor packaging to rise on the back of AI, cloud, and electric vehicle demand growth, with the importance of combined test-and-packaging capability potentially increasing as system semiconductor and higher-value product mixes expand.
The company has stated it expects existing customer order volumes to continue increasing in the second half, with new test business and customer acquisitions to be reflected in revenue in stages.
Winpac characterized the Q2 return to profit as meaningful because it demonstrated tangible results from revenue growth and business structure improvement, and said it intends to keep enhancing shareholder value through continued sales growth and profitability improvement.
The company has identified non-memory wafer test business as a new growth driver, explaining plans to raise the share of test-related revenue by expanding turnkey services spanning wafer test through package and final test.
A company representative has noted that packaging volumes and production utilization are recovering as wafer supply stabilizes, and that the company is continuing efforts in manufacturing innovation, process improvement, and workforce efficiency. That said, some assessments note test demand has not yet fully recovered.
The put-option exercise period for the third exchangeable bond issued against Winpac shares by controlling shareholder ABOV Semiconductor is approaching, making any related changes to the financing structure a matter worth monitoring.
Winpac's share price relative to net asset value has at times traded near the upper end of its historical range, with securities analysts previously attributing elevated valuation levels partly to sustained earnings weakness and share dilution from capital raises.
Compared with domestic OSAT peers, the company has been assessed as relatively smaller in both revenue scale and profitability, a point worth considering when comparing valuation multiples against industry averages.
Dividend payment records have not been confirmed for recent years, making direct dividend-yield comparisons with dividend-paying peers difficult.
While Q2 2026 marked a directional shift toward quarterly profitability, the annual accounts still reflect a cumulative loss structure, and the durability of this earnings recovery is a factor to weigh alongside any premium or discount to net asset value.
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 rose sharply from the prior quarter to KRW 30.2 billion, with operating profit of KRW 0.79 billion marking a return to profit. The company attributed the improvement to higher volumes, manufacturing efficiency gains, and expansion of the test business. Compared with the preceding four consecutive quarters of losses, this represents a directional shift.
Winpac is one of few domestic back-end providers with infrastructure to perform both packaging and testing, enabling integrated order placement from customers. This is cited as a differentiator, since chipmakers or fabless firms can consolidate back-end orders under a single contract. The new non-memory wafer test business is being pursued as an extension of this one-stop strategy.
Whereas volatile wafer pricing and supply instability had curbed customer orders last year, the company has said packaging orders are normalizing as supply stabilizes recently. Production utilization is also reported to be on a recovery track. This is cited as a factor behind the revenue rebound.
Owner net losses have persisted every year since 2022, with a KRW 13.7 billion net loss recorded in 2025 as well. Whether the Q2 quarterly profit will translate into full-year profitability remains unconfirmed.
Operating cash flow has also been negative for four straight years, making the recovery of cash generation capacity a key item to watch.
The company itself has acknowledged that since high-bandwidth memory is mostly produced in-house by chipmakers, direct benefits to outsourced back-end providers like Winpac are limited. This implies a different trajectory from the broader HBM-related theme currently affecting the semiconductor sector. Its results may be more heavily tied to the pace of commodity memory market recovery.
The put-option exercise period for the third exchangeable bond issued against Winpac shares by controlling shareholder ABOV Semiconductor is approaching.
Reports have noted a significant gap between the exchange price and the actual share price at certain points, raising the possibility of changes to the related financing and share supply structure. This is a matter that could affect the ownership structure or floating share volume.
As shown by revenue plunging from KRW 152.6 billion in 2022 to KRW 74.1 billion in 2024, revenue and profitability are highly sensitive to upstream semiconductor cycle shifts. Given the high fixed-cost nature of the back-end industry, volume changes have an amplified effect on operating results. Whether the Q2 return to profit is sustained needs to be confirmed through subsequent quarterly results.
The debt ratio improved to 107.8% in 2025, but the company has a history of multiple capital increases and exchangeable bond issuances, a structure that has come with potential share dilution. With operating cash flow persistently negative, the need for additional external financing could continue.
The controlling shareholder's willingness and capacity to provide continued support is also a factor to monitor.
The company is understood to have revenue dependence on a major memory manufacturer identified as one of its key customers, and industry reports have previously noted cases where large customers' expansion of in-house back-end capacity led to reduced outsourced volumes.
In a structure with high dependence on a specific customer, changes in that customer's internal policy can directly affect results. The company is pursuing customer diversification, but the results of this effort require ongoing confirmation.
Check for the Q3 2026 earnings disclosure to assess whether the Q2 return to profit continues into the third quarter.
Monitor company disclosures and IR materials for confirmation of new customer acquisition and revenue contribution from the non-memory wafer test business.
Check whether the put option on the third exchangeable bond issued by controlling shareholder ABOV Semiconductor is exercised and any resulting change in ownership or financing structure.
Verify changes in the packaging-versus-test revenue mix and utilization trends to assess whether the profitability improvement is structurally sustainable.
Winpac showed a directional shift in Q2 2026, posting revenue of KRW 30.2 billion and operating profit of KRW 0.79 billion, ending four consecutive quarters of losses.
However, the annual net-loss pattern that has persisted from 2022 through 2025 has not yet been resolved, with a KRW 13.7 billion net loss recorded in 2025 as well.
The company points to volume recovery and test business expansion as the drivers of the improvement, and plans to expand turnkey services through its new non-memory wafer test growth driver.
On the other hand, limited direct HBM exposure, dependence on a major customer, and the pending exchangeable bond put-option event involving the controlling shareholder remain factors requiring ongoing confirmation.
The debt ratio is improving, but operating cash flow remains negative, making the durability of the financial structure improvement another item to watch.
Future quarterly results and the pace of revenue contribution from the new business will likely be the key indicators for gauging whether this return to profit proves sustainable.
Report written 2026-09-05 · Data as of 2026-09-04
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