PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
While full-year 2025 results softened from the prior year, revenue and operating margin have improved again since the third quarter of 2025, as the company pursues a 2030 value-up plan combining a large-scale Gumi plant expansion worth 260 billion won with an expanded dividend payout target.
Full-year 2025 revenue of KRW 291.76 billion and operating profit of KRW 58.54 billion declined year-on-year, but profitability has recovered over the four quarters since Q3 2025.
In Q2 2025 the company posted a net loss of KRW -14.06 billion attributable to owners despite positive operating profit, suggesting a one-off non-operating item.
The company disclosed its '2026 Corporate Value Enhancement Plan' in June 2026, targeting KRW 260 billion in investment by 2030 and raising the average payout ratio to 10% over three years.
In July 2026 the company signed an MOU with Gyeongbuk Province and Gumi City for a new production facility at Gumi National Industrial Complex 5, targeting groundbreaking in April 2027 and phase-1 operation in 2028.
An ongoing dispute with second-largest shareholder VIP Asset Management over board remuneration and shareholder-return agendas remains a governance variable.
Founded in 2000 in Gumi, North Gyeongsang Province, Waltek (Wondex) is a semiconductor materials and components company producing consumable parts used in the etching process, including silicon parts, quartz parts, and fine ceramic components.
Within etching equipment, electrodes distribute plasma evenly across the wafer surface while rings focus plasma at the correct position, and the performance of these parts directly affects semiconductor production yields.
The company developed its own micro-hole processing technology for silicon electrodes in 2001, localizing products that had previously been entirely imported from Japan, and succeeded in developing high-purity quartz components in 2009.
Its customer base includes domestic memory makers Samsung Electronics and SK hynix as well as major overseas semiconductor makers such as Micron and TSMC, giving it a diversified domestic and international customer mix.
In 2009 the company acquired 100% of US silicon ingot maker WCQ, establishing a vertically integrated production system that supplies its own silicon ingot raw material, which has reportedly contributed to cost competitiveness and an expanded global sales network.
Based on previously disclosed data, product revenue mix has historically been weighted toward silicon parts in the high-60% range, with quartz in the mid-to-high teens and alumina and other fine ceramics in the mid-teens, meaning silicon parts alone account for more than half of revenue.
A substantial portion of sales has historically come from overseas markets, reflecting an export-oriented business structure. The competitive landscape for high-purity silicon electrode components is reported to be a high-barrier market with only a handful of globally recognized suppliers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩66.7B | ₩8.4B | 12.6% |
| 2025Q3 | ₩66.9B | ₩13B | 19.5% |
| 2025Q4 | ₩84.1B | ₩22.4B | 26.6% |
| 2026Q1 | ₩69.1B | ₩14.3B | 20.7% |
| 2026Q2 | ₩75.4B | ₩16.5B | 21.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩255.9B | ₩50.7B | ₩41.5B | 19.8% | 22.3% | 40.8% |
| 2023 | ₩288.1B | ₩64.8B | ₩53.8B | 22.5% | 22.5% | 31.0% |
| 2024 | ₩306.8B | ₩70.3B | ₩65B | 22.9% | 21.2% | 27.4% |
| 2025 | ₩291.8B | ₩58.5B | ₩41B | 20.1% | 11.8% | 24.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Full-year 2025 revenue came to KRW 291.76 billion, down 4.9% from KRW 306.79 billion in 2024, while operating profit fell from KRW 70.30 billion to KRW 58.54 billion, lowering the operating margin from 22.9% to 20.1%.
Net profit attributable to owners fell more sharply, from KRW 65.04 billion in 2024 to KRW 40.97 billion in 2025, largely reflecting a large net loss in the second quarter of 2025 discussed below.
Indeed, Q2 2025 posted revenue of KRW 66.66 billion and a positive operating profit of KRW 8.39 billion (12.6% margin), yet net profit attributable to owners was a loss of KRW -14.06 billion, suggesting a substantial one-off item below the operating line.
The subsequent quarters showed a clear recovery: Q3 2025 revenue of KRW 66.90 billion, operating profit of KRW 13.02 billion (19.5% margin) and net profit of KRW 13.03 billion returned to profitability, while Q4 2025 revenue rose to KRW 84.11 billion with operating profit of KRW 22.36 billion (26.6% margin) and net profit of KRW 29.84 billion, marking the strongest quarter in the dataset.
This trend continued into 2026, with Q1 revenue of KRW 69.09 billion, operating profit of KRW 14.28 billion (20.7% margin) and net profit of KRW 17.94 billion, followed by Q2 revenue of KRW 75.41 billion, operating profit of KRW 16.53 billion (21.9% margin) and net profit of KRW 15.05 billion.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative revenue reached roughly KRW 295.5 billion, operating profit roughly KRW 66.2 billion, and net profit attributable to owners KRW 75.85 billion, exceeding full-year 2025 levels.
Looking at the annual pattern from 2022 to 2025, revenue moved from KRW 255.9 billion to KRW 288.1 billion to KRW 306.8 billion before declining to KRW 291.8 billion, peaking in 2024 before a subsequent quarterly recovery; on the balance-sheet side, the debt ratio steadily declined from 40.8% in 2022 to 24.0% in 2025, and operating cash flow remained solid at KRW 60.76 billion in 2025.
The global semiconductor market, the end-market for the industry, is forecast to grow from roughly USD 627 billion in 2024 to more than USD 1 trillion by 2030 at an annual growth rate of about 8.6%, driven by AI-related demand and advanced packaging investment, with server and automotive semiconductor markets expected to expand fastest.
The wafer fab equipment (WFE) market is assessed to have entered a recovery phase, and the company views this recovery together with rising demand for AI and high-performance chips as supportive of growth in the silicon components and materials market.
The consumable-parts market for the etching process in which Wondex operates has strong aftermarket characteristics, where finer process nodes increase the frequency and precision requirements of parts replacement, making it more closely tied to fab utilization and process transitions than to new equipment order cycles.
This market is said to have only a small number of globally recognized suppliers, implying relatively high entry barriers, and Wondex, as the first domestic localizer of silicon electrodes and rings, has built a long track record of supply to domestic fabs.
That said, the semiconductor equipment and materials industry is inherently tied to customers' capital expenditure cycles, and the slowdown in full-year 2025 results illustrates that order and utilization fluctuations in a given period can still weigh on performance.
Across the broader KOSDAQ semiconductor materials, parts and equipment sector, investment interest has reportedly rotated following a rally in large memory makers' earnings.
In June 2026, the company disclosed its '2026 Corporate Value Enhancement Plan,' committing to invest a total of KRW 260 billion by 2030, with KRW 190 billion allocated to expanding silicon, quartz, and ceramic parts production facilities and strengthening technological competitiveness, KRW 20 billion to R&D for next-generation semiconductor process materials, and KRW 50 billion to M&A and equity investments in growth areas such as robotics, batteries, defense, and thermal management.
In the same plan, the company set a target of raising its dividend payout ratio from 4.03% in the prior fiscal year to an average of 10% over the next three years.
This was followed on July 23, 2026 by an investment MOU with Gyeongbuk Province and Gumi City to build a new semiconductor materials production facility on roughly 25,000 pyeong of idle land within Gumi National Industrial Complex 5, with land acquisition to begin in the second half of 2026, groundbreaking targeted for April 2027, phase-1 operation in 2028, and phase-2 expansion completion by 2030, expected to create more than 370 new jobs.
The company explained that this reinvestment builds on its experience after the 2022 new facility investment in Gumi Industrial Complex 5, which it says drove average annual growth of roughly 9% over the past five years.
It cited the WFE market's entry into a recovery phase and expectations for silicon parts market growth driven by AI and high-performance chip demand as the background for these investment decisions.
However, since the new plant's phase-1 operation is targeted for 2028 and phase-2 expansion for 2030, the effects of this investment are expected to show up in results only after a lag of several years.
Wondex's earnings trajectory—moving past the one-off net loss in Q2 2025 to four consecutive quarters of profit recovery—forms an important backdrop for valuation.
While the company's 2026 value-up plan targets raising the dividend payout ratio to an average of 10% over three years, this starts from a base of roughly 4%, and the dividend yield currently observed in the market remains comparatively modest within the sector.
The share price relative to net asset value appears to trade at a certain premium versus its own historical range, reflecting both the recent earnings recovery and the large-scale expansion decision, though how the market prices in the multi-year lag before the new Gumi plant's 2028 operation feeds into results remains an open question.
The ongoing disagreement with second-largest shareholder VIP Asset Management over shareholder-return policy adds another variable to how the market views valuation.
Overall, the recent earnings recovery, the mid-to-long-term investment plan, and the expanded dividend policy represent factors that could pull valuation perceptions in different directions.
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 2026-09-04
The company posted four consecutive profitable quarters from Q3 2025 through Q2 2026, with operating margin ranging between 19.5% and 26.6%, above the full-year 2025 margin of 20.1%. Cumulative revenue over the trailing four quarters reached roughly KRW 295.5 billion, already exceeding full-year 2025 revenue.
This trend shows the company returning to a normalized profitability trajectory after the one-off net loss in Q2 2025.
The company committed to invest KRW 260 billion by 2030 to build a new production facility at Gumi National Industrial Complex 5, signing an MOU with Gyeongbuk Province and Gumi City in July 2026.
Of this, KRW 190 billion is allocated to expanding silicon, quartz, and ceramic parts production facilities, raising the question of whether this can replicate the roughly 9% average annual growth that followed the 2022 Gumi Industrial Complex 5 investment.
WFE market recovery and rising AI and high-performance chip demand were cited as the rationale for the investment.
The customer base spans not only domestic makers Samsung Electronics and SK hynix but also major overseas semiconductor companies such as Micron and TSMC, spreading dependence across customers and regions.
Through its 2009 acquisition of US silicon ingot maker WCQ, the company reportedly secured cost competitiveness via a vertically integrated raw-material supply system.
This, combined with a high-barrier market structure in which only a small number of suppliers are globally recognized, supports a relatively stable supply position.
Full-year 2025 revenue of KRW 291.76 billion fell 4.9% from KRW 306.79 billion in 2024, while operating profit declined from KRW 70.30 billion to KRW 58.54 billion and net profit attributable to owners fell from KRW 65.04 billion to KRW 40.97 billion. Operating margin also slipped from 22.9% to 20.1%. While the quarterly trend shows clear recovery, the fact that 2024 marked the annual peak still stands.
Although the company's 2026 value-up plan targets an average dividend payout ratio of 10% over three years, the starting point—the prior fiscal year's ratio—was only 4.03%. Whether and when this target is achieved depends on future earnings and board resolutions, and remains unconfirmed.
While the policy pursues investment and shareholder returns simultaneously, the capital allocation is weighted far more heavily toward investment.
Second-largest shareholder VIP Asset Management raised objections that a board remuneration agenda rejected at the March 2026 annual general meeting was resubmitted without adequate explanation, and launched a proxy voting campaign opposing agendas at an extraordinary general meeting.
This friction reflects differing shareholder views on large capital allocation decisions such as the expansion investment and M&A plans. How this dispute is resolved remains a governance-related uncertainty going forward.
Most revenue is tied to fab utilization and capital expenditure decisions at a small number of large semiconductor makers, including Samsung Electronics, SK hynix, Micron, and TSMC. The 2025 annual earnings slowdown shows that this end-market cycle risk remains relevant. Delayed investment or output cuts by any major customer could translate into earnings volatility.
The KRW 260 billion new Gumi plant investment is a multi-year project spanning land acquisition in the second half of 2026 through phase-2 completion by 2030.
Should the semiconductor cycle turn downward between groundbreaking (April 2027) and phase-1 operation (2028), the investment's return could fall short of expectations. During this period of large capital outlays, debate over financial burden or capital allocation priorities could continue.
In Q2 2025 the company recorded a net loss of KRW -14.06 billion attributable to owners despite a positive operating profit, indicating significant volatility below the operating line.
Given the raw-material sourcing structure through overseas subsidiary WCQ, foreign-exchange movements or equity-method and valuation gains/losses could affect net profit. Separate from operating performance, such non-operating factors could continue to add volatility to quarterly net profit going forward.
Monitor progress on land acquisition for the new plant at Gumi National Industrial Complex 5 to gauge the execution pace of the KRW 260 billion investment plan.
Check the timing of the next quarterly (Q3 2026) earnings release to see whether the profit-recovery trend of the past four quarters continues.
Confirm whether groundbreaking for the new Gumi plant proceeds as scheduled, providing a gauge of the feasibility of the 2028 phase-1 operation target.
Verify how the dividend payout ratio expansion target (three-year average of 10%) announced in the 2026 value-up plan is reflected in the actual dividend decision.
Watch how the governance dispute with second-largest shareholder VIP Asset Management over board remuneration and shareholder-return agendas is resolved.
On a full-year basis, Wondex's 2025 revenue and profit declined from 2024, but earnings recovered over four consecutive quarters from Q3 2025 through Q2 2026, with trailing four-quarter results exceeding the full-year 2025 figures.
Separately, the company is pursuing a value-up plan involving a KRW 260 billion new plant expansion in Gumi through 2030 and an expanded dividend payout ratio target (three-year average of 10%), formalizing a strategy that pursues mid-to-long-term growth and shareholder returns simultaneously.
However, since the new plant's phase-1 operation is targeted for 2028, there is a lag before the investment's effects appear in results, and the ongoing dispute with second-largest shareholder VIP Asset Management over shareholder-return matters remains a governance variable.
On the business side, the company maintains a customer base including Samsung Electronics, SK hynix, Micron, and TSMC, and supports cost competitiveness through its own silicon ingot supply chain, though the industry's inherent link to customer capital expenditure cycles remains a relevant characteristic.
This report is intended for informational purposes based on confirmed financial data and public disclosures and news coverage.
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.