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
YCChem has extended its recovery with three consecutive quarters of operating profit from 2025Q4 through 2026Q2 following a return to net profit in 2025, though quarterly net income attributable to owners still swings between gains and losses.
Three consecutive quarters of operating profit from 2025Q4 to 2026Q2, with revenue rising every quarter (KRW 24.25bn to 26.03bn to 27.06bn)
Owner net income remained volatile, posting losses of KRW -1.03bn in 2025Q3 and KRW -0.47bn in 2026Q2 despite the operating profit trend
First domestic commercialization of glass-substrate materials for semiconductors, with expanding coating-material supply to Absolics
Debt ratio rose sharply from 71.9% in 2022 to 252.4% in 2025, tied to expanded capacity investment
Commercialization progress of new products such as high-selectivity polysilicon slurry and hybrid-bonding CMP slurry is a key variable for the second half
Founded in 2001, YCChem is a precision chemical materials company for semiconductors and displays that listed on KOSDAQ in 2022. Its business is organized into three segments: Photo materials, Wet chemicals, and other electronic materials such as slurries and wafering process chemicals.
According to one report, the other-electronic-materials segment accounted for 7.5% of revenue in the most recently reported first quarter, ranking third behind Photo materials at 45.8% and Wet chemicals at 32.6%.
The Photo materials segment first achieved domestic mass production of i-Line (365nm) negative photoresist and later expanded into KrF and ArF process products as exposure wavelengths shortened industry-wide.
Being the first in the world to mass-produce rinse solutions for ArF and KrF photoresist provided an early growth foundation, and in 2022 the company went public on the strength of its EUV photoresist rinse technology.
More recently, the company has entered the glass-substrate market for semiconductor packaging, supplying dedicated coating materials, and is reported to be the first domestic materials firm to commercialize such products.
A company representative said that as Absolics, its glass-substrate customer, has moved fastest among domestic players into mass production, supply of substrate coating materials has expanded since the second half of last year.
In the other-electronic-materials segment, the company succeeded in localizing slurry that had previously been entirely imported from Japanese suppliers, and its breadth as the only domestic semiconductor materials company handling photo materials, wet chemicals, and photoresist rinse together is cited as a competitive strength.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩18.9B | -₩1.1B | −5.7% |
| 2025Q3 | ₩21B | -₩600M | −2.7% |
| 2025Q4 | ₩24.2B | ₩1.2B | 4.8% |
| 2026Q1 | ₩26B | ₩1.6B | 6.1% |
| 2026Q2 | ₩27.1B | ₩2.1B | 7.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩82.4B | ₩5.3B | ₩4.2B | 6.5% | 6.2% | 71.9% |
| 2023 | ₩62.3B | -₩7.8B | -₩6.1B | −12.6% | −10.0% | 97.7% |
| 2024 | ₩70.3B | -₩8.2B | -₩16B | −11.6% | −35.9% | 161.3% |
| 2025 | ₩83.1B | -₩1.8B | ₩4.6B | −2.1% | 9.4% | 252.4% |
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
Annual revenue fell from KRW 82.35bn in 2022 to KRW 62.27bn in 2023, then recovered to KRW 70.30bn in 2024 and KRW 83.09bn in 2025, surpassing the 2022 level again.
Operating profit swung from a gain of KRW 5.31bn in 2022 to losses of KRW -7.83bn in 2023 and KRW -8.16bn in 2024, and remained in the red at KRW -1.77bn in 2025, though the loss narrowed substantially.
Net income attributable to owners moved from KRW 4.16bn in 2022 to KRW -6.05bn in 2023 and KRW -15.99bn in 2024 before turning positive at KRW 4.63bn in 2025.
On a quarterly basis, revenue of KRW 18.93bn with an operating loss of KRW -1.07bn in 2025Q2 and KRW 20.98bn with a loss of KRW -0.57bn in 2025Q3 gave way to a return to operating profit of KRW 1.16bn on revenue of KRW 24.25bn in 2025Q4.
That trend continued into 2026, with revenue of KRW 26.03bn and operating profit of KRW 1.60bn in Q1 and revenue of KRW 27.06bn and operating profit of KRW 2.12bn in Q2, marking three consecutive quarters of operating profit alongside quarterly revenue growth from 2025Q4 through 2026Q2.
Owner net income, however, moved differently from operating profit, posting losses of KRW -1.03bn in 2025Q3 and KRW -0.47bn in 2026Q2, underscoring volatility tied to non-operating factors.
Operating cash flow shifted from an inflow of KRW 4.17bn in 2022 to outflows of KRW -4.43bn in 2023 and KRW -6.93bn in 2024, before returning to an inflow of KRW 1.60bn in 2025, tracking the broader earnings recovery.
The debt ratio rose each year, from 71.9% in 2022 to 97.7% in 2023, 161.3% in 2024, and 252.4% in 2025, a pattern that appears linked to expanded capacity-investment spending.
The semiconductor materials industry that YCChem operates in is seen as having entered a recovery cycle driven by AI-related demand for high-bandwidth memory (HBM) and advanced packaging.
As EUV process adoption and further miniaturization proceed, demand for lithography-related materials such as photoresist and rinse is increasing, which is directly tied to the company's core Photo materials segment.
The glass-substrate market, regarded as a next-generation packaging technology, remains at an early commercialization stage, with Absolics moving fastest into mass production domestically.
Expansion of hybrid-bonding-based HBM packaging is also creating new demand for materials such as CMP slurry and adhesive-residue cleaners (glue cleaners).
In terms of competitive landscape, Japanese firms such as JSR still hold significant share in advanced photoresist and materials markets, making localization and new-material development outcomes key variables for share gains.
YCChem has secured first-mover advantages in select items, including the world's first mass production of EUV rinse and the first domestic commercialization of glass-substrate materials, but remains a small-to-mid-sized materials company in terms of revenue scale.
The pace of capacity investment and advanced-process transition by downstream memory and foundry customers largely determines the magnitude of the company's revenue growth.
When it reported first-quarter 2026 results, the company said the earnings improvement was not a temporary phenomenon but the starting point of full-fledged growth.
It expects HBM- and EUV-dedicated materials to generate additional revenue as process expansion and demand increase alongside further semiconductor miniaturization. Progress in developing and supplying glass-substrate materials is another growth driver the company points to.
Management expects revenue and profitability to move up another level once the No. 5 plant expansion is completed and mass production of new products such as glue cleaner ramps up.
A company official said profitability improvement would widen further in the second half as the effects of new-product mass production and plant expansion become fully realized.
The company earlier disclosed an investment of KRW 13.815bn to expand manufacturing and storage capacity at its No. 5 plant in Seongju, with the investment period specified as running from March 20 to August 31, 2026.
At the SEMICON Korea event in February 2026, a company representative said the hybrid-bonding CMP slurry was at the performance-verification stage and that monetization was expected to be possible within the year.
High-selectivity polysilicon slurry mass production is also planned for the second half, and industry observers have suggested that this single item alone could exceed the existing other-electronic-materials segment's revenue.
Having passed through 2023-2024, a period of consecutive net losses that distorted per-share-based multiple valuation, the company has entered a phase marked by a return to net profit in 2025 and rising operating profit through the first half of 2026.
As a result, current trading multiples allow for a more stable comparison than during the loss-making years, though multiple volatility remains elevated given that absolute profit levels are still modest.
Shares trade at a premium to net asset value, suggesting the market is pricing in at least some expectation of future new-material revenue expansion and profitability recovery. No dividend is currently paid, so there is no dividend-yield-based investment appeal at this time.
Ultimately, the direction of valuation appears likely to hinge on whether the operating-profit trend continues beyond the third quarter and on the pace at which new products such as glass-substrate materials and slurries contribute to revenue.
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 posted operating profit for three consecutive quarters from 2025Q4 through 2026Q2, with revenue rising each quarter from KRW 24.25bn to KRW 26.03bn to KRW 27.06bn. This is interpreted as reflecting the growing revenue contribution from new products such as EUV rinse and glass-substrate materials.
The company itself has said the effects of new-product mass production and plant expansion would grow larger through the second half.
YCChem became the first domestic materials company to commercialize glass-substrate materials for semiconductors, and it has said coating-material supply is expanding in line with Absolics' mass-production ramp-up.
Since glass substrates are considered a next-generation packaging technology in a newly forming market, early supply experience could be advantageous as volumes expand.
The company succeeded in localizing slurry previously dependent on Japanese suppliers, and new HBM-packaging-related products such as hybrid-bonding CMP slurry and glue cleaner have completed development and are moving into commercialization.
Its portfolio breadth as the only domestic semiconductor materials company handling photo materials, wet chemicals, and rinse together is also cited as a strength.
Even as operating profit improved, owner net income posted losses of KRW -1.03bn in 2025Q3 and KRW -0.47bn in 2026Q2, reflecting continued volatility from non-operating factors.
The fact that operating improvement has not directly translated into stable net income is a consideration when assessing the quality of earnings.
The debt ratio climbed every year, from 71.9% in 2022 to 252.4% in 2025. While this appears linked to expanded capacity investment, financial strain could increase if new-product revenue growth is slower than expected while leverage remains elevated.
The company posted net losses of KRW -6.05bn and KRW -15.99bn in 2023 and 2024, respectively, for two consecutive years. Because revenue is closely tied to the semiconductor capex cycle, past experience shows that a slowdown or delay in downstream customers' investment could again lead to weaker performance.
The debt ratio rose to 252.4% in 2025, and operating cash flow was negative in both 2023 and 2024, meaning simultaneous new investment and rising borrowings could increase funding pressure.
Revenue is concentrated among a small number of large semiconductor makers and glass-substrate customers such as Absolics, so a delay in a specific customer's process transition or a reduction in orders could directly affect revenue.
As of February 2026, the company said new products such as high-selectivity polysilicon slurry and hybrid-bonding CMP slurry were at the performance-verification and production-preparation stage. If customer qualification is delayed, the timing of expected revenue contribution could be pushed back.
The Q3 report filing will show whether the operating-profit trend continues and whether volatility in owner net income eases.
A checkpoint for whether high-selectivity polysilicon slurry and hybrid-bonding CMP slurry reach mass production and revenue recognition, in line with the company's stated goal of monetization 'within the year.'
A period to watch for growth in coating-material supply volumes as Absolics expands glass-substrate mass production.
A point to confirm whether the Seongju No. 5 plant capacity expansion, with its investment period ending in August 2026, translates into higher utilization and cost benefits in reported results.
YCChem moved from losses in 2023-2024 to net profit in 2025 and is now in a phase of three consecutive quarters of operating profit from 2025Q4 through 2026Q2.
Revenue has increased every quarter, a pattern attributed to expanding contributions from new Photo-materials products such as EUV rinse and from glass-substrate materials.
However, owner net income has continued to show quarter-to-quarter volatility separate from the operating-profit trend, leaving a qualitative aspect of earnings to monitor.
The rising debt ratio each year and the still-fluid timing for specific commercialization and ramp-up of new products such as slurries, CMP slurry, and glue cleaner are factors that should be weighed alongside the positives for a balanced view.
Early commercialization experience in next-generation packaging materials such as glass substrates and hybrid bonding is a strength, but because these markets remain at an early stage, the pace of revenue contribution is still uncertain.
Third-quarter results, the speed of new-product revenue contribution, and evidence of capacity-expansion benefits will likely provide further grounds for assessment going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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