PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩160 per share · Prices as of the 2026-10-02 close
Doosan Tesna has swung back to operating profit for three straight quarters after a full-year operating loss in 2025, but it is simultaneously entering its largest-ever test equipment and plant investment cycle, pitting earnings recovery against a rising depreciation burden.
Consolidated 2025 revenue was KRW 303.8bn with an operating loss of KRW 0.94bn, but the company has posted operating profit for three consecutive quarters from Q4 2025 through Q2 2026.
In April 2026 the company disclosed the acquisition of KRW 190.9bn of test equipment from Teradyne, SEMES and others, and restarted the previously suspended Pyeongtaek No.2 plant project (KRW 230.3bn, targeted for completion in November 2027).
On 27 August 2026 the Financial Services Commission's National Growth Fund committee approved KRW 560bn in low-rate lending for the new Pyeongtaek plant and the Anseong plant expansion.
Media reports indicate the portfolio, historically centered on mobile image sensors and application processors, is broadening into automotive system-on-chip and AI compute chip testing.
On the other side, the heavy capex cycle brings higher depreciation and more borrowing, and earnings remain highly dependent on the utilization rate of its main foundry customer.
Doosan Tesna is an OSAT company for system semiconductors, established in 2002 for semiconductor test and engineering services and listed on KOSDAQ in 2013.
It operates wafer test, package test and a display-related (DP) business within back-end processing, runs sites in Pyeongtaek, Anseong and Cheongju, and tests a range of product families including SoC, CMOS image sensors, MCUs and smartcard ICs.
Most of its revenue comes from wafer test services, reflecting its specialization in the test step of the back-end chain.
No up-to-date disclosed segment revenue split is available, so the mix is described qualitatively here; the industry generally points to image sensors, mobile application processors and automotive SoCs as the core pillars.
Doosan added semiconductors to its group portfolio in 2022 by acquiring a 38.7% controlling stake in Tesna for KRW 460bn, and in 2024 it acquired Engion to widen the business scope.
The customer base is concentrated in domestic IDM and foundry volumes, and Samsung Electronics is the key customer, so that customer's system semiconductor cycle feeds directly into results. The company is described as the leading system semiconductor test provider in Korea.
Internally, management is reported to view wafer test alone as insufficient to scale revenue beyond KRW 1trn, and is pushing into package test, which the industry expects to lower margins somewhat while materially enlarging revenue scale.
Competition comes both from domestic back-end peers and from large Taiwanese OSAT players bidding for the same volumes.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩75.9B | -₩2.1B | −2.8% |
| 2025Q3 | ₩83.2B | ₩5.3B | 6.4% |
| 2025Q4 | ₩85.5B | ₩15B | 17.6% |
| 2026Q1 | ₩76.8B | ₩5.5B | 7.1% |
| 2026Q2 | ₩80.9B | ₩9.9B | 12.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩277.7B | ₩67.2B | ₩52.3B | 24.2% | 16.9% | 147.6% |
| 2023 | ₩338.7B | ₩60.8B | ₩49.1B | 17.9% | 12.2% | 89.1% |
| 2024 | ₩373.1B | ₩37.9B | ₩36.8B | 10.2% | 8.4% | 80.0% |
| 2025 | ₩303.9B | -₩900M | ₩1.5B | −0.3% | 0.3% | 61.0% |
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
On an annual basis, revenue grew from KRW 277.7bn in 2022 to KRW 338.7bn in 2023 and KRW 373.1bn in 2024, then fell back to KRW 303.9bn in 2025.
Profitability eroded faster: the operating margin slid from 24.2% in 2022 to 17.9% in 2023 and 10.2% in 2024, before turning to an operating loss of KRW 0.94bn (-0.3% margin) in 2025.
Even so, 2025 net profit attributable to owners stayed marginally positive at KRW 1.5bn, implying non-operating items cushioned the bottom line.
By quarter, Q1 2025 was the trough at KRW 59.3bn of revenue and a KRW 19.1bn operating loss (derived from the confirmed annual and quarterly figures), followed by Q2 2025 revenue of KRW 75.9bn with a KRW 2.1bn loss, Q3 revenue of KRW 83.2bn with KRW 5.3bn of operating profit, and Q4 revenue of KRW 85.5bn with KRW 15.0bn.
In 2026, Q1 delivered KRW 76.8bn of revenue and KRW 5.5bn of operating profit (7.1% margin) and Q2 KRW 80.9bn with KRW 9.9bn (12.2%), taking first-half revenue to KRW 157.8bn and operating profit to KRW 15.3bn versus a loss a year earlier.
Net profit exceeding operating profit in several quarters (KRW 15.9bn in Q4 2025, KRW 8.4bn in Q1 2026) shows non-operating items again mattered.
Cash generation was steadier than reported profit, with operating cash flow of KRW 210.5bn in 2023, KRW 219.2bn in 2024 and KRW 147.2bn in 2025, reflecting an equipment-intensive model where depreciation depresses earnings while cash still accumulates.
The balance sheet improved as the debt-to-equity ratio fell from 147.6% in 2022 to 89.1%, 80.0% and 61.0% in 2023, 2024 and 2025 respectively, and the current ratio was reported to have risen from 62% in 2024 to 137% in 2025 while cash and equivalents including other financial assets grew from roughly KRW 73bn to over KRW 110bn. In short, the last four years combined a profit trough with an accumulation of financial capacity.
System semiconductor back-end testing is an equipment-intensive business in which installed toolsets define order-taking capacity and utilization drives margins.
The company has said demand for high-spec chip testing is surging with autonomous driving and AI servers, that securing expensive latest-generation tools is decisive in winning orders, and that building infrastructure ahead of demand is intended to lower unit fixed costs.
End-demand weakened in the first half of 2025 on softer IT device consumption, pulling utilization down before a subsequent recovery.
Thebell reported that the utilization of its main customer's foundry division rose sharply on production of Exynos 2600, HBM base dies and a console SoC, and that volumes for a next-generation Tesla AI chip and Nvidia products could push utilization higher still.
The same report said Doosan Tesna had been assigned testing for Nvidia and Tesla AI chips. Separately, tight global foundry capacity has been cited as shifting orders toward Korean foundries, which could increase outsourced test volumes.
Korea is competitive in memory but has been seen as relatively weak in system semiconductors, and the spread of AI, autonomous driving and high-performance computing has raised the importance of building an OSAT back-end ecosystem alongside foundry capacity.
The flip side is that this model lags the customer's own order wins and ramp schedules, so any delay in front-end volumes turns newly added capacity into immediate fixed-cost pressure.
The confirmed calendar centers on capital spending. On 28 April 2026 the company disclosed a decision to acquire about KRW 190.9bn of semiconductor test equipment from Teradyne, SEMES and others, with phased installation through the end of 2026.
It also amended its October 2025 disclosure of a roughly KRW 171.4bn equipment purchase upward to about KRW 205.3bn on stronger demand, with counterparties including Advantest and SEMES.
The Pyeongtaek No.2 plant, whose groundbreaking had been timed to market conditions, resumed at about KRW 230.3bn with completion targeted for November 2027. The company is understood to be pursuing an extension into package test at that second Pyeongtaek site.
On funding, the Financial Services Commission approved KRW 560bn of low-rate lending from the Advanced Strategic Industries Fund on 27 August 2026 for the new Pyeongtaek plant and added test equipment at two Anseong plants, and total project cost was reported at KRW 855.4bn, of which KRW 295.4bn is to be self-funded.
On revenue timing, the equipment spend has been described as targeting SoC-based AI compute chip testing with revenue contribution expected to begin in Q4 2026, while SK Securities analyst Lee Dong-joo said in April 2026 that the asset acquisition largely addresses new AI chip test orders and that advanced-node test work offers meaningful room for margin improvement in pricing and efficiency.
At group level, Doosan has been reported as the preferred bidder for a 70.6% stake in SK Siltron, a deal that would link materials, substrates and back-end test into one semiconductor value chain.
No official company-issued annual revenue or profit guidance is confirmed; execution of these projects and resulting utilization are what will drive future results.
Measured against the sum of net profit over the most recent four quarters (Q3 2025 to Q2 2026), the price-to-earnings multiple sits well above the range at which the shares typically traded in 2022-2023, when the company was earning double-digit operating margins.
That reflects a small denominator early in the recovery from a loss year; with quarterly profit swinging by only a few billion won, the multiple can move sharply at an unchanged share price.
The price-to-book ratio also implies a clear premium to net assets, while the dividend per share is modest so the dividend yield is on the low side, consistent with a phase in which funding expansion takes priority.
For reference, EBN reported in April 2026 that Korea Investment & Securities had raised its target price to KRW 174,000 based on projected 2027 earnings - that was the broker's view at that time and does not reflect subsequent changes in the industry or results.
Ultimately the valuation debate hinges on whether the revenue and margins expected from the Pyeongtaek No.2 plant and the new toolsets actually materialize from 2027 onward.
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
Quarterly results improved from a trough operating loss of KRW 19.1bn in Q1 2025 to operating profit of KRW 15.0bn in Q4 2025 and KRW 9.9bn in Q2 2026. First-half 2026 revenue of KRW 157.8bn and operating profit of KRW 15.3bn reversed the prior-year loss.
This re-confirms the structure in which quarterly revenue above the KRW 80bn level can support a double-digit operating margin. The key variable is whether utilization stays on its recovery path.
Thebell reported that the company has been assigned testing for Nvidia and Tesla AI chips. Revenue contribution from the investment targeting SoC-based AI compute chip testing is expected to begin in Q4 2026.
If the mix broadens from mobile image sensors and application processors into automotive and AI, sensitivity to the seasonality of any single set-maker's demand could decline. The actual scale of recognized revenue, however, has not yet been confirmed in disclosures.
On 27 August 2026 the Financial Services Commission approved KRW 560bn of low-rate lending from the Advanced Strategic Industries Fund for the new Pyeongtaek plant and additional test equipment at two Anseong plants.
Reports describe total project cost of KRW 855.4bn, with KRW 295.4bn self-funded and the remainder covered by the concessional loan. The company enters this cycle with a debt-to-equity ratio that had fallen to 61.0% at end-2025, leaving more funding headroom than in past cycles. Lower funding costs can absorb part of the expansion burden.
In the test business, equipment spending converts directly into depreciation: in 2025 the company generated KRW 147.2bn of operating cash flow even while posting a KRW 0.94bn operating loss on KRW 303.9bn of revenue. That gap illustrates how heavy the depreciation burden is relative to reported profit.
As the roughly KRW 400bn of new tools and the new plant are phased in from 2026, the fixed-cost base steps up. If volumes fall short of plan, the margin hit scales accordingly.
Samsung Electronics is the key customer, and weakness in that customer's system semiconductor business has previously fed straight into the company's plans. The Pyeongtaek No.2 plant groundbreaking was in fact shelved in early 2025, which the industry attributed to the difficulties of that core partner.
The decision to restart is likewise tied to the customer's order and ramp schedule, leaving the same exposure. Until customer diversification shows up in actual revenue, this dependence persists.
Quarterly swings remain wide: the operating margin fell to 7.1% in Q1 2026 from 17.6% in the prior quarter, then recovered to 12.2% in Q2. Revenue of KRW 76.8bn in Q1 and KRW 80.9bn in Q2 2026 has not clearly exceeded the average quarterly level of 2024.
Repeated quarters in which net profit exceeded operating profit also point to the weight of non-core items. Whether the recovery is a trend or a seasonal rebound requires confirmation in second-half results.
The debt-to-equity ratio fell from 147.6% in 2022 to 61.0% in 2025, but this investment cycle presumes substantial external borrowing. Reports indicate KRW 560bn of the KRW 855.4bn total will be covered by concessional loans.
Even at low rates, that is sizeable against equity of KRW 437.1bn at end-2025, so a renewed rise in leverage and interest expense should be monitored. Shifts in the rate environment could also affect funding terms.
The 2025 deterioration was attributed to softer global IT device demand in the first half, with conditions reported to have improved in the second half. Smartphone image sensor and application processor volumes swing widely by quarter depending on launch cycles and the number of adopting models.
If the pace of AI infrastructure investment moderates, newly secured AI chip test volumes are not immune to schedule changes either. A strong quarter therefore cannot be assumed to carry into the next.
The Pyeongtaek No.2 plant involves about KRW 230.3bn of spending with completion targeted for November 2027. Equipment is to be installed in phases through the end of 2026.
Construction delays, tool delivery and set-up slippage, or slower customer qualification would all push back revenue recognition, potentially creating a window in which depreciation starts before revenue follows.
Expansion into package test has also been flagged as potentially enlarging revenue while somewhat diluting profitability.
Q3 2026 results. Whether the 12.2% operating margin of Q2 2026 holds or improves, and whether quarterly revenue pushes beyond the KRW 80bn level, will indicate the durability of the recovery.
A checkpoint for whether the KRW 190.9bn of test equipment scheduled for phased installation by end-2026 is actually delivered and running, and whether the expectation of AI compute chip test revenue starting in Q4 is confirmed.
The actual terms, drawdown schedule and size of the KRW 560bn concessional loan approved on 27 August. How leverage and interest costs change as the borrowing is executed will reveal the real weight of the financial burden.
Full-year 2026 results. This will show whether the company has fully escaped the 2025 operating loss on an annual basis and whether margins have returned to the 10.2% level of 2024.
The targeted completion date for the Pyeongtaek No.2 plant. Progress updates and any amended investment disclosures before then, plus whether the extension into package test is formalized, will shape the medium-term revenue structure.
Doosan Tesna grew revenue through 2022-2024 while its operating margin steadily declined from 24.2% to 10.2%, then swung to a KRW 0.94bn operating loss on KRW 303.9bn of revenue in 2025.
The direction of profit changed from Q4 2025, with operating profit of KRW 15.0bn, followed by KRW 5.5bn in Q1 2026 and KRW 9.9bn in Q2, for a first-half total of KRW 15.3bn.
Over the same period the debt-to-equity ratio fell to 61.0%, building financial headroom, even as the company entered a major investment cycle involving the KRW 190.9bn equipment acquisition and the KRW 230.3bn Pyeongtaek No.2 plant targeted for November 2027 plus KRW 560bn of policy-backed concessional lending.
The bullish case rests on a mix shift into AI and automotive testing plus utilization recovery lifting margins again; the bearish case rests on rising depreciation and customer concentration capping the pace of that recovery.
What separates the two is the recognition of new volumes from Q4 2026 and the actual revenue when the new plant starts up in 2027, and until then quarterly swings may remain wide. This report is for information purposes only and contains no buy or sell recommendation or target price.
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.