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
SurplusGLOBAL, the world's largest dealer of used semiconductor equipment and parts, swung to losses in 2025 and remained unprofitable through the first half of 2026, though quarterly operating losses have narrowed noticeably.
In 2025, revenue fell roughly 17% year over year and both operating profit and net income swung to losses, marking the weakest annual result in four years.
The operating loss narrowed sharply from KRW 4.5 billion in Q1 2026 to KRW 0.4 billion in Q2 2026.
The company is diversifying beyond its brokerage-centered model through investment in the online trading platform SemiMarket and the Parts Mall at its Yongin cluster.
The debt ratio rose from 82.0% in 2023 to 136.6% in 2025, and operating cash flow turned negative, adding to financial strain.
Management described the legacy semiconductor market as being in its worst-ever environment, while citing China's equipment stockpiling and demand from emerging markets like India as favorable factors.
Founded in 2000, SurplusGLOBAL is a KOSDAQ-listed company whose core business is buying and selling used front-end and back-end semiconductor equipment and parts. The company is reported to hold the largest share among roughly 1,000 legacy semiconductor equipment dealers worldwide.
According to company disclosures, it buys, sells, consigns and consults on more than 1,500 pieces of front-end, back-end and display-related semiconductor equipment annually, and NICE corporate data cited via job-information sites indicates front-end equipment accounts for the largest share of recent revenue, followed by back-end equipment, other services and product sales.
Its customer base is said to include foundries such as SMIC and Korean makers such as DB HiTek.
The company operates overseas subsidiaries in the United States, China, Taiwan, Singapore and Japan, and states it has supplied more than 60,000 pieces of used equipment to over 6,000 customers across roughly 50 countries since its founding.
Its semiconductor equipment cluster in Yongin, Gyeonggi Province, features temperature- and humidity-controlled clean rooms and large exhibition space; a company official described the facility as holding roughly KRW 200 billion in book inventory value that could reach about KRW 1.5 trillion at final resale prices.
More recently, the company has moved beyond pure brokerage toward a platform business built around its online trading platform SemiMarket and an offline parts exhibition and trading space called the Parts Mall.
In a recent interview, however, management noted that growth among Chinese equipment makers such as Naura is intensifying competition.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩51.8B | ₩1.1B | 2.2% |
| 2025Q3 | ₩37.3B | -₩5.1B | −13.6% |
| 2025Q4 | ₩67.5B | -₩4.8B | −7.1% |
| 2026Q1 | ₩36.6B | -₩4.5B | −12.2% |
| 2026Q2 | ₩38.8B | -₩400M | −0.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩234.9B | ₩31.9B | ₩25.6B | 13.6% | 13.8% | 97.5% |
| 2023 | ₩166B | ₩13B | ₩5.8B | 7.8% | 3.1% | 82.0% |
| 2024 | ₩251.6B | ₩14.2B | ₩4.6B | 5.6% | 2.4% | 134.4% |
| 2025 | ₩208.4B | -₩11.7B | -₩14.5B | −5.6% | −8.2% | 136.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
SurplusGLOBAL's consolidated revenue fell sharply from KRW 234.9 billion in 2022 to KRW 166.0 billion in 2023, rebounded to KRW 251.6 billion in 2024, then declined again by roughly 17% to KRW 208.4 billion in 2025.
Operating profit shrank from KRW 31.9 billion (13.6% margin) in 2022 to KRW 13.0 billion (7.8%) in 2023 and KRW 14.2 billion (5.6%) in 2024, before turning to an operating loss of KRW 11.7 billion (-5.6% margin) in 2025.
Net income attributable to owners followed a similar path, falling from KRW 25.6 billion in 2022 to KRW 5.8 billion in 2023 and KRW 4.6 billion in 2024, before a net loss of KRW 14.5 billion in 2025.
On a quarterly basis, Q2 2025 remained profitable with revenue of KRW 51.8 billion and operating profit of KRW 1.1 billion, but Q3 2025 saw revenue drop to KRW 37.3 billion alongside an operating loss of KRW 5.1 billion and a net loss of KRW 7.5 billion.
Q4 2025 revenue recovered to KRW 67.5 billion, yet the operating loss of KRW 4.8 billion and net loss of KRW 4.9 billion persisted.
Q1 2026 revenue was KRW 36.6 billion with the operating loss widening again to KRW 4.5 billion and net loss to KRW 7.2 billion, while Q2 2026 revenue of KRW 38.8 billion came with a much smaller operating loss of KRW 0.4 billion and net loss of KRW 2.1 billion.
This pattern suggests that while revenue recovery has been gradual, cost structure adjustments appear to be narrowing losses.
Over the same period, operating cash flow registered a large negative KRW 23.9 billion in 2025, and the debt ratio climbed from 82.0% in 2023 to 136.6% in 2025, indicating growing financial strain.
The market for legacy (mature-node) semiconductor equipment distribution is moving on a different track from the boom in advanced-process capex.
According to SEMI, the global semiconductor equipment market is expected to grow to USD 139.0 billion in 2026, with mature-node investment in foundry and logic segments also holding up relatively well.
However, SurplusGLOBAL's CEO said in an interview that while investment and attention are concentrated on advanced processes, the mature-node legacy market is in its worst-ever environment.
According to the company, excess investment in mature-node equipment during the pandemic was followed by slowing demand and accumulated oversupply, and more recently the rapid growth of Chinese equipment makers such as Naura has created direct competition with the used-equipment distribution business itself.
On the other hand, China's stockpiling demand for semiconductor equipment and capacity-building needs in emerging chipmaking countries such as India are cited as favorable factors for the legacy equipment distribution business.
The company is reported to maintain the largest market share among roughly 1,000 legacy equipment dealers worldwide, reflecting how more than 25 years of accumulated customer networks and parts databases function as an entry barrier.
The company is pursuing business diversification through the conversion of its online platform SemiMarket into an open marketplace and the expansion of its offline parts trading space, the Parts Mall.
SemiMarket launched as a beta service in June 2025 and has since been upgraded through the registration of domestic patents covering automated export-control checks and demand-supply prediction matching.
A newly built facility at the Yongin cluster, funded with roughly KRW 50 billion and including dedicated Parts Mall space, has been reported as targeting completion in the first half of 2026, after which parts storage, exhibition, disassembly and refurbishment functions are set to expand.
The company plans to participate for a third consecutive year in SEMICON India 2026, to be held in New Delhi from September 17 to 19, continuing its push into India as an emerging chipmaking market.
Earlier reports noted market expectations that a resumption of used-equipment sales by major domestic fabs could expand the company's trading volume, though no concrete timeline for this has been confirmed.
The company has said its SemiMarket and Parts Mall businesses are still at an early stage with limited revenue contribution but are growing quickly, and the pace at which these new businesses become profitable is seen as a key variable for the timing of any earnings recovery.
Since SurplusGLOBAL has posted net losses since 2025, its price-to-earnings ratio cannot currently be calculated. The stock trades at a discount to book value per share, reflecting a more conservative market assessment compared with the period around 2022 when earnings were larger.
No dividend has been paid recently, making the dividend-yield profile less attractive. The gradual narrowing of quarterly operating losses through the first half of 2026 may serve as a reference point for gauging future earnings trends.
However, with net losses persisting and the debt ratio rising, how the market values the stock going forward is likely to hinge on the pace of any profit and loss improvement.
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 2026-09-05
Built on more than 25 years of accumulated customer networks and parts databases, the company is reported to hold the largest market share among roughly 1,000 legacy equipment dealers worldwide.
This scale and information advantage functions as an entry barrier that new competitors would find difficult to replicate quickly. If the SemiMarket and Parts Mall platform transition takes hold, it could create synergy with the existing offline brokerage business.
The operating loss narrowed sharply from KRW 4.5 billion in Q1 2026 to KRW 0.4 billion in Q2 2026. Revenue has also shown a gradual recovery since bottoming at KRW 37.3 billion in Q3 2025. Continued cost structure adjustments could provide further room for profit and loss improvement.
Expanding fab investment in emerging chipmaking countries such as India increases demand for legacy equipment that allows low-cost production line setup. The company has participated in SEMICON India for three consecutive years to build local networks.
China's equipment stockpiling demand could also translate into expanded trading opportunities through the company's Asian footprint.
Management has described the mature-node market as being in its worst-ever environment, and oversupply accumulated from pandemic-era overinvestment has yet to be resolved. Growth among local Chinese players such as Naura is also intensifying competition within the used-equipment distribution business itself.
The longer investment stays concentrated in advanced processes, the more delayed any recovery in legacy equipment demand could be.
Operating cash flow deteriorated sharply to negative KRW 23.9 billion in 2025 and the debt ratio rose to 136.6%. With net losses persisting, the burden of managing assets such as inventory appears to be increasing. A prolonged loss period could highlight a need for additional funding.
The company itself has acknowledged that SemiMarket and the Parts Mall are still at an early stage with limited revenue contribution. Platform businesses inherently require time for seller and buyer networks to reach critical mass.
Because costs such as personnel and IT development spending are front-loaded, near-term profitability could remain under pressure.
The legacy semiconductor equipment market moves on a different track from the advanced-process investment cycle, making the timing of any demand recovery hard to predict.
Prices for used equipment are determined by weighing market supply and demand along with historical transaction prices, and difficulty in this pricing process can amplify earnings volatility.
The growth of local Chinese equipment makers such as Naura is creating a competitive dynamic between low-cost new equipment and used equipment. Given that roughly 1,000 legacy equipment dealers exist globally, price competition could intensify.
On a consolidated basis, the debt ratio rose to 136.6% in 2025 and operating cash flow registered a large negative figure.
With net losses continuing alongside simultaneous investment in new businesses such as SemiMarket and the Parts Mall, funding and balance-sheet management could become an important variable to watch.
Participation in SEMICON India 2026 in New Delhi - an opportunity to gauge progress in emerging-market network expansion and local demand conditions.
Q3 2026 preliminary earnings are expected to be disclosed - it will be important to check whether the loss-narrowing trend seen in H1 2026 continues into Q3.
Progress on SemiMarket's conversion into an open marketplace, seller onboarding, and Parts Mall utilization rates should be monitored to gauge revenue contribution from new businesses.
Whether major domestic fabs such as Samsung Electronics and SK hynix resume sales of stored used equipment - if realized, this could be a factor expanding trading volume.
SurplusGLOBAL holds the leading global position in the used semiconductor equipment and parts distribution market, yet 2025 marked its most difficult year in four, with revenue falling roughly 17% year over year and both operating profit and net income turning negative.
Losses continued into 2026, with both Q1 and Q2 posting net losses, though the operating loss narrowed sharply from KRW 4.5 billion in Q1 to KRW 0.4 billion in Q2.
Beyond its traditional brokerage business, the company is attempting to diversify its revenue structure through new ventures such as the SemiMarket platform and Parts Mall, though their revenue contribution remains at an early stage.
On the financial side, a rising debt ratio and deteriorating operating cash flow have appeared together, leaving balance-sheet management as an ongoing task alongside earnings improvement.
On the industry side, management has described the legacy equipment market as facing structural weakness amid resources concentrating on advanced-process investment, while China's equipment stockpiling and expanding fab investment in emerging markets such as India remain favorable variables.
Investors will want to watch whether the loss-narrowing trend continues into the upcoming Q3 results and whether new businesses expand their revenue contribution.
Report written 2026-09-05 · Data as of 2026-09-04
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