PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩500 per share · Prices as of the 2026-10-02 close
Park Systems retains its leading position in industrial atomic force microscopes and a record order backlog, yet in the first half of 2026 delayed shipments and rising costs pushed quarterly operating margins down into single digits.
In 2025 revenue reached a record 205.6 billion won with operating profit of 42.2 billion won, though the operating margin eased from 22.0% in 2024 to 20.5%.
First-quarter 2026 revenue was 39.4 billion won with 2.1 billion won operating profit, and second-quarter revenue recovered to 53.0 billion won with 4.2 billion won operating profit, leaving margins at just 5.3% and 7.9%.
Shinhan Investment Corp. cited an end-Q2 backlog of 112.5 billion won and first-half new orders of 141.3 billion won in an August 2026 report.
Large-area advanced-packaging tools in the NX-TSH family, the next-generation FX-Wafer, and acquisition-driven expansion into optical metrology and probes are presented as growth pillars.
A 100 billion won warrant bond issue plus the new Gwacheon headquarters and capacity investment have raised both financial leverage and fixed costs, cutting both ways.
Founded in 1997, Park Systems develops and sells atomic force microscopes (AFM) worldwide as a nano-metrology equipment maker.
Its business splits into industrial tools used on semiconductor and display production lines and research tools for universities and institutes; according to Kiwoom Securities, industrial equipment accounted for 64% of first-quarter 2026 revenue and research equipment 33%.
The same note put Greater China at 34% of sales, the United States at 32% and Korea at about 11%, with the U.S. share expanding on customer diversification.
Its flagship NX-Wafer platform measures wafer-surface defects and three-dimensional nanostructures, and is being supplied to customers including Samsung Electronics, SK Hynix, Intel, Micron and TSMC.
The NX-TSH line for large-area packaging was originally built for large flat-panel display measurement, but as AI chips drive finer and larger advanced packages it has expanded into semiconductors; its design keeps the chip fixed while the measurement head moves, which suits large-area packages.
The company has broadened its metrology scope through deals: it bought Germany's Accurion (imaging spectroscopic ellipsometry) in 2022, Switzerland's Lyncee Tec (digital holographic microscopy) in early 2025, and completed the acquisition of U.S.-based Rocky Mountain Nanotechnology, a maker of solid platinum probes, in 2026.
On competition, CEO Sang-il Park has said the company overtook Bruker of the United States to become the global AFM market share leader from 2022, and management has framed its goal as becoming a broad metrology player comparable to KLA of the United States and Zeiss of Germany by widening optical inspection coverage.
Its research and office base moved to a new Gwacheon headquarters completed in March 2026, built with roughly 75 billion won of investment across about 27,000 square meters of floor area. However, manufacturing stays for now at the existing Gwanggyo plant while capacity is expanded in parallel.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩52.3B | ₩12B | 22.9% |
| 2025Q3 | ₩45.6B | ₩8.6B | 18.9% |
| 2025Q4 | ₩56.8B | ₩8.4B | 14.9% |
| 2026Q1 | ₩39.4B | ₩2.1B | 5.3% |
| 2026Q2 | ₩53B | ₩4.2B | 8.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩124.5B | ₩32.6B | ₩28B | 26.2% | 23.4% | 39.8% |
| 2023 | ₩144.8B | ₩27.6B | ₩24.6B | 19.0% | 17.1% | 40.6% |
| 2024 | ₩175.1B | ₩38.5B | ₩42.8B | 22.0% | 22.8% | 46.0% |
| 2025 | ₩205.6B | ₩42.2B | ₩34.5B | 20.5% | 15.3% | 55.4% |
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
Annual revenue rose for four straight years, from 124.5 billion won in 2022 to 144.8 billion in 2023, 175.1 billion in 2024 and 205.6 billion in 2025.
Operating profit was 32.6 billion won in 2022 (26.2% margin), 27.6 billion in 2023 (19.0%), 38.5 billion in 2024 (22.0%) and 42.2 billion in 2025 (20.5%): the absolute figure grew but the margin never returned to the 2022 level.
Net profit attributable to owners fell from 42.8 billion won in 2024 to 34.5 billion in 2025, moving opposite to operating profit; because 2024 net profit exceeded operating profit, non-operating items evidently contributed heavily that year.
Operating cash flow narrowed from 34.7 billion won in 2024 to 24.5 billion in 2025, so cash generation lagged the revenue increase. The quarterly path is sharper.
From 52.3 billion won of revenue and 12.0 billion won of operating profit in the second quarter of 2025 (22.9% margin), margins stepped down to 18.9% in the third quarter (45.6 billion and 8.6 billion) and 14.9% in the fourth (56.8 billion and 8.4 billion), then dropped to 5.3% in the first quarter of 2026 on 39.4 billion won of revenue and 2.1 billion won of operating profit.
Second-quarter 2026 revenue recovered to 53.0 billion won, but operating profit of 4.2 billion won (7.9% margin) marked a steep year-on-year decline.
Shinhan Investment Corp. wrote in an August 2026 report that higher material and labor costs from expanded R&D projects, together with a lump-sum booking of sales commissions, weighed on second-quarter profitability.
On the balance sheet, the debt-to-equity ratio rose from 39.8% in 2022 to 55.4% in 2025, and owners' net profit over the latest four quarters (Q3 2025 through Q2 2026) totaled 23.2 billion won, below the full-year 2025 figure.
The primary driver of AFM demand is semiconductor feature shrinkage. Industry commentary notes that the atomic force microscope, once seen as a nice-to-have on chip lines, is now regarded as essential equipment. The second axis is back-end processing.
Front-end lines already had metrology tools before AFM arrived, whereas back-end is a newly opening market; as Moore's Law hits limits, advanced packaging has emerged as the alternative route to performance gains, raising the importance of packaging metrology.
Management has explained that its newly developed advanced-packaging applications involve measurements below two micrometers, which existing optical tools cannot handle.
On the capex cycle, iM Securities said in a June 2026 report that non-memory investment was also resuming, while Shinhan Investment Corp. projected that strong AI demand would lift the leading-edge share of investment and that foundry leaders' 2nm yield competition would begin in earnest from year-end.
The competitive position boils down to a high share of a narrow niche: Shinhan Investment Corp. assessed the company's share of industrial semiconductor AFM tools at above 80%.
Across optical metrology and inspection more broadly, however, its scope begins to overlap with large players such as KLA and Zeiss, and the holographic microscopy, ellipsometry and probe technologies acquired through M&A serve as tools of that expansion.
Complicating any cycle read, equipment revenue recognition hinges on customer investment decisions and qualification timelines, while research-tool demand tracks university and institute budget cycles.
Order metrics disclosed by the company point to how much revenue can be recognized in the second half.
Shinhan Investment Corp. stated in an August 2026 report that the end-Q2 backlog stood at 112.5 billion won, that given lead times of two to three months for research tools and four to six months for industrial tools most of it could be booked within the year, and that first-half new orders reached 141.3 billion won.
The same report expected the cost burden to peak in the second quarter and ease thereafter.
On the product roadmap, the company has completed development of NX-TSH310P, a metrology tool for large-area panel-level packaging, and is preparing supply to TSMC; a first prototype has been delivered and a beta version for mass-production qualification is expected as early as late 2026 or in 2027, according to a Sisajournal-e report dated August 20, 2026.
FX-Wafer, the next generation of the flagship NX-Wafer, is being developed on a new low-noise, high-precision platform targeting up to a twentyfold throughput improvement over existing AFM tools.
Capital allocation plans are also on record: Kiwoom Securities reported in June 2026 that the company would spend 40 billion won on capacity expansion and 60 billion won on R&D and external technology investment.
Among brokerage estimates, Kiwoom Securities projected 2026 revenue of 237.9 billion won and operating profit of 53.1 billion won in its June 2026 report, while iM Securities put the figures at 233.3 billion won and 46.3 billion won around the same time.
On target prices, Kiwoom Securities raised its figure to 355,000 won on June 5, 2026, and iM Securities lifted its target to 334,000 won on June 9, 2026. These projections rest on shipments proceeding as planned and costs normalizing, making third-quarter 2026 results the first checkpoint.
Any read on valuation starts with where earnings sit. Because owners' net profit over the latest four quarters is running below the full-year 2025 level, earnings-based multiples screen higher than they would on the more normal profit base of 2024 and 2025.
For reference, Shinhan Investment Corp. disclosed in an August 2026 report that its target price applied a 45 times multiple, the average upper bound of the past three years' price-earnings band, to twelve-month forward earnings per share, confirming that the multiples used in the market for this name sit well above those typical of equipment stocks.
Relative to net assets the shares trade at a substantial premium, reflecting expectations tied to the company's high share of industrial AFM and its new-product pipeline. Dividends continue to be paid but the yield level is low, so most of the total return depends on whether profit growth materializes.
Whether the current multiple is warranted will therefore be settled after the fact by the conversion of the backlog into revenue and the recovery of operating margins; if either assumption slips, earnings-based multiples compute higher still.
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
Shinhan Investment Corp. assessed in a 2026 report that the company holds more than 80% of the industrial semiconductor AFM equipment market. Management has stated that it overtook Bruker to become the global AFM share leader from 2022.
Metrology tools are adopted only after qualification against a customer's specific process, so once installed on a line they are hard to displace. That structure underpins recurring revenue and pricing leverage.
Shinhan Investment Corp. reported an end-Q2 backlog of 112.5 billion won and first-half new orders of 141.3 billion won in August 2026. That compares with a backlog of about 61.2 billion won at the end of 2024, itself up 17.9% from 51.9 billion won a year earlier.
The same report argued that, given lead times, most of the backlog could be recognized as revenue within the year. How fast that backlog converts into sales is the key swing factor for second-half results.
Unlike the front end, where incumbent metrology tools predate AFM, the back end is viewed as a newly opening market. Management has said advanced packaging requires measurement below two micrometers, beyond the reach of legacy optical tools.
NX-TSH310P for panel-level packaging has completed development and is reportedly awaiting supply to TSMC, according to Sisajournal-e on August 20, 2026. Adoption in this new area could create a demand axis distinct from the traditional front-end capex cycle.
The quarterly operating margin fell for four straight quarters, from 22.9% in the second quarter of 2025 to 18.9%, 14.9%, 5.3% and 7.9%. Second-quarter 2026 revenue of 53.0 billion won exceeded the 52.3 billion won of a year earlier, yet operating profit shrank from 12.0 billion to 4.2 billion won.
Shinhan Investment Corp. noted in August 2026 that second-quarter operating profit came in 54.7% below the market consensus. If profit keeps failing to follow a revenue recovery, the premise behind the growth narrative itself comes into question.
iM Securities attributed the first quarter's below-expectation revenue of 39.4 billion won and operating profit of 2.1 billion won to shipment schedules concentrated in the second quarter and beyond, in a June 2026 report.
Kiwoom Securities likewise said in June 2026 that a high backlog supported a first-half-weak, second-half-strong earnings pattern. In other words, annual results hinge on second-half and especially fourth-quarter shipments, so a single quarter of customer qualification slippage changes the yearly figures. As it turned out, second-quarter 2026 results fell short of both brokerages' quarterly estimates.
iM Securities noted in a June 2026 report that the 100 billion won warrant bond issue carries the burden of roughly 5% share count expansion if exercised. The debt-to-equity ratio climbed from 39.8% in 2022 to 40.6% in 2023, 46.0% in 2024 and 55.4% in 2025.
At the same time, the new Gwacheon headquarters built with about 75 billion won of investment and plans for 40 billion won of capacity expansion plus 60 billion won of R&D spending push fixed costs higher. Should revenue growth fail to absorb that cost expansion, earnings volatility could widen further.
Per Kiwoom Securities, first-quarter 2026 revenue split roughly into 34% from Greater China, 32% from the United States and 11% from Korea.
With sales concentrated in specific regions and among a handful of large foundry and memory customers, a single client's capex cut or a change in export controls can flow straight into results.
Although the customer list spans Samsung Electronics, SK Hynix, Intel, Micron and TSMC, orders come in large project blocks, so each individual deal carries outsized weight.
Kiwoom Securities pointed to higher costs from M&A and headcount additions as drivers of the first-quarter 2026 margin decline.
The Accurion, Lyncee Tec and Rocky Mountain deals broadened the metrology lineup, but integrating organizations spread across different countries and transferring technology takes both time and money.
The company has said it plans to build probe production capability in Korea through technology transfer following the Rocky Mountain acquisition. If integration benefits show up in revenue later than expected, costs may run ahead of sales for an extended stretch.
Company analysis attributed the first-quarter 2026 deterioration to an adjustment in semiconductor industry investment.
Kiwoom Securities argued that the nature of these tools makes them relatively less sensitive to end-market conditions, yet with industrial equipment making up more than 60% of revenue, delays in foundry or memory capex affect both orders and shipments.
Research tools are exposed to national research budgets and currency moves as well, leaving limited buffers if both axes slow at once.
Third-quarter 2026 results. Shinhan Investment Corp. projected 69.6 billion won of revenue and 18.8 billion won of operating profit for the quarter in its August 2026 report, so how close the actuals come is the first test of the claim that the weak first half was merely deferred shipments. Watch in particular whether the operating margin returns to double digits.
Whether the beta version of NX-TSH310P for panel-level packaging is released for mass-production qualification and supply to TSMC advances. Sisajournal-e reported on August 20, 2026 that this could come as early as year-end. Volume adoption of large-area packaging tools would determine whether this new revenue axis is real.
Progress on the 40 billion won capacity expansion and 60 billion won R&D investment plans should be tracked alongside disclosures related to exercise of warrants attached to the 100 billion won warrant bond. The timing of capacity additions and any change in share count shift the baseline for reading future results.
Audited full-year 2026 results and the annual report. The key items are whether annual revenue exceeds the 205.6 billion won recorded in 2025, whether the operating margin holds near the 20.5% of 2025, and how the year-end backlog compares with the level at the end of the second quarter of 2026. The dividend decision is disclosed at the same time.
Progress on the launch and customer qualification of the next-generation FX-Wafer, and whether Shinhan Investment Corp.'s August 2026 expectation that new tools such as NX-Wafer+, WLI and TSH would contribute meaningfully to revenue from 2027 actually materializes. The revenue share of new products is a gauge of reduced reliance on the legacy equipment cycle.
Having secured the global number-one position in the narrow field of atomic force microscopy, Park Systems is now attempting to expand into a broader metrology company through acquisitions and new product development.
Revenue rose for four consecutive years, from 124.5 billion won in 2022 to 205.6 billion won in 2025, yet the operating margin slid from 26.2% in 2022 to 20.5% in 2025 and then to 5.3% and 7.9% in the first two quarters of 2026.
The company and brokerages attribute the weakness to deferred shipments and front-loaded costs in R&D, labor and sales commissions, citing an end-Q2 backlog of 112.5 billion won and first-half new orders of 141.3 billion won as grounds for a second-half recovery.
On the other side stand two quarters in which profit failed to follow a record backlog, a debt-to-equity ratio that climbed from 39.8% in 2022 to 55.4% in 2025, and potential dilution from the warrant bond.
On valuation, profit over the latest four quarters sits below the full-year 2025 level, so earnings-based multiples compute high, and the shares also trade at a sizable premium to net assets.
Third-quarter 2026 results and the volume adoption of advanced-packaging tools will therefore be the fork in the road that determines which of the bull and bear cases is borne out. This report is prepared for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
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