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
BC&C returned to consolidated operating profit in 2025 and has continued to post revenue growth through the second quarter of 2026, though net income has remained relatively subdued compared with operating profit.
2025 consolidated revenue reached KRW 87.58 billion (+13.2% YoY), with operating profit of KRW 3.93 billion turning positive from the prior year's loss.
Second-quarter 2026 revenue reached KRW 26.77 billion, the highest level within the disclosed quarterly window (2025Q3-2026Q2).
Synthetic quartz (QD9/QD9+) accounted for 67% of 2025 revenue, with Samsung Electronics, SK Hynix, TSMC and Intel among key customers.
The company is diversifying its product line through the new boron-carbide-based material CD9 and localized silicon ingot production.
A KRW 16.0 billion facility expansion is underway through the end of 2026, while the debt ratio rose from 51.3% in 2022 to 125.3% in 2025.
BC&C, founded in 2003 and listed on KOSDAQ in 2022, is a specialist maker of consumable parts used in semiconductor manufacturing processes. It produces rings, tubes and domes used in etching and thin-film deposition processes using quartz, silicon and ceramic materials.
Through synthetic quartz (QD9), which it developed for the first time in the world, the company has replaced the existing natural quartz market and holds the number one global market share.
As of 2025, revenue composition was QD9/QD9+ at 67%, natural quartz at 16%, silicon at 7%, ceramics at 5%, and other at 5%, with the synthetic quartz line accounting for the overwhelming majority.
Key customers include Samsung Electronics, SK Hynix, TSMC, Intel and other major global players, and the company also supplies parts to semiconductor equipment makers.
More recently, through synthetic quartz development and localization of silicon ingot materials, the company is supplying a North American customer, and it continues to expand its business through new material and import-substitution projects.
The new material CD9, a boron-carbide-based material used in oxide etching, successfully completed qualification testing and received its first purchase order from a global semiconductor company in August 2024.
This gives BC&C an in-house development and mass-production structure covering all three major etch-process material categories: quartz, silicon and SiC-replacement material.
Competitively, it vies for share with other domestic semiconductor consumable-parts makers, while holding a distinctive localized position in the synthetic quartz segment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩21.9B | ₩1.6B | 7.3% |
| 2025Q3 | ₩21.9B | ₩1.4B | 6.3% |
| 2025Q4 | ₩23.9B | ₩1B | 4.2% |
| 2026Q1 | ₩23.7B | ₩800M | 3.4% |
| 2026Q2 | ₩26.8B | ₩1.8B | 6.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩82.1B | ₩11.6B | ₩10B | 14.1% | 13.7% | 51.3% |
| 2023 | ₩65.3B | -₩41,858,607 | ₩1.2B | −0.1% | 1.7% | 79.8% |
| 2024 | ₩77.4B | -₩2.1B | -₩2.3B | −2.7% | −3.1% | 121.1% |
| 2025 | ₩87.6B | ₩3.9B | ₩1.1B | 4.5% | 1.5% | 125.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual results clearly reflect the semiconductor industry cycle. In 2022, the company posted revenue of KRW 82.05 billion and an operating margin of 14.1% during an upcycle, but in 2023 revenue fell sharply to KRW 65.31 billion (-20.4%) and operating profit swung to a small loss of KRW 42 million.
In 2024, even as revenue recovered to KRW 77.37 billion (+18.5%), the operating loss widened to KRW 2.06 billion, which can be interpreted as reflecting the burden of production-facility investment and initial costs tied to new products.
In 2025, revenue reached KRW 87.58 billion (+13.2%), operating profit was KRW 3.93 billion (a 4.5% operating margin), and net income attributable to owners was KRW 1.15 billion, with both revenue and profit turning positive simultaneously.
Looking at recent quarters, revenue expanded from KRW 21.94 billion in the second quarter of 2025 to KRW 26.77 billion in the second quarter of 2026, while the operating margin fell from 7.3% in Q2 2025 to 4.2% in Q4 2025 and 3.4% in Q1 2026 before recovering to 6.9% in Q2 2026, showing notable quarter-to-quarter volatility.
Notably, net income attributable to owners did not always move in the same direction as operating profit: in the third quarter of 2025, net income (KRW 1.51 billion) actually exceeded operating profit (KRW 1.38 billion), whereas from the fourth quarter of 2025 onward net income trailed operating profit.
In explaining past results, the company noted that non-cash convertible-bond interest expense and foreign-currency translation losses were reflected in non-operating expenses, suggesting that non-operating factors amplify net income volatility.
Summed over the most recent four quarters (Q3 2025 through Q2 2026), revenue totaled roughly KRW 96.3 billion, operating profit about KRW 5.0 billion, and net income attributable to owners about KRW 2.97 billion, indicating a continuing trend of annual operating margin improvement.
The market for semiconductor etch-process consumable parts is generally viewed as one with structurally growing demand, as process miniaturization and increasing layer counts shorten part replacement cycles.
Synthetic quartz in particular is being adopted more widely in advanced processes because it generates fewer particles and lasts longer than natural quartz, and domestic synthetic quartz penetration was assessed at around 10% as of 2023, with room seen for further expansion.
BC&C holds a position as the world's first developer in this market, though domestic peers such as TCK, Hana Materials, and Wonik QnC exist as both competitors and, in some respects, collaborators in the broader consumable-parts space.
Regarding the SiC (silicon carbide) replacement market targeted by CD9, the front-end market itself is expected to grow, as the global SiC devices market was valued at roughly $4.02 billion in 2025 and is projected to expand at a double-digit growth rate through 2034.
Utilization rates and capacity expansion pace at memory and foundry customers are the key variables driving consumable-parts demand, and the company's results have tracked this cycle closely, with revenue sharply declining during the 2023 downturn before recovering from 2025.
Vertical integration across synthetic quartz, CD9, and silicon ingot materials is cited as a differentiating factor versus competitors, but large semiconductor manufacturers' ongoing efforts to diversify their vendor base mean share competition is likely to continue.
On September 24, 2025, the company's board approved a plan to invest KRW 16.0 billion in new construction and equipment for semiconductor material production facilities, equivalent to 21.8% of consolidated equity at the end of 2024, with the investment period running from September 24, 2025 through December 31, 2026.
Once complete, this expansion is expected to increase production capacity for synthetic quartz and related materials.
For CD9, after passing qualification testing and receiving its first purchase order from a global semiconductor company in August 2024, additional customer qualification tests appear to be proceeding sequentially, and the pace of further qualification and mass-production ramp-up will be a variable to watch.
Silicon ingot supply to the North American customer is also at an early stage, and whether shipment volumes expand is something to confirm going forward.
Quarterly results through the first half of 2026 showed continued revenue growth alongside fluctuating operating margins, making it worth watching how the cost structure and utilization rates evolve once the facility expansion is completed at the end of 2026.
On the net income side, whether non-operating costs tied to convertible bonds fade or persist is another factor that could affect earnings visibility.
BC&C currently trades at a level above its net asset value on a per-share basis, which should be considered alongside its earnings trajectory—peak profit in 2022, losses in 2023-2024, and a return to profit in 2025.
Because net income has historically been volatile since listing, the price-to-earnings multiple has tended to sit in a band above typical sector averages.
The company does not currently pay a cash dividend, so discussions around its shares tend to center more on earnings recovery and balance-sheet changes than on shareholder returns via dividends.
The debt ratio's clear rise from 51.3% in 2022 to 125.3% in 2025 is a financial backdrop worth weighing alongside any assessment of the share price relative to net assets.
Given that the swing from loss to profit is still relatively recent, how the market values the stock going forward may depend on the degree to which quarterly earnings stability is confirmed over time.
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 2026-08-23
Consolidated operating profit turned positive at KRW 3.93 billion in 2025, and second-quarter 2026 revenue of KRW 26.77 billion was the highest within the disclosed quarterly window. The operating margin, which had fallen to 3.4% in Q1 2026, recovered to 6.9% in Q2, underscoring a direction toward profit recovery. The trailing four-quarter aggregate operating margin also shows an improving trend.
Beyond synthetic quartz (QD9/QD9+), the company has built an in-house development and mass-production structure spanning the SiC-replacement material CD9 and silicon ingots—all three major etch-process materials.
CD9 began mass-production supply after receiving its first purchase order from a global semiconductor company in August 2024. Silicon ingots are being supplied to a North American customer, reflecting ongoing diversification of revenue sources through portfolio expansion.
Since a September 2025 board resolution, the company has been carrying out a KRW 16.0 billion facility expansion investment, equivalent to 21.8% of equity at the end of 2024.
The investment period runs through December 31, 2026, and if completed as planned, it would provide a physical foundation to respond to future demand growth. The company also maintains its position as a vertically integrated supplier across the three major etch-process material categories.
Net income attributable to owners has not always moved in the same direction as operating profit, and from the fourth quarter of 2025 onward net income has trailed operating profit.
The company has explained that non-operating costs such as convertible-bond interest expense and foreign-currency translation losses were reflected in results. If such non-operating factors persist, operating improvement may not fully translate into net income improvement.
Revenue is heavily dependent on the capital-spending and utilization cycles of a small number of large customers, including Samsung Electronics, SK Hynix, TSMC and Intel. The more-than-20% revenue decline during the 2023 semiconductor downturn illustrates this dependence. If customer investment pace slows, demand for consumable parts could decline in tandem.
The debt ratio rose sharply from 51.3% in 2022 to 125.3% in 2025. The ongoing facility expansion (KRW 16.0 billion) and additional funding needs tied to new material development could add further pressure to the balance sheet.
The recurring quarterly reflection of convertible-bond-related interest expense is also a factor amplifying net income volatility.
A recurrence of a semiconductor downturn could reduce demand for consumable parts as front-end customers' utilization rates fall. As seen in 2023, a sharp revenue decline previously pushed operating profit below breakeven. Changes to memory and foundry customers' investment plans could directly affect results.
The debt ratio has risen steadily over the past three years, reaching 125.3% in 2025. Large ongoing facility investment and convertible-bond-related interest expense could add to financial burden. Any need for additional future financing could raise issues that affect shareholder value.
Competition with other domestic semiconductor consumable-parts makers continues, and large customers also maintain vendor-diversification policies. New materials such as CD9 are still undergoing qualification testing with multiple customers, and further time may be needed before mass-production scales up.
The possibility that new-material commercialization is delayed beyond expectations, or that a competitor commercializes a similar material first, cannot be ruled out.
Check the disclosure of third-quarter 2026 results — whether revenue growth continues and whether the gap between operating profit and net income narrows will be worth watching.
End of the KRW 16.0 billion facility expansion investment period — confirmation is needed on whether the expansion is completed and how it affects subsequent utilization rates.
Watch for disclosures regarding CD9 (boron carbide) qualification test results with additional customers and any new mass-production supply agreements.
Expected timing for preliminary full-year 2026 results — this will confirm whether the return to profit seen in 2025 continues on an annual basis.
BC&C supplies consumable parts for semiconductor etch processes, centered on synthetic quartz, and after peak results in 2022 followed by weakness in 2023-2024, both revenue and operating profit turned positive in 2025.
Quarterly revenue continued to grow through the first half of 2026, but operating margins fluctuated quarter to quarter, and net income attributable to owners at times followed a different trajectory than operating profit due to non-operating costs tied to convertible bonds.
The company is expanding its new-material lineup—including the boron-carbide material CD9 and localized silicon ingots—while pursuing vertical integration across the three major etch-process materials, and a KRW 16.0 billion facility expansion is set to continue through the end of 2026.
That said, the clear rise in the debt ratio from 51.3% in 2022 to 125.3% in 2025, along with high revenue dependence on a small number of major customers, are financial and structural factors that warrant attention.
Third-quarter results, the timing of the facility expansion's completion, and progress in securing additional customers for CD9 are likely to be key variables shaping the company's earnings trajectory going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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