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
Ramtech Corporation has struggled with chronic losses in its etchant and stripper business for semiconductors and displays, but revenue recovery and a return to operating profit through the first half of 2026 coincide with a business pivot toward new materials for TGV (through-glass via) and HBM applications.
Net profit turned positive in Q1 2026, and revenue extended a three-quarter streak of sequential gains through Q2.
A large one-off net loss of roughly KRW 7.5 billion attributable to owners in Q4 2025 widened the full-year net loss versus the prior year.
The decade-long legal battle over the Dangjin hydrofluoric acid plant permit ended with a final Supreme Court dismissal in 2024, effectively shelving the project.
The Geumsan plant remodeling and expansion project (KRW 9 billion total) has a revised investment deadline of September 30, 2026, with a target of completing building-use approval within Q3.
The company is supplying TGV etchant samples for glass substrates to a domestic glass substrate maker and has filed multiple patents related to HBM and phosphoric acid purification.
Founded in 2001 and listed on KOSDAQ in 2013, Ramtech Corporation is a specialty chemical materials company that manufactures etchants, strippers and cleaning solutions for semiconductor, display and secondary battery processes, operating out of its Yongin headquarters and Geumsan production plant.
The company grew from semiconductor chemical manufacturing and later expanded into display (LCD/OLED), secondary battery and solar cell applications. Its core customers include SK hynix and Samsung SDI, and it has built a market position as a supplier of foundational IT chemicals.
More recently, the company has entered the TGV (through-glass via) etchant market for glass substrates, a next-generation packaging material, supplying samples to a domestic glass substrate maker with basic specification development for its hydrofluoric-acid-based product already completed.
It has also filed multiple patents covering TGV chemicals, ultra-high-purity phosphoric acid quantum purification technology, metal-impurity-removal chemicals, HBM chemicals and semiconductor packaging chemicals as it works to upgrade its product portfolio.
The company's long-standing project to build a hydrofluoric acid plant in the Seokmun National Industrial Complex in Dangjin was effectively shelved after the Supreme Court issued a final dismissal in 2024 following years of litigation over resident opposition and permit denials, prompting the company to redirect investment toward the Geumsan plant remodeling and a new facility in the Yongin semiconductor cluster.
In June 2023, it decided on a KRW 55.5 billion new facility investment within the Yongin semiconductor cluster, aimed at securing growth momentum through smart-factory construction.
Competitively, the company shares the domestic hydrofluoric acid and wet chemical materials market with players such as Soulbrain and ENF Technology, and the pace of its entry into new processes such as TGV, HBM and TSV is seen as key to its business realignment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.8B | ₩10,529,437 | 0.1% |
| 2025Q3 | ₩10.7B | ₩88,076,041 | 0.8% |
| 2025Q4 | ₩10.7B | -₩1.2B | −11.3% |
| 2026Q1 | ₩11.7B | ₩500M | 4.1% |
| 2026Q2 | ₩12.2B | ₩300M | 2.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩67B | ₩6.9B | ₩6.1B | 10.3% | 11.7% | 60.3% |
| 2023 | ₩43B | -₩3B | -₩2.9B | −6.9% | −5.9% | 90.2% |
| 2024 | ₩44.5B | -₩1.7B | -₩2.6B | −3.7% | −5.3% | 117.6% |
| 2025 | ₩42.7B | -₩1B | -₩8.4B | −2.2% | −21.1% | 157.6% |
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 show a solid 2022 with revenue of KRW 67.0 billion, operating profit of KRW 6.9 billion (10.3% operating margin) and net profit of KRW 6.1 billion, followed by a sharp swing to losses in 2023 as revenue fell to KRW 43.0 billion with an operating loss of KRW 3.0 billion and a net loss of KRW 2.9 billion.
In 2024, revenue rose modestly to KRW 44.5 billion but losses persisted, with an operating loss of KRW 1.7 billion and a net loss of KRW 2.6 billion; in 2025, revenue declined again to KRW 42.7 billion while the operating loss narrowed to KRW 1.0 billion, yet the net loss widened sharply to KRW 8.4 billion.
This divergence stemmed from a large one-off net loss attributable to owners of roughly KRW 7.5 billion in Q4 2025, a quarter in which the operating loss also widened to KRW 1.2 billion.
On a quarterly basis, revenue was flat around KRW 10.7-10.8 billion from Q2 to Q3 2025 with operating profit hovering near a marginal KRW 100 million, before revenue rose to KRW 11.7 billion in Q1 2026 with operating profit improving to KRW 470 million and net profit turning positive at KRW 180 million.
Revenue climbed further to KRW 12.2 billion in Q2 2026, the highest of the five quarters shown, with operating profit holding at a solid KRW 300 million, though net profit slipped back into a small loss of about KRW 57 million.
Over the trailing four quarters (Q3 2025 through Q2 2026), the combined net loss attributable to owners was KRW 7.9 billion, a figure heavily skewed by the Q4 2025 one-off charge, suggesting the underlying trend excluding that item is closer to gradual improvement.
On the balance sheet, the debt ratio climbed steadily from 60.3% in 2022 to 90.2% in 2023, 117.6% in 2024 and 157.6% in 2025, reflecting a combination of borrowing for new facility investments and the erosion of equity from consecutive net losses.
On a more positive note, operating cash flow turned to a net inflow of KRW 8.1 billion in 2025, a marked improvement from the weak cash flows of 2023 and 2024 (KRW -0.08 billion and KRW -2.4 billion, respectively).
The wet chemical materials industry for semiconductors and displays in which Ramtech operates is closely tied to the memory and foundry cycle, with AI and data-center-related semiconductor demand emerging as a new growth driver.
According to company-related disclosures, demand for related materials is expanding on the back of growth in AI, data centers, electric vehicles and next-generation displays.
Glass substrates in particular are drawing attention as a next-generation packaging material that could replace conventional flip-chip ball grid array (FC-BGA) substrates, offering advantages such as reduced interfacial delamination and die cracking by replacing the resin core with glass, and enabling chip mounting without a separate interposer.
However, some analyses suggest mass production timelines could slip because major customers such as Intel, Nvidia and AMD have not yet disclosed concrete adoption roadmaps for glass substrates.
Domestically, large semiconductor and battery makers such as SK hynix and Samsung SDI are key demand sources, while in the cleaning and etching materials market, companies such as Soulbrain and ENF Technology compete by stably producing hydrofluoric acid.
Ramtech is relatively small in scale within this landscape, but it is pursuing a strategy of filing early patents for new-process materials such as TGV, HBM and phosphoric acid purification to secure a position ahead of potential market realignment.
In the near term, the company's key task is completing the Geumsan plant remodeling and expansion as planned.
This KRW 9 billion investment, decided in July 2024, was originally targeted to conclude by March 31, 2026, but was pushed back to September 30, 2026 due to delays in equipment delivery, with approximately KRW 7.47 billion executed as of the amended filing date of February 27, 2026.
The company has stated its goal of completing building-use approval within Q3 2026, while also noting that the completion schedule could shift further depending on process timelines and changes in the business environment.
This expansion is focused not on capacity expansion but on building production facilities for new-process products for HBM, TGV and TSV applications along with automated hydrofluoric acid production facilities, making the contribution of new products to revenue after completion a key factor for future performance.
The KRW 55.5 billion Yongin semiconductor cluster investment decided in June 2023 aims to secure growth momentum through smart-factory construction, though no specific disclosure update on its recent progress could be confirmed.
In the TGV etchant business for glass substrates, basic specification development has been completed, and whether the customer's mass production timeline (reportedly targeted for 2026) is confirmed remains a variable that will determine the timing of any revenue contribution.
With the Dangjin hydrofluoric acid plant project having been finally dismissed by the Supreme Court, future capacity expansion appears likely to be realigned around the Geumsan and Yongin sites.
The company recorded net losses in three consecutive fiscal years from 2023 through 2025, putting it in a range where a conventional price-earnings ratio is difficult to compute, so valuation judgments here should focus on the relationship between share price and asset value rather than earnings multiples.
The stock trades at a level close to its book value per share, without a pronounced premium or steep discount relative to net assets. No dividend has been paid in recent years, so a dividend-yield comparison is not applicable.
Looking at the multi-year earnings trajectory, the company shifted from a profitable 2022 into a loss-making stretch from 2023 through 2025, and the return to operating profit through the first half of 2026 offers an early signal of earnings recovery.
That said, the continued volatility evident in the large one-off loss recorded in Q4 2025 is a factor worth weighing alongside any comparison of share price to asset value.
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
Net profit turned positive in Q1 2026, and Q2 revenue reached KRW 12.2 billion, the highest of the trailing five quarters. Operating profit also improved markedly to KRW 470 million in Q1 and KRW 300 million in Q2 2026, well above the marginal levels of roughly KRW 100 million per quarter seen in 2025. Operating cash flow also swung to a net inflow of KRW 8.1 billion in 2025, easing some funding pressure.
The company is supplying TGV etchant samples for glass substrates to a domestic customer and has completed basic specification development. It has filed multiple patents covering HBM chemicals and ultra-high-purity phosphoric acid purification technology as it prepares to enter new processes.
If commercialized, these new product lines have the potential to shift the business toward a higher value-added structure compared with conventional general-purpose etchants.
The nearly decade-long litigation over the Dangjin hydrofluoric acid plant permit was finally settled by the Supreme Court in 2024, removing one source of uncertainty. This has allowed the company to redirect investment resources toward the Geumsan plant remodeling and the Yongin semiconductor cluster.
With new investment now realigned toward new-process products, there is potential for improved capital allocation efficiency going forward.
The debt ratio rose for four consecutive years, from 60.3% in 2022 to 157.6% in 2025. Equity also declined from KRW 51.6 billion in 2022 to KRW 39.7 billion in 2025 due to consecutive net losses, weakening the company's financial buffer.
If borrowing for new investments continues to expand, interest expense could offset the pace of any earnings improvement.
A large one-off net loss of roughly KRW 7.5 billion attributable to owners in Q4 2025 revealed just how volatile quarterly results can be. The trailing four-quarter net result remained a loss of KRW 7.9 billion, meaning the net-loss stretch has persisted even as operating profit has improved. A recurrence of similar non-recurring items could undermine confidence in the earnings recovery.
The Geumsan plant expansion has already been delayed once, and the company itself has left open the possibility of further delays. Analysts have also noted that glass substrate mass production timelines could slip because key customers such as Intel, Nvidia and AMD have not disclosed their adoption roadmaps.
The specific progress of the KRW 55.5 billion Yongin investment has not been confirmed through recent disclosures, leaving uncertainty around its execution pace.
The debt ratio has risen for four consecutive years to 157.6% in 2025, while equity has shrunk due to successive net losses. Growing interest expense from expanded borrowing could constrain the funding available for new investments. Future quarterly net profit trends and changes in borrowing levels warrant close monitoring.
The Geumsan plant expansion has already seen its completion schedule extended once, and further delays cannot be ruled out. There is also a risk that conflicts with local communities or permitting issues, similar to the earlier Dangjin plant case, could recur in future investments. This could delay the commercialization of new-process products and push back their revenue contribution.
The timing of revenue contribution from the TGV etchant business for glass substrates depends entirely on the mass production schedule of its glass substrate customer.
Since end-demand customers such as Intel, Nvidia and AMD have not yet disclosed concrete adoption roadmaps, there is a risk that mass production timing could slip, which would likewise defer the monetization of the related new material.
This is the revised deadline for the Geumsan plant remodeling and expansion investment; watch for whether building-use approval is completed and when the new-process (HBM/TGV/TSV) facilities begin operating.
Check the Q3 2026 results for whether the revenue growth trend, operating profit and net income trajectory continue, and whether any one-off items similar to Q4 2025 recur.
Confirm whether and when the domestic glass substrate customer receiving TGV etchant supply begins mass production, to gauge progress on monetizing the related new material.
Review the full-year 2026 results for the debt ratio trend, whether the return to net profit is sustained, and any additional disclosures on the progress of the Yongin semiconductor cluster investment.
Ramtech Corporation's financial structure deteriorated through three consecutive years of net losses from 2023 to 2025, but the first half of 2026 has shown early signs of recovery, with revenue growth and a return to operating profit.
Still, quarterly volatility remains high, as illustrated by the large one-off loss in Q4 2025, and the debt ratio has risen for four straight years, reflecting accumulated financial strain.
The long-running Dangjin hydrofluoric acid plant litigation was finally resolved by the Supreme Court, and the company is redirecting resources toward the Geumsan plant expansion and the Yongin semiconductor cluster investment as it diversifies into new-process materials such as TGV and HBM.
Revenue contribution from these new businesses depends heavily on external variables, including the Geumsan plant completion schedule and the customer's glass substrate mass production timing.
Investors will want to monitor upcoming quarterly results for the persistence of earnings improvement, the potential recurrence of one-off items, and the completion and ramp-up schedule of new facility investments.
Report written 2026-09-05 · Data as of 2026-09-04
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