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
CAP Co., Ltd. operates two segments—smartphone FPCA (SMT) and automotive wiper blades—and has shown a steady operating margin recovery from a 2022 loss through 2025.
The SMT segment produces OLED panel FPCA for Samsung Display and is affected by Galaxy A series module expansion.
Annual operating margin improved for four straight years, from 0.5% in 2022 to 8.2% in 2025.
The debt ratio declined from 124.3% in 2022 to 68.1% in 2025, indicating an improving balance sheet.
Quarterly profitability remains volatile, with margins easing again in Q2 2026 after a stronger Q1 2026.
The company currently pays no dividend, and its price-to-book ratio trades at a discount to net assets.
CAP Co., Ltd. operates two core segments: smartphone FPCA (flexible printed circuit board assembly) production using surface mount technology (SMT), and automotive wiper blade production and sales.
The company was established in 2010 for electronic products and components manufacturing, listed on KOSDAQ in 2020, and holds 13 affiliated subsidiaries.
The SMT segment focuses on producing FPCA for OLED panels optimized for 5G communication environments, and expanded Galaxy A series module production for its key customer Samsung Display appears to have contributed to earnings improvement.
The wiper segment offers a full lineup of standard and hybrid wiper blades, supplying original equipment manufacturers and the aftermarket based on rubber manufacturing technology and mass production capabilities.
The company presents high-yield mass production through advanced process technology and automation as its manufacturing competitiveness.
In the first half of 2025, consolidated revenue grew modestly year-over-year while operating profit rose by a double-digit percentage, yet net income declined—suggesting non-operating factors affected the bottom line.
The coexistence of the two segments can be read as a structure that partially diversifies the seasonality and model-cycle risk of the smartphone components business through automotive parts demand.
However, both segments carry customer and automaker brand concentration, meaning new product launch schedules and order volume changes at key clients directly affect performance.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩74.5B | ₩4.4B | 5.9% |
| 2025Q3 | ₩65.3B | ₩4.3B | 6.6% |
| 2025Q4 | ₩82.6B | ₩8.4B | 10.2% |
| 2026Q1 | ₩67.8B | ₩7.4B | 10.9% |
| 2026Q2 | ₩65.3B | ₩4.8B | 7.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩316.1B | ₩1.6B | -₩1.4B | 0.5% | −1.6% | 124.3% |
| 2023 | ₩235.7B | ₩5.9B | ₩3.3B | 2.5% | 3.6% | 116.0% |
| 2024 | ₩314.9B | ₩20B | ₩19.1B | 6.3% | 16.5% | 91.6% |
| 2025 | ₩295.2B | ₩24.3B | ₩19.5B | 8.2% | 14.8% | 68.1% |
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 revenue fell from KRW 316.1 billion in 2022 to KRW 235.7 billion in 2023, recovered to KRW 314.9 billion in 2024, and registered KRW 295.2 billion in 2025—fluctuating around the KRW 300 billion mark.
Operating profit, however, improved for four consecutive years regardless of the revenue swings: KRW 1.55 billion (0.5% margin) in 2022, KRW 5.92 billion (2.5%) in 2023, KRW 19.95 billion (6.3%) in 2024, and KRW 24.27 billion (8.2%) in 2025.
Net income followed a similar trajectory, moving from a KRW 1.43 billion loss in 2022 to profits of KRW 3.30 billion in 2023, KRW 19.08 billion in 2024, and KRW 19.47 billion in 2025—a transition from loss to an expanding profit base.
On a quarterly basis, revenue declined from KRW 74.46 billion with KRW 4.39 billion operating profit in Q2 2025 to KRW 65.28 billion revenue with KRW 4.28 billion operating profit in Q3 2025, yet net income actually rose to KRW 4.62 billion; Q4 2025 then posted the strongest results of the window with KRW 82.60 billion revenue, KRW 8.39 billion operating profit, and KRW 6.18 billion net income.
In Q1 2026, revenue reached KRW 67.81 billion with operating profit of KRW 7.37 billion, pushing the operating margin above 10%, but Q2 2026 saw margins ease again with KRW 65.27 billion revenue and KRW 4.85 billion operating profit, underscoring continued quarter-to-quarter volatility.
This pattern reflects the seasonal nature of the SMT segment tied to new smartphone model launch and mass-production timing.
The debt ratio declined from 124.3% in 2022 to 68.1% in 2025, and operating cash flow remained positive throughout 2022–2025, showing that the profit improvement has also translated into stronger cash generation.
The smartphone FPCA industry is closely linked to display module customers' new model launch cycles and form-factor shifts.
Some market commentary suggests the foldable smartphone industry may face another transformation, citing the trend that followed Samsung Electronics' 2019 commercialization of foldables, with Chinese smartphone makers subsequently joining the segment.
Such a trend is cited as a factor that could affect demand for flexible-substrate (FPCA) suppliers like CAP.
However, the company's core revenue remains tied to mid-tier lineup module production such as the Galaxy A series, so whether it benefits from a shift toward flagship or foldable models depends on actual supply contracts and volume allocation.
The automotive wiper segment consists of OEM volume and aftermarket demand, providing a relatively stable demand base with smaller swings than the smartphone components business.
Within the broader semiconductor sector, themes related to AI memory such as SOCAMM and glass substrates have recently drawn attention, but CAP's disclosed core business is SMT and wiper production, and no direct business linkage to these advanced semiconductor packaging themes has been confirmed.
Within the smartphone components supply chain, numerous small and mid-sized parts makers compete, making cost competitiveness and maintaining share within specific customer accounts an ongoing challenge.
The company has cited expanded Galaxy A series module production for Samsung Display as a background factor for earnings improvement in the SMT segment, suggesting that future customer new-model launch schedules and volume allocation will shape performance direction.
The wiper segment is expected to continue contributing stable revenue based on OEM and aftermarket demand, though no specific capacity expansion or new order disclosures have been confirmed.
Given that the operating margin exceeded 10% in Q1 2026 before easing again in Q2, tracking margin direction in the second half and beyond will be an important point to monitor. A continuously declining debt ratio and stable operating cash flow suggest a favorable environment in terms of financial flexibility.
If the structural shift in the foldable smartphone industry continues, it could affect demand for flexible substrates, though this represents an industry-wide discussion rather than a confirmed event specific to CAP.
The company's continued no-dividend policy also leaves the question of any future change in shareholder returns as a matter to be confirmed.
The current share price appears to trade at a discount to net asset value, a point worth examining alongside the improving financial structure that followed the transition from loss to profit.
Given that net income has expanded steadily from a loss in 2022 through 2025, the market's earnings-based valuation may still partly reflect perceptions from the earlier period of weaker performance.
The company currently pays no dividend, placing it on the lower side relative to sector averages in terms of shareholder returns. As a small-cap stock, trading volume and price volatility can be pronounced, warranting a periodic check of the relationship between earnings metrics and market pricing.
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
Operating margin rose every year from 0.5% in 2022 to 8.2% in 2025. The steady profitability improvement despite fluctuating revenue suggests better cost structure or product mix. Net income also expanded after transitioning from loss to profit.
The debt ratio steadily declined from 124.3% in 2022 to 68.1% in 2025. Operating cash flow remained positive across all four years, indicating that profit improvement has translated into real cash generation.
By operating two businesses with different demand bases—smartphone FPCA and automotive wiper blades—the company somewhat mitigates dependence on any single end-market cycle. The wiper business appears to provide relatively stable revenue contribution based on OEM and aftermarket demand.
Annual revenue showed no clear growth trajectory—falling from KRW 316.1 billion in 2022 to KRW 235.7 billion in 2023, rebounding in 2024, then dipping slightly in 2025. This suggests the profit improvement has relied mainly on margin management rather than revenue expansion.
The operating margin exceeded 10% in Q1 2026 but eased again in Q2. Performance in the SMT segment continues to fluctuate seasonally in line with new smartphone model launch and mass-production timing.
SMT segment performance is heavily influenced by volume allocation from specific customers and models such as the Galaxy A series for Samsung Display. The continued no-dividend policy also limits shareholder-return appeal relative to peers.
The SMT segment appears to be heavily dependent on a single customer, Samsung Display, with production volume changes for specific models such as the Galaxy A series directly affecting results. Changes in the customer's production strategy or model lineup reductions could negatively affect revenue.
The wiper segment is linked to automotive OEM and aftermarket demand, and as a components business with export exposure, it can be affected by currency fluctuations and changes in tariff policy across countries. The smartphone components business could also be affected by global supply chain realignment or tariff issues.
As a small-cap KOSDAQ stock, trading volume and price volatility can be pronounced.
Some online investment communities have linked the company to semiconductor-related themes, but the company's disclosed core business is SMT and wiper production, and no direct business linkage to such themes has been confirmed, creating volatility risk from information asymmetry.
Check the Q3 2026 quarterly report (typically due by mid-November) to see whether operating margin direction recovers from the Q2 2026 level.
This is the point to check whether the SMT segment sees its seasonal peak and any changes in volume allocation for new Galaxy series models.
This event will help gauge the impact of the new model lineup and any shift toward foldable devices on CAP's FPCA supply volume.
Given the current no-dividend policy, it is worth checking whether the expanding profit base leads to any change in shareholder return policy.
CAP Co., Ltd. runs two disparate businesses—smartphone FPCA (SMT) and automotive wiper blades—and has shown operating margin improvement for four consecutive years from a 2022 loss through 2025. A declining debt ratio and stable operating cash flow indicate underlying financial soundness.
However, annual revenue has fluctuated around the KRW 300 billion mark without a clear growth trajectory, and quarterly operating margin remains volatile, improving in Q1 2026 before easing again in Q2.
The SMT segment's dependence on specific customers and models, the no-dividend policy, and small-cap liquidity risk are factors to weigh alongside the improving profitability trend.
Q3 2026 results and volume allocation for new Samsung Galaxy models will be key points to watch for gauging the direction of future earnings.
Report written 2026-09-05 · Data as of 2026-09-04
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