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
Entotech returned to profit in 2025 on growth in its core semiconductor equipment-parts business, but swings in its investment-operation segment continue to make quarterly results difficult to predict.
2025 consolidated revenue reached KRW 28.76 billion with operating profit of KRW 9.44 billion (32.8% margin), a full turnaround from the 2024 loss.
Results swung between losses and a record profit from 2025Q3 through 2026Q2, with the investment-operation segment acting as the key swing factor.
A 2025 change of controlling shareholder brought the company under the Aprogen Group umbrella, and intra-group convertible-bond transactions have continued since.
A 5-for-1 reverse stock split, raising par value from KRW 100 to KRW 500, was completed in May 2026, sharply reducing the number of outstanding shares.
The core business is expected to benefit from AI-driven capex growth and parts localization, even as governance concerns around related-party transactions within the group persist.
Entotech, founded in 1992, is a semiconductor process-equipment parts specialist that manufactures vacuum chambers and specialty vacuum valves at its headquarters in Anseong, South Korea.
Built on precision-machining technology, quality stability, and customized production capacity, the company supplies core parts for front-end semiconductor equipment to domestic and overseas equipment makers.
Its consolidated subsidiaries include Xi'an Donghyun Semiconductor Equipment Co., Ltd., which handles product repair services in China, and Jade New Technology Association No. 79, which conducts investment activities.
According to its latest disclosed revenue mix, semiconductor equipment parts account for roughly 92%, the investment-operation segment about 6%, and real-estate leasing around 2%.
The company previously held Vitro, a subsidiary that made LED glow-stick products, and a stake in Georit Energy, a battery-materials company, but restructured its business after selling the Georit Energy stake to KOSPI-listed Aprogen in early 2025.
That process included a 2025 change of controlling shareholder, and the company is now part of the Aprogen Group. Intra-group financial transactions have continued, including Entotech's acquisition of convertible bonds issued by Aprogen.
In May 2026, the company completed a 5-for-1 reverse stock split that raised par value from KRW 100 to KRW 500, changing the basis for share count and per-share metrics.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.8B | ₩7.5B | 63.1% |
| 2025Q3 | ₩4B | -₩500M | −13.3% |
| 2025Q4 | ₩7.3B | ₩2.3B | 31.9% |
| 2026Q1 | ₩7.8B | -₩1.8B | −22.8% |
| 2026Q2 | ₩19.6B | ₩12.9B | 65.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩21.4B | -₩1.9B | ₩800M | −9.0% | 0.8% | 12.3% |
| 2023 | ₩34.3B | -₩1.9B | ₩10.7B | −5.6% | 9.7% | 7.1% |
| 2024 | ₩13.6B | -₩3.5B | -₩25.6B | −25.9% | −29.5% | 8.1% |
| 2025 | ₩28.8B | ₩9.4B | ₩19B | 32.8% | 14.8% | 16.7% |
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
Consolidated 2025 revenue reached KRW 28.76 billion, more than double the KRW 13.61 billion recorded in 2024, while operating profit turned to KRW 9.44 billion (32.8% margin) from an operating loss of KRW 3.52 billion in 2024.
Net income attributable to owners also swung to KRW 18.96 billion, fully reversing the KRW 25.57 billion loss booked in 2024.
In 2023, however, the company posted an operating loss of KRW 1.92 billion on revenue of KRW 34.31 billion yet still generated net income of KRW 10.74 billion, and in 2022 an operating loss of KRW 1.93 billion on revenue of KRW 21.41 billion was accompanied by net income of KRW 0.77 billion — a pattern in which non-operating items have repeatedly offset core-business losses.
On a quarterly basis, 2025Q2 delivered strong results with revenue of KRW 11.81 billion, operating profit of KRW 7.45 billion, and net income of KRW 5.82 billion, before revenue fell sharply to KRW 3.99 billion in 2025Q3, flipping to an operating loss of KRW 0.53 billion and a net loss of KRW 0.95 billion. 2025Q4 revenue recovered to KRW 7.29 billion with operating profit of KRW 2.33 billion and net income of KRW 2.61 billion, only for 2026Q1 to post a large loss — an operating loss of KRW 1.79 billion and a net loss of KRW 3.30 billion — despite revenue of KRW 7.83 billion.
This is attributed to a large operating loss in the investment-operation segment offsetting growth in semiconductor equipment-parts sales.
By contrast, 2026Q2 revenue jumped to KRW 19.63 billion, about 2.5 times the prior quarter, with operating profit of KRW 12.91 billion and net income of KRW 12.37 billion, its strongest quarter on record, suggesting the investment-operation segment swung back to a gain.
Taken together, results over the trailing four quarters (2025Q3 through 2026Q2) show that, separate from steady growth in the core parts business, the investment-operation segment drives sizable quarter-to-quarter swings.
Downstream memory and logic semiconductor makers are expanding capital expenditure, including advanced packaging, on the back of growing AI server and data-center demand, which in turn is lifting demand for process parts such as vacuum chambers and specialty valves.
Large-scale investment is concentrated among Korean and Chinese chipmakers, and as domestic equipment makers succeed in localizing key tools, the localization rate of parts is gradually rising.
Entotech is positioned as a precision-machining parts supplier within this localization trend, though its revenue scale — around KRW 30 billion — remains small relative to major equipment makers.
Competitively, it faces numerous domestic and overseas precision-machining suppliers of vacuum chambers and valves, and its results are tied to customers' capex cycles.
Growing demands for supply-chain stability and technological self-sufficiency are seen as a favorable factor that could encourage domestic chipmakers to expand adoption of locally made parts.
That said, semiconductor equipment investment is inherently cyclical, and the industry is characterized by large quarter-to-quarter swings tied to specific customer and project schedules.
Using cash secured from the early-2025 sale of its Georit Energy stake to Aprogen, the company decided in May 2026 to acquire KRW 10 billion of the 31st convertible bonds issued by group affiliate Aprogen.
Those bonds carry an early-redemption option exercisable from November 29, 2027, meaning the timing of liquidity recovery is already set.
Separately, in June 2026 the company completed the acquisition of the SCM Lifescience headquarters building for KRW 16.9 billion, illustrating continued intra-group and related-party financial transactions.
That transaction drew market concern over whether a company experiencing operating volatility was effectively supplying liquidity to an outside M&A-linked party.
Industry observers expect the core semiconductor equipment-parts business to keep growing on AI-driven capex expansion and localization trends, though no specific numerical guidance from the company itself has been confirmed.
Because the investment-operation segment's profit or loss can swing sharply with changes in the value of affiliate equity and bond holdings, the direction of future results can only be assessed by tracking both the core business and the investment segment together.
The return to net profit in 2025 and the expansion of owners' equity — from KRW 86.57 billion in 2024 to KRW 127.71 billion in 2025 — have enlarged the company's net-asset base compared with prior years.
According to one data provider's compilation, the stock has historically traded at a five-year average PER in the low-20s and a PBR below 1x, and how the recent earnings recovery feeds into market assessment of that band may differ by metric.
The company has a recent history of not paying cash dividends, suggesting capital management centered more on reinvestment and intra-group financial transactions than on shareholder returns.
A debt ratio kept below 20%, reflecting an essentially debt-free balance sheet, is often cited as a stability factor in valuation discussions.
That said, given the sizable quarter-to-quarter swings in the investment-operation segment, any metric calculated from a single period's results should be understood as subject to significant change in the following quarter.
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 2025 operating profit reached KRW 9.44 billion (32.8% margin), a full recovery from the 2024 loss. In 2026Q2 the company posted a record quarterly operating profit of KRW 12.91 billion and net income of KRW 12.37 billion. Growth in semiconductor equipment-parts sales is cited as the driver of this recovery.
Expanding capex in memory, logic, and advanced packaging is a factor increasing demand for vacuum chambers and specialty valves. Amid rising localization of parts as domestic equipment makers succeed in localizing key tools, the company is positioned as a precision-machining supplier. Growing demand for supply-chain stability could further encourage adoption of domestically made parts.
The debt ratio stood at a low 16.7% at end-2025. After securing a large cash inflow from the early-2025 sale of its Georit Energy stake, the company has deployed part of that cash into acquiring affiliate convertible bonds. The low leverage suggests relatively limited pressure for external financing.
Quarterly results have swung sharply, with operating losses in 2025Q3 and 2026Q1 followed by a return to profit in 2025Q4 and 2026Q2. While semiconductor parts revenue has moved relatively steadily, the direction of the investment-operation segment has repeatedly determined overall results. This makes it difficult to judge future performance from any single quarter's figures.
Since a 2025 change of controlling shareholder brought the company into the Aprogen Group, intra-group financial transactions — including acquisition of affiliate convertible bonds and purchase of a related-party building — have continued.
Some media reports have characterized this M&A structure as effectively lacking real cash outflow. Observers also note that the complexity of intra-group fund flows makes it difficult for outside investors to grasp the full picture of these transactions.
Annual revenue from the core semiconductor equipment-parts business is around KRW 30 billion, small relative to major equipment makers. With the investment-operation segment's profit or loss layered on top, it remains difficult to anticipate the direction of annual or quarterly results in advance. The absence of confirmed numerical guidance from the company itself adds further uncertainty to the outlook.
Repeated issuance and sale of convertible bonds among affiliates during the 2025 change of controlling shareholder led some media to allege that the M&A involved effectively no real cash outflow. In June 2026, a KRW 16.9 billion purchase of a related-party building revived concerns about intra-group fund circulation. Such transaction structures cannot be ruled out as potentially conflicting with minority shareholder interests.
The investment-operation segment's results swing sharply with changes in the value of affiliate equity and bonds. Losses in 2025Q3 and 2026Q1 have alternated with large gains in 2025Q4 and 2026Q2. This volatility could persist going forward.
Semiconductor equipment-parts revenue is heavily influenced by a small number of customers' capex schedules. A downturn in the industry cycle could weigh on both core-business revenue and profitability. Intensifying localization competition could also pressure part pricing and margins.
The Q3 2026 quarterly report will show whether core equipment-parts growth continues and whether the investment-operation segment's gains from 2026Q2 persist.
Watch for any further related-party transaction or asset-purchase disclosures within the Aprogen Group to track the progress of governance concerns.
Domestic memory and logic chipmakers' 2027 capex guidance announcements will be a key indicator for equipment-parts demand.
This is the first date on which Entotech can exercise the early-redemption option on Aprogen's 31st convertible bonds, a point to confirm whether the company actually recovers the liquidity.
Entotech emerged from two consecutive years of losses in 2025, driven by growth in its core semiconductor equipment-parts business.
However, quarterly results from 2025Q3 through 2026Q2 show a recurring pattern in which the investment-operation segment's profit or loss, separate from the core business's steady growth, has largely determined overall performance.
Since a 2025 change of controlling shareholder brought the company into the Aprogen Group, continued intra-group financial transactions — including acquisition of affiliate convertible bonds and purchase of a related-party building — have also raised governance-related discussion.
On the industry side, AI-driven capex expansion and parts-localization trends are cited as favorable backdrops, though the company's own revenue scale remains modest. A near debt-free balance sheet and a substantial cash position are noted as strengths on the financial-stability front.
Overall, assessing this company appears to require weighing the core parts business's growth trajectory together with the investment segment's volatility and the governance issues surrounding intra-group related-party transactions.
Report written 2026-09-05 · Data as of 2026-09-04
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