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
Hims is the exclusive supplier of OLED mask tensioning equipment to Samsung Display, but revenue and profit have contracted together since the fourth quarter of 2025 amid delayed customer capital spending.
2025 annual revenue fell to KRW 59.26 billion with an operating loss of KRW 7.53 billion, turning negative
Net loss ballooned to KRW 11.24 billion in Q4 2025 and losses continued through H1 2026
Q2 2026 revenue dropped to KRW 10.83 billion, the lowest in five quarters, with the operating loss widening to KRW 3.36 billion
Exclusive mask-tensioner supply status to Samsung Display remains intact, but the revenue contribution timing from 8.6G IT OLED investment is not yet confirmed
Debt ratio rose from 22.6% in 2024 to 53.3% in 2025, while total equity shrank from KRW 70.69 billion to KRW 58.16 billion
Hims Co., Ltd. was founded in 1999 and listed on KOSDAQ in 2017 as a display and semiconductor equipment maker. The company was established on January 15, 1999 to develop, manufacture and sell OLED and other display equipment, and listed on KOSDAQ on July 20, 2017.
Its core product is the mask tensioner, which fixes fine metal masks (FMM) and open masks (OMM) onto frames during the OLED deposition process, and Hims supplies this equipment exclusively to Samsung Display. Historically, OLED equipment has accounted for roughly 80-90% of the company's revenue.
OLED equipment is divided into mask-process equipment and glass-process equipment, with Hims manufacturing most of the mask-process tools sold to Samsung Display and other OLED makers.
More recently, as part of a diversification push, the company has also produced blue-filter inspection equipment for smartphone cameras, pellicle inspection equipment for semiconductor applications, and blood-glucose-meter inspection equipment for healthcare customers, along with various modules used in such equipment.
Domestically Hims holds an exclusive position with Samsung Display, but overseas it competes with domestic and foreign rivals such as Hansong Neotech and KPS for orders from Chinese panel makers. Because of this structure, revenue is highly dependent on the capital-spending decisions of a single major customer.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩23.7B | ₩1.4B | 6.0% |
| 2025Q3 | ₩17B | -₩200M | −1.5% |
| 2025Q4 | ₩17.3B | -₩4.7B | −27.1% |
| 2026Q1 | ₩18.2B | -₩1.8B | −10.2% |
| 2026Q2 | ₩10.8B | -₩3.4B | −31.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩31.5B | -₩13.3B | -₩8.6B | −42.1% | −14.0% | 28.4% |
| 2023 | ₩50.1B | ₩5.7B | ₩5.6B | 11.3% | 8.2% | 39.5% |
| 2024 | ₩61.3B | ₩200M | ₩2.7B | 0.3% | 3.8% | 22.6% |
| 2025 | ₩59.3B | -₩7.5B | -₩12.5B | −12.7% | −21.5% | 53.3% |
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 revenue in 2025 came to KRW 59.259 billion, down from KRW 61.264 billion in 2024, and operating profit swung to a loss of KRW 7.531 billion after posting a small profit of KRW 169 million the prior year.
Net income attributable to owners also turned negative at a loss of KRW 12.521 billion, reversing the KRW 2.711 billion profit recorded in 2024.
In 2023 the company had revenue of KRW 50.102 billion with an operating margin of 11.3% and net income of KRW 5.599 billion, while in 2022 revenue was KRW 31.540 billion with a steep operating loss margin of -42.1%, illustrating a boom-bust pattern over the past four years.
On a quarterly basis, Q2 2025 revenue was KRW 23.718 billion with operating profit of KRW 1.422 billion, but Q3 revenue fell to KRW 17.016 billion with an operating loss of KRW 249 million, marking a swing into the red.
Q4 revenue was similar at KRW 17.291 billion, but the operating loss widened sharply to KRW 4.690 billion and the net loss reached KRW 11.243 billion, indicating an acceleration in earnings deterioration.
Q1 2026 revenue recovered slightly to KRW 18.184 billion but still posted an operating loss of KRW 1.849 billion and a net loss of KRW 1.096 billion, and Q2 2026 revenue fell further to KRW 10.831 billion, the lowest of the past five quarters, with the operating loss widening again to KRW 3.358 billion.
As a result, cumulative net income attributable to owners over the trailing four quarters (Q3 2025-Q2 2026) was a loss of KRW 14.048 billion.
On the cash-flow side, operating cash flow in 2025 was an outflow of KRW 14.453 billion, reversing the KRW 7.582 billion inflow in 2024, while the debt ratio rose sharply to 53.3% in 2025 from 22.6% in 2024.
The global display industry is seen as entering a phase where competition over 8.6G IT OLED investment intensifies in 2026.
Samsung Display announced in April 2023 that it would invest KRW 4.1 trillion by 2026 in the world's first 8.6G-scale IT OLED business, aiming to build a fab capable of producing 10 million notebook panels annually.
As of November 2025, Samsung Display was optimizing its 8.6G IT OLED production line, with capacity set at 15,000 glass sheets per month and mass production targeted for 2026.
Indeed, Samsung Display shared a schedule with partners to begin loading production glass substrates into its IT 8G OLED line (A6) from May, with that line set to produce panels for Apple's first OLED MacBook launching in Q4 2026.
On the competitive front, BOE is also pursuing IT 8G OLED equipment investment to catch up with Samsung Display, while Visionox and CSOT are reportedly coordinating their own investment timing.
According to market researcher Omdia, global IT OLED market revenue is projected to grow at a 28.6% CAGR from $2.534 billion in 2024 to $8.913 billion in 2029.
LG Display, however, is pursuing a different strategy focused on supplementing existing 6G lines and higher-value-added markets such as automotive displays rather than 8.6G investment, highlighting diverging strategies between Korea's two major panel makers.
Within this industry cycle, Hims occupies a position that carries both potential upside from its exclusive mask-tensioner franchise and the risk of an earnings gap if new order timing is delayed.
Samsung Display's 8.6G IT OLED line (A6) reportedly began loading production glass substrates from May 2026, with the line set to produce panels for Apple's first OLED MacBook.
However, it remains unconfirmed through separate order disclosures exactly when and how much this customer ramp-up will contribute to Hims's equipment revenue, including mask tensioners.
The 21.4% year-on-year decline in standalone-basis revenue through the first three quarters of 2025, along with the swing to operating and net losses, has been attributed to delays and reductions in panel makers' capital spending, and this trend has continued into the first half of 2026's quarterly results.
The company continues efforts to diversify its revenue base away from OLED-equipment concentration, including blue-filter inspection equipment for smartphone cameras, pellicle inspection equipment for semiconductors, and blood-glucose-meter inspection equipment for healthcare customers.
On the industry side, an expanding wave of 8G-class OLED investment among Chinese panel makers such as BOE, Visionox and CSOT has been observed, which could present opportunities for Hims should these customers eventually place mask-process equipment orders.
That said, no disclosure of a major new order or specific revenue guidance from Hims has been confirmed so far, meaning the timing of any earnings recovery hinges on whether and when customers resume investment and place confirmed orders.
Hims has posted net losses for four consecutive quarters, meaning a price-to-earnings-based valuation metric cannot currently be calculated.
In terms of the relationship between share price and book value per share, the stock trades below its net asset value, suggesting the market has not yet gained full confidence in an earnings recovery. The company has not paid a cash dividend in recent years, so dividend-yield appeal is limited.
On the earnings side, the pattern of swinging from a large loss in 2022 to profits in 2023-2024 and back to a loss in 2025 has recurred, so valuation should be considered alongside this earnings cycle.
Until customer investment resumption and new order disclosures from major clients such as Samsung Display are confirmed, it is difficult to draw a firm conclusion about the direction of business fundamentals from current metrics alone.
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
Hims maintains its status as the sole supplier of mask tensioners to Samsung Display. If Samsung Display decides to expand its 8.6G IT OLED line or make additional investments, this exclusive relationship could translate directly into orders. Domestically there is no alternative supplier, keeping competitive pressure relatively low in this segment.
Hims has broadened its revenue base into blue-filter inspection equipment for smartphone cameras, semiconductor pellicle inspection equipment, and healthcare blood-glucose-meter inspection equipment. This can be read as an attempt to reduce dependence on a single customer and industry cycle.
If diversification gains traction, it could partially cushion earnings volatility tied to swings in the OLED investment cycle.
Hims has a track record of returning to profit in both 2023 and 2024 after a large loss in 2022. This demonstrates a business structure capable of relatively swift earnings recovery once customer investment resumes.
In 2023 the company posted an operating margin of 11.3%, showing evidence of profitability improvement potential.
Revenue and operating profit have contracted together since Q3 2025, with Q2 2026 revenue falling to the lowest level in five quarters. Delays and reductions in panel makers' capital spending have been cited as the background for this deterioration. Given the single-customer-dependent structure, the timing of any investment resumption is difficult to predict.
The debt ratio rose sharply from 22.6% in 2024 to 53.3% in 2025, while total equity over the same period fell from KRW 70.69 billion to KRW 58.16 billion. Operating cash flow in 2025 also showed an outflow of KRW 14.45 billion, indicating that financial capacity is shrinking alongside declining profits. Further accumulated losses could heighten concerns about the balance sheet.
In overseas markets such as China, the company must compete with rivals like Hansong Neotech and KPS for mask-process equipment orders.
Some new panel makers are reportedly considering alternative technologies (such as ViP) instead of the fine-metal-mask approach, raising the possibility that demand for mask tensioners itself could decline over the long term. Such a shift could undermine Hims's core business foundation.
A significant portion of Hims's revenue depends on the capital-spending decisions of a single customer, Samsung Display. If the customer adjusts or delays the pace of its 8.6G IT OLED investment, Hims's orders and revenue are affected accordingly. Revenue diversification is underway but has not yet substantially reduced dependence on OLED equipment.
The debt ratio rose sharply to 53.3% in 2025, and operating cash flow turned negative. If losses persist, total equity could shrink further, weakening the company's financial buffer. It will be important to continue monitoring whether the scale of losses narrows in upcoming quarterly results.
If more panel makers adopt alternative methods instead of fine metal masks in the OLED deposition process, the demand base for Hims's core equipment could shrink structurally. Order competition with overseas rivals is also an ongoing variable.
If the growth pace of new non-OLED businesses is insufficient, the company's ability to respond to these risks could be limited.
The Q3 2026 quarterly report is expected around this time; it will be important to check whether the revenue and operating-loss trend seen through Q2 2026 continues or reverses.
It is worth checking the progress of mass production and launch of Apple's OLED MacBook panels made on Samsung Display's A6 line, and whether any related new order disclosures for Hims emerge.
If Samsung Display discloses its 2027 display capital-spending plan through its annual conference call or similar events, it will be worth checking whether additional 8.6G IT OLED investment or new line plans are included.
It is worth continuously monitoring DART for any new single-sale/supply-contract (order) disclosures from Hims, as these serve as a direct gauge of whether earnings are recovering.
The 2026 annual business report and audit report will confirm full-year results and changes in financial soundness indicators such as the debt ratio and total equity.
Hims holds a structurally exclusive position as the sole supplier of OLED mask tensioners to Samsung Display, but the simultaneous contraction in revenue and profit from Q3 2025 through Q2 2026 shows that this same structure can act as a risk.
Full-year 2025 revenue was KRW 59.26 billion with an operating loss of KRW 7.53 billion and a net loss of KRW 12.52 billion, and losses continued through the first half of 2026, bringing the trailing four-quarter cumulative net loss to KRW 14.05 billion.
Over the same period the debt ratio rose to 53.3% and total equity shrank, indicating a weakening financial buffer as well.
On the industry side, positive catalysts exist such as Samsung Display's 8.6G IT OLED investment and the launch of Apple's OLED MacBook, but no specific disclosure has yet confirmed that these will translate into new orders for Hims.
Diversification into non-OLED businesses is underway, but its share of total revenue and pace of growth are not yet clearly evident.
Ultimately, the future direction of earnings appears to hinge on when major customers such as Samsung Display resume investment and whether corresponding order disclosures actually materialize.
Report written 2026-09-05 · Data as of 2026-09-04
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