PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩60 per share · Prices as of the 2026-10-02 close
GO Element supplies ALD canisters, level sensors, and sputtering targets for semiconductor processes, and both revenue and operating margin showed simultaneous improvement in the first half of 2026.
In Q1 2026, revenue reached KRW 14.85 billion (+12.5% YoY) and operating profit KRW 2.08 billion (+173.0% YoY), showing a clear improvement.
In Q2 2026, revenue rose to KRW 17.37 billion and operating profit to KRW 3.39 billion, the strongest quarter in the trailing four-quarter window.
Annual revenue expanded from KRW 17.8 billion in 2023 to KRW 44.8 billion in 2024 and KRW 54.6 billion in 2025, while operating margin fell sharply from 25.5% in 2022 to 4.3% in 2023 before fluctuating since.
Subsidiary Geo Appliance turned quarterly profitable after restructuring, contributing to consolidated earnings improvement.
The company is co-developing next-generation solid-chemical ALD canisters with SK Hynix, SK Trichem, and Poies, targeting revenue contribution from the second half of 2027.
GO Element supplies components and materials used in thin-film deposition processes for semiconductors and displays, organized into two main segments: precursor vaporization/delivery and sputtering targets.
The precursor vaporization segment manufactures canisters, ultrasonic level sensors, vaporizers, and PEB units used to vaporize and deliver precursors in atomic layer deposition (ALD) processes.
The sputtering target segment directly manufactures raw materials for thin-film deposition and metal wiring processes, and the company became the first domestic firm to localize and supply sputtering targets for 300mm wafer mass production.
Customers include domestic and overseas semiconductor and display device makers, equipment makers, and materials suppliers, mostly transacted on a custom-order basis. The company has expanded overseas sales through agents in Japan, Taiwan, and China, with exports growing rapidly as a share of revenue.
In 2024, GO Element acquired a stake in Geo Appliance, reorganizing its business into semiconductor and home-appliance divisions to diversify into precision heater and temperature-control components.
More recently, the company acquired a 58.69% stake in Etha, pursuing business diversification and new growth drivers through additional M&A and investment. These successive acquisitions have, in the short term, also drawn some market concern about dilution of business focus.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩12.7B | ₩1.2B | 9.2% |
| 2025Q3 | ₩15.6B | ₩1.4B | 9.2% |
| 2025Q4 | ₩13.1B | ₩1.1B | 8.1% |
| 2026Q1 | ₩14.9B | ₩2.1B | 14.0% |
| 2026Q2 | ₩17.4B | ₩3.4B | 19.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩28.6B | ₩7.3B | ₩6.7B | 25.5% | 13.7% | 8.7% |
| 2023 | ₩17.8B | ₩800M | ₩2.2B | 4.3% | 4.4% | 5.6% |
| 2024 | ₩44.8B | ₩5.3B | ₩3.3B | 11.9% | 6.2% | 24.9% |
| 2025 | ₩54.6B | ₩4.4B | ₩5.5B | 8.1% | 9.3% | 23.9% |
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
On an annual basis, revenue declined from KRW 28.6 billion in 2022 to KRW 17.8 billion in 2023, then expanded for two consecutive years to KRW 44.8 billion in 2024 and KRW 54.6 billion in 2025.
Operating margin, which stood at a high 25.5% in 2022, fell sharply to 4.3% in 2023, recovered to 11.9% in 2024, then eased back to 8.1% in 2025, showing considerable volatility.
Net income attributable to owners fell from KRW 6.68 billion in 2022 to KRW 2.23 billion in 2023, then recovered to KRW 3.35 billion in 2024 and KRW 5.46 billion in 2025.
Quarterly, revenue and operating profit moved from KRW 12.74 billion and KRW 1.17 billion (9.2% margin) in Q2 2025, to KRW 15.62 billion and KRW 1.44 billion (9.2%) in Q3 2025, and KRW 13.07 billion and KRW 1.06 billion (8.1%) in Q4 2025 — a modest, uneven trend.
This shifted in Q1 2026, when revenue reached KRW 14.85 billion and operating profit KRW 2.08 billion, lifting the margin to 14.0%, and Q2 2026 revenue climbed to KRW 17.37 billion with operating profit of KRW 3.39 billion, expanding the margin further to 19.5% — the highest profitability of the trailing four quarters.
Management attributed the improvement to expanded shipments of ALD canisters and level sensors to domestic and overseas customers, combined with the turnaround of subsidiary Geo Appliance, which had been unprofitable at the time of its 2024 acquisition.
Overseas revenue growth outpaced domestic growth, indicating that export channel expansion is contributing meaningfully to top-line growth.
The ALD process at the core of GO Element's business is widely used across AI semiconductor, memory, and foundry manufacturing, and demand for related components and materials tends to rise as process nodes shrink further.
The Bank of Korea recently noted in its policy meeting that exports, led by semiconductors, have shown stronger-than-expected momentum, raising its growth forecast — suggesting a broader recovery in the semiconductor industry is underpinning demand for parts and materials suppliers.
The sputtering target and precursor vaporization/delivery equipment markets have historically been dominated by a small number of foreign suppliers over an extended period, with domestic localization demand from device and equipment makers forming one pillar of growth.
GO Element has a track record as the first domestic firm to mass-supply sputtering targets for 300mm wafer processes, and its canisters and level sensors continue to be adopted as standard components by domestic and overseas ALD equipment and precursor manufacturers.
That said, the segment carries high revenue dependence on a limited number of large device and equipment customers, making performance sensitive to their capital expenditure cycles.
The shift toward next-generation processes using solid precursors is still at an early stage, and the timing and scale of commercializing related new products is likely to represent the industry's next growth axis.
Following solid Q1 2026 results, the company stated it expected growth to continue into Q2 and Q3 relative to Q1, and actual Q2 revenue and operating profit did exceed Q1 levels, consistent with that expectation.
As a next growth driver, the company is developing a solid-chemical ALD canister, forming a four-way collaboration with SK Hynix, SK Trichem, and Poies to jointly develop equipment for supplying solid precursors needed for molybdenum-based next-generation semiconductor processes.
Management internally expects revenue contribution from this product starting in the second half of 2027, meaning the pace of development progress remains a key variable since mass-production sales have not yet begun.
Subsidiary Geo Appliance is expected to continue contributing to profit going forward, as the company has indicated that most of its structural improvement work is complete.
The semiconductor division's precursor vaporization products continue to be adopted as standard components by domestic and overseas ALD equipment and precursor makers, while sputtering targets continue to be supplied to a leading domestic semiconductor device maker on the basis of quality stability and price competitiveness, alongside expanding exports to global customers.
However, the company has maintained that it cannot provide specific guidance for Q4 or full-year results since no confirmed figures exist yet, meaning the direction of second-half performance needs to be confirmed sequentially through upcoming quarterly disclosures.
The recent quarter-over-quarter earnings improvement suggests a recovery in profitability metrics compared with the sharp decline seen in 2023.
However, given that annual operating margin has swung considerably since 2022, whether the recent margin improvement is a sustained trend will require observation over several more quarters.
From a valuation standpoint, it is useful to consider the price level relative to net asset value and its position within historical trading ranges, and the fact that the company has recently implemented a quarterly dividend policy is a relevant reference point.
Its relative standing compared with other localization- and export-oriented companies within the semiconductor materials and components sector may be interpreted differently by market participants, so ongoing fact-based monitoring of earnings releases and new-product mass-production schedules is warranted rather than drawing a definitive conclusion.
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
Both revenue and operating margin rose in Q1 and Q2 2026 consecutively, marking a clear improvement trend. The company attributed this to expanded domestic and overseas sales of ALD canisters and level sensors. Subsidiary Geo Appliance's turn to profitability also contributed positively to consolidated results.
GO Element has a track record as the first domestic company to mass-supply sputtering targets for 300mm semiconductor processes. Export share has been rising through expanded sales channels via agents in Japan, Taiwan, and China.
Given the localization nature of its high-purity materials business, demand for alternative supply chains could continue steadily.
The company has formed a four-way collaboration with SK Hynix, SK Trichem, and Poies to jointly develop a next-generation solid-chemical ALD canister. It targets revenue contribution from the second half of 2027, offering potential for a new revenue stream.
The joint development relationship with a major semiconductor device maker could serve as a foundation for broader future product adoption.
Annual operating margin swung sharply from 25.5% in 2022 to 4.3% in 2023, then to 11.9% in 2024 and back down to 8.1% in 2025. This suggests that results are highly sensitive to customer capex cycles and product mix shifts. Whether the recent margin improvement will persist needs to be confirmed through further quarterly results.
The company has continued diversification investments, including the 2024 acquisition of Geo Appliance and the more recent stake acquisition in Etha.
Management has described these as decisions aimed at strengthening medium- to long-term technological competitiveness rather than short-term results, though acquisition-related controversy has been raised in the market.
The shorter track record of earnings stability at these diversified businesses compared with the core semiconductor operation is worth noting.
GO Element's revenue structure is heavily dependent on a small number of large semiconductor device and equipment customers. Its new solid ALD canister product has not yet begun mass-production sales, so any delay in the development schedule could affect the growth narrative.
If the semiconductor industry slows, reduced capital spending by upstream customers could directly impact results.
Revenue is concentrated among a small number of large customers, so order changes at any single customer can directly affect results. The new solid ALD canister business has no mass-production revenue yet, so the possibility of development delays or technical issues cannot be ruled out.
Whether the subsidiary diversification strategy generates synergy with the core business requires further validation through future results.
Successive equity acquisitions can involve capital outlays substantial relative to equity. While the acquired subsidiary has reportedly turned profitable, whether its contribution to consolidated results remains stable needs to be confirmed over additional quarters.
If diversification investments generate lower profitability than the core business, this could strain the consolidated financial structure.
The semiconductor industry is inherently cyclical, tied to global demand and customer capex cycles, so a downturn could dampen demand for components and materials as well. As overseas revenue share grows, currency fluctuations and export-related regulatory changes are variables that could affect performance.
If the pace of process-generation transitions is slower than expected, the timing of new-product revenue contribution could also be delayed.
The Q3 2026 quarterly report disclosure should be checked to confirm whether the revenue and margin improvement seen through Q2 continues.
It should be verified whether concrete Q4 and full-year figures are disclosed as the company indicated, and how the annual dividend policy is finalized.
Progress on completing development of the solid ALD canister co-developed with SK Hynix, SK Trichem, and Poies, and the targeted second-half 2027 revenue contribution, should be monitored.
It is worth continuously checking whether subsidiaries such as Geo Appliance and Etha contribute stably to consolidated results, and whether additional equity acquisitions or investment plans arise.
GO Element is a semiconductor materials and components supplier of ALD canisters, level sensors, and sputtering targets, and showed simultaneous improvement in revenue and operating margin through Q1 and Q2 2026.
On an annual basis, revenue has expanded steadily since 2023, but operating margin has swung considerably since 2022, meaning further confirmation is needed on whether the recent improvement is a sustained trend.
The turnaround of subsidiary Geo Appliance contributed positively to consolidated results, but successive equity acquisitions as part of business diversification remain a point of market attention regarding capital allocation.
The next-generation solid ALD canister, co-developed with SK Hynix and others, has not yet generated mass-production revenue, with the company targeting contribution from the second half of 2027. Dependence on a small number of large customers and the semiconductor industry cycle remain key variables for performance.
Going forward, a sequential approach of monitoring quarterly disclosures, new-product development timelines, and subsidiary earnings stability appears warranted.
Report written 2026-09-05 · Data as of 2026-09-04
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