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
Auros Technology, the sole domestic localizer of overlay metrology equipment, has secured new hybrid-bonding-related orders from customers including Samsung Electronics and SK hynix, but its quarterly earnings have become increasingly volatile.
Overlay metrology equipment is a high-barrier market with only three global producers, and Auros Technology is the sole domestic localizer.
After swinging to profit in 2024 (9.9% operating margin), the company reverted to a loss in 2025 (-16.1% operating margin), with wide swings in quarterly revenue and earnings.
In November 2025, the company was confirmed to have received an order from Samsung Electronics for its 'HE-900IR' infrared overlay equipment used in HBM hybrid bonding.
The company is diversifying its customer base with Japan's Kioxia and China's YMTC and CXMT, easing its historical concentration on SK hynix.
The stock trades at a premium to book value, and the company does not currently pay a dividend.
Auros Technology was founded in 2009 and primarily manufactures overlay metrology equipment that measures the vertical alignment of circuit patterns during front-end lithography processes.
The company achieved Korea's first localization of overlay metrology equipment in 2011, and the overlay equipment market remains highly barrier-protected, with only three global producers including Auros Technology, a US firm, and a Dutch firm.
In the overlay metrology market, KLA of the United States maintains a dominant position with more than 60% market share, positioning Auros Technology as a later entrant seeking to expand its foothold through localization.
Its flagship product is the front-end 'OL-12inch' system, while its back-end lineup has expanded to include the wafer-level package (WLP) 'OL-900nw', the infrared (IR) overlay system 'HE-900IR' for hybrid bonding, and the wafer warpage inspection tool 'WaPIS-30'.
For 2025, revenue mix is estimated at 57% front-end overlay and 32% packaging equipment.
On the customer side, SK hynix has historically accounted for a high share of revenue, while supply to Samsung Electronics has recently expanded, and the company has secured China's major memory makers YMTC and CXMT as customers, steadily increasing its overseas revenue share.
In Japan, the company has supplied its 'OL-1000n' overlay metrology equipment to NAND flash maker Kioxia as part of ongoing customer diversification efforts.
Overall, the company is pursuing a strategy of expanding from its core front-end overlay technology into back-end metrology areas such as packaging and hybrid bonding.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩13.9B | -₩700M | −4.8% |
| 2025Q3 | ₩7.6B | -₩5.8B | −76.8% |
| 2025Q4 | ₩13.8B | -₩1.6B | −11.5% |
| 2026Q1 | ₩6.8B | -₩6.8B | −100.1% |
| 2026Q2 | ₩11.4B | -₩2.3B | −20.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩35.4B | -₩3.3B | -₩3B | −9.3% | −4.9% | 14.1% |
| 2023 | ₩45.5B | ₩2.4B | ₩3.4B | 5.2% | 5.4% | 19.0% |
| 2024 | ₩61.4B | ₩6.1B | ₩5.9B | 9.9% | 8.7% | 38.5% |
| 2025 | ₩52.1B | -₩8.4B | -₩6.4B | −16.1% | −10.1% | 45.2% |
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 grew from 35.40 billion won with an operating loss of 3.29 billion won (-9.3% operating margin) in 2022 to 45.53 billion won with operating profit of 2.37 billion won (5.2% margin) in 2023, marking a swing to profitability.
In 2024, revenue rose further to 61.41 billion won with operating profit of 6.08 billion won (9.9% margin), extending the earnings recovery, but in 2025 revenue fell to 52.14 billion won with an operating loss of 8.37 billion won (-16.1% margin) and a net loss of 6.42 billion won, reverting back to losses.
The quarterly pattern shows even sharper swings.
Revenue fell from 13.87 billion won in the second quarter of 2025 to 7.57 billion won in the third quarter, producing a large operating loss of 5.81 billion won and a net loss of 5.42 billion won, while the fourth quarter saw revenue recover to 13.82 billion won yet still post an operating loss of 1.59 billion won, though net income turned slightly positive at 0.37 billion won.
In the first quarter of 2026, revenue dropped sharply again to 6.81 billion won, generating the weakest recent quarterly result with an operating loss of 6.82 billion won and a net loss of 5.11 billion won, before revenue recovered to 11.37 billion won in the second quarter alongside an operating loss of 2.29 billion won and a net loss of 3.57 billion won.
Combined attributable net loss over the most recent four quarters (Q3 2025 through Q2 2026) reached 13.73 billion won, indicating the company has re-entered a loss phase after its 2024 earnings recovery.
On the cash flow side, 2025 operating cash flow was positive at 1.67 billion won despite the net loss, likely reflecting working-capital movements in inventory and receivables. The debt ratio rose from 14.1% in 2022 to 45.2% in 2025, indicating somewhat greater financial leverage.
In the semiconductor industry, rising stack heights in high-bandwidth memory (HBM) for AI accelerators are increasing the importance of back-end metrology.
Samsung Electronics is pursuing partial adoption of hybrid bonding technology starting with its next-generation HBM4E (seventh generation), while SK hynix is also strengthening internal technology readiness.
However, a JEDEC decision earlier this year to raise the HBM stack-height limit allows HBM4 to remain on the relatively simpler microbump approach, deferring hybrid bonding's full-scale arrival to the HBM4E and HBM5 generations.
Hanmi Semiconductor, which holds more than 70% of the TC bonder market, has formalized a dual-track strategy by investing 100 billion won in hybrid bonding technology, and Hanwha Semitech and others are also entering equipment development, intensifying technology competition across the domestic back-end equipment industry.
Overseas, Applied Materials of the United States, working with BESI of the Netherlands, has developed the integrated die-to-wafer hybrid bonding system 'Kinex' and is expected by the industry to lead the early market.
In the overlay metrology equipment market itself, KLA continues to hold an overwhelming share, positioning Auros Technology as the sole domestic localizer pursuing a niche strategy through new packaging and hybrid-bonding product lines.
According to market research, the global hybrid bonding equipment market is projected to more than double from 1.5 billion dollars in 2024 to 3.2 billion dollars by 2033, which could translate into expanded demand for related back-end metrology equipment including overlay systems.
The company was confirmed in November 2025 to have received consecutive orders from Samsung Electronics for HBM hybrid bonding metrology equipment and back-end metrology equipment, with the total order for its infrared (IR) overlay system 'HE-900IR' estimated at about 6 billion won, roughly 9.8% of 2024 revenue of 61.4 billion won.
This order is seen by some in the industry as marking the company's evolution from a supplier known mainly to SK hynix into a metrology equipment provider spanning Samsung's front-end, hybrid bonding, and back-end processes.
In Japan, the company established a local office last July and has dispatched a task force to support Kioxia's Kitakami fab, with an industry source noting that additional gains could be expected given Kioxia's large-scale investment.
Heungkuk Securities projected in a December 2025 report that 2026 revenue would reach 85.3 billion won (up 39% year-on-year) with operating profit of 13.9 billion won (a swing to profit), forecasting 52% growth in front-end overlay revenue on expanded investment from existing and new customers; however, this forecast has diverged from the first- and second-quarter 2026 results reported since then, so actual progress needs to be confirmed through upcoming quarterly results.
The company continues to expand its back-end portfolio with HBM pad overlay and WLP warpage equipment beyond its core front-end overlay business while pursuing new customer acquisitions.
Given assessments that its IR overlay equipment for hybrid bonding is drawing interest from global customers, the timing and scale of actual revenue recognition from related orders are likely to be a key variable for future earnings.
With recent net losses, the company's price-to-earnings ratio (PER) is not meaningful, and its price-to-book ratio (PBR) trades at a premium to net asset value.
This can be interpreted as partly reflecting the scarcity value of being a domestic localizer of semiconductor metrology equipment, its base of large domestic customers including Samsung Electronics and SK hynix, and expectations for business expansion into back-end and hybrid bonding areas.
However, given that the company reverted to losses in 2025 and the first half of 2026 after its 2024 earnings recovery, it is worth monitoring the gap between market expectations for future profit improvement, which underpin the premium to book value, and actual reported results.
The company currently pays no dividend, suggesting capital is being directed toward reinvestment and growth rather than shareholder returns. Whether an improving trend in operating margin materializes in coming quarters will likely be an important variable in assessing whether the current premium persists.
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
Overlay metrology equipment is a market with only three global producers due to high technical barriers, and Auros Technology is the sole domestic localizer. Samsung Electronics' recent order for hybrid-bonding IR overlay equipment shows the customer base expanding beyond its historical concentration on SK hynix. This position in a high-barrier market may make near-term entry by new competitors more difficult.
The company is expanding its product lineup from core front-end overlay equipment into packaging-focused OL-900nw, hybrid-bonding-focused HE-900IR, and wafer warpage inspection tool WaPIS-30.
As industry sources note growing adoption of overlay equipment in back-end processes amid rising HBM stack counts, there is room for these product lines to increase their revenue contribution. The estimated rise in packaging equipment's revenue share to 32% in 2025 supports this trend.
The company is broadening its customer base beyond its historical concentration on SK hynix to include Samsung Electronics, China's YMTC and CXMT, and Japan's Kioxia.
It has strengthened overseas sales efforts, including establishing a local office in Japan last year and operating a task force supporting Kioxia's Kitakami fab. Reduced dependence on any single customer has the potential to improve the stability of results over time.
Quarterly revenue and earnings have shown very wide swings, including a sharp drop to 7.57 billion won in the third quarter of 2025 and another steep decline to 6.81 billion won in the first quarter of 2026.
The order-driven revenue structure, where equipment recognition concentrates in specific quarters, results in low predictability, which is a burden factor. Net losses have persisted on a trailing four-quarter combined basis.
A JEDEC decision earlier this year to raise the HBM stack-height limit allows HBM4 to remain on the relatively simpler microbump approach, with hybrid bonding's full-scale adoption expected to be pushed back to the later HBM4E and HBM5 generations.
This implies that revenue recognition timing for hybrid-bonding IR overlay equipment could be later than anticipated. It will be important to monitor when growth expectations for these new products actually translate into revenue.
KLA continues to hold an overwhelming share of more than 60% in the overlay metrology equipment market.
In the back-end hybrid bonding equipment segment, competition is intensifying as Applied Materials of the US and BESI of the Netherlands expand their integrated 'Kinex' system and as large domestic equipment makers such as Hanmi Semiconductor and Hanwha Semitech increase investment. For Auros Technology, which has relatively limited capital resources, the burden of R&D investment could grow.
Due to the order-driven revenue structure, equipment recognition concentrates in specific quarters, producing large quarterly swings in revenue and earnings.
A pattern of alternating losses and small profits has continued through 2025 and the first half of 2026, making it difficult to judge business direction from short-term results alone. It is necessary to review the trend across multiple upcoming quarters together.
The timing of hybrid bonding commercialization could be delayed relative to industry forecasts, potentially pushing back revenue contribution from related new products.
At the same time, large global equipment makers and domestic latecomer competitors are expanding investment in related technology, raising the possibility of intensifying share competition going forward. The time required for technology validation and mass-production adoption is also a source of uncertainty.
SK hynix still accounts for a relatively high share of revenue, and while diversification toward Samsung Electronics and customers in China and Japan is underway, the base does not yet appear fully dispersed. Changes in a specific customer's investment plans or order delays could directly affect results. It will be necessary to confirm whether contracts with new customers translate into stable, recurring revenue.
This is the expected filing date for the third-quarter 2026 quarterly report, allowing confirmation of whether the recent loss trend continues or improves.
It will be worth checking the progress of Samsung Electronics' and SK hynix's HBM4E hybrid bonding validation and whether additional related metrology equipment orders follow.
Additional orders from Japanese customers such as Kioxia and whether test equipment converts into formal mass-production orders should be monitored.
The 2026 annual business report filing will allow confirmation of the gap between 2026 revenue and profit forecasts previously issued by securities firms such as Heungkuk Securities and actual results.
Auros Technology has built its customer base among major domestic semiconductor makers such as Samsung Electronics and SK hynix, as well as customers in Japan and China, on the back of its rare technological position as a domestic localizer of overlay metrology equipment.
However, after its earnings recovery in 2024, the company returned to losses in 2025 and the first half of 2026, and the very wide quarter-to-quarter swings in revenue and profit are a recurring pattern tied to its business model.
The order for hybrid-bonding IR overlay equipment from Samsung Electronics is viewed as a positive signal of customer base expansion, but there is also a possibility that the industry-wide commercialization timing of hybrid bonding itself could be delayed relative to current forecasts.
Portfolio expansion into back-end and packaging equipment is cited as a growth driver, but the actual scale and timing of its revenue contribution need to be confirmed sequentially through upcoming quarterly results.
The stock trades at a premium to book value, and the sustainability of any future improvement in operating margin is likely to be the key variable in narrowing the gap between market expectations and actual results.
Investors will want to monitor upcoming quarterly earnings disclosures and order trends related to hybrid bonding among major customers in a balanced way.
Report written 2026-09-05 · Data as of 2026-09-04
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