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
Samyoung S&C is a KOSDAQ-listed maker of humidity, pressure, and dust sensors produced through its own MEMS process, and while operating losses have persisted for years, the scale of those losses has been narrowing as the company expands into EV battery and automotive applications.
2025 revenue fell 11.4% year over year to KRW 10.98 billion, but the operating loss narrowed 45.6% and the net loss narrowed 66.4%, confirming a loss-reduction trend.
Net income attributable to owners turned positive in Q1 2026 but swung back to a net loss in Q2, showing significant quarter-to-quarter volatility.
The company has secured reference use of its precision dew-point meter 'Dry-Trak' with Korea's three major battery makers and is pursuing wireless sensor solution supply to North American battery plants.
Total equity has declined for four consecutive years, from KRW 25.18 billion in 2022 to KRW 18.98 billion in 2025.
The company pays no dividend, and the trailing four quarters through Q2 2026 still show a cumulative net loss.
Founded in 2000 and listed on KOSDAQ in 2021, Samyoung S&C is Korea's only comprehensive environmental sensor specialist, having established a Canadian subsidiary after its listing.
The company handles the full process from material synthesis and basic-device development through MEMS processing, chip-type humidity sensor mass production, and finished-product manufacturing, producing a range of environmental sensors covering temperature, humidity, pressure, fine dust, and gas.
Its flagship product, the chip-type humidity sensor HumiChip®, has a track record of supply to global companies including Ford and Amphenol.
Leveraging its chilled-mirror-based low dew-point transmitter 'Dry-Trak', a high-precision humidity measurement technology, the company has entered the market for extreme-low-humidity environment management in battery manufacturing, securing dew-point-meter references with Korea's three major battery makers (Samsung SDI, LG Energy Solution, and SK On) and pursuing wireless sensor solution supply to North American battery plants.
It is also expanding supply of automotive fuel-system pressure sensors and precision dew-point meters for EV batteries, building a growth base in industrial measurement instruments and automotive sensors.
The next-generation third-generation HumiChip® targets EV HVAC systems and premium refrigeration markets, while pressure sensors are expanding from automaker supply into industrial and defense applications.
That said, the chip-type humidity sensor segment has raised its share of high-value-added applications amid intensifying competition from global semiconductor companies, though the earnings contribution remains limited.
Other non-executive director Byun Dong-jun also serves as chairman and CEO of Samyoung Electric Industrial, indicating a connection to the broader Samyoung group of affiliates.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.6B | -₩400M | −13.8% |
| 2025Q3 | ₩2.6B | -₩600M | −22.1% |
| 2025Q4 | ₩2.7B | -₩300M | −11.0% |
| 2026Q1 | ₩3.1B | -₩566,374 | −0.0% |
| 2026Q2 | ₩2.8B | -₩400M | −14.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩13.6B | -₩1.3B | -₩1B | −9.3% | −4.1% | 12.6% |
| 2023 | ₩11.6B | -₩3.5B | -₩2.8B | −30.4% | −11.9% | 13.1% |
| 2024 | ₩12.4B | -₩3.1B | -₩3.4B | −25.2% | −16.8% | 15.9% |
| 2025 | ₩11B | -₩1.7B | -₩1.1B | −15.5% | −6.0% | 15.0% |
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 moved from KRW 13.64 billion in 2022 to KRW 11.65 billion in 2023, KRW 12.39 billion in 2024, and KRW 10.98 billion in 2025, showing an overall contracting trend despite year-to-year fluctuation.
The operating loss widened from KRW -1.27 billion in 2022 to KRW -3.54 billion in 2023, then narrowed to KRW -3.12 billion in 2024 and KRW -1.70 billion in 2025, with the operating margin improving from -30.4% in 2023 to -15.5% in 2025.
The net loss also narrowed from KRW -3.36 billion in 2024 to KRW -1.13 billion in 2025; on a full-year 2025 basis, revenue fell 11.4% year over year while the operating loss narrowed 45.6% and the net loss narrowed 66.4%.
Quarterly, Q3 2025 revenue was KRW 2.65 billion with an operating loss of KRW -0.59 billion, actually a wider loss, before Q4 2025 improved to revenue of KRW 2.71 billion, an operating loss of KRW -0.30 billion, and a net loss of KRW -0.13 billion.
In Q1 2026, revenue reached KRW 3.05 billion and the operating loss narrowed to roughly KRW -0.006 billion, near breakeven, with net income turning positive at about KRW 0.24 billion, but Q2 2026 reverted to a loss with revenue of KRW 2.76 billion, an operating loss of KRW -0.41 billion, and a net loss of KRW -0.26 billion.
Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners was roughly KRW 0.57 billion, indicating that the annual loss-narrowing trend has not yet translated into consistent quarterly stability.
Operating cash flow actually became more negative, from KRW -0.08 billion in 2022 to KRW -2.15 billion in 2025, a divergence from the reported earnings improvement that warrants further scrutiny.
Total equity fell for four straight years, from KRW 25.18 billion in 2022 to KRW 18.98 billion in 2025, while the debt ratio has stayed low, ranging between 12.6% and 15.0%.
The environmental sensor market rests on demand from a range of downstream industries, including precision humidity control in EV battery manufacturing, semiconductor and display cleanrooms, and indoor air quality (IAQ) management.
In particular, the high-precision dew-point meter market essential for extreme-low-humidity environment management in battery manufacturing has historically been dominated by European firms, and Samyoung S&C is building a growth base as an alternative supplier in this space.
However, in the chip-type humidity sensor segment, competition from low-cost, general-purpose products by global semiconductor companies has intensified, and while the company is responding by raising the share of high-value-added applications, the earnings contribution remains limited so far.
Domestic and overseas capacity expansions and dry-room build-outs by Korea's three major battery makers underpin demand for precision dew-point meters, though supply to new markets such as North America is still at the pursuit stage.
In the automotive segment, the company is broadening its automaker supply base through fuel-system pressure sensors and the third-generation HumiChip® for EV HVAC systems, while also diversifying applications into industrial and defense uses.
With annual revenue in the low-to-mid KRW 10 billion range, the company's revenue base is small relative to large global sensor makers, leaving it relatively more dependent on specific customers and applications.
Having secured dew-point-meter references with Korea's three major battery makers for its precision dew-point meter 'Dry-Trak', the company is pursuing wireless sensor solution supply to North American battery plants, making expansion into new regions and customers a key point to watch for future revenue growth.
Development of the next-generation third-generation HumiChip® targeting EV HVAC systems and premium refrigeration markets is ongoing, and whether new customers are secured in these areas warrants observation.
The pressure sensor business is at a stage of broadening applications from automaker supply into industrial and defense uses. The return to net income in Q1 2026 could be read as a sign of earnings improvement, but the reversion to a net loss in Q2 means achieving stable quarterly performance remains the key issue.
No specific revenue or profit guidance has been confirmed, so progress should be tracked through future quarterly disclosures and any filings related to new contracts or certifications.
With total equity having declined for four consecutive years, the pace of future earnings improvement and cash flow trends remain important variables for financial stability.
The company has posted net losses for four consecutive quarters, putting it in a range where a conventional price-to-earnings ratio is difficult to calculate. The price-to-book ratio sits close to net asset value, so there is no pronounced premium or discount relative to book value at this stage.
With no dividend being paid, the appeal from a dividend-yield perspective is limited. The scale of losses, which peaked in 2023, has generally moved toward narrowing since then, but quarter-to-quarter swings between profit and loss continue, so it is difficult to say the improving direction has fully settled in.
Given that total equity has been on a continuous downward trend, this pattern is also worth keeping in mind when interpreting net-asset-based metrics.
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
The annual operating loss peaked at KRW -3.54 billion in 2023 before narrowing to KRW -3.12 billion in 2024 and KRW -1.70 billion in 2025, while the net loss also shrank sharply from KRW -3.36 billion in 2024 to KRW -1.13 billion in 2025. Q1 2026 also saw net income turn positive. The multi-year narrowing in the scale of losses can be read as a positive directional signal.
Through its precision dew-point meter 'Dry-Trak', the company has secured references with Korea's three major battery makers and is pursuing wireless sensor solution supply to North American battery plants.
Extreme-low-humidity environment management in battery manufacturing has been an area of European strength, so the company's positioning as an alternative supplier is notable.
The third-generation HumiChip® targets EV HVAC systems and premium refrigeration markets, while pressure sensors are expanding from automaker supply into industrial and defense applications. This can be viewed as an attempt to diversify away from dependence on any single industry.
Annual revenue fell from KRW 13.64 billion in 2022 to KRW 10.98 billion in 2025 over four years, and 2025 revenue declined 11.4% year over year. Even as loss size has narrowed, the shrinking revenue base itself is a burden.
Net income turned positive in Q1 2026 but reverted to a loss in Q2, with revenue of KRW 2.76 billion, an operating loss of KRW -0.41 billion, and a net loss of KRW -0.26 billion.
Unlike the annual improvement trend, quarterly results alternate between profit and loss, meaning a stable earnings structure has not yet taken hold.
In the chip-type humidity sensor segment, despite raising the share of high-value-added applications amid intensifying low-cost competition from global semiconductor companies, the earnings contribution remains limited. With a smaller revenue scale than large global players, maintaining price competitiveness could be challenging.
Total equity has declined for four straight years, from KRW 25.18 billion in 2022 to KRW 18.98 billion in 2025, and operating cash flow has become more negative, from KRW -0.08 billion in 2022 to KRW -2.15 billion in 2025.
While the debt ratio itself is low at around 15%, continued equity erosion and cash outflows could increase the need for future funding.
The company has a supply structure relatively concentrated among specific customer groups, including automakers and global semiconductor and electronics firms. A slowdown in EV or battery market demand, or reduced orders from a specific customer, could directly affect earnings.
Other non-executive director Byun Dong-jun also serves as chairman and CEO of Samyoung Electric Industrial, and a recent increase in his shareholding has been reported, warranting attention to both the affiliate relationship and ownership changes.
As a small-cap KOSDAQ stock with a relatively high proportion of minority shareholders and limited trading volume, the impact of ownership-related disclosures on the share price also merits monitoring.
Q3 2026 preliminary earnings are expected to be disclosed around this time, making it a key point to check whether quarterly results improve after reverting to a loss in Q2.
A point to check for any follow-up disclosures such as contracts or MOUs related to supplying the precision dew-point meter 'Dry-Trak' to North American battery plants.
A point to check whether the next-generation third-generation HumiChip® secures new customers in the EV HVAC and premium refrigeration markets.
Around the time of the FY2026 business report, audit report, and annual general shareholders' meeting, when confirmed annual results and trends in equity and cash flow should be reviewed again.
Samyoung S&C is a small-cap KOSDAQ stock producing humidity, pressure, and dust environmental sensors through an in-house integrated process, and it has shown a trend of narrowing operating and net losses since peaking in 2023.
However, the annual revenue base has been shrinking since 2022, and quarterly results remain highly volatile, as seen in the swing from positive net income in Q1 2026 back to a net loss in Q2.
Facts such as securing references with Korea's three major battery makers through the precision dew-point meter 'Dry-Trak', pursuing supply to the North American market, and the third-generation HumiChip®'s entry into EV HVAC and premium refrigeration markets could serve as a basis for future application diversification.
At the same time, four consecutive years of declining total equity and widening operating cash outflows remain factors requiring ongoing verification from a financial stability standpoint.
The company pays no dividend, and the net loss attributable to owners has continued even on a trailing four-quarter basis, so investors will want to watch quarterly earnings disclosures and any filings related to new contracts or certifications to see whether the loss-narrowing trend continues.
Report written 2026-09-05 · Data as of 2026-09-04
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