PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩70 per share · Prices as of the 2026-10-02 close
Backed by renewed fab investment from Samsung Electronics and SK Hynix, Wert's revenue and operating profit have shown a clear recovery trend since 2025.
Q2 2026 revenue of KRW 7.7 billion and operating profit of KRW 2.1 billion marked the strongest quarter in the recent five-quarter window.
The 2025 annual operating margin improved to 16.3% from 13.4% the prior year, extending a profit recovery trend.
THC (ultra-precision temperature/humidity control equipment) orders are rising on the back of new fab investment such as Samsung's P4 and SK Hynix's M15X lines.
EUV-process THC qualification and customer diversification into Taiwan and China are emerging as new growth axes.
High dependence on a small number of major customers leaves quarterly results sensitive to the semiconductor investment cycle.
Wert was founded in 2004 and listed on KOSDAQ in October 2023 as a specialist in environmental control equipment for semiconductor and display manufacturing processes.
Its core products are the ultra-precision temperature and humidity control unit (THC), fan filter unit (FFU), and precision thermo-control unit (TCU), operated under a customized B2B business model.
The flagship THC product is mounted on track equipment in semiconductor Photo processes and HBM processes, controlling environments to a precision of ±0.05°C in temperature and ±0.5% in humidity.
TCU equipment supplies precision temperature-controlled air to HBM debonding processes and display inkjet equipment, while FFU is continuously supplied to track and cleaning equipment.
According to KB Securities, as of Q1 2026 THC accounted for 56.2% of revenue and FFU for 33.2%, underscoring THC as the core revenue driver. Wert is registered as a first-tier supplier to Samsung Electronics and SK Hynix, and also counts equipment maker Semes among its clients.
The domestic THC market is concentrated among a small number of players, an area historically dominated by Japanese suppliers before localization progress.
More recently, the company has expanded overseas sales channels, winning orders from Chinese track equipment makers and entering mass production for a Taiwanese back-end semiconductor line.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.3B | -₩26,519,267 | −1.2% |
| 2025Q3 | ₩2.4B | ₩200M | 9.4% |
| 2025Q4 | ₩6B | ₩1.3B | 21.1% |
| 2026Q1 | ₩4.3B | ₩1B | 22.1% |
| 2026Q2 | ₩7.7B | ₩2.1B | 27.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩22.8B | ₩6.7B | ₩5.9B | 29.4% | 18.0% | 8.9% |
| 2023 | ₩12.8B | ₩1.5B | ₩2.2B | 11.4% | 3.6% | 2.5% |
| 2024 | ₩15.2B | ₩2B | ₩3.4B | 13.4% | 5.4% | 3.0% |
| 2025 | ₩15.2B | ₩2.5B | ₩3.6B | 16.3% | 5.4% | 3.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Wert's annual results moved from a boom year in 2022, with revenue of KRW 22.8 billion and operating profit of KRW 6.7 billion (29.4% margin), to a sharp contraction in 2023 with revenue of KRW 12.8 billion and operating profit of KRW 1.5 billion (11.4% margin), before recovering through 2024 and 2025.
Revenue reached KRW 15.2 billion in 2024 with operating profit of KRW 2.0 billion (13.4% margin), and in 2025 revenue was KRW 15.2 billion with operating profit improving to KRW 2.5 billion (16.3% margin).
Net income attributable to owners also rose for three straight years, from KRW 2.2 billion in 2023 to KRW 3.4 billion in 2024 and KRW 3.6 billion in 2025.
On a quarterly basis, Q2 2025 posted revenue of KRW 2.3 billion with an operating loss of KRW 0.03 billion, before turning profitable in Q3 2025 with revenue of KRW 2.4 billion and operating profit of KRW 0.2 billion, then improving markedly in Q4 2025 to revenue of KRW 6.0 billion and operating profit of KRW 1.3 billion.
The uptrend continued into 2026, with Q1 revenue of KRW 4.3 billion and operating profit of KRW 1.0 billion, followed by Q2 revenue of KRW 7.7 billion and operating profit of KRW 2.1 billion.
According to a Hankyung interview, first-half 2026 operating profit reached roughly KRW 3 billion, already exceeding full-year 2025 operating profit, reflecting rising THC orders tied to renewed capital investment by Samsung Electronics and SK Hynix.
Combined net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) totaled about KRW 5.1 billion, a clear expansion versus the preceding four-quarter window.
The elevated 2022 margin may partly reflect a temporary boom in semiconductor investment at the time, so how far the 2025-2026 recovery extends will need to be confirmed through upcoming quarterly results.
The global wafer fab equipment (WFE) market appears to have entered a renewed growth phase, driven by expanding AI-related demand.
Domestic media reports indicate that Korean semiconductor equipment makers have secured a string of large domestic and overseas orders in the second half of 2026, attributed to large-scale fab expansion investments by Samsung Electronics, SK Hynix, and Micron.
In particular, growing demand for data-center HBM has provided comparatively larger benefits to back-end equipment suppliers. Overseas brokerages have also been revising up 2026-2028 WFE forecasts, with one estimate showing a substantial upward revision to the projected 2026 growth rate.
In the environmental control equipment segment where Wert operates, application areas are expanding from front-end Photo processes into back-end processes such as HBM stacking and debonding.
The domestic THC market is structured around a small number of competing suppliers, an area assessed as having achieved substantial localization from what was historically Japanese-dominated territory.
However, KB Securities has flagged a potential investment gap in the downstream industry as a risk factor for Wert, suggesting that equipment maker performance could remain sensitive to the timing and scale of memory makers' capital spending.
In a Hankyung interview, Wert CEO Park Seung-bae said that as Samsung Electronics and SK Hynix's semiconductor investments have revived, related orders have begun increasing in earnest, with the company's factory utilization rate now reaching around 90%.
The company is reviewing a plan to double its production space and is also pursuing exports to a Taiwanese customer.
According to News2Day, Wert completed qualification of its EUV-process THC in Q1 2026; Samsung Electronics reportedly brought the equipment into its process line in late 2025 and completed wafer-input evaluation in Q1 2026, with plans to finalize the evaluation report in Q3 2026 and pursue order wins for next year.
The same report noted that Wert signed a roughly KRW 2.0 billion equipment supply contract with SK Hynix in April, and in August disclosed a THC supply contract with Samsung Electronics worth about KRW 0.95 billion, equivalent to 6.23% of 2025 consolidated revenue.
On the overseas front, the company has reportedly entered mass production for a Taiwanese semiconductor maker's back-end line after equipment evaluation, and continues to win THC orders from Chinese track equipment makers.
This expanding EUV qualification and customer diversification are cited as factors that could broaden the order base going forward, though the timing and scale of actual revenue recognition remain unconfirmed.
The current share price level sits in a range that requires comparison against the company's historical trading band, and with the ongoing profit recovery, the price-to-earnings multiple appears elevated relative to past troughs.
On a price-to-book basis, the stock appears to trade at a certain premium to net asset value. On the dividend front, the company does pay a cash dividend, but the yield itself is modest, consistent with the growth-oriented characteristics typical of KOSDAQ equipment names.
The improvement in operating margin since 2025 and three consecutive years of growth in net income attributable to owners are fundamental changes worth considering in any valuation assessment.
That said, the company's high dependence on a small number of large customers drives significant quarterly earnings volatility, and its market capitalization falls into the small-cap category, which can result in comparatively larger trading liquidity and price swings that should also be factored in.
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 2026-09-05
Orders related to THC have begun increasing in earnest as new fab investments such as Samsung's P4 and SK Hynix's M15X resume. The company has stated that factory utilization has reached around 90%, and first-half 2026 operating profit has already surpassed the full prior year's result.
This can be interpreted as an indicator that the downstream customer investment cycle has entered a recovery phase.
TCU equipment is being used in HBM debonding processes, extending applications into the back-end domain. In Q1 2026 the company completed EUV-process THC qualification, and plans to finalize its evaluation report in Q3 2026 with an eye toward securing orders for next year.
The expansion of the product lineup from front-end into back-end and next-generation lithography processes is cited as a growth driver.
The company continues to win THC orders from Chinese track equipment makers, and has entered mass production on a Taiwanese semiconductor maker's back-end line following equipment evaluation. The company is also reviewing a plan to double its production space while pursuing exports to a Taiwanese customer.
A rising share of overseas customers relative to the current domestic large-customer-centric revenue structure could broaden the revenue base.
Wert's revenue is heavily dependent on a small number of large customers, including Samsung Electronics and SK Hynix. Quarterly results have shown wide swings, from an operating loss in Q2 2025 to a sharp turn to profitability in Q2 2026.
This reflects the structural characteristic that performance is largely dictated by the timing of customer capital investment execution.
KB Securities has flagged a potential investment gap in the downstream industry as a risk factor for Wert. If memory makers delay or scale back their investment plans, THC orders tied to new fabs could also slow.
The sharp decline in revenue and operating profit during the 2023 semiconductor investment downturn underscores this sensitivity.
Wert is classified as a KOSDAQ small-cap with a relatively modest market capitalization. Such small-caps tend to have more limited trading liquidity than large-caps and can show relatively larger short-term volatility in response to thematic news.
Indeed, the share price has reacted sensitively to various external news events, including immersion cooling themes and Tesla-Samsung contract news.
A substantial portion of revenue is concentrated with Samsung Electronics and SK Hynix, meaning changes in either customer's capital investment plans directly affect results. Delays or cuts in a specific customer's investment can be immediately reflected in Wert's order intake and revenue recognition timing. Customer diversification is underway, but its contribution to revenue is still considered limited.
The semiconductor equipment industry has a cyclical nature in which order intake concentrates or experiences gaps depending on the timing of memory makers' capacity investment. The sharp earnings decline in 2023 illustrates that this cycle risk has previously materialized. While WFE investment forecasts are being revised upward, the actual timing and scale of execution remain fluid.
The domestic THC market has a competitive structure among a small number of players, and intensified technology development or price competition from rivals could affect market share.
New-technology products such as EUV-process THC must go through customer evaluation and qualification procedures, and delays or failures to pass cannot be ruled out. Securing new overseas customers also requires separate qualification processes that can take time.
Check whether the evaluation report on Samsung Electronics' EUV-process THC is finalized, as this is a key event that could lead to new order wins in 2027.
It is necessary to confirm whether the plan to double production space is formally finalized, along with its investment scale and timing.
The Q3 2026 earnings disclosure should be checked to see whether the first-half profit recovery trend continues into the second half.
The outcome of export efforts toward the Taiwanese customer and whether a new contract is signed should be checked.
Wert is a specialist in semiconductor environmental control equipment (THC, FFU, TCU) that has shown improving revenue and operating margins since 2025, supported by renewed fab investment from Samsung Electronics and SK Hynix.
Q2 2026 revenue and operating profit marked the highest levels in the recent five-quarter window, with first-half 2026 operating profit already exceeding the prior full year's figure.
EUV-process THC qualification, expanding HBM back-end applications, and diversification into overseas markets such as China and Taiwan are cited as factors that could broaden the future order base.
However, heavy revenue dependence on a small number of large customers drives significant quarterly earnings volatility, and a downstream investment gap has been flagged by KB Securities as a potential risk factor. As a small-cap stock, price volatility tied to thematic news also remains a factor.
Key items to watch going forward include the outcome of the EUV qualification report, confirmation of the production capacity expansion plan, and whether new overseas export contracts are signed.
Report written 2026-09-05 · Data as of 2026-09-04
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