PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩480 per share · Prices as of the 2026-10-02 close
QRT, the only listed semiconductor reliability verification specialist in Korea, is navigating a phase where testing demand tied to next-generation memory such as HBM and CXL is expanding alongside notable quarter-to-quarter earnings volatility.
Consolidated 2025 revenue reached KRW 68.86 billion, up for a third straight year, but the operating margin of 6.9% remains well below the 17.2% recorded in 2022.
Operating profit hit a quarterly high of about KRW 2.98 billion (roughly 14.6% margin) in 1Q26, but fell back to KRW 1.23 billion in 2Q26, underscoring wide quarter-to-quarter swings.
The spread of next-generation memory and interconnect technologies including HBM3E/HBM4, CXL, and SoCAMM2 is cited as a structural growth driver for reliability testing demand.
Application areas are diversifying into space/defense and AI chip fabless customers, but the 2025 debt ratio rose sharply to 74.2% from 50.9% a year earlier.
KB Securities projected FY2026 revenue of KRW 82.1 billion and operating profit of KRW 12.1 billion (14.7% margin) in a March 2026 report, though first-half results are still tracking toward that outlook.
QRT originated from the quality assurance department of Hyundai Electronics, the predecessor of SK hynix, and was established in 2014 when the semiconductor inspection division of SK hi-tech E&G was spun off; the company listed on KOSDAQ in 2022.
Its business rests on three pillars: semiconductor reliability evaluation, comprehensive failure analysis, and supply of self-developed reliability test equipment.
The company has secured roughly 500 customers including major domestic and overseas semiconductor firms, and has built a stable business base as reliability evaluation has become an essential process amid demand for high-performance, high-reliability chips.
This market is regarded as difficult for new entrants given high technical barriers and evaluation unit pricing.
More recently, collaboration has expanded with domestic AI chip fabless firms such as Rebellions, DeepX, and Mobilint, diversifying the customer base, while quality inspection demand for space and defense components from government bodies such as the Korea AeroSpace Administration and the Korea Aerospace Research Institute, along with large private conglomerates, has emerged as a new application area.
To grow its comprehensive analysis segment alongside reliability evaluation, the company is reported to have invested about KRW 10 billion between 2022 and 2024 and roughly KRW 11.3 billion in 2025 alone.
As new interconnect ecosystems such as SoCAMM (socket-type memory modules) and CXL move toward mass production, demand for module-level reliability verification is also expanding. Through these two axes—memory advancement and application diversification—QRT is gradually broadening its business scope.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩17.4B | ₩1.2B | 6.8% |
| 2025Q3 | ₩19B | ₩2B | 10.7% |
| 2025Q4 | ₩17.1B | ₩1B | 5.8% |
| 2026Q1 | ₩20.4B | ₩3B | 14.6% |
| 2026Q2 | ₩18.5B | ₩1.2B | 6.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩59.6B | ₩10.3B | ₩6.4B | 17.2% | 6.2% | 43.4% |
| 2023 | ₩53.3B | ₩800M | ₩2.6B | 1.4% | 2.6% | 41.7% |
| 2024 | ₩65.3B | ₩4.8B | ₩2.9B | 7.3% | 3.2% | 50.9% |
| 2025 | ₩68.9B | ₩4.8B | ₩2.9B | 6.9% | 3.2% | 74.2% |
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
Consolidated revenue declined from KRW 59.63 billion in 2022 to KRW 53.26 billion in 2023, then recovered for two straight years to KRW 65.25 billion in 2024 and KRW 68.86 billion in 2025.
The operating margin plunged from 17.2% in 2022 to 1.4% in 2023, before improving to 7.3% in 2024 and 6.9% in 2025, still below its earlier peak.
Net income attributable to owners fell from KRW 6.43 billion in 2022 to KRW 2.62 billion in 2023, then held broadly steady at KRW 2.86 billion in 2024 and KRW 2.89 billion in 2025.
On a quarterly basis, 3Q25 revenue of KRW 19.03 billion and operating profit of KRW 2.04 billion (roughly 10.7% margin) improved before falling sharply in 4Q25 to revenue of KRW 17.08 billion, operating profit of KRW 0.99 billion, and net income of KRW 0.31 billion.
This was followed by 1Q26, the strongest quarter in the recent window, with revenue of KRW 20.41 billion, operating profit of KRW 2.98 billion (roughly 14.6% margin), and net income of KRW 2.68 billion, before easing again in 2Q26 to revenue of KRW 18.50 billion, operating profit of KRW 1.23 billion, and net income of KRW 1.11 billion.
Summed over the most recent four quarters (3Q25–2Q26), revenue totaled about KRW 75.0 billion, operating profit about KRW 7.24 billion, and net income attributable to owners about KRW 5.45 billion, which annualizes above full-year 2025 levels.
The debt ratio rose sharply from 41.7% in 2023 and 50.9% in 2024 to 74.2% in 2025, as total liabilities increased from KRW 45.96 billion to KRW 66.26 billion, consistent with expanded facility investment or external financing.
The wide swings between quarters reflect the project-based nature of order intake and revenue recognition in the reliability testing business.
The World Semiconductor Trade Statistics (WSTS) organization projected that the global semiconductor market would grow more than 25% year-on-year in 2026 to roughly $975 billion, with the memory segment expanding at a rate in the 30% range that outpaces the overall market.
BofA estimated the 2026 HBM market at $54.6 billion, up 58% year-on-year.
According to Counterpoint Research, SK hynix has maintained an oligopolistic position in the HBM market, and SK hynix reported record quarterly results in 2Q26 with revenue of KRW 79.32 trillion and operating profit of KRW 60.54 trillion, attributing the improvement to expanded sales of high-performance products for AI servers.
Samsung Electronics also began mass shipment of HBM4 for the first time globally in February 2026 and stated a target to more than triple HBM4 revenue quarter-on-quarter in the third quarter, aiming for HBM4 to exceed 60% of total HBM revenue in the second half.
This accelerating generational transition from HBM3E to HBM4 is cited as a factor that raises both the difficulty and volume of reliability evaluation work.
QRT holds a unique position as the only listed independent reliability verification specialist in Korea, offering outsourced verification services distinct from large IDMs' in-house quality assurance organizations, though the possibility of customers expanding internal inspection capacity or competition from overseas certification bodies also exists.
KB Securities projected in a March 2026 report that QRT's annual revenue would reach KRW 82.1 billion (+22.5% year-on-year) and operating profit KRW 12.1 billion (+159.7% year-on-year, 14.7% margin), citing space and defense-related revenue from government agencies such as the Korea AeroSpace Administration and the Korea Aerospace Research Institute along with private conglomerates surpassing KRW 10 billion, and operating leverage from reliability testing tied to next-generation technologies such as HBM4 and SOCAMM2.
The Bell reported in February 2026 that QRT had internally set a target of achieving record annual revenue, with the prior record being KRW 65.25 billion set in 2024.
Results through 1Q26 (revenue of KRW 20.41 billion, operating profit of KRW 2.98 billion) could be viewed as tracking toward that goal, but 2Q26 (revenue of KRW 18.50 billion, operating profit of KRW 1.23 billion) eased again, making it premature to judge full-year target achievement based on first-half results alone.
The company has continued investing to grow its comprehensive analysis segment alongside reliability evaluation, aiming to restore double-digit operating margins.
Expanding application areas toward AI chip fabless customers and the space/defense sector is also cited as a factor for diversifying the medium-to-long-term revenue base.
The current share price trades above net asset value per share, indicating a degree of premium relative to book value.
Earnings passed through a trough in 2023 and showed a gradual recovery in 2024–2025, a pattern that has continued into the first half of 2026 amid quarterly fluctuations, and the price-to-earnings multiple reflects this earnings-recovery phase.
The company has a history of paying cash dividends, though dividend-related metrics can vary from year to year depending on the scale of earnings. Valuation metrics remain in a range that could shift depending on future quarterly results and whether the company's stated annual targets are achieved.
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
QRT is the only listed independent semiconductor reliability verification specialist in Korea, maintaining its business base on roughly 500 customers and a high technical entry barrier.
Despite most chipmakers having their own quality standards, outsourcing of reliability evaluation has continued as product lines diversify. This near-exclusive position reflects a market structure with limited room for new competitors.
The transition from HBM3E to HBM4, along with the spread of new interconnect ecosystems such as CXL and SoCAMM2, is cited as a factor that raises both the difficulty and volume of reliability testing.
With both SK hynix and Samsung Electronics having formalized expanded HBM4 mass production, there is potential for related verification demand to grow. Diversification into space/defense and AI chip fabless applications is also underway.
The company is reported to have invested about KRW 10 billion in comprehensive analysis capacity between 2022 and 2024 and roughly KRW 11.3 billion in 2025, aiming to restore double-digit operating margins.
The improvement to roughly 14.6% operating margin in 1Q26 can be read as a partial reflection of this investment, though the subsequent decline in 2Q26 means sustainability needs to be confirmed in coming quarters.
Operating profit fell sharply to KRW 0.99 billion in 4Q25 from KRW 2.04 billion in 3Q25, and again dropped to less than half of the 1Q26 level, at KRW 1.23 billion in 2Q26. The project-based nature of order intake and revenue recognition results in low quarter-to-quarter predictability, which warrants attention.
The debt ratio at end-2025 rose sharply to 74.2% from 50.9% in 2024, with total liabilities expanding from KRW 45.96 billion to KRW 66.26 billion.
While this is interpreted as a result of expanded facility investment or external financing, the rapid rise in financial leverage is a factor worth monitoring in terms of future interest burden or capital structure changes.
The operating margin plunged from 17.2% in 2022 to 1.4% in 2023 before recovering to around 7% in 2024–2025, still short of its earlier peak.
Compared with a securities firm's projected 14.7% full-year operating margin for 2026, the trend through the first half is at too early a stage to judge whether that target will be reached.
Given the company's origins and business structure, revenue dependence on a small number of large semiconductor companies such as SK hynix may be significant, and results could be linked to shifts in upstream memory makers' investment and production schedules.
Customer diversification is underway, but a definitive shift in revenue concentration has not yet been confirmed.
The debt ratio's sharp rise to 74.2% in 2025 could translate into higher future interest expense or the need for additional financing. Given the capital-intensive nature of the business with ongoing facility investment, the method and timing of financing could have varying effects on shareholder value.
If the ramp-up of new technologies such as HBM4, CXL, and SoCAMM2 is delayed or proceeds more gradually than expected, the timing of increased order volume for related reliability testing could also be pushed back. This is a variable that could affect the timing of the company's stated earnings improvement targets.
Check whether 3Q26 revenue and operating profit improve from 2Q26 levels (revenue KRW 18.50 billion, operating profit KRW 1.23 billion), and whether the seasonal pattern of second-half order concentration repeats.
Check whether the company achieves its stated goal of surpassing its prior record revenue (KRW 65.25 billion in 2024), and how actual full-year results compare with KB Securities' projection of KRW 82.1 billion revenue and KRW 12.1 billion operating profit.
Monitor whether reliability testing volume actually increases in line with SK hynix's and Samsung Electronics' HBM4 production ramp-up pace, and whether space/defense segment revenue approaches the roughly KRW 10 billion scale referenced by KB Securities.
Check via upcoming quarterly financial statements whether the debt ratio rises further from the 2025 level of 74.2% or stabilizes.
As the only listed semiconductor reliability verification specialist in Korea, QRT holds a structural opportunity tied to expanding testing demand from the spread of next-generation memory such as HBM and CXL, and is broadening its application areas into space/defense and AI chip fabless customers.
However, the history of operating margin plunging to 1.4% in 2023, along with earnings slowdowns in 4Q25 and 2Q26, illustrates that quarter-to-quarter volatility remains significant. The 2025 debt ratio rising sharply to 74.2% from the prior year is also a financial structure factor worth watching.
KB Securities projected FY2026 revenue of KRW 82.1 billion and operating profit of KRW 12.1 billion, but first-half results alone are not sufficient to judge whether that target will be met.
Future quarterly results, the pace of HBM4 production ramp-up, and the trajectory of the debt ratio are likely to be key variables in gauging whether the company's earnings improvement can be sustained.
Report written 2026-09-05 · Data as of 2026-09-04
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