PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
TEMC has expanded operating profit on the back of localized semiconductor specialty gases such as neon, xenon and krypton, but quarterly results swung sharply, with operating profit collapsing in the first quarter of 2026 before rebounding in the second quarter.
2025 consolidated revenue reached KRW 279.7 billion (down 9.8% YoY), while operating profit rose to KRW 24.8 billion (up 26.1% YoY), marking a profitability improvement.
Operating profit plunged to roughly KRW 140 million in Q1 2026 before rebounding to about KRW 5.9 billion in Q2, highlighting wide quarter-to-quarter swings.
As of 2025, revenue breakdown is composed of 57% from the specialty gas for semiconductors segment, 41.5% from the semiconductor equipment segment, and 1.5% from the secondary battery equipment segment
The company is pursuing high-purity helium production and expanding dopant gas offerings such as germane (GeH4) to broaden its product portfolio.
In June 2026, TEMC acquired a 31.17% stake in ATEC Solution to pursue new business expansion.
Founded in January 2015, TEMC is a specialty gas manufacturer for semiconductor and display processes, and it listed on KOSDAQ in January 2023.
Its core products span excimer laser gas, rare gases such as xenon and krypton, CF-based etching gases, carbon monoxide and carbonyl sulfide, and diborane, a deposition-process mixed gas.
The company produces specialty gases in partnership with POSCO and has developed in-house facilities for separating and refining neon and helium, sourcing raw materials domestically and handling the entire process from separation to inspection, which is described as a unique domestic capability.
Customer supply began when the company started delivering neon to SK hynix from April of a prior year and to Samsung Electronics from the third quarter of that same year, under a joint venture with POSCO.
As of 2025, revenue was composed of 57% from semiconductor specialty gas, 41.5% from semiconductor equipment, and 1.5% from secondary battery equipment.
The equipment subsidiary has a long track record of supplying semiconductor process equipment to Samsung Electronics and SK hynix, while a grandchild subsidiary, which manufactures secondary battery equipment, is understood to have secured orders related to SK On and Nissan projects.
In June 2026, TEMC acquired a 31.17% controlling stake in ATEC Solution for the stated purpose of new business expansion and diversification.
In the past, neon supply was disrupted by heavy reliance on Ukraine after the outbreak of war, but TEMC's in-house production helped ease the domestic supply shortage, illustrating the differentiation of its self-sufficient production system.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩76.3B | ₩6.9B | 9.0% |
| 2025Q3 | ₩58B | ₩5B | 8.6% |
| 2025Q4 | ₩82.4B | ₩6.2B | 7.5% |
| 2026Q1 | ₩49.5B | ₩100M | 0.3% |
| 2026Q2 | ₩86.5B | ₩5.9B | 6.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩351.7B | ₩53.3B | ₩41.8B | 15.1% | 41.8% | 101.3% |
| 2023 | ₩200.8B | ₩21.1B | ₩22.7B | 10.5% | 12.9% | 62.2% |
| 2024 | ₩310.2B | ₩19.7B | ₩12.9B | 6.4% | 7.0% | 50.8% |
| 2025 | ₩279.7B | ₩24.8B | ₩16B | 8.9% | 8.1% | 45.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
Consolidated revenue swung widely, from KRW 351.7 billion in 2022 down 42.9% to KRW 200.8 billion in 2023, up 54.5% to KRW 310.2 billion in 2024, and down 9.8% to KRW 279.7 billion in 2025.
Operating profit fell from KRW 53.3 billion in 2022 to KRW 21.1 billion in 2023 and KRW 19.7 billion in 2024, then rebounded to KRW 24.8 billion in 2025, lifting the operating margin from 6.4% to 8.9%.
Net profit attributable to owners contracted from KRW 41.8 billion in 2022 to KRW 22.7 billion in 2023 and KRW 12.9 billion in 2024, before rising again to KRW 16.0 billion in 2025.
ValueFinder attributed this improvement to the fact that the standalone specialty gas business saw both revenue and profit increase on higher customer utilization and new product introductions, while subsidiary TEMC CNS achieved a 52% increase in operating profit through improved cost ratios and lower SG&A expenses.
On a quarterly basis, revenue of KRW 76.3 billion and operating profit of KRW 6.9 billion in Q2 2025 fell to KRW 58.0 billion and KRW 5.0 billion in Q3, before Q4 posted the year's peak with revenue of KRW 82.4 billion, operating profit of KRW 6.2 billion, and owner net profit of KRW 6.7 billion.
However, Q1 2026 revenue fell to KRW 49.5 billion and operating profit plunged to roughly KRW 140 million, pushing the operating margin below 1%. In Q2 2026, revenue rose to KRW 86.5 billion and operating profit recovered to KRW 5.9 billion, a marked improvement from the prior quarter.
This quarterly variability illustrates how sensitive results are to memory semiconductor utilization rates and the timing of customer orders.
The semiconductor specialty gas market is closely tied to the memory industry cycle.
ValueFinder assessed that the key variable for this year's earnings is the recovery of NAND utilization and expanded equipment orders, noting that rising customer utilization from a memory price rebound is already feeding through to revenue, with further growth possible if SK hynix-related projects and Yongin semiconductor cluster orders are fully reflected.
Neon is a representative item whose supply was disrupted after the outbreak of the Ukraine war due to heavy reliance on that source, before TEMC's in-house production eased the domestic shortage. Samsung Electronics and SK hynix have both expressed intent to localize xenon supply.
In terms of competitive structure, a small number of firms handle the domestic specialty gas supply chain, and the ability to perform the entire process in-house—from raw material separation to refining and inspection—is cited as a differentiating factor.
At the same time, revenue concentration among a small number of downstream customers such as Samsung Electronics and SK hynix means results remain structurally tied to their capex and utilization decisions.
In gas recycling, large domestic semiconductor makers are reportedly building recycling infrastructure at new plants, with the scope expected to expand from neon to deuterium and helium over time.
The company is planning to produce high-purity helium gas in the first half of 2026 and is working to expand its share of the DRAM and logic dopant gas market. Its germane (GeH4) product line is expanding customers beyond Korea into the US market.
NH Investment & Securities forecast in an April 2026 report that TEMC has a stable revenue structure based on domestic IDM customers and has begun supplying a US semiconductor fab, with related sales expected to be reflected from 2026.
The same report projected that operating profit would grow 22% this year on an expanding mix of high-value-added products such as diborane.
New business areas mentioned include gas recycling and pad-type aerogel technology, which is positioned as a material solving condensation problems on cryogenic piping in semiconductor processes.
In June 2026, the company acquired a stake in ATEC Solution for the stated purpose of new business expansion and diversification.
A grandchild subsidiary handling secondary battery equipment is understood to have secured orders related to SK On and Nissan projects, and full revenue recognition could bring additional benefits if the battery industry recovers.
Over the past year, the share price has fluctuated widely on expectations of a semiconductor recovery and individual events, moving through both premium and discount ranges relative to book value.
Given the wide quarterly swings—such as the sharp drop in operating profit in Q1 2026 followed by a recovery in Q2—the market's assessment of the earnings level it is pricing in has also tended to shift from quarter to quarter.
NH Investment & Securities noted in an April 2026 report that, based on expected profit growth from an expanding mix of high-value-added products such as diborane, valuation appeared attractive at that time, though this was a point-in-time judgment that may differ from current market conditions.
The company has paid cash dividends, but the dividend yield has remained on the lower side relative to the industry average. During periods when earnings contract and then recover, valuation metrics have tended to move in the same direction.
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 2026-08-22
TEMC has established a domestic system covering everything from raw material separation to refining and inspection for essential semiconductor materials such as neon, xenon, krypton and diborane. When neon supply became unstable in the past, its in-house production helped stabilize domestic supply. Its product portfolio continues to expand through helium production and growth in the dopant gas market.
As seen in the strong Q2 2026 recovery in revenue and operating profit from the prior quarter, higher customer utilization feeds through quickly into results. ValueFinder assessed that rising customer utilization from a memory price rebound is already translating into revenue growth.
Analysts note further growth potential if SK hynix-related projects and Yongin semiconductor cluster orders materialize.
Business scope is expanding beyond specialty gas through the equipment subsidiary, the secondary battery equipment grandchild subsidiary, and the June 2026 acquisition of ATEC Solution.
The battery equipment subsidiary is understood to have secured orders related to SK On and Nissan, which could become an additional revenue source if the battery industry recovers. Gas recycling and aerogel materials are also mentioned as mid-to-long-term growth drivers.
Consolidated revenue swung sharply year to year, from KRW 351.7 billion in 2022 down to KRW 200.8 billion in 2023, up to KRW 310.2 billion in 2024, and down again to KRW 279.7 billion in 2025. Operating profit plunged to roughly KRW 140 million in Q1 2026, a large deviation from the prior quarter.
Because revenue is concentrated among a small number of customers, results can swing significantly with the semiconductor cycle and order timing.
As of 2025, the semiconductor equipment subsidiary's revenue share reached 41.5%, increasing reliance on business beyond the core specialty gas segment. Equipment revenue recognition can be uneven depending on the timing and scale of order contracts, making it less predictable than the gas business.
The battery equipment grandchild subsidiary's revenue recognition timing likewise depends on the pace of any battery industry recovery.
Multiple new businesses—helium production, dopant gas, gas recycling, aerogel, and the ATEC Solution acquisition—are being pursued simultaneously, but most remain at an early stage with unclear timing and scale of revenue contribution.
For ATEC Solution, only the stated purpose of new business expansion has been disclosed, while specific business plans and profit contribution timing require further confirmation.
Demand for semiconductor specialty gas is tied to memory utilization and pricing, so a slower-than-expected recovery in NAND or DRAM markets could affect both revenue and profit. A repeat of the sharp operating profit decline seen in Q1 2026 cannot be ruled out.
Revenue is concentrated among a small number of customers such as Samsung Electronics and SK hynix, so changes in their capex plans or order delays could directly affect results.
Multiple new initiatives—helium and dopant gas production, the ATEC Solution acquisition, and gas recycling and aerogel businesses—are being pursued at once, so the timing of results could be delayed depending on resource allocation and execution speed.
The preliminary Q3 2026 earnings release should be checked to see whether the memory utilization recovery continues to translate into revenue and profit, and whether helium and dopant gas production is being reflected in actual sales.
The progress of integrating ATEC Solution, acquired in June 2026, and the timing of its profit contribution should be monitored.
It is worth checking how much of the newly begun supply to a US semiconductor fab is being reflected in actual revenue.
Once full-year 2026 results are formally disclosed on DART, they can be compared against the operating profit growth forecast previously presented by NH Investment & Securities.
It should be confirmed whether SK hynix-related projects and Yongin semiconductor cluster orders are being fully reflected in the subsidiary's results.
TEMC has localized production of semiconductor specialty gases such as neon, xenon and krypton, and 2025 operating profit grew more than 26% year over year, showing improved profitability.
However, quarterly results have shown wide swings, with operating profit falling to roughly KRW 140 million in Q1 2026 before recovering to about KRW 5.9 billion in Q2.
Revenue is split between the core specialty gas business (57%), the semiconductor equipment subsidiary (41.5%), and secondary battery equipment (1.5%), with business diversification also underway through the 2026 acquisition of ATEC Solution.
Numerous new initiatives—helium production, dopant gas expansion, gas recycling, and aerogel—are being pursued, but most remain at an early stage with unclear revenue contribution timing.
As the semiconductor industry recovery and order expansion from major customers become clearer, the sustainability of the earnings improvement will also be tested. Upcoming quarterly results and the progress of new businesses warrant continued monitoring.
Report written 2026-09-05 · Data as of 2026-09-04
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