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
Megatouch swung to an operating loss in 2025 but posted two consecutive quarters of sharply higher revenue and operating profit in the first half of 2026, entering a recovery phase.
FY2025 revenue was KRW 43.2bn with an operating loss of KRW 4.17bn, but 1Q2026 (KRW 1.94bn operating profit) and 2Q2026 (KRW 4.77bn) both showed widening profitability
2Q2026 revenue jumped to KRW 25.2bn from the prior quarter, with net profit attributable to owners of KRW 4.08bn
The company specializes in consumable test components — battery charge/discharge test pins and clips, and semiconductor probe pins and ICT pins
Operating cash flow remained positive at KRW 5.66bn even in 2025, with a stable debt ratio of 19.6%
The broader semiconductor back-end test equipment investment upcycle provides a favorable industry backdrop
Founded in 2011, Megatouch specializes in test components for the secondary battery and semiconductor industries, manufacturing and selling battery charge/discharge test pins and clips as well as semiconductor probe pins and ICT pins.
The battery segment makes test pins used in the activation stage of the battery manufacturing process, which follows electrode and assembly stages, while the semiconductor segment produces pins used in wafer test and final test processes.
The company is headquartered and operates production facilities in Cheonan, Chungcheongnam-do, and is classified under the electrical/electronics sector on KOSDAQ.
The battery segment supplies consumable components used in charge/discharge inspection processes for domestic battery cell makers, and industry reports have indicated that Megatouch supplies test pins to Korea's three major battery makers.
The semiconductor segment delivers probe pins consumed during wafer and final test stages to back-end test houses and integrated device manufacturers.
Both businesses share a common characteristic of supplying consumable components that are repeatedly replaced during inspection and measurement processes rather than finished products, tying revenue closely to production and inspection volumes in end markets.
The company listed on KOSDAQ in 2023, and since then its share price has been classified as a small-cap issue sensitive to battery- and semiconductor-related theme news.
Competitively, the expansion of production capacity and inspection process sophistication at major domestic battery and semiconductor manufacturers is a key variable for the company's revenue.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩12.1B | -₩94,848,245 | −0.8% |
| 2025Q3 | ₩10B | -₩600M | −6.2% |
| 2025Q4 | ₩11.7B | ₩1.3B | 10.8% |
| 2026Q1 | ₩15.9B | ₩1.9B | 12.2% |
| 2026Q2 | ₩25.2B | ₩4.8B | 18.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩49B | ₩8.1B | ₩6.6B | 16.5% | 26.5% | 69.2% |
| 2023 | ₩50.1B | -₩300M | -₩88,210,647 | −0.5% | −0.2% | 33.1% |
| 2024 | ₩53B | ₩4B | ₩5B | 7.5% | 9.1% | 17.9% |
| 2025 | ₩43.2B | -₩4.2B | -₩2.9B | −9.7% | −5.5% | 19.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Megatouch's annual results show pronounced swings. In 2022, the company posted revenue of KRW 49.0bn and operating profit of KRW 8.1bn (16.5% margin), a strong year, but in 2023, despite revenue rising slightly to KRW 50.1bn, it swung to an operating loss of KRW 0.25bn, showing significant profitability instability.
In 2024, revenue rose to KRW 53.0bn with operating profit of KRW 4.0bn (7.5% margin) and net profit of KRW 5.04bn, marking a return to profitability, but in 2025 revenue fell year-on-year to KRW 43.2bn with an operating loss of KRW 4.17bn (-9.7% margin) and a net loss of KRW 2.86bn, tipping back into deficit.
Notably, operating cash flow remained a positive KRW 5.66bn inflow even in 2025, indicating that cash generation capacity was maintained despite the accounting loss.
On a quarterly basis, weakness persisted through 2Q2025 (revenue KRW 12.1bn, operating loss KRW 0.09bn) and 3Q2025 (revenue KRW 10.0bn, operating loss KRW 0.62bn), before turning profitable in 4Q2025 (revenue KRW 11.7bn, operating profit KRW 1.26bn).
This trend became more pronounced in 2026, with 1Q2026 revenue of KRW 15.9bn and operating profit of KRW 1.94bn, followed by 2Q2026 revenue of KRW 25.2bn and operating profit of KRW 4.77bn — both revenue and profit expanding sharply.
Net profit attributable to owners in 2Q2026 reached KRW 4.08bn, the highest among the most recent five quarters. The combined results of the latest four quarters (3Q2025 through 2Q2026) show a recovery trend that contrasts with the 2025 annual loss, and whether this improvement continues is a key point to watch.
The semiconductor industry appears to have entered an investment expansion phase in 2026 on the back of AI demand.
Market researcher TechInsights stated that semiconductor equipment spending in 2026 is expected to increase more than 50% compared to 2025, with test and related equipment spending tallied at USD 11.4bn in the fourth quarter of 2026.
SK hynix has indeed been increasing orders for HBM4 wafer test equipment, and supply contracts for HBM4 wafer inspection equipment won by Digital Frontier and Unitest from SK hynix total KRW 247.84bn.
Hanwha Investment & Securities stated on September 2, 2026 that it presents a 'Positive' investment view on the semiconductor sector, citing surging large-scale orders directed at memory test equipment makers.
However, this reported investment expansion centers mainly on finished test equipment makers, and the extent to which it directly translates into demand for consumable components such as the probe pins Megatouch supplies requires separate confirmation.
In the battery segment, the ramp-up of next-generation battery formats such as LG Energy Solution's 4680 cylindrical battery is cited as a variable that could affect charge/discharge test process volumes.
Competitively, the company's revenue structure is shaped by the capital expenditure and inspection volumes of Korea's three major battery makers and large semiconductor manufacturers and back-end test houses, resulting in relatively high dependence on a small number of major customers.
Overall, the semiconductor back-end investment cycle is moving in a favorable direction, but the speed and extent to which this flows through to a consumable-parts supplier's results needs to be confirmed through upcoming quarterly earnings.
In the first half of 2026, both revenue and operating profit expanded quarter-over-quarter in both 1Q and 2Q. In particular, 2Q revenue of KRW 25.2bn was the largest among the most recent five quarters, showing that the recovery trend has continued since the trough in the second half of 2025.
However, whether this trend reflects a temporary increase in orders from a specific customer or a seasonal factor, versus a structural increase in volume, needs further confirmation through upcoming quarterly results.
In the semiconductor segment, expanded back-end investment related to HBM4 by major domestic chipmakers including SK hynix continues, warranting ongoing observation of how demand for consumable inspection components evolves.
In the battery segment, the mass-production plans and investment schedules of the three major battery makers, including LG Energy Solution, for new battery formats remain a variable that could affect demand for activation-stage test pins.
It has not been confirmed whether the company has publicly issued specific quantitative revenue or profit guidance, and forthcoming quarterly and annual reports will need to be checked for concrete direction.
On the financial structure side, the low debt ratio and steady operating cash flow generation suggest relatively limited near-term concerns about financial stability itself.
Megatouch's share price, having passed through the weak 2025 earnings period and now entering a profit-recovery phase in the first half of 2026, is trading in a range that carries a premium over net asset value.
Since its listing, the share price has shown wide swings tied to battery- and semiconductor-related news flow, and the multiples at which it has traded have similarly ranged widely.
As recent quarterly profits have expanded, the price level relative to book value per share appears to have moved toward the upper end of its historical trading range, and with no dividend paid through the most recent fiscal year, dividend appeal remains limited.
How much of the recent profit-recovery trend this valuation already reflects, and whether the trend continues in coming quarters, is a point on which investors may reasonably differ.
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 2026-09-04
After posting consecutive operating losses in 2Q and 3Q 2025, Megatouch turned profitable from 4Q, then rapidly expanded operating profit to KRW 1.94bn in 1Q2026 and KRW 4.77bn in 2Q2026. 2Q revenue of KRW 25.2bn marked a sharp increase from KRW 15.9bn the prior quarter.
Net profit attributable to owners also reached a recent-quarter high of KRW 4.08bn in 2Q, showing a clear improvement in the profit structure.
Despite the operating loss in 2025, operating cash flow remained a positive net inflow of KRW 5.66bn, and the debt ratio fell sharply to 19.6% from 69.2% in 2022 and 33.1% in 2023.
Equity declined slightly from KRW 55.19bn in 2024 to KRW 52.33bn in 2025 but remains ample relative to liabilities, indicating that financial capacity was not significantly impaired even during the weak earnings period.
TechInsights forecasts that semiconductor equipment spending will rise more than 50% year-on-year in 2026, and SK hynix has been expanding orders for HBM4 wafer test equipment.
Hanwha Investment & Securities presented a positive view on the semiconductor sector, citing a surge in large-scale orders directed at memory test equipment makers. This expansion in back-end inspection investment is viewed as an environment that could favorably affect demand for related consumable components.
Full-year 2025 revenue fell to KRW 43.2bn from KRW 53.0bn in 2024, and operating profit swung from a KRW 4.0bn profit to a KRW 4.17bn loss. Net profit also reversed from KRW 5.04bn to a loss of KRW 2.86bn. Despite the H1 2026 improvement, this reversal into loss remains a confirmed full-year result.
The company's revenue structure is reportedly heavily dependent on the ordering schedules of Korea's three major battery makers and large semiconductor customers. Indeed, quarterly revenue swung more than 2.5-fold, from KRW 10.0bn in 3Q2025 to KRW 25.2bn in 2Q2026, reflecting significant volatility.
This volatility makes it difficult to judge whether strong results in any given quarter represent a sustainable trend.
Since its listing, Megatouch's share price has on several occasions shown large short-term swings tied to battery- and semiconductor-related news, such as automaker-battery maker partnership announcements or new technology development news.
This suggests the share price can move significantly based on news flow independent of underlying earnings improvement. As a small-cap stock, trading volume and liquidity also tend to be more limited than for larger-cap names.
Most of the company's revenue is reportedly dependent on orders from Korea's three major battery makers and a small number of large semiconductor customers. Changes to major customers' production or investment plans, or delays in orders, could directly affect the company's results. Progress on diversifying the customer base needs to be confirmed through future disclosures.
Recent quarterly results have swung widely from around KRW 10bn to KRW 25.2bn in revenue, and the company has alternated between annual profit and loss. This makes it difficult to predict whether strong results in a given quarter will continue into the next. Investors need to examine trends across multiple quarters rather than relying on a single quarter's results.
Megatouch is a small-cap KOSDAQ stock with a limited market capitalization, and repeated instances of sharp short-term price swings tied to battery- and semiconductor-theme news have been observed. This implies the share price can move due to supply-demand factors unrelated to earnings. Price volatility stemming from the low trading volume typical of small-cap stocks should also be considered.
3Q2026 results are expected to be disclosed around the statutory filing deadline for the quarterly report, and it will be important to check whether the first-half profit recovery trend continued into the third quarter.
It will be worth monitoring whether HBM4-related back-end investment expansion by major domestic chipmakers such as SK hynix continues, and whether this translates into orders for consumable components in the semiconductor segment.
Progress on the mass-production ramp-up of new battery formats (such as the 4680) by the three major battery makers including LG Energy Solution, and related investment plan announcements, should be checked to gauge changes in demand for battery test pins.
The 2026 annual business report will need to be checked for confirmed full-year results and dividend policy, including whether the historical no-dividend stance continues.
Megatouch had a difficult 2025, with annual revenue declining and the company posting an operating loss, but it turned profitable starting in 4Q2025 and then showed a recovery trend with both revenue and operating profit expanding sharply through 1Q and 2Q of 2026.
On the financial side, a low debt ratio and positive operating cash flow maintained even in 2025 support stability.
Structurally, the business is heavily dependent on Korea's three major battery makers and large semiconductor customers, making results sensitive to changes in specific customers' ordering patterns, and recent quarterly revenue volatility has been substantial.
On the industry side, there is a favorable backdrop from expanding semiconductor back-end investment, though the extent to which this directly translates into demand for consumable components requires further confirmation.
The share price has shown the characteristics of a small-cap stock sensitive to theme-related news since listing, and is currently trading in a range carrying a premium over net asset value alongside the recent profit recovery.
Upcoming quarterly disclosures and major customers' investment schedules are likely to be the key variables in determining whether this recovery trend continues.
Report written 2026-09-05 · Data as of 2026-09-04
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