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
Dowoo Insys maintains its position as the sole supplier of Ultra Thin Glass for Samsung Display's book-type foldable (Galaxy Z Fold) cover windows, and after a weak 2025 the company has shown a clear recovery in revenue and operating profit through the first half of 2026.
The company has continuously held sole supplier status for book-type foldable UTG from Galaxy Z Fold2 through Fold7.
Full-year 2025 revenue was KRW 139.79 billion with operating profit of KRW 3.38 billion (2.4% operating margin), a sharp profitability decline from 2024's KRW 141.71 billion revenue and KRW 9.70 billion operating profit.
Combined operating profit for Q1-Q2 2026 (about KRW 10.0 billion) has already exceeded one brokerage's full-year 2026 operating profit forecast of KRW 9.7 billion issued in a December 2025 report.
Apple's expected entry into the foldable phone market in late 2026 to early 2027, along with the spread of dual UTG technology, is cited as a mid- to long-term growth catalyst.
Following the July 2025 KOSDAQ listing and capital raise, the debt ratio improved from 53.5% in 2024 to 35.8% in 2025.
Dowoo Insys, founded in 2010, is a specialist in Ultra Thin Glass and was the world's first company to mass-produce UTG for foldable smartphones, starting in 2019.
Its core product is UTG used in smartphone cover windows, and it has served as the sole supplier for book-type foldable models from the Galaxy Z Fold2 through Fold7, holding the largest volume of mass-production references in the industry.
Its supply chain runs through Samsung Display as a first-tier partner and onward to smartphone OEMs including Samsung Electronics, Google, and China's OPPO, VIVO, and Xiaomi.
Production is based at two sites: the headquarters plant in Cheongju, Korea, and a Vietnamese subsidiary, with reported monthly capacity exceeding 1.81 million units at the time of listing.
On the diversification front, the company has completed development of large-area UTG for Samsung's notebook and IT products slated for a 2027 launch, and is expanding into Hybrid UTG (HTG) with differentiated thickness between flat and folding sections, slidable UTG, and semiconductor glass substrates.
The largest shareholder is NewPower Plasma together with affiliates Space Pro and NP Holdings, which together held a 51.25% stake at listing. In April 2026 the company received a BB- credit rating from ratings agency eCredible, and total shares outstanding stand at 10,957,422.
High barriers to entry in the UTG process, driven by accumulated mass-production know-how relative to competitors, are cited as the company's core competitive advantage.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩29.8B | -₩2.1B | −7.0% |
| 2025Q4 | ₩40.2B | ₩3.8B | 9.4% |
| 2026Q1 | ₩26.8B | ₩1.8B | 6.8% |
| 2026Q2 | ₩58.9B | ₩8.2B | 13.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩141.7B | ₩9.7B | ₩15.3B | 6.8% | 12.5% | 53.5% |
| 2025 | ₩139.8B | ₩3.4B | ₩500M | 2.4% | 0.3% | 35.8% |
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
Full-year 2025 results showed revenue of KRW 139.79 billion, operating profit of KRW 3.38 billion (2.4% margin), and net profit attributable to owners of KRW 490 million, versus 2024's revenue of KRW 141.71 billion, operating profit of KRW 9.70 billion (6.8% margin), and net profit of KRW 15.27 billion — a modest revenue decline paired with a sharp profitability contraction.
On a quarterly basis, Q3 2025 posted revenue of KRW 29.78 billion with an operating loss of KRW 2.08 billion, yet still recorded a net profit of KRW 1.54 billion, suggesting non-operating items cushioned the bottom line.
Q4 2025 showed signs of recovery with revenue rising to KRW 40.19 billion and operating profit turning positive at KRW 3.79 billion.
Q1 2026 revenue eased seasonally to KRW 26.83 billion but operating profit held at KRW 1.82 billion with net profit of KRW 5.74 billion, while Q2 2026 revenue jumped to KRW 58.89 billion, delivering the strongest quarter yet with operating profit of KRW 8.20 billion (roughly 13.9% margin) and net profit of KRW 9.82 billion.
As a result, cumulative net profit attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) reached about KRW 24.59 billion, far exceeding the entire 2025 annual net profit of KRW 490 million and pointing to a clear profit recovery trend.
Notably, combined operating profit for Q1-Q2 2026 alone (about KRW 10.0 billion) has already surpassed the full-year 2026 operating profit forecast of KRW 9.7 billion that one brokerage issued in a December 2025 report.
On the balance sheet, capital raised through the July 2025 listing lifted total equity from KRW 122.18 billion in 2024 to KRW 168.25 billion in 2025, improving the debt ratio from 53.5% to 35.8%.
Operating cash flow, however, fell sharply from KRW 21.21 billion in 2024 to KRW 4.08 billion in 2025, consistent with the profit decline coinciding with an expanded capital investment period.
The foldable smartphone market has been driven mainly by Samsung Electronics' annual Galaxy Z Fold and Flip launches, and the Galaxy Z Fold7 released in 2025 recorded the highest US pre-order volume of any Fold-series model to date.
Early foldable phones used colorless polyimide (CPI) for cover windows, but UTG has rapidly displaced CPI due to superior optical clarity and folding durability.
Dowoo Insys, as a first-tier partner of Samsung Display, supplies the entirety of the UTG used in Galaxy Z Fold devices, with a supply structure that also reaches Google and China's OPPO, VIVO, and Xiaomi through Samsung Display.
Starting in 2026, dual UTG technology — which applies two glass layers to a single foldable display, one for the top cover window and one beneath the panel to prevent creasing — is expected to become mainstream, a factor cited as likely to accelerate UTG market growth.
Industry observers have consistently flagged the possibility that Apple will enter the foldable phone market in late 2026 or early 2027, which would be expected to expand demand across the UTG supply chain.
Dowoo Insys was reported around August 2025 to have successfully developed a hybrid UTG technology that thins only the center-fold area, a concept described as favored by both Apple and Samsung Electronics.
As form factors evolve further toward tri-fold designs, some observers note that Dowoo Insys's technological competitiveness — built on the industry's largest production track record in book-type foldable UTG — could become more pronounced.
In a quarterly report filed shortly after listing, Dowoo Insys disclosed that it has completed development of large-area UTG, is developing Hybrid UTG (HTG) and slidable UTG, and is pursuing diversification into semiconductor glass substrates.
According to a brokerage report published around the time of the IPO, a Phase 2 factory investment was planned for 2025-2026 to raise total capacity at the Cheongju and Vietnam plants from about 1.81 million units per month to roughly 2.81 million units per month by 2026; the actual completion timeline and utilization rate will need to be confirmed through subsequent disclosures.
Since Q1-Q2 2026 results have already exceeded one brokerage's full-year 2026 forecast, whether the second half sustains this recovery trend remains a key point to watch.
Large-area UTG appears to be sold as pre-mass-production evaluation samples aimed at expanding into tablets and notebooks, with development already completed for Samsung's notebook and IT products slated for a 2027 launch.
As Apple's foldable phone entry draws closer, more concrete news flow regarding component supply chain confirmation is expected, which could affect the visibility of the company's medium- to long-term order book.
The actual production timing and customer qualification of new technologies such as dual UTG and hybrid UTG are considered key variables that will shape the company's future revenue mix.
Since its July 2025 KOSDAQ listing, Dowoo Insys shares have moved within the trading band established shortly after listing, as weak earnings and recovery expectations alternated.
The stock tends to trade at a premium to net asset value, and the profit recovery seen over the most recent four quarters has somewhat eased the earnings-based burden compared with the weak full-year 2025 period.
The company has not yet paid a cash dividend, so valuation discussion centers less on dividend appeal and more on expectations around foldable market growth and a potential Apple entry.
However, given that annual profit shrank to near breakeven in 2025, whether the recent quarterly profit recovery continues remains the key variable for future valuation assessment.
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
The company has been the sole supplier of UTG for book-type foldable models from Galaxy Z Fold2 through Fold7, holding the industry's largest volume of mass-production references.
High barriers to entry in the chemical strengthening process make it difficult for competitors to quickly match its yield levels, according to industry commentary. This exclusive position could provide a stable revenue base as long as Samsung's foldable lineup continues.
After posting an operating loss in Q3 2025, revenue and operating profit improved noticeably quarter by quarter from Q4 2025 through Q2 2026. Cumulative net profit over the most recent four quarters far exceeds the full-year 2025 net profit, signaling a recovery phase. The debt ratio also improved through the capital raised at listing, strengthening the balance sheet.
Apple's anticipated entry into the foldable phone market and the spread of dual UTG technology are cited as mid- to long-term growth catalysts. The company is diversifying applications through large-area UTG, hybrid UTG, slidable UTG, and semiconductor glass substrates.
Expansion into new form factors such as notebooks and tablets is underway, potentially reducing reliance on smartphones over time.
A substantial portion of revenue is concentrated in Samsung Electronics' Galaxy Z Fold lineup, supplied through Samsung Display. As seen in the sharp sequential decline in Q1 2026 revenue relative to Q4 2025, quarterly results are highly sensitive to new-model launch cycles. Volume adjustments or launch schedule changes at this single customer could directly affect results.
The full-year 2025 operating margin fell to 2.4% from 6.8% in 2024, and net profit shrank to near breakeven. Operating cash flow was cut by more than half, coinciding with an expanded capital investment period. While a recovery is now visible, the sharp margin deterioration over the prior year illustrates execution risk.
New technologies such as dual UTG, hybrid UTG, and large-area UTG appear to remain at the sample and pre-evaluation stage. Apple's foldable phone entry timing itself is not a confirmed fact but remains at the level of industry forecasts.
If mass-production adoption of new technologies is delayed, the realization of growth catalysts could be pushed back accordingly.
Because revenue is centered on Samsung Display and Samsung Electronics, changes in this customer's production plans flow directly into results. Quarterly swings can be large, as illustrated by revenue more than doubling between Q1 and Q2 2026. Customer diversification is underway but appears to still represent a limited share of total revenue.
Large-scale capital investment, including a Phase 2 plant expansion in Vietnam aimed at raising capacity, appears to be underway, which could continue to weigh on depreciation costs and cash flow.
The sharp decline in 2025 operating cash flow versus the prior year illustrates a period when expanded investment coincided with a profit decline. If demand realization lags behind the investment, capital efficiency could deteriorate.
At the time of the July 2025 listing, largest shareholder NewPower Plasma together with its affiliates held a relatively high combined stake of 51.25%. For a recently listed company, tradable float can increase over time as institutional lock-up commitments expire. Such structural factors can add to share price volatility independent of underlying results.
This is when the Q3 2026 quarterly report is expected to be filed; it will show whether the revenue and operating profit recovery seen in Q2 continues into the second half.
Watch for official confirmation of Apple's foldable phone launch and initial volume, which will determine whether the growth catalyst frequently cited by the industry actually materializes.
Follow-up disclosures on the completion and utilization rate of capacity expansion projects, such as the Vietnam Phase 2 plant, should be monitored.
Check whether new technologies such as dual UTG, hybrid UTG, and large-area UTG achieve actual mass-production adoption and customer qualification.
Dowoo Insys, built on its exclusive position as the sole supplier of book-type foldable UTG to Samsung Display, has shown improving quarterly revenue and operating profit through the first half of 2026, following a sharp profitability decline in 2025.
Cumulative net profit over the most recent four quarters far exceeds the full-year 2025 net profit, signaling a recovery phase, but the revenue base remains concentrated on a single customer and form factor, resulting in significant quarter-to-quarter volatility that warrants attention.
Apple's potential entry into the foldable phone market and the spread of new technologies such as dual UTG and hybrid UTG are cited as mid- to long-term growth catalysts, though actual commercialization timing and volumes remain unconfirmed.
Capital raised through the listing has improved financial stability, but ongoing large-scale capital investment leaves funding needs and cash flow management as points to watch.
Going forward, Q3 results, news flow related to the Apple value chain, and the pace of new technology adoption in mass production are likely to be the key variables shaping the company's earnings trajectory.
This report does not present an investment opinion or target price and is provided for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.