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KREDKRED
056190KOSDAQ

SFA Engineering

31,350
+300 (+0.97%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

SFA Engineering was established in 1998 following a spin-off from Samsung Aerospace. The company is listed on the KOSDAQ market and is headquartered in Hwaseong, Gyeonggi Province.

The company operates smart factory solution and semiconductor packaging businesses. It supplies logistics systems and process equipment for the secondary battery, semiconductor, distribution, and display industries. Its semiconductor packaging segment provides assembly and testing services to global semiconductor firms.

Business overview as filed

당사 및 연결종속회사는 스마트팩토리솔루션사업과 반도체패키징사업을 주된 사업으로 영위하고 있습니다.

스마트팩토리솔루션사업은 SFA반도체를 제외한 당사, 씨아이에스 및 기타의 종속회사가 영위하고 있는 사업부문으로서, 이차전지/반도체/유통/디스플레이/글래스 등 각 산업 부문에서 필요로 하는 물류시스템 및 다양한 공정장비를 공급하고 있습니다. 최근에는 자체적으로 개발한 스마트기술을 접목한 최첨단 스마트팩토리 장비를 기반으로 보다 더 큰 성장동력이 활성화되는 이차전지 및 유통, 장비시장 규모가 현격하게 큰 반도체 등의 비디스플레이산업부문으로 사업 영역을 확장하여 확실한 중장기 성장성과 실적 안정성을 확보해 나가고 있습니다. 특히, 높은 수준의 성장이 기대되는 글로벌 이차전지 시장에서의 경쟁력 강화를 위해 전기에 전극공정장비 업체인 씨아이에스의 경영권 지분을 인수한 바, 당사와 씨아이에스와의 시너지를 극대화하여 이차전지사업을 지속적으로 확대해 나갈 계획입니다.

반도체패키징사업은 연결종속회사인 SFA반도체가 반도체 제조 관련 후공정부문에서 조립 및 테스트 제품을 주력으로 공급하는 사업부문으로서, 세계 유수의 반도체 업체에게 최첨단 반도체 패키징 솔루션을 제공합니다.

당사의 2025년 연결 기준의 매출액은 1조 6,310억원이며, 영업이익은 859억원입니다. 별도 기준의 매출액은 7,902억원이며, 영업이익은 977억원입니다. 이로써 고객사 파산 손실 영향으로 연결 및 별도 모두 영업손실을 기록했던 전년동기 대비 확실한 수익성 회복을 실현하였습니다.당사 및 주요종속회사의 2025년 손익 실적은 아래와 같습니다.

주) SFA반도체/씨아이에스 모두 연결기준 손익 실적으로, 주요종속회사인 SFA SEMICON Philippines Corp.

Company overview

가. 회사의 법적·상업적 명칭당사의 명칭은 주식회사 에스에프에이로 표기하며, 영문으로는 SFA EngineeringCorporation이라고 표기합니다. 단, 약식으로 표기할 경우에는 ㈜에스에프에이 또는SFA Engineering Corp.이라고 표기합니다.

나. 설립일자 및 존속기간

당사는 1998년 12월 18일에 삼성항공의 자동화사업부가 분사하면서 설립된 회사로서, 2001년 12월 18일에 코스닥시장에 주식을 상장한 공개회사입니다. 회사의 본사 및 사업장 소재지는 다음과 같습니다.

주) 조립장 용도의 단기 임차 사업장은 기재 생략함

다. 본점의 주소, 전화번호 및 홈페이지주소: 경기도 화성시 동탄순환대로 29길 25전화번호: 031-379-1761홈페이지: https://www.sfa.co.kr

라. 주요 사업의 내용

당사 및 연결종속회사는 스마트팩토리솔루션사업과 반도체패키징사업을 주된 사업으로 영위하고 있습니다.

스마트팩토리솔루션사업부문에서는 국내외 이차전지산업, 반도체산업, 유통 및 기타제조산업 및 디스플레이산업 분야에서 제4차 산업혁명의 도래에 따라 필요로 하는 스마트化된 제반 공정장비 및 생산시스템을 공급하고 있으며, 반도체패키징사업부문에서는 반도체 제조 관련 후공정부문에서 칩의 전기적 연결 및 물리적 기능과 형상을완성하는 외주가공용역을 공급하고 있습니다.

마. 연결대상 종속회사의 현황(요약)

주1) 2025년 중 SCS Factory Service Corp. 및 SCS Factory Service Inc.에 대한 자본금 신규출자로 연결대상회사가 증가(2개사)함 주2) 2026년 중 SFA Sweden AB 보유지분 처분 및 CIS USA Inc. 청산 완료에 따라 보고서 제출일 현재 연결종속회사는 13개사임주3) 주요종속회사는 최근 사업연도말 자산총액이 지배회사 자산총액(별도기준)의 10%이상 또는 자산총액이 750억원 이상인 회사임

연결대상회사의 변동내용

바. 중소기업 등 해당 여부

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

아. 최근 5년간 신용평가에 관한 사항

주) 신용평가회사의 신용등급에 대한 정의는 다음과 같으며, 평가자의 필요에 따라 신용 등급을 +,o,-로 세분화할 수 있음

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.10), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.78%
[3.75%, 9.20%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 49.7% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.82
Beta [0.76, 0.89] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.087%[-0.202%, +0.375%]
R squared
0.57
Observations
252
Trading-time corrected beta
0.87[0.73, 1.01]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M5,26113,19719,20415,60115,77715,51215,64916,84418,81220,45416,31015,487
Revenue growth%—150.8745.51-18.761.13-1.680.897.6311.698.73-20.26—
Operating incomeKRW 100M5801,2082,3612,3442,1421,6731,8891,609855-484859801
Operating income growth%—108.2695.42-0.73-8.60-21.8812.91-14.83-46.88-156.62——
Net incomeKRW 100M3087962,0331,6971,4701,1861,4831,060476-321521718
Net income growth%—158.02155.56-16.56-13.38-19.2725.01-28.57-55.06-167.45——
Attributable to ownersKRW 100M3087821,9691,5791,3201,0831,169772400-726551614
Attributable to minoritiesKRW 100M0136411715010431528877405-30104
Operating margin%11.039.1512.2915.0213.5810.7912.079.554.54-2.375.265.17
Net margin%5.866.0310.5910.889.327.659.486.292.53-1.573.194.64
ROE%6.2113.7625.3420.1215.0810.4510.477.043.87-8.026.146.57
ROA%2.595.2911.2310.228.146.597.795.501.69-1.302.303.13
Debt ratio%89.4594.0783.8765.5662.3940.6336.0036.2874.6462.8849.7747.29
Current ratio%200.63180.18209.46236.78165.10305.26298.40288.03206.61168.09211.70196.53
Quick ratio%189.29171.50204.19218.10146.40276.16252.55239.52142.83111.95166.83159.30
Reserve ratio%5,679.796,472.744,263.514,782.205,270.915,702.876,171.056,323.696,238.545,761.326,009.686,150.67
Free cash flowKRW 100M——2,9420-3423,0561781,058-1,2293,080602—
FCF margin%——15.320.00-2.1719.701.146.28-6.5315.063.69—
OCF conversion%62.79206.69185.2122.515.24282.4237.95165.37-161.01—291.04—
Capex to revenue%——4.292.452.661.902.464.122.464.635.61—
Receivable daysdays———28.92.02.73.02.62.5———
Inventory daysdays—11.27.815.429.032.539.247.880.9101.589.3—
Payable daysdays—51.945.249.653.451.748.450.648.042.342.0—
Cash conversion cycledays———-5.3-22.5-16.5-6.3-0.235.3———
EPSKRW—4,3585,5444,5563,9393,1763,2542,2131,193-2,0221,9161,710
PERx—14.806.997.5911.7412.1511.0816.4525.48—12.2113.60
BPSKRW—31,67621,64621,85724,38028,83831,08130,52428,77925,21124,98626,007
PBRx—2.041.791.581.901.341.161.191.060.770.940.89
Dividend per shareKRW—1,1201,2451,2781,0569501,170870280270950—
Payout ratio%—25.7022.4628.0526.8129.9135.9639.3123.47—49.58—

Consolidated basis

Profit flowKRW 100M

Revenue
16,310
Cost of sales
14,481
Gross profit
1,829
Other
29
SG&A expenses
999
Operating income
859
Profit before tax
717
Non-operating expenses
142
Net income
521
Income tax expense
196

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
11,89415,05318,10816,60518,05917,99419,04419,25328,25324,79622,619
5,6167,2968,2606,5756,9385,1995,0415,12512,0769,5727,517
6,2787,7569,84910,03011,12112,79514,00414,12816,17815,22415,103

Income statement

20152016201720182019202020212022202320242025
5,26113,19719,20415,60115,77715,51215,64916,84418,812*20,45416,310
5801,2082,3612,3442,1421,6731,8891,609855*-484859
5051,0532,6522,2421,9691,5741,7981,522590*-689717
3087962,0331,6971,4701,1861,4831,060476-321521
Basic earnings per shareKRWNot applicableNot applicable5,5444,556*3,9393,1763,2542,2131,193Not applicable1,916
Diluted earnings per shareKRWNot applicableNot applicableNot applicable4,556*3,9393,1763,254Not applicableNot applicableNot applicable1,916
3028141,8691,7361,5041,1081,6511,188551-80477

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement3087962,0331,6971,4701,1861,4831,060476-321521
Total adjustments to operating cash flowcomputed-1158491,733-1,315-1,3932,164-920693-1,2434,348995
1941,6453,766382773,3515631,752-7674,0261,516
-1,006-770-529-1,626-780-488-1,512-1,158-127-896-933
-143-582-60-1,339-500-678-556-1,5471,743-2,428-1,008
Cash at beginning of periodKRW 100MNot applicableNot applicable2,7645,8593,2932,0904,2252,7701,8022,6283,388
Not applicableNot applicable5,8593,2932,0904,2252,7701,8022,6283,3882,959
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicable-2,566-1,2032,135-1,455-968826760-429

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.06.10.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 28성현회계법인2025-12-31
2024적정의견Term 27신한회계법인2025-12-31
2023적정의견Term 26신한회계법인2025-12-31
2022적정Term 25신한회계법인2022-12-31
2021적정Term 24신한회계법인2022-12-31
2020적정Term 23신한회계법인2022-12-31
2019적정Term 22삼일회계법인2019-12-31
2018적정Term 21삼일회계법인2019-12-31
2017적정Term 20삼일회계법인2019-12-31
2016적정Term 19삼일회계법인2016-12-31
2015적정Term 18삼일회계법인2016-12-31
2014적정Term 17삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.62
%
%
Cost of equity7.51%
Weighted average cost of capital7.35%
Initial growth3.1%
Effective tax rate27.3%
Base fiscal year2025
Current priceKRW31,350

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model17,597-43.9%
Dividend discount model DDM18,050-42.4%
Discounted cash flow FCFF41,571+32.6%
Discounted cash flow FCFE66,231+111.3%
Residual income model RIM18,553-40.8%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.62 × 5.00% = 7.51%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(6.14% × (1 − 49.58%), 0) = 3.10%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 950 × (1 + 2.00%) / (7.51% − 2.00%) = 969 / 0.0551 = 17,597 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 950, g_1 = 3.10%, g_T = 2.00%, r = 7.51%

YearGrowthDividend KRWDiscount factorPresent value KRW
13.10%9790.9302911
22.82%1,0070.8652871
32.55%1,0330.8048831
42.27%1,0560.7486791
52.00%1,0770.6963750
Terminal value2.00%19,9550.696313,896
Total18,050

P_0 = 18,050 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 24,986 KRW, ROE = 6.14%, payout ratio = 49.58%, r = 7.51%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
124,9861,5341,876-3410.9302-317
225,7601,5821,934-3520.8652-304
326,5571,6311,994-3630.8048-292
427,3801,6812,055-3740.7486-280
528,2271,7342,119-3850.6963-268
Terminal value-7,1390.6963-4,971

P_0 = 24,986 + -1,462 + -4,971 = 18,553 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,516.4 − 914.7 + 80.5 × (1 − 27.32%) = 660.2 KRW hundred million

Weighted average cost of capital

E = 11,257.4, D = 950.0 KRW hundred million; equity weight = 92.22%, debt weight = 7.78%; cost of debt k_d = 7.51%

WACC = 92.22% × 7.51% + 7.78% × 7.51% × (1 − 27.32%) = 7.35%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.10%680.60.9316634.0
22.82%699.80.8678607.3
32.55%717.70.8084580.2
42.27%734.00.7531552.7
52.00%748.70.7015525.2
Terminal value2.00%14,281.50.701510,019.0
Total12,918.4

Firm value = 12,918.4; less borrowings 950.0; plus cash 2,959.2 → 14,927.7 KRW hundred million

P_0 = 14,927.7 KRW hundred million ÷ 35,908,760 (shares) = 41,571 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,516.4 − 914.7 + 650.0 (net borrowing) = 1,251.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.10%1,290.50.93021,200.4
22.82%1,326.90.86521,148.1
32.55%1,360.70.80481,095.1
42.27%1,391.60.74861,041.8
52.00%1,419.50.6963988.4
Terminal value2.00%26,293.10.696318,309.0
Total23,782.8

P_0 = 23,782.8 KRW hundred million ÷ 35,908,760 (shares) = 66,231 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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