084370KOSDAQ

Eugene Technology

173,200

+4,200 (+2.49%)

MA5
MA20
MA60

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

Eugene Technology was established in 2000 and is headquartered in Yongin, Gyeonggi-do. The company is listed on the KOSDAQ market.

The company provides equipment for thin film formation in the semiconductor front-end process. Its main products include the BlueJay LPCVD system, the Albatross plasma treatment system, and the Harrier ALD system. It also distributes precursors for DRAM capacitor high-k dielectric thin film deposition to semiconductor device manufacturers.

Business overview as filed

당사는 2000년에 설립된 반도체 장비 제조회사로 전공정의 웨이퍼 처리공정 중 박막형성재료를 화학반응에 의해 반도체기판(wafer)위에 박막을 형성하는 장비를 제공하고 있습니다. 반도체장비 사업부문 주력제품으로 개발 중이거나 개발이 완료된 장비는 반응가스간의 화학적반응으로 형성된 입자를 웨이퍼 표면에 증착하여 절연막이나 전도성 박막을 형성하는 장비로 Single Thermal LPCVD(Low Pressure Chemical Vapor Deposition) System인BlueJay™가 있습니다. 이 외에도 Plasma Treatment System인 Albatross™을 개발하여 국내 소자업체에 공급하였으며, Batch type ALD(Atomic Layer Deposion) System인 Harrier™을 개발하여 공급하고 있습니다. 반도체 소재 부문에서는 국내 반도체 소자업체에 DRAM 캐패시터용 고유전율 물질 박막 증착에 필요한 전구체의 판매량 증진에 집중하고 있습니다.2025년 연결재무제표 기준 매출액 350,324백만, 영업이익 51,672백만을 기록하였습니다. 반도체장비 사업부문 매출액 283,728백만, 반도체용 산업가스, 반도체소재 사업부문 매출액 14,853백만, 상품매출 등 기타 매출액이 51,743백만으로 구성되어 있습니다. 2025년 수출액은 130,009백만으로 전체 매출액 대비 37.11% 비중을 차지하고 있습니다.당사는 기술경쟁력 및 선택과 집중 전략을 기반으로 고부가가치 및 차별화된 제품 판매로성장세를 이어나갈 전망이며, 중장기적으로 거래선 다변화와 제품 라인업 확대를 지속적으로 추진할 예정입니다.

Company overview

가. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적, 상업적 명칭

당사의 명칭은 '주식회사 유진테크'라고 표기합니다. 또한 영문으로는 Eugene Technology Co.,Ltd.라 표기합니다. 단, 약식으로 표기할 경우에는 (주)유진테크, Eugenetech 및 Eugene Technology라고 표기 합니다.

라. 설립일자 및 존속기간

2000년 1월 5일에 당사는 반도체장비의 제조, 판매 등을 주 영업목적으로 설립되었으며, 2006년 1월 17일 코스닥시장에 상장되어 매매가 개시되었습니다.

마. 본사의 주소, 전화번호 및 홈페이지

주 소 : 경기도 용인시 처인구 양지면 추계로 42전 화 : 031-323-5700(代)홈페이지 : http://www.eugenetech.co.kr

바. 중소기업 등 해당 여부

유진테크 중견기업확인서.jpg 유진테크 중견기업확인서

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

아. 주요사업의 내용

반도체 공정은 반도체 회로 설계, 웨이퍼 제조 등 반도체 제조를 위한 준비단계부터 웨이퍼를 가공하여 칩을 만드는 전공정, 조립을 위한 후공정, 검사를 위한 테스트공정으로 나누어 분류합니다. 이 중에서 당사는 전공정단계에서 "박막(Thin Film)형성" 공정에 필요한 장비를 개발하고 있습니다. 주력제품으로 개발 중이거나 개발이 완료된 장비는 반응가스간의 화학적반응으로 형성된 입자를 웨이퍼 표면에 증착하여 절연막이나 전도성 박막을 형성하는 장비로 Single Thermal LPCVD(Low Pressure Chemical Vapor Deposition) System인 BlueJay™가 있습니다. 이 외에도 Plasma Treatment System인 Albatross™을 개발하여 국내 소자업체에 공급하였으며, Batch type ALD(Atomic Layer Deposion) System인 Harrier™을 개발하여 공급하고 있습니다.

자. 회사가 영위하는 목적사업

차. 종속회사에 관한 사항

카. 신용평가에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

8.04%

[5.45%, 12.03%] · 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 57.1% (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

1.27

Beta [1.06, 1.48] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.481%[-0.050%, +1.011%]
R squared: 0.47
Observations: 252
Trading-time corrected beta: 1.26[0.96, 1.55]

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.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	947	1,411	1,302	2,202	2,055	2,026	3,246	3,106	2,765	3,381	3,503	3,862
Revenue growth%	—	48.99	-7.73	69.17	-6.68	-1.40	60.21	-4.30	-10.98	22.25	3.63	—
Operating incomeKRW 100M	186	365	257	408	238	223	739	536	243	612	517	598
Operating income growth%	—	96.29	-29.42	58.61	-41.64	-6.41	231.65	-27.43	-54.65	151.49	-15.54	—
Net incomeKRW 100M	201	320	274	207	108	99	632	426	254	654	445	1,142
Net income growth%	—	58.90	-14.31	-24.43	-47.76	-8.81	541.13	-32.60	-40.38	157.67	-32.03	—
Attributable to ownersKRW 100M	204	324	276	192	58	35	604	379	244	633	425	1,112
Attributable to minoritiesKRW 100M	-3	-4	-2	15	50	64	28	47	10	22	20	30
Operating margin%	19.61	25.84	19.77	18.53	11.59	11.00	22.77	17.27	8.80	18.10	14.75	15.48
Net margin%	21.24	22.65	21.04	9.40	5.26	4.87	19.47	13.71	9.18	19.36	12.70	29.58
ROE%	11.19	15.35	12.00	8.20	2.43	1.48	20.57	11.70	7.09	15.58	9.24	20.47
ROA%	9.98	13.33	10.30	7.57	3.88	3.35	16.50	9.81	5.81	12.13	7.66	16.77
Debt ratio%	9.62	13.19	14.99	15.53	13.49	18.05	23.22	25.18	18.59	23.81	18.16	17.94
Current ratio%	960.09	722.10	510.22	452.00	632.66	495.29	389.93	383.27	528.36	469.26	639.04	609.04
Quick ratio%	908.03	698.09	446.85	286.06	486.93	321.67	263.01	232.28	348.36	340.38	502.39	475.32
Reserve ratio%	1,613.22	1,817.91	2,014.03	2,017.10	2,014.82	2,006.59	2,497.72	2,787.01	2,942.05	3,448.53	3,886.68	4,604.70
Free cash flowKRW 100M	327	412	-296	26	385	14	577	315	359	524	531	—
FCF margin%	34.51	29.21	-22.76	1.16	18.72	0.70	17.79	10.15	12.99	15.50	15.15	—
OCF conversion%	176.95	136.51	-76.30	144.19	482.03	175.81	114.66	91.44	187.79	93.98	149.45	—
Capex to revenue%	3.07	1.71	6.71	12.39	6.64	7.85	4.53	2.39	4.26	2.70	3.82	—
Receivable daysdays	—	11.0	71.9	51.1	25.5	20.4	17.8	23.8	18.7	28.7	44.3	—
Inventory daysdays	—	34.6	70.1	117.6	152.8	157.6	144.5	224.6	265.3	222.0	202.4	—
Payable daysdays	—	41.4	73.0	52.6	39.3	47.0	44.7	48.3	45.5	47.7	52.8	—
Cash conversion cycledays	—	4.2	69.1	116.1	138.9	131.0	117.5	200.1	238.4	203.0	193.8	—
EPSKRW	927	1,452	1,237	859	257	155	2,694	1,697	1,099	2,845	1,906	4,855
PERx	—	12.22	17.06	12.46	64.20	215.16	19.19	13.05	37.12	11.00	39.35	38.25
BPSKRW	—	9,203	10,038	10,213	10,366	10,252	12,809	14,150	15,048	17,725	20,053	23,717
PBRx	—	1.93	2.10	1.05	1.59	3.25	4.04	1.57	2.71	1.77	3.74	7.83
Dividend per shareKRW	200	230	230	230	230	230	270	270	200	—	230	—
Payout ratio%	21.57	15.84	18.59	26.78	89.49	148.39	10.02	15.91	18.20	—	12.07	—

Consolidated basis

Profit flowKRW 100M

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

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	2,016	2,397	2,658	2,735	2,784	2,940	3,829	4,340	4,370	5,395	5,806
	1,496	1,816	1,571	1,492	1,486	1,603	2,410	2,973	2,999	3,913	4,276
Cash and cash equivalentsKRW 100M	427	501	280	236	213	229	300	459	436	299	549
InventoriesKRW 100M	81	60	195	548	342	562	784	1,171	1,022	1,075	914
Trade and other receivablesKRW 100M	17	67	446	171	116	110	206	200*	83	448	403
	520	580	1,088	1,242	1,297	1,336	1,419	1,367	1,371	1,482	1,530
Property, plant and equipmentKRW 100M	368	370	432	664	781	862	949	923*	922	909	933
Intangible assetsKRW 100M	104	145	584	502	433	399	380	367	355	392	Not applicable
	177	279	347	367	331	450	722	873	685	1,038	892
	156	252	308	330	235	324	618	776	568	834	669
Trade and other payablesKRW 100M	98	71	195	138	92	178	239	181	195	255	264
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	2	18	19
	21	28	39	37	96	126	104	97	118	204	223
Long-term borrowingsKRW 100M	—	—	—	—	—	27	0	0	0	—	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	1	66	49
	1,839	2,117	2,312	2,367	2,453	2,490	3,107	3,467	3,685	4,357	4,914
	1,826	2,109	2,300	2,340	2,376	2,349	2,935	3,243	3,448	4,062	4,595
Issued capitalKRW 100M	112	115	115	115	115	115	115	115	115	115	115
Capital surplusKRW 100M	44	41	42	44	44	44	53	53	54	56	196
Retained earningsKRW 100M	1,761	2,042	2,266	2,267	2,265	2,255	2,809	3,140	3,317	3,895	4,258
Accumulated other comprehensive incomeKRW 100M	—	—	-36	-9	20	5	21	46	54	73	65
Other equityKRW 100M	-90	-89*	-86	-76	-67	-69	-62	-111	-91	-77	-37
Non-controlling interestsKRW 100M	13	8	12	27	77	141	172	224	236	296	319

기타유동비금융자산As filed	5	5	108	30	30	16	19	18	38	58	—
당기법인세자산As filed	6	0	—	0	0	—	—	—	—	—	5
기타유동금융자산As filed	961	1,183	541	508	785	686	1,101	1,125	1,420	2,033	2,348
기타유동자산As filed	—	—	—	—	—	—	—	—	—	—	56
매도가능금융자산As filed	20	28	30	—	—	—	—	—	—	—	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	27	32	24	23	17	—	—	—
이연법인세자산As filed	16	24	32	38	41	42	56	49	65	81	94
기타비유동금융자산As filed	6	7	7	8	8	6	8	8	7	9	8
기타비유동비금융자산As filed	6	5	3	3	2	2	3	4	3	3	—
무형자산 및 영업권As filed	—	—	—	—	—	—	—	—	—	—	423
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	15	10	—
납입자본As filed	112	115	—	—	—	—	—	—	—	—	—
비유동 기타포괄손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	5
보통주자본금As filed	112	115	115	115	115	115	115	115	115	115	—
기타비유동자산As filed	—	—	—	—	—	—	—	—	—	—	6
사용권자산As filed	—	—	—	—	—	—	—	—	3	77	61
퇴직급여채무As filed	17	22	34	—	—	—	—	—	—	—	—
기타비유동금융부채As filed	4	6	4	0	38	31	24	20	15	13	14
유동충당부채As filed	40	54	45	27	36	39	78	61	58	73	—
기타단기충당부채As filed	40	54	45	27	36	39	78	61	58	73	—
기타유동금융부채As filed	8	15	11	10	22	21	33	36	27	51	84
기타유동비금융부채As filed	10	21	26	78	17	38	29	373	205	259	—
자본과부채총계As filed	2,016	2,397	2,658	2,735	2,784	2,940	3,829	4,340	4,370	5,395	5,806
순확정급여부채As filed	—	—	—	37	58	68	79	77	101	125	—
당기법인세부채As filed	—	91	32	77	69	47	196	80	35	113	120
상환전환우선주부채As filed	—	—	—	—	—	—	—	—	45	63	—
자본금, 보통주As filed	—	—	—	—	—	—	—	—	—	—	115
전환상환우선주부채As filed	—	—	—	—	—	—	44	44	—	—	—
유동성전환상환우선주부채As filed	—	—	—	—	—	—	—	—	—	—	66
기타 유동부채As filed	—	—	—	—	—	—	—	—	—	—	38
기타유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	78
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	—	160
장기차입금As filed	—	—	—	—	—	—	—	—	—	0	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	947	1,411	1,302	2,202	2,055	2,026	3,246	3,106	2,765	3,381	3,503
Cost of salesKRW 100M	503	746	665	1,153	1,063	1,047	1,701	1,589	1,509	1,724	1,794
Gross profitKRW 100M	444	665	637	1,048	991	979	1,545	1,517	1,257	1,657	1,709
SG&A expensesKRW 100M	258	300	380	640	753	756	806	981	1,013	1,045	Not applicable
	186	365	257	408	238	223	739	536	243	612	517
Finance incomeKRW 100M	22	21	19	15	19	13	9	30	69	81	77
Finance costsKRW 100M	0	Not applicable	Not applicable	Not applicable	2	2	4	5	5	16	15
Other incomeKRW 100M	27	25	31	13	40	39	138	79	35	114	27
Other expensesKRW 100M	25	6	10	98	80	98	41	49	25	22	64
	209	405	297	338	215	175	842	592	318	769	542
Income tax expenseKRW 100M	8	85	24	131	107	76	210	166	64	114	97
	201	320	274	207	108	99	632	426	254	654	445
Attributable to ownersKRW 100M	204	324	276	192	58	35	604	379	244	633	425
Attributable to minoritiesKRW 100M	-3	-4	-2	15	50	64	28	47	10	22	20
Basic earnings per shareKRW	927*	1,452	1,237	859	257	155	2,694	1,697	1,099	2,845	1,906
Diluted earnings per shareKRW	927*	1,452	1,237	859	257	155	2,694	1,697	1,099	2,838	1,900
	200	320	237	233	129	91	649	463	255	663	426
Other comprehensive incomeKRW 100M	-1	1	-36	27	21	-8	17	37	1	9	-19

당기순이익As filed	—	—	—	—	—	99	632	426	254	—	—
당기순이익(손실)As filed	201	320	274	207	108	—	—	—	—	654	445
포괄손익, 비지배지분As filed	-3	-4	—	—	—	—	—	—	10	22	20
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	204	324	—	—	—	—	—	—	246	641	405
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-1	1	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-1	-0	-7	6	6	10	-5	-8	-12
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	-14	12	27	6	16	-7
확정급여제도의 보험수리적손익의 세후기타포괄손익As filed	-1	1	-1	-0	-7	2	-0	12	-7	-10	—
당기손익으로 재분류되는 세후기타포괄손익As filed	-0	-0	-36	27	29	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익(세후기타포괄손익)As filed	—	—	—	—	7	4	6	-2	2	3	—
외화환산외환차이As filed	-0	-0	-36	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	27	22	-14	12	27	6	16	-7
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	—	—	—	—	—	—	—	-1
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	240	219	79	27	621	417	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	-11
총 포괄손익, 비지배지분As filed	—	—	-2	15	50	64	28	47	—	—	—
판매 및 일반관리비As filed	—	—	—	—	—	—	—	—	—	—	1,193

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	201	320	274	207	108	99	632	426	254	654	445
Total adjustments to operating cash flowcomputed	155	117	-483	91	413	75	93	-36	223	-39	220
	356	436	-209	298	521	173	725	389	477	615	665
Interest receivedKRW 100M	25	15	22	14	17	26	11	25	64	73	85
Interest paidKRW 100M	0	Not applicable	Not applicable	Not applicable	2	2	2	1	0	0	0
Income taxes paidKRW 100M	9	-3	90	52	118	94	77	280	124	50	100
	-153	-320	67	-300	-485	-128	-661	-122	-431	-758	-550
Purchase of property, plant and equipmentKRW 100M	29	24	87	273	136	159	147	74	118	91	134
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	1	0	0	0	0	0	Not applicable	Not applicable	Not applicable
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	-97	-42	-43	-42	-58	-40	7	-128	-72	29	139
Dividends paidKRW 100M	32	43	51	51	51	51	51	60	60	44	51
Acquisition of treasury sharesKRW 100M	68	1	—	—	—	—	—	59	—	—	—
Disposal of treasury sharesKRW 100M	1	2	3	9	2	—	16	—	1	9	209
Issue of sharesKRW 100M	—	—	—	—	—	—	0	5	0	—	—
Cash at beginning of periodKRW 100M	321	427	501	280	236	213	229	300	459	436	299
	427	501	280	236	213	229	300	459	436	299	549
Effect of exchange rate changesKRW 100M	-0	-0	-36	-1	-1	11	0	20	4	-23	-3
Net change in cash and cash equivalentsKRW 100M	106	74	-220	-45	-23	16	71	159	-23	-137	250

당기순이익As filed	—	—	—	—	—	—	—	426	254	—	—
당기순이익(손실)As filed	201	320	274	207	108	99	632	—	—	654	445
리스부채의 지급As filed	—	—	—	—	9	10	8	14	14	15	—
금융리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	—	18
당기순이익조정을 위한 가감As filed	138	98	-415	130	516	145	160	219	283	—	448
상환전환우선주부채의 증가As filed	—	—	—	—	—	—	—	—	—	50	—
종속기업 청산에 따른 분배금 지급As filed	—	—	—	—	—	—	—	—	—	-1	—
지배력을 상실하지 않는 종속기업에 대한 소유지분의 변동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	0
단기금융상품의 감소(증가)As filed	—	—	-487	-34	291	-37	416	25	—	—	—
비지배지분의 변동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	31	—
당기손익인식금융자산의 처분As filed	—	53	153	—	—	—	—	—	—	—	—
비유동 기타포괄손익-공정가치측정 금융자산의 반환As filed	—	—	—	—	3	6	8	4	6	8	—
단기대여금의 감소As filed	—	—	—	0	—	—	—	—	—	—	—
보증금의 감소(증가)As filed	—	—	-4	-0	-0	1	-0	-0	-0	-2	—
장기금융상품의 감소(증가)As filed	—	—	—	-0	-0	—	—	0	1	-0	—
장기금융상품의 증감As filed	-0	-1	4	—	—	—	—	—	—	—	—
장기금융상품의 처분As filed	—	—	—	—	—	0	—	—	—	—	1
출자금의 감소As filed	—	—	—	—	—	—	—	—	—	—	3
장기대여금의 감소(증가)As filed	—	—	—	—	—	-10	20	—	—	—	—
단기대여금의 감소(증가)As filed	—	—	-0	—	—	—	—	—	1	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
단기금융상품의 증감As filed	16	119	—	—	—	—	—	—	—	—	—
보증금의 증감As filed	0	-1	—	—	—	—	—	—	—	—	—
회원권의 처분As filed	—	—	—	25	6	—	15	—	13	—	—
기타포괄손익-공정가치 측정 금융자산의 취득As filed	—	—	—	12	—	—	—	—	—	—	—
매도가능증권의 처분As filed	—	—	4	—	—	—	—	—	—	—	—
기타무형자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
기타포괄손익-공정가치 측정 금융자산의 처분As filed	—	—	—	15	—	—	—	—	—	—	—
당기손익인식금융자산의 증가As filed	-50	-150	—	—	—	—	—	—	—	—	—
산업재산권의 취득As filed	—	—	26	—	—	1	—	0	—	1	—
소프트웨어의 취득As filed	—	—	—	7	6	0	2	1	1	11	—
단기금융상품의 처분As filed	—	—	—	—	—	—	—	—	772	697	935
매도가능증권의 증가As filed	—	-12	6	—	—	—	—	—	—	—	—
산업재산권의 처분As filed	—	—	—	—	—	—	—	0	—	—	—
회원권의 취득As filed	—	—	—	15	5	—	18	—	9	—	—
출자금의 처분As filed	—	4	—	—	—	—	—	—	—	—	—
개발비의 증가As filed	—	—	83	67	59	47	81	24	39	67	—
컴퓨터소프트웨어의 취득As filed	—	—	—	—	—	—	—	—	—	—	2
기타의 지적재산권의 취득As filed	—	—	210	—	—	—	—	—	—	—	—
국고보조금의 증가As filed	—	—	—	—	—	25	0	-0	3	-0	—
단기금융상품의 취득As filed	—	—	—	—	—	—	—	—	1,061	1,263	1,268
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	25	—
영업권의 취득As filed	—	—	163	—	—	—	—	—	—	—	—
저작권, 특허권, 기타 산업재산권, 용역운영권의 취득As filed	—	—	—	—	—	—	—	—	—	—	3
장기선급금의 감소(증가)As filed	—	—	-3	-1	3	0	-1	-2	-0	-1	—
개발 중인 무형자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	71
기타무형자산의 취득As filed	53	66	—	—	—	—	—	—	—	2	7
장기차입금의 증가As filed	—	—	—	—	—	21	—	—	—	—	—
전환상환우선주부채의 증가As filed	—	—	—	—	—	—	50	—	—	—	—
비유동매도가능금융자산의 취득As filed	4	—	—	—	—	—	—	—	—	—	—
유상증자에 따른 순현금흐름As filed	-5	—	-5	—	—	—	—	—	—	—	—
단기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	—	—	0	-0
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	106	74	-185	-44	-22	5	71	139	-27	-114	—
장기선급금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	3
장기선급금의 증감As filed	-1	-5	—	—	—	—	—	—	—	—	—
단기차입금의 증감As filed	-3	—	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	679
현금의기타유입(유출)As filed	-0	-0	—	—	—	—	—	—	—	—	—
당기순이익 조정을 위한 가감As filed	—	—	—	—	—	—	—	—	—	-62	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	—	-213

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.19.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 26	신한회계법인	2025-12-31
2024	적정의견Term 25	삼덕회계법인	2025-12-31
2023	적정의견Term 24	삼덕회계법인	2025-12-31
2022	적정Term 23	삼덕회계법인	2022-12-31
	적정Term 22	신한회계법인	2022-12-31
	적정Term 21	신한회계법인	2022-12-31
2019	적정Term 20	신한회계법인	2019-12-31
	적정Term 19	신한회계법인	2019-12-31
	적정Term 18	신한회계법인	2019-12-31
2016	적정Term 17	신한회계법인	2016-12-31
	적정Term 16	신한회계법인	2016-12-31
	적정Term 15	우리회계법인	2016-12-31

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 5Y1.02

Equity risk premium%

Terminal growth%

Cost of equity9.51%

Weighted average cost of capital—

Initial growth8.1%

Effective tax rate18.0%

Base fiscal year2025

Current priceKRW173,200

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

Model	Model priceKRW	Versus current price
Gordon growth model	3,126	-98.2%
Dividend discount model DDM	3,586	-97.9%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	36,119	-79.1%
Residual income model RIM	19,188	-88.9%

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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.02 × 5.00% = 9.51%

Initial growth

g_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(9.24% × (1 − 12.07%), 0) = 8.13%

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

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 230 × (1 + 2.00%) / (9.51% − 2.00%) = 235 / 0.0751 = 3,126 KRW

Dividend discount model DDM

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 = 230, g_1 = 8.13%, g_T = 2.00%, r = 9.51%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	8.13%	249	0.9132	227
2	6.59%	265	0.8339	221
3	5.06%	279	0.7615	212
4	3.53%	288	0.6954	201
5	2.00%	294	0.6351	187
Terminal value	2.00%	3,997	0.6351	2,538
Total				3,586

P_0 = 3,586 KRW

Residual income model RIM

P_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 = 20,053 KRW, ROE = 9.24%, payout ratio = 12.07%, r = 9.51%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	20,053	1,853	1,906	-53	0.9132	-49
2	21,682	2,003	2,061	-58	0.8339	-48
3	23,444	2,166	2,228	-62	0.7615	-47
4	25,348	2,342	2,409	-67	0.6954	-47
5	27,408	2,533	2,605	-73	0.6351	-46
Terminal value				-988	0.6351	-628

P_0 = 20,053 + -237 + -628 = 19,188 KRW

Discounted cash flow FCFE

\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 = 664.8 − 133.9 + 0.0 (net borrowing) = 530.9 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	8.13%	574.0	0.9132	524.2
2	6.59%	611.9	0.8339	510.3
3	5.06%	642.8	0.7615	489.6
4	3.53%	665.5	0.6954	462.8
5	2.00%	678.9	0.6351	431.1
Terminal value	2.00%	9,225.9	0.6351	5,859.1
Total				8,277.1

P_0 = 8,277.1 KRW hundred million ÷ 22,916,042 (shares) = 36,119 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.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart