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KREDKRED
089970KOSDAQ

VM

67,100
+2,600 (+4.03%)

Price chart

  • 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

VM Inc. is a company established on February 22, 2002, and is listed on the KOSDAQ market. The company operates with two subsidiaries, APTC AMERICA CORP. in the United States and VM(Wuxi) Inc. in China.

The company manufactures dry etching equipment for semiconductor fabrication. Its main products include 300mm silicon and metal etchers. The company supplies these products directly to semiconductor device manufacturers, primarily SK hynix.

Business overview as filed

당사는 반도체 제조 전공정 장비인 건식 식각장비(Dry Etcher) 제조업체로서 관련한원천기술을 다수 보유하고 있습니다. 특히 당사가 보유하고 있는 '플라즈마 소스'기술은 현재 300mm 웨이퍼용 반도체 건식 식각장비의 원천기술로 적용되어 성능 및 가격 경쟁력을 보여주며 외산장비를 대체하고 있습니다. 또한 본 원천기술은 반도체 제조공정인 화학기상증착(Chemical Vapor Deposition, CVD) 장비, 원자층 박막증착(Atomic Layer Deposition, ALD) 장비, 원자층식각(Atomic Layer Etch, ALE) 장비 등 다양한 플라즈마 공정장비에 적용될 수 있습니다.당사의 원천기술을 바탕으로 200mm 및 300mm 금속막(Metal), 실리콘(Polysilicon),산화막(Oxide) 식각장비를 제조하여 다양한 고객사에 납품했습니다. 주력 제품인 300mm 실리콘 식각장비(Poly Etcher)는 세계적인 반도체소자 업체인 SK하이닉스(주)에 다량 납품되어 현재 반도체 식각 공정에 사용되고 있습니다. 300mm 실리콘 식각장비 제품 중 공시서류작성기준일 현재 판매가능한 제품은 'Leo NK Ⅰ-C' 및 'Leo WH' 장비입니다. 실리콘 식각장비는 플라즈마 식각, 300mm 웨이퍼 Poly 식각에 적용되는 특징이 있습니다.또한 당사는 2020년 4분기부터 300mm 금속막 식각장비(Metal Etcher)를 SK하이닉스(주)에 양산판매하기 시작했습니다. 공시서류작성기준일 현재 판매가능한 300mm금속막 식각장비 제품은 'Nardo-M'장비입니다. 금속막 식각장비는 플라즈마 식각, 300mm 웨이퍼 Metal 식각에 적용되고 있습니다.당사의 매출현황은 제품(반도체장비) 및 상품매출, 그리고 기타매출로 구분됩니다. 공시서류작성기준일 현재 매출 구성 및 비중은 전체 매출액 중 제품 및 상품매출

98.82%(내수 88.74%, 수출 10.08%), 기타매출 1.18%(내수 0.68%, 수출 0.50%)로 구성되어 있습니다.

당사가 영위하고 있는 주요 사업내용과, 영위하고 있지 않은 사업내용은 아래와 같습니다.

1) 주요 사업내용

2) 현재 영위하고 있지 않은 사업

Company overview

가. 연결대상 종속회사 현황(요약)

주요 종속회사 판단기준 : 직전 사업연도말 자산총액 750억원 이상 또는 지배회사 자산총액의 10% 이상 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '브이엠 주식회사'이며, 영문명은 'VM Inc.' 입니다.

다. 설립일자 및 존속기간

당사는 2002년 2월 22일 설립되었으며, 별도의 존속기간을 정하고 있지 않습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

당사는 반도체 제조 공정 중 '식각 공정'에 필요한 장비를 제조, 판매하고 있으며 주력 제품은 「300mm 실리콘 식각 장비(Poly Etcher)」,「300mm 금속막 식각 장비(Metal Etcher)」 등이 있습니다.

당사가 보유한 플라즈마 소스(Plasma Source) 기술은 현재 300mm 웨이퍼용 반도체 건식 식각 장비의 원천 기술에 적용될 수 있으며, 당사의 원천 기술은 화학기상증착(CVD) 장비,원자층 박막증착(ALD)장비, 원자층식각(ALE) 장비 등에 적용 가능합니다. 당사의 주요 거래처는 반도체소자 업체인 'SK하이닉스(주)'이며, 판매 방식은 직접 거래하는 방식입니다.당사는 2025년 12월 31일 현재 총 2개의 종속회사를 가지고 있습니다. '반도체 제조장비 개발 및 판매업'으로 미국 현지에 'APTC AMERICA CORP.'를 가지고 있으며, 납품장비의 신속한 서비스 대응 차원에서 중국 현지에 종속회사 'VM(Wuxi) Inc.'도 보유하고 있습니다.

사. 신용평가에 관한 사항

[참고] 신용평가회사((주)이크레더블) 신용등급 정의

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

8.50%
[5.94%, 12.20%] · 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 59.7% (2026-09-14). 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

1.23
Beta [0.99, 1.47] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.660%[+0.005%, +1.315%]
R squared
0.40
Observations
252
Trading-time corrected beta
1.12[0.78, 1.46]
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

2017Separate basis2018Separate basis2019Consolidated basis2020Consolidated basis2021Consolidated basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M4116105939301,7811,4142607031,4442,485
Revenue growth%—48.43—56.8191.39-20.59-81.60170.21105.49—
Operating incomeKRW 100M127211161296540309-110-86247686
Operating income growth%—66.02—83.7382.36-42.74-135.44———
Net incomeKRW 100M108175142234465279-70-35261660
Net income growth%—61.08—65.0698.79-39.99-125.02———
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%30.8634.5227.1831.8430.3421.88-42.15-12.2417.0927.59
Net margin%26.3828.6323.8725.1226.0919.72-26.82-4.9118.1026.54
ROENot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
ROA%36.6427.0221.6019.7331.9017.80-4.62-2.0810.5121.18
Debt ratio%23.6821.0610.1432.0927.6332.8423.5333.3140.3721.03
Current ratio%430.62527.871,033.92401.46472.66389.38521.31382.52328.17579.52
Quick ratio%170.65369.59745.86252.56333.87224.36270.02263.56227.15414.44
Reserve ratio%607.161,994.002,413.353,511.234,866.435,165.784,874.914,743.335,949.638,553.92
Free cash flowKRW 100M61213113115516-91-173161101—
FCF margin%14.8334.8919.1212.3929.00-6.47-66.3322.847.02—
OCF conversion%57.14125.7283.3755.68116.36-29.46——70.07—
Capex to revenue%0.251.100.771.601.360.666.398.705.66—
Inventory daysdays—170.8—202.5146.2224.71,769.0446.0232.8—
Payable daysdays—59.9—84.864.353.9165.947.182.2—
EPSKRW5087996561,1122,1571,298-323-1571,135—
PERx—7.1311.4917.9010.278.17——26.61—
BPSKRW——2,5613,8054,8144,9175,0955,1637,25910,386
PBRx——2.945.234.602.162.771.334.1610.52
Dividend per shareKRW—200—5001,200—————
Payout ratio%—25.03—44.9655.63—————

Profit flowKRW 100M

Revenue
1,444
Cost of sales
907
Gross profit
537
SG&A expenses
291
Operating income
247
Non-operating income
26
Profit before tax
273
Net income
261
Income tax expense
11

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

201720182019202020212022202320242025
2966476551,1841,4561,5661,5091,6572,487
5711260288315387288414715
2395345958971,1411,1791,2221,2431,772

Income statement

201720182019202020212022202320242025
4116105939301,7811,4142607031,444
127211161296540309-110-86247
128221178293589351-73-46273
108175142234465279-70-35261
Basic earnings per shareKRW5087996561,1122,1571,298-323-1571,135
Diluted earnings per shareKRW5017996561,116*2,1321,290-323-1571,132
108175142234*482293-66Not applicableNot applicable

Cash flow statement

201720182019202020212022202320242025
Net incomefrom the income statement108175142234465279-70-35261
Total adjustments to operating cash flowcomputed-4645-24-10476-361-86256-78
62220118130541-82-156222183
-29-214233-39-45-265268-58-45
-7110-9491-248-6681-1254
Cash at beginning of periodKRW 100M1742158413573863481682920
421584135738634816829201,305
Net change in cash and cash equivalentsKRW 100M25116256159291-382200238386

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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 24한울회계법인2025-12-31
2024적정의견Term 23한울회계법인2025-12-31
2023적정의견Term 22한울회계법인2025-12-31
2022적정Term 21한울회계법인2022-12-31
적정Term 20한울회계법인2022-12-31
적정Term 19한울회계법인2022-12-31
2019적정Term 18한울회계법인2019-12-31
2018적정Term 17삼일회계법인2019-12-31
2017적정Term 16삼일회계법인2019-12-31

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 5Y0.97
%
%
Cost of equity9.27%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate4.1%
Base fiscal year2025
Current priceKRW67,100

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE5,830-91.3%
Residual income model RIMNo book value or return on equity
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% + 0.97 × 5.00% = 9.27%

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 = g_T = 2.00%

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 = 183.1 − 81.7 + 0.0 (net borrowing) = 101.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%103.50.915294.7
22.00%105.50.837588.4
32.00%107.60.766582.5
42.00%109.80.701577.0
52.00%112.00.642071.9
Terminal value2.00%1,571.40.64201,008.8
Total1,423.3

P_0 = 1,423.3 KRW hundred million ÷ 24,411,695 (shares) = 5,830 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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