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KREDKRED
093370KOSPI

Foosung

15,040
-230 (-1.51%)

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

Foosung was established in 2006 and is listed on the KOSPI market. The company is headquartered in Hwaseong, Gyeonggi-do, and operates as a corporate group with several subsidiaries including Hantech.

The company produces basic chemical materials such as refrigerants, secondary battery materials, inorganic fluorides, and special gases for semiconductors. It also designs and manufactures chemical equipment. Its customers include Samsung Electronics, SK Hynix, and various plant engineering firms.

Business overview as filed

연결회사가 영위하는 기초화합물(불소화합물) 사업은 40여년간 축적된 불소기술의 노하우와 고도화된 공정기술을 활용하여 국내에서 선도적 위치를 확보한 사업 부문이며, 환경규제에 의한 높은 진입장벽과 고도화된 기술을 통해 국내에서는 유일하게 생산, 판매하는 등 국내 및 글로벌 경쟁력을 갖춘 사업입니다. 現 2차전지 전해질(육불화인산리튬 : LiPF6) 및 반도체용 특수가스(육불화부타디엔 : C4F6)를 생산하는 국내 유일 제조업체로, 오랜 노하우와 높은 기술력을 통해 국내에서의 선도적 위치를점하고 있으며, 글로벌 점유율 또한 높여가기 위해 노력하고 있습니다.

연결회사의 냉매, 2차전지 소재, 무기불화물, 반도체 특수가스 등의 기초화합물 화학소재는 삼성전자, SK하이닉스 등 유수의 국내 및 해외 전방 가전사, 반도체 생산 업체, 전해액 Maker 업체 등으로 판매되고 있습니다.

또한 2022년 12월 포괄적 주식교환을 통해 당사의 100% 종속회사로 편입된 (주)한텍은 1998년 설립 하였으며, 국내 최고 수준의 화공기기 설계, 제작 능력을 바탕으로Carbon Steel /Stainless Steel 재질 기기뿐 아니라 제작과 설계가 까다로운 비철류(Ti , Zr, Ta) 재질 분야에서도 독보적인 기술력을 갖추어 세계적인 화공설비 제작사로 발돋움하고 있습니다.

연결회사의 화공기기 제품은 삼성엔지니어링, KBR 등 국내외 유수의 플랜트 엔지니어링 업체 등으로 공급되고 있습니다.2025년 기준 연결회사가 영위하는 사업의 매출은 냉매 등의 기초화합물 화학소재 판매 및 화공기기 관련 판매가 차지하고 있으며, 2025년 매출(누계)은 471,564백만원을 기록하면서 전년 동기 대비 7.7% 증가하였습니다. 이는 냉매류 쿼터 감축에 의한 국내 유통 가격 상승, 화공기기 부문 매출 증가 등에 기인합니다.

* 국내 : 국내 법인(후성, 한텍)의 내수 금액* 해외 : 국내 법인(후성, 한텍)의 수출 금액 및 연결 해외 법인의 총 매출액연결회사는 국내 울산공장, 해외(중국 후성과기(남통)유한공사, 후성신재료(남통)유한공사) 법인의 생산 설비 등을 통해 냉매, 2차전지 전해질, 반도체 특수가스 등의 기초화합물 및 열교환기, 압력용기, 저장탱크 등의 화공기기를 생산 하고 있으며, 글로벌 시장 성장 및 고객 니즈에 적극적으로 대비하고 있습니다.

- 연결회사의 화공기기, 탱크사업부 부문의 생산 능력을 표기하였습니다.

연결회사는 기초화합물 제품 제조 및 판매에 필요한 형석, 탄산리튬 등의 원재료 및 상품을 오랜 거래를 유지해온 중국 등 국내외 다수거래업체 및 당사 해외(중국 소주후성화공유한공사 등)법인 등을 통해 안정적으로 조달하여 시장 변동성에 대비하고 있습니다.연결회사는 현재에 만족하지 않고 지속가능한 미래의 성장동력 확보를 위하여 미래산업에 대한 투자와 신기술 개발을 통해 환경친화적인 제품으로 깨끗한 미래를 만들고, 삶의 가치향상을 위해 끊임없이 도전해 나아가겠습니다. 기타 업계의 현황 및 성장성, 경기변동의 특성 및 회사의 경쟁우위 요소, 매출, 원재료, 생산설비, 연구 개발활동 등에 관한 자세한 사항은 이어지는 II.

Company overview

1. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

가. 회사의 법적, 상업적 명칭- 당사의 명칭은 "주식회사 후성"이라고 표기합니다. 또한, 영문으로는 "FOOSUNG CO., LTD"라고 표기합니다.

나. 설립일자 및 존속기간- (주)후성은 2006년 11월 23일에 설립되었으며 2006년 12월 22일 한국거래소 유가 증권시장에 주식을 상장하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소- 주소 : 경기도 화성시 팔탄면 현대기아로 72-37- 전화번호 : 031-627-4322- 홈페이지 : http://www.foosungchem.com

라. 중소기업 등 해당 여부

마. 대한민국에 대리인이 있는 경우에는 이름(대표자), 주소 및 연락처- 해당사항 없음

바. 주요 사업의 내용

회사는 40여년 간 축적된 불소화학 기술과 고도화된 공정노하우를 기초로 국내 최고의 제품을 생산하여 불소화학의 선도적 위치를 확보하고 있으며 냉매, 2차전지 소재,무기불화물, 반도체 특수가스 등 자동차, 철강, 반도체, 건설, 환경산업 전반에 사용되는 기초화합물 화학소재 제품을 공급하고 있습니다. 회사의 냉매, 2차전지 소재, 무기불화물, 반도체 특수가스 등의 기초화합물 화학소재는 삼성전자 등의 국내 및 해외 전방 가전사, 반도체 생산 업체, 전해액 Maker 업체 등으로 판매되고 있습니다. 또한 2022년 12월 포괄적 주식교환을 통해 당사의 100% 종속회사로 편입된 (주)한텍은 1998년 설립 하였으며, 국내 최고 수준의 화공기기 설계, 제작 능력을 바탕으로Carbon Steel /Stainless Steel 재질 기기뿐 아니라 제작과 설계가 까다로운 비철류(Ti , Zr, Ta) 재질 분야에서도 독보적인 기술력을 갖추어 세계적인 화공설비 제작사로 발돋움하고 있습니다.회사의 연결법인에 포함되는 종속회사는 소주후성화공유한공사, 후성과기(남통)유한공사, 후성신재료(남통)유한공사, 후성폴란드유한회사, 후성글로벌(주), (주)한텍, (주)한스가 있으며, 당사의 연결법인들은 냉매, 2차전지 소재, 반도체 특수가스 등의 기초화합물 화학소재 및 화공기기 제조 판매 등의 사업을 영위하고 있으며, XII. 상세표를 확인하시기 바랍니다. 연결 회사가 영위하는 기초화합물 및 화공기기 판매 사업 현황

사. 신용평가에 관한 사항

- 평가일 : 2025년 4월 21일 - 평가전문기관명 : (주)이크레더블 신용평가 - 신용등급 : BB - 유효기간 : 2026년 4월 20일 - 기업평가등급의 정의

- 기업의 신용능력에 따라 AAA등급에서 D등급까지 10등급으로 구분 표시되며 등급 중 AA등급에서 CCC등급까지의 6개 등급에는 그 상대적 우열 정도에 따라 +,- 기 호가 첨부.

아.「상법」제290조에 따른 변태설립사항- 해당사항 없습니다.

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

5.80%
[3.41%, 9.70%] · 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 69.1% (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

0.93
Beta [0.70, 1.16] · KOSPI200 · As of 2026-10-08
Intercept
+0.221%[-0.542%, +0.984%]
R squared
0.26
Observations
252
Trading-time corrected beta
0.98[0.42, 1.54]
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 KOSPI200 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 100M2,1521,9212,4882,7492,4892,6163,8136,1065,2324,3784,7165,699
Revenue growth%—-10.7629.5510.49-9.455.0845.7460.15-14.31-16.327.71—
Operating incomeKRW 100M156364355396134285811,054-461-96253433
Operating income growth%—133.15-2.6111.58-66.06-79.111,971.3981.24-143.76———
Net incomeKRW 100M1376562822812-133131,124-844-83470447
Net income growth%—378.03-56.97-0.61-99.27-748.28—259.46-175.06———
Attributable to ownersKRW 100M139——3088160226970-539-69453365
Attributable to minoritiesKRW 100M-2——-28-79-7387154-305-1401783
Operating margin%7.2618.9714.2614.405.401.0715.2517.26-8.81-2.195.387.61
Net margin%6.3734.1511.3410.200.08-0.518.2018.42-16.13-19.041.497.85
ROE%16.19——14.823.812.759.1026.50-17.25-21.241.599.97
ROA%5.2520.828.936.350.04-0.255.0812.04-9.89-10.090.854.89
Debt ratio%166.7492.8551.3279.83117.71122.29117.43124.84157.45148.32112.53110.71
Current ratio%117.55140.12226.92172.60142.3091.02112.4790.5676.2187.2890.57103.49
Quick ratio%81.81105.05171.70118.3296.8170.8074.2161.7056.4468.3264.1471.96
Reserve ratio%75.85215.09270.05337.49350.56361.44417.57667.06548.20494.05503.30524.75
Free cash flowKRW 100M-16251223-916-7964248-233-1,109-484—
FCF margin%-0.7613.088.96-33.31-31.960.156.50-3.81-21.20-1.100.09—
OCF conversion%252.5053.27183.90109.4915,434.26—266.7883.90——563.10—
Capex to revenue%16.855.1111.9044.4844.7215.3715.3919.2620.0918.388.30—
Receivable daysdays—79.054.748.147.745.839.335.955.765.353.1—
Inventory daysdays—65.846.757.174.259.760.670.663.361.965.9—
Payable daysdays—77.043.944.758.761.855.960.162.162.554.4—
Cash conversion cycledays—67.757.560.563.243.744.046.456.964.764.6—
EPSKRW160——33387652441,047-581-66850340
PERx———22.2993.40181.5494.6710.22——150.6059.00
BPSKRW—1,6381,9102,2462,2952,3502,6793,8823,3123,0443,1183,408
PBRx—4.485.313.303.565.028.622.763.621.632.425.88
Dividend per shareKRW————15—1520————
Payout ratio%————17.15—6.151.91————

Consolidated basis

Profit flowKRW 100M

Revenue
4,716
Cost of sales
3,838
Gross profit
878
SG&A expenses
625
Operating income
253
Profit before tax
192
Non-operating expenses
61
Income tax expense
122
Net income
70

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
2,6143,151*3,1614,4155,2895,361*6,1639,3388,5348,2638,275
1,6341,5171,0721,9602,8602,9493,3295,1855,2194,9354,381
9801,634*2,0892,4552,4292,412*2,8354,1533,3153,3273,894

Income statement

20152016201720182019202020212022202320242025
2,152*1,9212,4882,7492,4892,6163,8136,1065,2324,3784,716
156*364355396134285811,054-461-96253
133*59433335939-7*3911,334-889-1,150192
137656*2822812-13*3131,124-844-83470
Basic earnings per shareKRW160Not applicableNot applicableNot applicableNot applicable65*2441,047-581*-66850
Diluted earnings per shareKRW160Not applicableNot applicableNot applicableNot applicable65*2441,047-581*-66850
150643*263270-26-4*3831,124-830-80661

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1376562822812-133131,124-844-83470
Total adjustments to operating cash flowcomputed209-30723727316419522-1817861,590325
346349519307318406834943-58756396
-409-133-316-1,182-1,102-374-661-1,099-1,076-1,104-61
117-68-4285085567-265562611606-202
Cash at beginning of periodKRW 100M68124203348327401498394790278549
124271348327401498394790278549677
Net change in cash and cash equivalentsKRW 100M55*149*145-207497-105396-512271128

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 20서현회계법인2025-12-31
2024적정의견Term 19서현회계법인2025-12-31
2023적정의견Term 18삼일회계법인2025-12-31
2022적정Term 17삼일회계법인2022-12-31
2021적정Term 16삼일회계법인2022-12-31
2020적정Term 15삼일회계법인2022-12-31
2019적정Term 14삼일회계법인2019-12-31
2018적정Term 13삼일회계법인2019-12-31
2017적정Term 12삼일회계법인2019-12-31
2016적정Term 11삼일회계법인2016-12-31
2015적정Term 10한영회계법인2016-12-31
2014적정Term 9한영회계법인2016-12-31

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
%
%
Cost of equity9.50%
Weighted average cost of capital9.12%
Initial growth1.6%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW15,040

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 FCFF2,381-84.2%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-127-100.8%
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% + 1.02 × 5.00% = 9.50%

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(1.59% × (1 − 0.00%), 0) = 1.59%

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

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 = 3,118 KRW, ROE = 1.59%, payout ratio = 0.00%, r = 9.50%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
13,11850296-2470.9132-225
23,16750301-2510.8340-209
33,21751306-2550.7616-194
43,26952311-2590.6955-180
53,32053315-2630.6352-167
Terminal value-3,5730.6352-2,269

P_0 = 3,118 + -975 + -2,269 = -127 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 = 395.8 − 391.5 + 425.2 × (1 − 35.00%) = 280.6 KRW hundred million

Weighted average cost of capital

E = 16,131.2, D = 2,108.0 KRW hundred million; equity weight = 88.44%, debt weight = 11.56%; cost of debt k_d = 9.50%

WACC = 88.44% × 9.50% + 11.56% × 9.50% × (1 − 35.00%) = 9.12%

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
11.59%285.10.9164261.3
21.69%289.90.8399243.5
31.79%295.10.7697227.2
41.90%300.70.7054212.1
52.00%306.70.6465198.3
Terminal value2.00%4,396.20.64652,842.0
Total3,984.3

Firm value = 3,984.3; less borrowings 2,108.0; plus cash 677.0 → 2,553.3 KRW hundred million

P_0 = 2,553.3 KRW hundred million ÷ 107,255,330 (shares) = 2,381 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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