095610KOSDAQ

TES

164,200

+1,100 (+0.67%)

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

TES Co., Ltd. was established in 2002 and is listed on the KOSDAQ market. The company is headquartered in Yongin, Gyeonggi-do, and is classified as a mid-sized enterprise.

The company manufactures front-end semiconductor equipment, primarily PECVD and Gas Phase Etch and Cleaning systems, for domestic semiconductor device makers. It also supplies thin film encapsulation systems for displays and MOCVD equipment for UVC LEDs to domestic and international clients.

Business overview as filed

당사는 반도체 소자 생산에 필요한 전공정 장비 제조를 주력사업으로 영위하며 반도체 장비 관련 매출이 전체 매출의 95% 이상을 차지하고 있습니다.반도체 공정은 크게 웨이퍼를 가공하여 칩을 만드는 전(前)공정과 만들어진 칩을 조립하고 검사하는 후(後)공정으로 나눌 수 있으며, 당사는 전공정 중에서 박막 형성을 위해 사용되는 증착장비인 PECVD(Plasma Enhanced Chemical Vapor Deposition)와 건식식각장비인 Gas Phase Etch & Cleaning 장비를 생산하여 국내 반도체 소자 업체에 공급하고 있습니다.그 외에도 디스플레이 제조에 사용되는 박막봉지장비(Thin Film Encapsulation system)와 UVC LED용 웨이퍼 제작에 사용되는 MOCVD(Metal Organic Chemical Vapor Deposition) 장비를 개발하여 국내외 관련 업체에 납품하고 있습니다.

한편, 당사는 2025년 연결기준 매출액 3,511억원, 영업이익 578억원, 당기순이익 569억원을 기록하였습니다. 별도기준으로는 매출액 3,474억원, 영업이익 583억원, 당기순이익 591억원을 기록하였습니다. 매출비중은 반도체와 반도체 外 사업부문이 각각 98%, 2%를 차지하였으며, 국내 및해외 매출비중은 각각 80%, 20%를 기록하였습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭당사의 명칭은 주식회사 테스이고 영문명은 TES Co., Ltd.입니다. 약식으로는 (주)테스라고 표기합니다.

다. 설립일자 및 존속기간당사는 2002년 9월 19일에 설립되었으며, 2008년 5월 20일 코스닥시장에 상장되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지1) 주소 : 경기도 용인시 처인구 양지면 중부대로 2374-362) 전화번호 : 031-323-2552 (Fax : 031-323-2555)3) 홈폐이지 : https://www.hites.co.kr

마. 중소기업 등 해당 여부

당사는「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법」제2조에 따른 중견기업에 해당합니다.

바. 주요사업의 내용당사는 반도체 장비 제조를 주된 사업으로 영위하고 있으며, 반도체 장비 중에서도 전공정 핵심장비인 PECVD(Plasma Enhanced Chemical Vapor Deposition)와 Gas Phase Etch & Cleaning 장비를 주력으로 하고 있습니다. 그 외에도 디스플레이용 박막봉지장비(Thin Film Encapsulation system)와 UVC LED용 MOCVD(Metal Organic Chemical Vapor Deposition) 장비 사업도 영위하고 있습니다. 당사 정관상 회사가 영위하는 목적사업은 다음과 같습니다.1. 전자 장비 개조 및 설치업2. 국산화 전자 장비 제조 판매업3. 전자 장비 이설업4. 전자 장비 부품 제조 판매업5. 전자 장비 및 부품 도,소매업6. 칩(Chip) 매매업7. 유통업8. 부동산 매매 및 임대업9. 태양전지 제조 및 태양전지 제조장비의 제조, 개조 및 판매업10. 전자 장비, 태양전지 제조, 태양전지 제조장비, 산업기계 및 이와 관련되는 모든 시설, 기계, 기기 등의 대여, 임대 및 서비스업11. 투자 및 금융서비스업12. 경영자문 및 컨설팅업13. 신재생 에너지사업

14. 신재생 에너지관련 장비 및 제품의 개발, 제조 판매, 서비스, 설비엔지니어링 및 시공업15. 의료기기, 의료용품의 제조 및 수출입 판매업16. 전기 각 항 및 그에 관련된 위탁매매17. 전기 각 항에 관련한 사업에 대한 투자18. 위 각호에 부대되는 일체 사업

사. 신용평가에 관한 사항 1) 최근 3년간의 신용평가 내역

2) 신용평가회사의 신용등급 정의

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.13), 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

7.60%

[5.10%, 11.66%] · 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 54.0% (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

1.24

Beta [1.03, 1.44] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.652%[-0.075%, +1.379%]
R squared: 0.41
Observations: 252
Trading-time corrected beta: 1.14[0.80, 1.48]

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	1,003	1,789	2,758	2,871	1,784	2,460	3,752	3,580	1,469	2,401	3,511	4,055
Revenue growth%	—	78.29	54.15	4.09	-37.86	37.89	52.54	-4.58	-58.95	63.39	46.25	—
Operating incomeKRW 100M	95	364	633	578	117	317	622	559	-59	385	578	694
Operating income growth%	—	283.66	74.10	-8.68	-79.68	169.63	96.29	-10.11	-110.49	—	50.33	—
Net incomeKRW 100M	125	313	543	424	97	300	740	468	16	427	569	808
Net income growth%	—	150.91	73.65	-21.82	-77.02	207.88	146.47	-36.79	-96.65	2,623.77	33.44	—
Attributable to ownersKRW 100M	126	313	543	424	98	300	740	468	16	427	569	808
Attributable to minoritiesKRW 100M	-1	-1	-0	0	-0	0	—	—	—	—	0	—
Operating margin%	9.45	20.33	22.96	20.14	6.59	12.88	16.57	15.61	-3.99	16.03	16.47	17.12
Net margin%	12.41	17.47	19.68	14.78	5.47	12.20	19.72	13.06	1.07	17.77	16.21	19.92
ROE%	13.34	21.14	28.65	19.96	4.54	12.69	25.09	15.25	0.52	12.90	14.53	17.27
ROA%	10.33	16.91	22.38	17.55	3.93	10.92	21.96	13.90	0.49	11.19	11.68	14.27
Debt ratio%	28.10	24.76	27.90	13.83	15.35	16.22	14.24	9.73	7.67	15.32	24.43	21.02
Current ratio%	330.99	361.62	336.13	625.60	592.01	490.98	519.79	680.01	931.69	490.16	451.36	354.20
Quick ratio%	241.69	292.75	229.93	377.31	429.91	290.56	378.54	464.38	677.48	—	361.61	283.65
Reserve ratio%	—	—	1,920.70	2,206.92	2,225.00	2,463.55	3,108.33	3,509.27	3,427.31	3,818.08	4,215.43	4,888.07
Free cash flowKRW 100M	-55	115	254	347	332	134	639	95	112	853	495	—
FCF margin%	-5.43	6.42	9.20	12.09	18.60	5.46	17.03	2.66	7.62	35.52	14.11	—
OCF conversion%	-24.30	71.95	67.55	84.85	349.30	82.52	103.44	33.02	1,827.83	71.53	144.81	—
Capex to revenue%	2.42	6.15	4.09	0.45	0.50	4.61	3.36	1.66	11.86	-22.81	9.36	—
Receivable daysdays	—	39.9	29.0	20.3	38.9	23.9	15.5	28.6	60.6	38.5	34.0	—
Inventory daysdays	—	63.7	72.1	105.5	144.1	116.4	84.0	77.1	153.7	—	—	—
Payable daysdays	—	36.7	34.7	27.7	31.2	35.0	28.4	25.9	41.2	32.3	16.8	—
Cash conversion cycledays	—	66.9	66.5	98.1	151.8	105.3	71.1	79.7	173.1	—	—	—
EPSKRW	1,212	1,764	2,781	2,192	508	1,580	3,936	2,580	89	2,432	3,244	4,172
PERx	—	15.19	13.74	5.54	49.21	18.77	7.56	6.09	225.84	6.37	13.73	49.86
BPSKRW	—	7,634	9,592	10,746	10,872	11,964	14,920	15,513	15,120	16,721	19,817	24,155
PBRx	—	3.51	3.98	1.13	2.30	2.48	1.99	1.01	1.33	0.93	2.25	8.61
Dividend per shareKRW	210	220	400	400	300	450	560	500	500	600	850	—
Payout ratio%	17.33	12.47	14.38	18.25	59.06	28.48	14.23	19.38	561.80	24.67	26.20	—

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
	1,206	1,848	2,425	2,418	2,479	2,749	3,369	3,365	3,218	3,812	4,875
	795	1,271	1,716	1,703	1,825	1,806	2,071	1,890	1,943	1,832	2,154
Cash and cash equivalentsKRW 100M	112	283	74	272	587	390	631	337	209	116	121
InventoriesKRW 100M	215	242	542	676	500	737	563	599	530	Not applicable	428
Trade and other receivablesKRW 100M	90	301	138	181	199	123	195	366	122*	385	269
	411	578	709	715	654	943	1,299	1,475	1,275	1,980	2,721
Property, plant and equipmentKRW 100M	223	335	362	331	303	420	500	513	623*	1,095	1,358
Intangible assetsKRW 100M	87	100	107	121	78	50	61	58	53	Not applicable	52
Investments in associatesKRW 100M	7	23	19	8	6	0	0	0	0	372	847
	265	367	529	294	330	384	420	298	229	506	957
	240	351	511	272	308	368	398	278	209	374	477
Trade and other payablesKRW 100M	99	164	213	107	148	224	215	176	127*	184	55
Short-term borrowingsKRW 100M	—	—	—	1	100	40	—	0	—	—	60
Current portion of long-term borrowingsKRW 100M	110	46	89	—	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	—	3	3
	24	15	18	22	22	16	22	21	21	133	480
Bonds issuedKRW 100M	—	—	—	—	—	—	—	—	—	—	407
Long-term borrowingsKRW 100M	10	5	5	5	0	0	—	—	—	100	50
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	—	1	2
	942	1,482	1,896	2,124	2,149	2,365	2,949	3,067	2,989	3,305	3,918
	941	1,481	1,896	2,124	2,149	2,365	2,949	3,067	2,989	3,305	3,918
Issued capitalKRW 100M	Not applicable	Not applicable	99	99	99	99	99	99	99	99	99
Capital surplusKRW 100M	355	560	578	578	578	578	578	574	574	574	603
Retained earningsKRW 100M	535	826	1,320	1,603	1,621	1,857	2,494	2,894	2,813	3,200	3,563
Other equityKRW 100M	354	559*	-101	-156	-149	-169	-222	-501	-497	-567	-348
Non-controlling interestsKRW 100M	1	0	-0	0	0	0	Not applicable	Not applicable	0	Not applicable	0

기타포괄손익-공정가치측정 금융자산As filed	—	—	—	—	0	130	30	0	114	—	—
계약자산As filed	—	—	—	—	—	—	—	—	—	80	55
당기손익-공정가치측정 금융자산As filed	—	—	—	—	421	406	640	499	295	—	—
당기손익-공정가치측정 금융자산(유동)As filed	—	—	—	484	—	—	—	—	—	—	—
당기손익인식금융자산As filed	304	299	510	0	0	—	—	—	—	—	—
매도가능금융자산As filed	1	40	196	0	0	—	—	—	—	—	—
기타금융자산As filed	6	9	7	11	85	6	1	70	661	—	—
유동기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	—	0
기타자산As filed	20	14	31	28	34	13	11	19	12	—	—
기타포괄손익-공정가치측정 금융자산(유동)As filed	—	—	—	50	—	—	—	—	—	—	—
당기법인세자산As filed	—	—	—	—	—	—	—	—	—	0	0
미청구공사As filed	47	83	217	0	0	—	—	—	—	—	—
유동당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	296	194
기타비유동금융자산As filed	46	—	—	—	—	—	—	—	—	—	—
장기매출채권 및 기타비유동채권As filed	6	7	12	9	—	—	—	—	10	—	—
재고자산As filed	—	—	—	—	—	—	—	—	—	412	—
기타유동자산As filed	—	—	—	—	—	—	—	—	—	20	24
기타유동금융자산As filed	—	—	—	—	—	—	—	—	—	524	1,061
순확정급여자산As filed	—	—	—	—	—	—	—	62	52	54	74
이연법인세자산As filed	42	42	41	81	75	51	32	49	37	32	16
당기손익-공정가치측정 금융자산(비유동)As filed	—	—	—	82	—	—	—	—	—	—	—
장기매출채권 및 기타채권As filed	—	—	—	—	6	7	11	15	—	—	13
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	—	—	10	—
기타포괄손익-공정가치측정 금융자산(비유동)As filed	—	—	—	80	—	—	—	—	—	—	—
무형자산As filed	—	—	—	—	—	—	—	—	—	50	—
투자부동산As filed	—	—	—	—	—	—	—	—	—	32	31
기타금융자산(비유동)As filed	—	—	—	2	—	—	—	—	—	—	—
파생상품자산As filed	—	—	—	—	—	—	—	—	—	—	0
비유동당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	274	239
비유동파생상품자산As filed	—	—	—	—	—	—	—	—	—	19	—
기타유동충당부채As filed	23	29	53	46	35	37	—	27	—	—	—
기타유동부채As filed	8	112	156	48	20	14	35	48	39	18	64
당기손익인식금융부채As filed	—	0	0	0	0	—	—	—	—	—	—
비유동기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	—	88
유동충당부채As filed	—	—	—	—	—	—	36	—	42	67	109
확정급여부채As filed	6	7	8	13	18	7	9	0	0	—	—
비유동기타포괄손익－공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	41	—
장기매입채무 및 기타채무As filed	9	3	6	4	4	9	12	21	21	—	—
당기법인세부채As filed	—	—	—	71	5	53	113	27	0	27	86
자본금As filed	51	97	—	—	—	—	—	—	—	—	—
기타자본As filed	-1	-1	—	—	—	—	—	—	—	—	—
기타비유동자산As filed	—	—	—	—	—	—	—	—	—	0	3
자본과부채총계As filed	1,206	1,848	2,425	2,418	2,479	2,749	3,369	3,365	3,218	3,812	—
부채와자본총계As filed	—	—	—	—	—	—	—	—	—	—	4,875
단기차입금As filed	—	—	—	—	—	—	—	—	—	60	—
계약부채As filed	—	—	—	—	—	—	—	—	—	15	50
유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	—	50
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	—	—	27	—
비유동충당부채As filed	—	—	—	—	—	—	—	—	—	1	1
기타비유동부채As filed	—	—	—	—	—	—	—	—	—	4	4
매입채무및기타채무As filed	—	—	—	—	—	—	—	—	—	—	16

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,003	1,789	2,758	2,871	1,784	2,460	3,752	3,580	1,469	2,401	3,511
Cost of salesKRW 100M	795	1,308	1,984	2,108	1,489	1,939	2,825	2,751	1,341	1,755	2,590
Gross profitKRW 100M	208	481	774	763	295	520	927	828	128	646	921
SG&A expensesKRW 100M	114	117	141	185	177	204	305	269	187	261	343
	95	364	633	578	117	317	622	559	-59	385	578
Finance incomeKRW 100M	72	26	95	67	70	141	186	64	107	167	187
Finance costsKRW 100M	21	17	25	68	22	49	29	64	27	-40	87
Other incomeKRW 100M	4	6	18	9	5	3	4	2	8	Not applicable	10
Other expensesKRW 100M	12	9	13	43	49	21	2	18	7	Not applicable	30
Share of profit of associatesKRW 100M	0	1	—	—	—	—	—	—	—	—	—
	139	370	695	531	119	385	781	543	23	498	658
Income tax expenseKRW 100M	15	57	152	107	21	85	41	75	7	72	88
	125	313	543	424	97	300	740	468	16	427	569
Attributable to ownersKRW 100M	126	313	543	424	98	300	740	468	16	427	569
Attributable to minoritiesKRW 100M	-1	-1	-0	0	-0	0	Not applicable	Not applicable	Not applicable	Not applicable	0
Basic earnings per shareKRW	1,212*	1,764	2,781	2,192	508	1,580	3,936	2,580	89	2,432	3,244
Diluted earnings per shareKRW	1,153*	1,739	2,781	2,192	508	1,580	3,936	2,580	89	2,432	3,224
	119	312	541	400	102	333	767	464	10	404	602
Other comprehensive incomeKRW 100M	-6	-0	-1	-24	4	33	27	-4	-6	-22	33

영업외수익As filed	—	—	—	—	—	—	—	—	—	114	79
기타수익As filed	—	—	—	—	—	—	—	—	—	6	—
기타비용As filed	—	—	—	—	—	—	—	—	—	-19	—
지배기업 소유주지분As filed	—	—	—	—	102	333	767	464	10	—	—
비지배지분As filed	-1	-1	-0	0	-0	0	—	—	—	—	0
관계기업투자손익As filed	—	—	-13	-11	-2	-6	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	-2	1	5	-16	7	—	1	-2	4	—	—
매도가능금융자산의 공정가치 변동As filed	-2	0	6	0	0	—	—	—	—	—	—
지배기업소유주지분As filed	—	—	—	—	—	—	—	—	—	404	602
지분법자본변동As filed	0	0	-0	0	0	—	—	—	—	—	—
해외사업 환산손익As filed	0	-0	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	-4	-1	—	-8	-3	33	26	-3	-9	-22	40
보험수리적손익As filed	-4	-1	-6	-8	-3	-7	-15	37	-9	—	—
지배기업소유지분As filed	120	313	—	400	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	0	—	—	—	—	—
기타포괄손익-공정가치측정 금융자산의 공정가치 변동As filed	—	—	—	-15	7	40	-1	-1	4	—	—
해외사업환산손익As filed	—	—	—	-0	0	0	2	-1	-0	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	—	-0	-7
해외사업장환산이익As filed	—	—	-0	—	—	—	—	—	—	—	—
법인세효과As filed	—	—	—	—	—	—	—	—	—	1	-2
해외사업장의 환산차이As filed	—	—	—	—	—	—	—	—	—	2	0
후속적으로 당기손익으로 재분류되지 않는항목As filed	—	—	-6	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	-14	0
기타포괄손익－공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	-2	—
부의지분법자본변동As filed	—	—	—	—	—	—	—	—	—	-2	-10
지배기업 소유지분As filed	—	—	542	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	—	48
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	—	-15	—
확정급여제도의 재측정요소As filed	—	—	—	—	—	—	—	—	—	—	5

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	125	313	543	424	97	300	740	468	16	427	569
Total adjustments to operating cash flowcomputed	-155	-88	-176	-64	243	-52	25	-313	271	-121	255
	-30	225	367	360	341*	248	765	154	286	305	824
Interest receivedKRW 100M	8	3	13	5	6	7	4	7	27	48	34
Interest paidKRW 100M	1	3	3	3	0	1	0	Not applicable	0	1	3
Income taxes paidKRW 100M	30	-7	74	196	75	11	-27	175	34	5	23
	-26	-222	-503	67	-51*	-278	-338	-132	-346	-501	-1,179
Purchase of property, plant and equipmentKRW 100M	24	110	113	13	9	113	126	59	174	-548	329
Proceeds from sale of property, plant and equipmentKRW 100M	0	1	72	1	0	2	3	1	8	2	1
Purchase of intangible assetsKRW 100M	33	44	41	61	44	46	13	6	0	-1	3
	34	168	-73	-228	26	-158	-192	-315	-68	101	360
Dividends paidKRW 100M	16	22	43	78	77	58	85	104	88	-88	105
Acquisition of treasury sharesKRW 100M	—	—	104	69	—	—	95	243	0	—	—
Issue of sharesKRW 100M	14	178	—	0	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	134	112	283	74	272	587	390	631	337	209	116
	112	283	74	272	587	390	631	337	209	116	121
Effect of exchange rate changesKRW 100M	0	-0	-1	-0	-1	-8	5	-1	-1	3	-0
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	198	314	-196	241	-294	-128	-93	5

당기순이익As filed	—	—	—	—	97	300	740	468	—	427	569
당기순이익(손실)As filed	125	313	543	424	—	—	—	—	16	—	—
리스부채의 상환As filed	—	—	—	—	-3	-3	3	4	3	-4	5
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	193	485
조정As filed	12	116	161	217	130	73	-38	186	-22	—	—
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	-92	125
단기차입금의 상환As filed	—	—	—	—	—	—	40	0	0	—	—
사채의 발행As filed	—	—	—	—	—	—	—	—	—	—	442
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-276	-89	183	-121	31	-332	—	—	—
장기미지급금의 증감As filed	—	—	—	—	—	—	6	7	3	—	—
장기차입금의 차입As filed	—	—	—	—	—	—	—	—	—	100	0
배당금 수령As filed	—	—	—	—	0	1	2	0	0	—	—
배당금수령As filed	0	0	2	1	—	—	—	—	—	—	—
단기차입금의 차입As filed	—	—	—	—	—	—	—	—	—	60	0
당기손익-공정가치측정 금융자산(유동)의 감소As filed	—	—	—	422	—	—	603	366	321	—	—
정부보조금의 수령As filed	20	15	10	9	11	23	26	29	20	—	—
보증금의 증감As filed	—	—	—	—	—	-0	-4	-5	6	—	—
유동당기손익인식금융자산의 처분As filed	—	—	—	—	525	808	—	—	—	—	—
당기손익-공정가치측정 금융자산(비유동)의 감소As filed	—	—	—	—	—	—	64	140	100	—	—
당기손익인식금융자산의 감소As filed	255	504	602	0	—	—	—	—	—	—	—
단기대여금의 증감As filed	—	—	—	—	—	—	0	-14	0	—	—
매도가능금융자산의 감소As filed	151	60	328	0	—	—	—	—	—	—	—
비유동당기손익인식금융자산의 처분As filed	—	—	—	—	11	11	—	—	—	—	—
장기미지급금의 증가As filed	1	2	2	1	1	0	—	—	—	6	8
기타포괄손익-공정가치측정 금융자산의 감소As filed	—	—	—	10	69	217	150	30	86	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	—	26	35
기타금융자산의 감소As filed	—	11	5	214	11	85	6	1	367	—	—
장단기대여금의 감소As filed	—	3	4	—	—	—	—	—	—	—	—
단기대여금의 감소As filed	—	—	—	5	8	4	—	—	—	—	—
보증금의 감소As filed	—	—	1	5	4	—	—	—	—	—	—
신주발행비As filed	—	—	—	—	—	—	—	—	—	—	1
당기손익인식금융자산의 증가As filed	320	493	738	0	—	—	—	—	—	—	—
영업활동으로 인한 자산부채의 변동As filed	-144	-212	—	—	—	—	—	—	—	—	—
장기미지급금의 감소As filed	—	—	—	—	—	—	—	—	—	—	13
당기손익-공정가치측정 금융자산(유동)의 증가As filed	—	—	—	-388	—	—	735	211	30	—	—
매도가능금융자산의 증가As filed	35	123	581	0	—	—	—	—	—	—	—
유동당기손익인식금융자산의 취득As filed	—	—	—	—	407	854	—	—	—	—	—
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	3,537	5,229
기타채권의 감소As filed	—	—	—	—	—	—	—	—	—	0	0
당기손익-공정가치측정 금융자산(비유동)의 증가As filed	—	—	—	-30	—	—	102	128	47	—	—
관계기업투자의 증가As filed	14	15	10	0	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	202	294
비유동당기손익인식금융자산의 취득As filed	—	—	—	—	81	215	—	—	—	—	—
기타유동금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	3,205	—
기타포괄손익-공정가치측정 금융자산의 증가As filed	—	—	—	-30	0	-150	156	137	0	—	—
기타금융자산의 증가As filed	6	11	3	14	86	6	—	70	962	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	—	0
장단기대여금의 증가As filed	—	3	4	—	—	—	—	—	—	—	—
단기대여금의 증가As filed	—	—	—	33	27	4	—	—	—	—	—
보증금의 증가As filed	1	0	5	3	2	0	—	—	—	—	3
보험예치금의 증가As filed	—	—	—	—	-16	-17	28	40	-21	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	127	—
관계기업및종속회사 투자의 증가As filed	—	—	—	—	0	—	—	—	—	—	—
기타유동금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	4,935
파생상품자산의 증가As filed	—	—	4	0	0	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	300	—	—
투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	-4,038	6,408
퇴직연금운용자산의 증가As filed	—	—	-17	-18	—	—	—	—	—	—	—
기타채권의 증가As filed	—	—	—	—	—	—	—	—	—	-0	0
유동성차입금의 증감As filed	110	—	43	-88	94	-60	—	—	—	—	—
파생상품자산의 감소As filed	—	—	—	—	0	0	—	—	—	—	—
기타유동금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	-3,055	5,476
장기차입금의 증가As filed	10	-5	—	0	—	—	—	—	—	—	—
신주인수권의행사As filed	2	72	—	—	—	—	—	—	—	—	—
장기미지급금의 상환As filed	-3	-7	-1	-3	-1	0	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	-22	171	-209	199	315	-188	236	-293	-127	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	-1	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	—	0
유동성차입금의 증가As filed	—	-64	—	—	—	—	—	—	—	—	—
주식선택권의 행사As filed	3	1	—	—	—	—	—	—	—	—	—
퇴직연금운용자산의 증As filed	—	—	—	—	8	—	—	—	—	—	—
사채의 발행(상환)As filed	-100	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	-38	103
신주인수권의 행사As filed	—	—	20	0	0	—	—	—	—	—	—
파생상품자산의 취득As filed	—	—	—	—	—	—	—	—	—	-25	0
관계기업투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	-370	—
자시주식의취득As filed	—	—	—	—	0	-60	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	230	759
관계기업투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	495
영업활동 관련 자산 및 부채의 변동As filed	—	—	—	—	—	—	—	—	—	-252	-39
파생상품부채의 감소As filed	—	—	—	-0	—	—	—	—	—	—	—
당기순이익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	56	229
배당금의 수취As filed	—	—	—	—	—	—	—	—	—	32	57
유상증자As filed	—	—	—	0	—	—	—	—	—	—	—

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 2026.03.13.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 24	동성회계법인	2025-12-31
2024	적정의견Term 23	동성회계법인	2025-12-31
2023	적정의견Term 22	삼화회계법인	2025-12-31
2022	적정Term 21	삼화회계법인	2022-12-31
2021	적정Term 20	삼화회계법인	2022-12-31
2020	적정Term 19	삼화회계법인	2022-12-31
2019	적정Term 18	삼화회계법인	2019-12-31
2018	적정Term 17	삼화회계법인	2019-12-31
2017	적정Term 16	삼화회계법인	2019-12-31
2016	적정Term 15	삼화회계법인	2016-12-31
2015	적정Term 14	삼화회계법인	2016-12-31
2014	적정Term 13	삼화회계법인	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 5Y0.98

Equity risk premium%

Terminal growth%

Cost of equity9.30%

Weighted average cost of capital9.22%

Initial growth10.7%

Effective tax rate13.5%

Base fiscal year2025

Current priceKRW164,200

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	11,874	-92.8%
Dividend discount model DDM	14,420	-91.2%
Discounted cash flow FCFF	41,251	-74.9%
Discounted cash flow FCFE	78,287	-52.3%
Residual income model RIM	38,623	-76.5%

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% + 0.98 × 5.00% = 9.30%

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(14.53% × (1 − 26.20%), 0) = 10.72%

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 = 850 × (1 + 2.00%) / (9.30% − 2.00%) = 867 / 0.0730 = 11,874 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 = 850, g_1 = 10.72%, g_T = 2.00%, r = 9.30%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	10.72%	941	0.9149	861
2	8.54%	1,022	0.8370	855
3	6.36%	1,087	0.7658	832
4	4.18%	1,132	0.7006	793
5	2.00%	1,155	0.6410	740
Terminal value	2.00%	16,129	0.6410	10,339
Total				14,420

P_0 = 14,420 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 = 19,817 KRW, ROE = 14.53%, payout ratio = 26.20%, r = 9.30%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	19,817	2,879	1,843	1,036	0.9149	948
2	21,942	3,188	2,041	1,147	0.8370	960
3	24,295	3,530	2,260	1,270	0.7658	973
4	26,900	3,908	2,502	1,406	0.7006	985
5	29,784	4,327	2,770	1,557	0.6410	998
Terminal value				21,750	0.6410	13,942

P_0 = 19,817 + 4,864 + 13,942 = 38,623 KRW

Discounted cash flow FCFF

\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 = 824.2 − 328.8 + 2.9 × (1 − 13.45%) = 498.0 KRW hundred million

Weighted average cost of capital

E = 32,459.4, D = 516.8 KRW hundred million; equity weight = 98.43%, debt weight = 1.57%; cost of debt k_d = 4.40%

WACC = 98.43% × 9.30% + 1.57% × 4.40% × (1 − 13.45%) = 9.22%

V_{\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}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	10.72%	551.4	0.9156	504.8
2	8.54%	598.4	0.8384	501.7
3	6.36%	636.5	0.7676	488.6
4	4.18%	663.1	0.7029	466.1
5	2.00%	676.4	0.6435	435.3
Terminal value	2.00%	9,561.6	0.6435	6,153.3
Total				8,549.8

Firm value = 8,549.8; less borrowings 516.8; plus cash 121.4 → 8,154.5 KRW hundred million

P_0 = 8,154.5 KRW hundred million ÷ 19,768,226 (shares) = 41,251 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 = 824.2 − 328.8 + 416.8 (net borrowing) = 912.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	10.72%	1,010.0	0.9149	924.1
2	8.54%	1,096.3	0.8370	917.7
3	6.36%	1,166.1	0.7658	893.0
4	4.18%	1,214.8	0.7006	851.1
5	2.00%	1,239.1	0.6410	794.3
Terminal value	2.00%	17,309.7	0.6410	11,095.8
Total				15,475.9

P_0 = 15,475.9 KRW hundred million ÷ 19,768,226 (shares) = 78,287 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