131970KOSDAQ

Doosan Tesna

125,300

+16,200 (+14.85%)

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

Doosan Tesna Inc. was established in 2002 and is listed on the KOSDAQ market. The company provides semiconductor testing and engineering services.

The company specializes in the back-end process of system semiconductors. Its business segments include wafer testing, packaging testing, and die preparation. Main products include SoC, CIS, MCU, and Smartcard IC, which are supplied to various electronics and automotive industries.

Business overview as filed

당사는 2002년에 설립되어 시스템 반도체 후공정 중 테스트 사업을 전문적으로 영위해 온 기업입니다. 반도체 산업은 용도에 따라 메모리반도체와 시스템반도체로 구분됩니다. 시스템반도체는 메모리반도체에 비해 다품종 소량생산이며, 경기변동에 상대적으로 둔감하다는 특징을 가지고 있습니다.반도체 산업은 반도체 설계자산(IP)만 전문 개발하는 IP업체와 반도체 설계를 전문으로 하는 팹리스 업체, 외부업체의 위탁받아 칩 생산만을 전문으로 하는 파운드리(Foundry)업체, 가공된 웨이퍼를 조립하거나 패키징 및 테스트만을 전문으로 하는 패키징&테스트 업체, 마지막으로 설계부터 생산까지 전과정을 수행하는 종합반도체 업체(IDM, Integrated Device Manufacturer)로 구분됩니다.당사는 웨이퍼 테스트 및 패키징 테스트 사업과 테스트가 완료된 웨이퍼를 재배열하고 분류하는 DP(Die Preparation)사업을 영위하고 있습니다.

[테스트사업]

테스트 사업은 통상적으로 반도체 제조 공정 중 웨이퍼 단계의 테스트와 패키징 후 마지막 출하 전 테스트의 2회 테스트를 수행합니다. 당사는 웨이퍼 테스트 및 패키징 테스트 둘 다 서비스를 제공하고 있으며, 웨이퍼 테스트 매출 비중이 대부분을 차지하고 있습니다.당사의 제품군은 크게 SoC(System on Chip), CIS(CMOS Image Sensor), MCU(Micro Controller Unit), Smartcard IC로 구성되어 있습니다. SoC는 시스템 반도체 시장 중 가장 큰 규모를 차지하고 있으며 AP, RF 등 제품을 특정 지을 수 있는 특정회로들로 설계되는 칩입니다. CIS는 빛(광학적 이미지)를 전기적 신호로 바꾸어주는 역할을 하는 반도체 센서로서 스마트폰, 디지털카메라 등에 필수적으로 들어갑니다. MCU는 코어 이외에 메모리나 간단한 OS 등의 기능을 내장시켜 독립적인 동작이 가능하도록 한 범용 프로세서입니다. Smartcard IC는 플라스틱 카드에 초박형의 마이크로 프로세서 및 ROM, RAM, EEPROM 등의 메모리를 내장시킨 정보매체입니다.

[DP사업]

당사의 DP(Die Preparation) 사업은 테스트를 완료한 웨이퍼에서 양품 칩을 고객이 요구하는 배열 및 웨이퍼 크기로 분류하여 제공하고 있습니다. 주요 서비스 제품은 스마트폰용 CIS (CMOS Image sensor), 모바일용 DDI (Display Driver IC), 지문 센서 등이며 신성장 사업으로서 SiC(Silicon Carbide) 등 차량용 전력반도체 등 미래 유망 산업에도 적극적으로 진출하고 있습니다.본사는 평택시 산단로에 위치해 있으며, Test 사업장은 평택에 하나, 안성에 두 개, DP사업장은 청주에 한 개가 있습니다. 공장은 사업장별로 1개씩 있습니다.

Company overview

(1) 연결대상 종속회사 현황(요약)

(1)-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 '주식회사 두산테스나'라고 칭하고, 영문으로는 'DOOSAN TESNA Inc.'라고 표기합니다.

다. 설립일자 및 존속기간

당사는 2002년 09월 06일에 TESNA lnc. 로 반도체 제조관련 테스트 및 엔지니어링 서비스를 주요사업 목적으로 설립되었으며, 2022년 4월 27일 주식회사 두산테스나(DOOSAN TESNA Inc.)로 상호를 변경하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

(1) 회사가 영위하는 목적 사업당사는 반도체 테스트 사업을 영위하고 있으며, 당사가 영위하는 목적 사업은 다음과 같습니다.

(2) 향후 추진하고자 하는 사업보고서 제출일 현재 영위하고 있는 사업 이외에 신규로 추진하고자 하는 사업은 없습니다.

사. 신용평가에 관한 사항

"해당사항 없음"

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

9.57%

[6.34%, 13.14%] · 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 72.8% (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

1.10

Beta [0.91, 1.29] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.546%[-0.050%, +1.142%]
R squared: 0.38
Observations: 252
Trading-time corrected beta: 1.25[0.91, 1.59]

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

	2015Separate basis	2016Separate basis	2017Separate basis	2018Separate basis	2019Separate basis	2020Separate basis	2021Separate basis	2022Separate basis	2023Separate basis	2024Consolidated basis	2025Separate basis	TTMSeparate basis
RevenueKRW 100M	338	303	472	653	968	1,325	2,076	2,777	3,387	3,731	3,039	3,264
Revenue growth%	—	-10.47	55.84	38.31	48.36	36.86	56.65	33.76	21.97	—	—	—
Operating incomeKRW 100M	-33	-14	99	187	242	306	541	672	608	379	-9	356
Operating income growth%	—	—	—	90.06	28.99	26.36	76.90	24.24	-9.51	—	—	—
Net incomeKRW 100M	-42	7	90	162	214	372	472	523	491	368	15	342
Net income growth%	—	—	1,115.38	80.50	31.93	73.84	26.70	10.95	-6.22	—	—	—
Attributable to ownersKRW 100M	—	—	—	—	—	—	—	—	—	368	—	—
Attributable to minoritiesKRW 100M	—	—	—	—	—	—	—	—	—	0	—	—
Operating margin%	-9.81	-4.66	20.91	28.73	24.98	23.06	26.04	24.19	17.95	10.16	-0.31	10.92
Net margin%	-12.39	2.44	19.06	24.87	22.12	28.09	22.72	18.85	14.49	9.86	0.50	10.49
ROE%	—	—	—	—	—	—	—	—	—	8.40	—	—
ROA%	-5.05	0.95	9.35	14.54	6.25	8.16	8.84	6.82	6.43	4.67	0.21	4.67
Debt ratio%	42.90	33.78	43.62	37.04	109.82	103.78	103.31	147.56	89.06	79.98	61.02	62.32
Current ratio%	123.82	152.21	138.44	181.42	222.99	41.53	49.37	39.15	89.91	62.03	136.99	92.96
Quick ratio%	—	—	—	—	—	—	—	—	—	61.70	136.77	92.88
Reserve ratio%	—	—	1,898.63	2,343.18	3,811.14	2,422.46	2,934.17	3,537.36	4,076.88	4,430.14	4,422.60	4,552.36
Free cash flowKRW 100M	—	69	30	82	-454	-1,284	208	-884	387	360	1,244	—
FCF margin%	—	22.95	6.38	12.53	-46.93	-96.86	10.03	-31.85	11.43	9.65	40.95	—
OCF conversion%	—	1,736.73	243.23	199.87	203.38	187.45	284.39	321.44	429.01	596.06	9,749.28	—
Capex to revenue%	—	19.49	39.97	37.17	91.91	149.52	54.59	92.44	50.74	49.11	7.50	—
Receivable daysdays	—	33.5	—	—	—	—	—	—	—	—	—	—
EPSKRW	-620	110	1,348	2,433	2,709	2,260	2,776	3,080	2,853	1,912	78	—
PERx	—	131.82	10.46	7.97	18.83	24.87	17.99	8.93	20.54	13.08	682.05	—
BPSKRW	—	—	—	—	—	—	—	—	—	22,645	—	—
PBRx	—	—	—	—	—	—	—	—	—	1.10	—	—
Dividend per shareKRW	—	—	150	170	200	130	160	160	—	160	160	—
Payout ratio%	—	—	11.13	6.99	7.38	5.75	5.76	5.19	—	8.37	205.13	—

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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.

Free cash flow breakdownKRW 100M

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
	830	782	962	1,116	3,427	4,561	5,335	7,670	7,631	7,877	7,038
	217	230	313	364	1,509	604	786	1,079	1,253	1,136	1,600
Cash and cash equivalentsKRW 100M	141	150	204	224	1,032	223	404	449	790	650	1,095
Short-term financial instrumentsKRW 100M	—	—	50	74	277	90	70	46	0	42	0
InventoriesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	6	3
Trade and other receivablesKRW 100M	28	28	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	373	Not applicable	Not applicable
	613	552	649	752	1,918	3,957	4,549	6,591	6,378	6,741	5,437
Property, plant and equipmentKRW 100M	524	456	560	638	1,641	3,515	4,063	6,146	5,791	5,901	4,555
Intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	38	Not applicable	82
Investments in associatesKRW 100M	29	29	28	22	111	154	85	39	91	114	177
	249	198	292	302	1,793	2,323	2,711	4,572	3,595	3,500	2,667
	175	151	226	201	677	1,455	1,592	2,757	1,394	1,831	1,168
Trade and other payablesKRW 100M	Not applicable	1	Not applicable	112	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	122	88	99	—	246*	220	240	596	369	250	250
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	26	125	200	335	—	360
Current lease liabilitiesKRW 100M	—	—	9	17	44	127	198	285	291	243	197
	74	46	66	101	1,117	868	1,119	1,815	2,201	1,669	1,499
Long-term borrowingsKRW 100M	41	13	52	46	250	594	719	1,530	1,934	1,355	1,395
Non-current lease liabilitiesKRW 100M	—	—	6	33	80	214	320	283	267	282	87
	581	585	670	814	1,633	2,238	2,624	3,098	4,036	4,377	4,371
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	4,377	Not applicable
Issued capitalKRW 100M	Not applicable	Not applicable	34	34	40	85	85	85	97	97	97
Capital surplusKRW 100M	Not applicable	Not applicable	139	139	647	822	822	822	1,352	1,352	1,352
Retained earningsKRW 100M	412	424	511	664	880	1,247	1,684	2,199	2,588	2,929	2,922
Other equityKRW 100M	-5	-12	-15	-22	67	84	33	-8	-0	-1	0
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	Not applicable

금융기관예치금(주4,6,8)As filed	42	46	—	—	—	—	—	—	—	—	—
기타유동자산As filed	—	—	0	0	1	1	1	1	13	3	11
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	60	60	105	59	—	—	—
매출채권As filed	—	—	48	56	92	159	225	385	—	355	—
기타금융자산(주6,9)As filed	5	6	—	—	—	—	—	—	—	—	—
기타유동금융자산As filed	—	—	11	9	—	—	85	198	77	80	76
기타금융자산As filed	—	—	10	—	47	71	—	—	—	—	—
기타유동자산(주17)As filed	0	—	—	—	—	—	—	—	—	—	—
기타유동자산(주14)As filed	—	1	—	—	—	—	—	—	—	—	—
유동매출채권As filed	—	—	—	—	—	—	—	—	—	—	366
금융기관예치금As filed	—	—	4	—	—	—	—	—	—	—	—
매도가능금융자산(주6,10)As filed	—	15	—	—	—	—	—	—	—	—	—
장기금융상품As filed	—	—	—	4	—	—	—	—	—	—	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed	—	—	—	—	—	—	—	—	—	—	48
매도가능금융자산As filed	—	—	23	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	57	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	36	—	—
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	4	14	13	14	—	—	—	—
이연법인세자산As filed	—	—	25	11	—	143	186	215	324	443	438
기타포괄손익-공정가치 측정 지정 지분상품 투자As filed	—	—	—	—	—	—	—	6	—	—	—
매도가능금융자산(주11)As filed	15	—	—	—	—	—	—	—	—	—	—
이연법인세자산(주26)As filed	—	34	—	—	—	—	—	—	—	—	—
기타금융부채(주4,6,15)As filed	—	45	—	—	—	—	—	—	—	—	—
기타비유동금융자산As filed	—	—	—	16	26	—	95	106	99	99	53
금융리스부채(주4,6,13)As filed	—	17	—	—	—	—	—	—	—	—	—
기타비유동자산As filed	—	—	—	—	—	1	1	1	1	0	0
기타무형자산As filed	—	—	—	—	—	—	—	20	—	—	—
비유동당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	131
무형자산 및 영업권As filed	—	—	—	—	—	—	—	—	—	113	—
순확정급여채무(주18)As filed	—	12	—	—	—	—	—	—	—	—	—
기타유동금융부채As filed	—	—	116	55	348	—	489	1,105	364	238	355
이연법인세자산(주29)As filed	32	—	—	—	—	—	—	—	—	—	—
자본금(주1,20)As filed	—	34	—	—	—	—	—	—	—	—	—
비유동 당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	71	—
자본잉여금(주20)As filed	—	139	—	—	—	—	—	—	—	—	—
비유동파생상품자산As filed	—	—	—	—	—	—	—	—	—	—	1
자본과부채총계As filed	830	782	962	1,116	3,427	4,561	5,335	7,670	7,631	7,877	7,038
기타금융부채(주4,6,18)As filed	38	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	—	0	—
금융리스부채(주4,6,14)As filed	13	—	—	—	—	—	—	—	—	—	—
당기법인세부채As filed	1	—	0	9	29	23	53	91	30	27	0
기타금융부채As filed	—	—	—	—	—	493	—	—	—	—	—
기타유동부채As filed	—	—	1	8	9	3	12	5	—	—	—
기타유동부채(주20)As filed	1	—	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	—	—	8	22	59	60	—	—	—	—	—
유동성신주인수권부사채As filed	—	—	—	—	—	475	475	475	—	0	—
유동성전환사채As filed	—	—	—	—	—	88	—	—	—	—	—
기타비유동부채As filed	1	—	—	—	—	—	—	—	—	—	—
순확정급여부채(주21)As filed	11	—	—	—	—	—	—	—	—	—	—
자본금(주1,23)As filed	34	—	—	—	—	—	—	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	5	5	5
자본잉여금(주23)As filed	139	—	—	—	—	—	—	—	—	—	—
전환사채As filed	—	—	—	—	277	—	—	—	—	—	—
퇴직급여부채As filed	—	—	—	—	—	—	80	2	1	—	—
신주인수권부사채As filed	—	—	—	—	450	—	—	—	—	—	—
이연법인세부채As filed	—	—	—	—	1	—	—	—	—	4	0
유동성장기부채As filed	—	—	—	—	—	—	—	—	—	1,067	—
매입채무As filed	—	—	—	—	—	—	—	—	—	1	2
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	28	17

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	338	303	472	653	968	1,325	2,076	2,777	3,387	3,731	3,039
Cost of salesKRW 100M	355	303	356	442	664	993	1,499	1,971	2,556	3,053	2,743
Gross profitKRW 100M	-16	-0	116	211	304	332	577	806	830	678	295
SG&A expensesKRW 100M	17	14	17	24	63	26	36	134	223	299	305
	-33	-14	99	187	242	306	541	672	608	379	-9
Finance incomeKRW 100M	3	3	3	4	5	9	3	11	34	22	19
Finance costsKRW 100M	9	6	4	5	20	52	31	68	185	156	119
Other incomeKRW 100M	5	26	7	3	27	43	31	65	33	Not applicable	Not applicable
Other expensesKRW 100M	1	5	3	3	17	50	25	68	33	Not applicable	Not applicable
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	-9	0
	-51	3	102	188	226	253	517	611	448	299	15
Income tax expenseKRW 100M	-10	-4	12	25	-12	-119	46	87	-43	-69	0
	-42	7	90	162	214	372	472	523	491	368	15
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	368	Not applicable
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	Not applicable
Basic earnings per shareKRW	-620	110	1,348	2,433	2,709*	2,260	2,776	3,080	2,853	1,912	78
Diluted earnings per shareKRW	-620	110	1,348	2,433	2,617*	2,025	2,445	2,718*	2,699	1,912	78
	-40	13	85	155	238	417	408	501	464	367	27
Other comprehensive incomeKRW 100M	1	5	-5	-8	24	45	-64	-22	-27	-1	12

영업외손익As filed	—	—	—	—	—	—	—	—	—	-80	24
영업외비용As filed	—	—	—	—	—	—	—	—	—	16	53
관계기업투자손실(주11)As filed	—	-0	—	—	—	—	—	—	—	—	—
관계기업투자손익As filed	—	—	—	—	-10	-2	-1	-1	-9	—	—
영업외수익As filed	—	—	—	—	—	—	—	—	—	79	178
관계기업으로부터의 기타수익(비용)As filed	—	—	—	1	—	—	—	—	—	—	—
관계기업으로부터의 기타수익As filed	—	—	1	—	—	—	—	—	—	—	—
관계기업투자손실As filed	-17	—	—	—	—	—	—	—	—	—	—
순확정급여부채의 재측정요소(주18)As filed	—	5	—	—	—	—	—	—	—	—	—
관계기업기타포괄손익중지분해당액(주11)As filed	—	0	—	—	—	—	—	—	—	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	—	0	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	-2	22	10	-11	13	-27	-1	11
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	—	367	—
순확정급여의 재측정요소As filed	-0	—	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-3	—	-5	10	—	—	-33	4	8
순확정급여부채의 재측정요소(세후기타포괄손익)As filed	—	—	—	-4	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	2	—	—	—	—	—	—	—
순확정급여제도의 재측정요소As filed	—	—	—	—	—	—	-17	—	—	—	—
관계기업기타포괄손익중 지분해당액As filed	—	—	-2	—	2	—	—	—	-2	—	—
관계기업기타포괄손익중지분해당액As filed	2	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	27	-0	6	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	-5	2	35	-53	-35	—	—	1
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	—	18	—	—	—
관계기업기타포괄손익 중 지분해당액As filed	—	—	—	-5	—	35	-53	—	—	—	—
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	—	—	—	—	7	—	—
기타포괄손익-공정가치 측정 금융자산 평가As filed	—	—	—	—	—	—	—	-5	—	—	—
관계기업기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	—	—	—	—	-35	—	—	—
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	1
세후기타포괄손익, 기타포괄손익-공정가치로 측정되는 금융자산As filed	—	—	—	—	—	—	—	—	—	—	0
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	-6	2

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-42	7	90	162	214	372	472	523	491	368	15
Total adjustments to operating cash flowcomputed	173	121	129	162	221	326	870	1,159	1,615	1,825	1,457
	131	128	219	324	436	698	1,341	1,682	2,105	2,192	1,472
Interest receivedKRW 100M	2	1	4	3	6	10	3	6	12	22	20
Interest paidKRW 100M	9	6	4	5	9	16	17	35	104	118	102
Income taxes paidKRW 100M	5	1	Not applicable	1	10	39	41	72	118	Not applicable	Not applicable
	-90	-34	-198	-300	-1,248	-1,775	-1,131	-2,587	-1,744	-1,724	-63
Purchase of property, plant and equipmentKRW 100M	Not applicable	59	189	243	890	1,981	1,133	2,567	1,718	1,832	228
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	34	5	10	50	9	3	3	22	237	156
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	21	Not applicable	4	20
	-93	-86	33	-4	1,620	269	-29	950	-23	-608	-962
Dividends paidKRW 100M	—	—	—	—	11	16	22	27	27	31	31
Acquisition of treasury sharesKRW 100M	-8	8	—	—	—	—	—	—	—	—	—
Disposal of treasury sharesKRW 100M	—	—	—	—	25	—	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	—	500	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	194	141	150	204	224	1,032	223	404	449	790	650
	141	150	204	224	1,032	223	404	449	790	650	1,095
Effect of exchange rate changesKRW 100M	0	1	-0	-0	-0	-0	-0	-1	3	0	-2
Net change in cash and cash equivalentsKRW 100M	-53	9	54	20	807	-808	181	44	341	-140	446

금융리스부채의 지급As filed	—	—	—	10	32	59	157	270	322	366	—
영업에서 창출된 현금As filed	—	—	219	327	—	—	—	—	—	—	—
영업에서창출된 현금흐름(주32)As filed	143	—	—	—	—	—	—	—	—	—	—
영업활동에서 창출된 현금As filed	—	134	—	—	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	—	—	449	744	1,396	1,782	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	—	1	—	1	—
법인세납부(영업)As filed	—	—	0	—	—	—	—	—	—	—	—
금융리스부채의 지급, 재무활동으로 분류된As filed	—	—	—	—	—	—	—	—	—	—	264
금융상품의 감소As filed	—	—	—	—	124	884	116	—	—	—	—
장기차입금의 증가As filed	—	—	58	25	230	370	250	1,011	739	400	470
단기금융상품의 감소As filed	—	43	62	50	—	—	—	—	—	—	—
투자활동으로 인한 현금유입액As filed	51	—	—	—	—	—	—	—	—	—	—
금융기관예치금의 감소As filed	40	—	—	—	—	—	—	—	—	—	—
단기금융상품의 처분As filed	—	—	—	—	—	—	—	184	—	—	—
단기차입금의 증가As filed	—	—	30	—	220	220	140	621	693	767	272
임차보증금의 감소As filed	—	—	—	—	0	0	7	16	42	49	45
기타금융자산의 감소As filed	0	0	—	—	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	—	19	32	26	26	125	200	385	69
단기금융상품의 증가As filed	—	46	66	74	—	—	—	—	—	—	—
단기차입금의 상환As filed	—	19	10	—	80	220	120	260	906	994	272
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	19	—	—	—	39	0	0
기타포괄-공정가치측정금융자산의처분As filed	—	—	—	—	28	—	7	2	—	—	—
당기손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	60	63	9	—	—	—
유형자산의 처분As filed	11	—	—	—	—	—	—	—	—	—	—
장기금융상품의 증가As filed	—	1	1	1	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	35	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	53	38	46	0
주식발행비As filed	—	—	—	—	—	—	—	—	—	0	0
투자활동으로 인한 현금유출액As filed	-141	—	—	—	—	—	—	—	—	—	—
금융기관예치금의 증가As filed	-43	—	—	—	—	—	—	—	—	—	—
단기금융상품의 취득As filed	—	—	—	—	323	697	96	160	2	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	4	—	—
매도가능금융자산의 취득As filed	—	—	8	—	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	-59	—	—	—	—	—	—	—	—	—	1,069
장기금융상품의 취득As filed	—	—	—	—	0	—	—	—	—	—	—
기타금융자산의 증가As filed	-1	3	—	7	14	44	49	—	—	—	—
기타금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	15	0	0
매도가능금융자산의 증가As filed	-15	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	49	—	—	—	—
당기손익-공정가치측정금융자산의증가As filed	—	—	—	—	242	6	—	—	—	—	—
금융상품의 처분As filed	—	—	—	—	—	—	—	—	48	876	63
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	24	0
기타비유동자산의증가As filed	—	—	—	—	—	1	—	1	—	—	—
유동성장기부채의 감소As filed	—	43	28	—	—	—	—	—	—	—	—
유형자산의 취득As filed	-82	—	—	—	—	—	—	—	—	—	—
금융리스부채의 감소As filed	—	—	17	—	—	—	—	—	—	—	—
재무활동으로 인한 현금유출액As filed	-93	—	—	—	—	—	—	—	—	—	—
기타무형자산의 취득As filed	—	—	—	—	—	—	—	—	22	—	—
기타비유동부채의 감소As filed	—	1	—	—	—	—	—	—	—	—	—
기타비유동자산의 증가As filed	—	—	—	—	—	—	—	—	3	0	—
전환사채의 증가As filed	—	—	—	—	300	—	—	—	—	—	—
신주인수권부사채의 증가As filed	—	—	—	—	500	—	—	—	—	—	—
파생상품의 정산As filed	—	—	—	—	—	—	—	—	-29	—	—
금융상품의 취득As filed	—	—	—	—	—	—	—	—	—	893	21
유동성금융리스부채의 감소As filed	—	16	—	—	—	—	—	—	—	—	—
유동성금융리스부채의 상환As filed	-26	—	—	—	—	—	—	—	—	—	—
관계기업투자자산의 취득As filed	—	—	—	—	—	—	—	—	102	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	38	62
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	2,316	—	—
종속기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	90	0
전환사채의 감소As filed	—	—	—	—	—	—	94	—	—	—	—
기타비유동자산의 감소As filed	—	—	—	—	—	—	—	—	—	0	—
기타비유동금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금지급As filed	—	—	—	—	—	—	—	—	—	7	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금지급, 투자활동As filed	—	—	—	—	—	—	—	—	—	—	0
무형자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	3
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	2,342	1,584
배당금수취As filed	—	—	—	—	—	—	—	—	—	—	0
법인세 납부, 영업활동As filed	—	—	—	—	—	—	—	—	—	55	30

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 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 24	성현회계법인	2025-12-31
2024	적정의견Term 23	성현회계법인	2025-12-31
2023	적정의견Term 22	동아송강회계법인	2025-12-31
2022	적정Term 21	동아송강회계법인	2022-12-31
2021	적정Term 20	동아송강회계법인	2022-12-31
2020	적정Term 19	한울회계법인	2022-12-31
2019	적정Term 18	한울회계법인	2019-12-31
2018	적정Term 17	한울회계법인	2019-12-31
2017	적정Term 16	한울회계법인	2019-12-31
2016	적정Term 15	한울회계법인	2016-12-31
2015	적정Term 14	한울회계법인	2016-12-31
2014	적정Term 13	한울회계법인	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 equity9.48%

Weighted average cost of capital9.12%

Initial growth2.0%

Effective tax rate3.4%

Base fiscal year2025

Current priceKRW125,300

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	2,183	-98.3%
Dividend discount model DDM	2,183	-98.3%
Discounted cash flow FCFF	94,737	-24.4%
Discounted cash flow FCFE	116,046	-7.4%
Residual income model RIM	No 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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.02 × 5.00% = 9.48%

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 = g_T = 2.00%

Gordon growth model

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

P_0 = 160 × (1 + 2.00%) / (9.48% − 2.00%) = 163 / 0.0748 = 2,183 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 = 160, g_1 = 2.00%, g_T = 2.00%, r = 9.48%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	163	0.9135	149
2	2.00%	166	0.8344	139
3	2.00%	170	0.7622	129
4	2.00%	173	0.6962	121
5	2.00%	177	0.6360	112
Terminal value	2.00%	2,411	0.6360	1,533
Total				2,183

P_0 = 2,183 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 = 1,472.2 − 227.8 + 101.5 × (1 − 3.38%) = 1,342.5 KRW hundred million

Weighted average cost of capital

E = 24,217.0, D = 2,004.5 KRW hundred million; equity weight = 92.36%, debt weight = 7.64%; cost of debt k_d = 5.07%

WACC = 92.36% × 9.48% + 7.64% × 5.07% × (1 − 3.38%) = 9.12%

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	2.00%	1,369.3	0.9164	1,254.8
2	2.00%	1,396.7	0.8398	1,172.9
3	2.00%	1,424.7	0.7695	1,096.3
4	2.00%	1,453.1	0.7052	1,024.7
5	2.00%	1,482.2	0.6462	957.8
Terminal value	2.00%	21,219.4	0.6462	13,712.4
Total				19,219.1

Firm value = 19,219.1; less borrowings 2,004.5; plus cash 1,095.5 → 18,310.1 KRW hundred million

P_0 = 18,310.1 KRW hundred million ÷ 19,327,238 (shares) = 94,737 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 = 1,472.2 − 227.8 + 399.3 (net borrowing) = 1,643.7 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	1,676.5	0.9135	1,531.4
2	2.00%	1,710.1	0.8344	1,426.9
3	2.00%	1,744.3	0.7622	1,329.4
4	2.00%	1,779.2	0.6962	1,238.7
5	2.00%	1,814.7	0.6360	1,154.1
Terminal value	2.00%	24,762.9	0.6360	15,748.0
Total				22,428.5

P_0 = 22,428.5 KRW hundred million ÷ 19,327,238 (shares) = 116,046 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