183300KOSDAQ

Komico

33,450

+400 (+1.21%)

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

Komico is a company established in 2013 through a vertical split from MiCo. It is listed on the KOSDAQ market.

The company operates in the cleaning and coating of semiconductor process equipment parts and the production of ceramic material components. It supplies these services and products to chip makers and equipment manufacturers in South Korea, the United States, China, Taiwan, Japan, and Singapore, including customers such as Samsung, SK hynix, Intel, Micron, TSMC, UMC, and GlobalFoundries.

Business overview as filed

당사의 주요 사업으로 고가의 반도체 공정 장비 부품을 재생하는 세정ㆍ코팅 사업 부문과 반도체 장비용 부품을 제작하는 세라믹 소재 부품 사업 부문이 있습니다. 주요 사업부문은 세정, 코팅, 부품으로 구분되며, 2025년 연결 기준 매출액은 6,041억원, 품목별 매출액은 세정 1,316억원(21.8%), 코팅 1,698억원(28.1%), 부품 3,027억원(50.1%)으로 구성되어 있습니다.코미코는 대한민국을 포함하여 미국, 중국, 대만, 일본, 싱가포르 총 6개국에서 Chip Maker 및 국내외 장비사를 대상으로 근거리에서 세정ㆍ코팅 및 세라믹 부품 사업을 영위하고 있으며, 주요 매출처로는 Samsung, SK hynix, Intel, Micron, TSMC, UMC, GlobalFoundries 등 전세계 Major 고객사와 거래를 하고 있습니다.

(1) 반도체 세정ㆍ코팅 부문당사는 2013년 8월 13일 (주)코미코의 정밀세정 및 특수코팅 사업 부문에 대해 전문성과 독립성을 확보함으로써 핵심사업에 역량을 집중하고 이를 고도화하여 세계 최고의 세정ㆍ코팅 기업을 목적으로 물적분할된 신설기업입니다. 반도체 고기능성 부품 제작을 주 사업영역으로 가지고 있는 존속법인이 코미코에서 미코로 사명을 변경하고 신설법인인 당사가 코미코의 회사명을 사용하고 있습니다.코미코가 영위하는 정밀세정 및 특수코팅 분야는 반도체 및 디스플레이 제조 공정 중에 발생하는 미세오염(Micro Contamination)을 제어하고 최적의 공정 수율을 유지하여 생산성을 향상시키고, 고가의 공정장비 부품을 재사용할 수 있도록 재생하여 생산원가를 절감하는데 이바지하는 사업분야라고 할 수 있습니다.미세오염은 제품의 생산수율과 부품의 수명을 단축시켜 제품 품질에 악영향을 미칩니다. 세정ㆍ코팅 산업은 생산과정에서 발생하는 미세오염을 제어하는 산업으로서 단순히 장비나 부품의 오염을 제거하고 재생하는 것뿐만 아니라 사용을 위한 컨디션을 최적의 상태로 유지시키고 사용 수명을 연장하며, 공정 준비시간을 단축시킴으로써 고객사의 공정효율과 생산수율 증가에 기여하는 산업입니다. 공정 장비에 사용되는 부품은 일정주기를 가지고 폐기되며, 새 것으로 교체되기를 반복합니다. 통상 반도체 및 디스플레이 등에 사용되는 공정 장비의 부품은 종류에 따라 수백만원에서 수천만원을 호가하며, 짧게는 1주일 이내, 길게는 3개월 정도의 공정사용 이후 새 것으로 교체하는 것이 일다. 공정 장비 부품의 교체 주기가 있는 이유는 공정 중에 사용되는 강력한 화학물질과 플라즈마, 가혹한 공정조건, 높은 전압의 사용으로 내부의 부품들이 부식되거나 표면층이 손상되어 이를 방치할 경우 생산수율과 생산효율이 낮아져 결국 칩 제조업체의 경쟁력을 악화시키는 결과로 이어질 수 있습니다. 따라서, 반도체 및 디스플레이 제조업체는 정기적 혹은 비정기적인 PM을 통해 생산성을 향상시키고 품질을 유지하기 위하여 당사와 같은 세정ㆍ코팅 전문회사와 협력관계를 유지하고 있습니다.

(2) 반도체 세라믹 소재 부품 부문당사의 종속회사인 (주)미코세라믹스는 2020년 2월 4일 (주)미코의 반도체 생산 장비용 세라믹 소재 부품 사업 부문을 분리하여 전문성과 독립성을 확보하고 이를 통해 핵심 사업에 역량을 집중하고자 물적분할을 통해 설립되었습니다.세라믹 소재 부품 사업의 특징은 첫 번째, 고부가가치 소재인 첨단 세라믹 소재에 특화되어 반도체 공정의 난이도가 높아질수록 그 수요가 더욱 증가한다는 점이며, 두 번째, 디자인 설계부터 소결, 접합, 가공, 테스트까지 핵심 공정들을 자체 개발하여 독자적인 세라믹 제조 전공정 기술을 확보하고 있습니다. 세 번째, 주력 제품들의 경우 장기간 다량의 제품들을 개발 및 공급했던 레퍼런스가 있으며 독자적인 기술이 있어야만 진입이 가능한 시장임에 따라 시장 진입장벽이 높습니다. 네 번째, 주력 제품인 히터(Heater), 정전척(ESC)의 경우 증착 및 식각 장비의 핵심 부품들로 모든 제품들이 Customizing되어 개발 및 제작되고 있습니다.미코세라믹스의 주력 제품인 세라믹 히터는 CVD, ALD 등 반도체 증착 공정 장비에 장착되어 웨이퍼에 온도를 균일하게 가해주는 기능성 부품입니다. AIN 소재를 적용하여 메탈 히터가 안고 있는 부식, 열 변형의 문제점을 개선하고, 뛰어난 내열특성과 높은 열전도도, 우수한 절연 특성, 기계적 강도가 우수하며, 저온공정부터 고온공정까지 고객사 맞춤 설계 및 제작이 가능합니다. 정전척(ESC)은 반도체 식각 공정 장비에 장착되어 웨이퍼를 정전력으로 고정시키고 온도를 제어하는 기능성 부품입니다. HP, MLC 기술로 제작된 세라믹을 적용하여 다양한 식각 공정에 적합한 고객 맞춤 제작이 가능합니다. 미코세라믹스는 지속적인 반도체 장비용 세라믹 소재 부품에 대한 연구를 통해 주요 첨단 세라믹 소재에 대한 기술력을 보유하고 있으며, 고객 맞춤 설계, 개발에서부터 생산, Test까지 One Stop Service를 통하여 최상의 고객만족을 추구하고 있습니다.

Company overview

(1) 연결대상 종속회사 개황1) 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

(2) 회사의 법적ㆍ상업적 명칭당사는「주식회사 코미코」라 칭하며, 영문명은 KoMiCo LTD. 입니다.

(3) 설립일자 및 존속기간당사는 2013년 8월 13일 주식회사 코미코의 세정ㆍ코팅 사업부문의 독립성과 전문성을 극대화하기 위하여 물적분할을 통해 신설된 회사입니다. 물적분할에 따른 존속회사의 명칭이 미코로 변경되었으며, 신설법인이 기존 코미코 사명을 사용하고 있습니다. 당사는 별도의 존속기한을 정하고 있지 않습니다.

(4) 본사의 주소, 전화번호, 홈페이지 주소

(5) 중소기업 등 해당 여부

(주)코미코 중견기업 확인서 (25.04.01 ~ 26.03.31).jpg (주)코미코 중견기업 확인서 (25.04.01 ~ 26.03.31)

(6) 대한민국에 대리인이 있는 경우 이름(대표자), 주소 및 연락처당사는 보고서 작성 기준일 현재 해당사항이 없습니다.

(7) 주요 사업의 내용 및 향후 추진하려는 신규사업

당사의 주요 사업으로 고가의 반도체 공정 장비 부품을 재생하는 세정ㆍ코팅 사업 부문과 반도체 장비용 부품을 제작하는 세라믹 소재 부품 사업 부문이 있습니다.주요 사업부문은 세정, 코팅, 부품으로 구분되며, 2025년 연결 기준 매출액은 6,041억원, 품목별 매출액은 세정 1,316억원(21.8%), 코팅 1,698억원(28.1%), 부품 3,027억원(50.1%)으로 구성되어 있습니다.코미코는 대한민국을 포함하여 미국, 중국, 대만, 일본, 싱가포르 총 6개국에서 Chip Maker 및 국내외 장비사를 대상으로 근거리에서 세정ㆍ코팅 및 세라믹 부품 사업을 영위하고 있으며, 주요 매출처로는 Samsung, SK hynix, Intel, Micron, TSMC, UMC, GlobalFoundries 등 전세계 Major 고객사와 거래를 하고 있습니다.

(8) 신용평가에 관한 사항1) 신용평가에 관한 사항 - (주)이크레더블

2) 신용평가에 관한 사항 - (주)나이스디앤비

3) 신용등급의 정의

3-1. 신용등급의 정의 - (주)이크레더블 3-2. 신용등급의 정의 - (주)나이스디앤비

4) 현금흐름등급의 정의4-1. 현금흐름등급의 정의 - (주)이크레더블

4-2. 현금흐름등급의 정의 - (주)나이스디앤비

5) WATCH 등급 정의

(9) 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.

The computing conditions are tight here, so this value is less reliable.

VaR

8.29%

[5.01%, 13.33%] · 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 60.9% (2026-07-28). 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

1.04

Beta [0.89, 1.19] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.273%[-0.272%, +0.819%]
R squared: 0.34
Observations: 235
Trading-time corrected beta: 1.06[0.74, 1.38]

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	842	940	1,251	1,666	1,735	2,008	2,570	2,884	3,073	5,071	6,041	6,562
Revenue growth%	—	11.66	33.06	33.19	4.14	15.78	27.99	12.19	6.55	65.05	19.12	—
Operating incomeKRW 100M	141	177	265	406	345	356	588	554	330	1,125	1,110	971
Operating income growth%	—	26.11	49.42	53.09	-14.90	3.08	65.35	-5.84	-40.38	240.50	-1.31	—
Net incomeKRW 100M	74	108	188	303	228	233	472	420	455	878	772	612
Net income growth%	—	45.25	74.82	60.95	-24.66	2.18	102.24	-10.99	8.45	93.02	-12.08	—
Attributable to ownersKRW 100M	72	106	186	295	221	223	472	420	315	559	499	320
Attributable to minoritiesKRW 100M	3	2	3	8	7	10	—	—	—	320	274	293
Operating margin%	16.70	18.87	21.19	24.35	19.90	17.72	22.89	19.21	10.75	22.18	18.37	14.79
Net margin%	8.80	11.45	15.05	18.18	13.15	11.61	18.34	14.55	14.81	17.32	12.79	9.33
ROE%	—	—	26.60	31.37	19.07	13.76	21.24	16.29	15.02	20.82	18.45	11.15
ROA%	8.96	11.55	15.54	13.01	7.81	7.40	12.54	10.82	7.66	10.98	7.50	4.77
Debt ratio%	156.86	132.00	68.24	133.47	139.15	85.89	69.39	50.50	106.23	113.02	178.59	222.35
Current ratio%	141.57	134.76	181.31	259.58	153.55	212.63	168.34	165.17	156.48	115.67	95.28	130.59
Quick ratio%	128.13	125.78	167.05	241.69	142.60	194.56	157.65	155.34	133.50	—	—	—
Reserve ratio%	757.16	974.28	1,553.99	2,101.96	2,525.69	3,185.04	4,194.61	4,936.41	4,002.97	4,904.37	5,169.39	2,384.85
Free cash flowKRW 100M	—	—	135	-268	-177	243	113	496	323	-377	-1,794	—
FCF margin%	—	—	10.79	-16.11	-10.22	12.09	4.38	17.22	10.51	-7.44	-29.70	—
OCF conversion%	249.58	141.99	143.37	98.42	170.46	223.45	138.57	187.42	143.19	131.63	49.49	—
Capex to revenue%	—	—	10.78	34.01	32.64	13.85	21.04	10.06	10.70	30.24	36.03	—
Receivable daysdays	—	—	—	42.9	49.8	45.0	39.6	43.8	51.0	21.6	—	—
Inventory daysdays	—	22.9	23.4	28.0	32.6	32.8	27.2	20.2	41.3	—	—	—
Payable daysdays	—	36.8	102.4	140.1	211.6	198.5	146.0	145.8	185.4	—	—	—
Cash conversion cycledays	—	—	—	-69.2	-129.2	-120.7	-79.1	-81.8	-93.0	—	—	—
EPSKRW	1,022	1,515	2,312	3,363	2,515	2,473	4,725	4,213	3,096	5,402	4,936	1,557
PERx	—	—	11.09	6.35	11.09	20.20	14.20	10.23	20.83	6.78	17.91	60.39
BPSKRW	—	—	7,948	10,722	13,185	16,223	22,157	25,714	20,068	25,643	25,836	13,955
PBRx	—	—	3.23	1.99	2.12	3.08	3.03	1.68	3.21	1.43	3.42	6.74
Dividend per shareKRW	—	—	330	400	400	350	550	1,000	400	1,000	—	—
Payout ratio%	—	—	14.27	11.89	15.90	14.15	11.64	23.74	12.92	18.51	—	—

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
	827	932	1,211	2,327	2,921	3,151	3,761	3,878	5,939	8,003	10,302
	353	456	674	1,170	1,198	1,325	1,487	1,419	2,362	3,193	3,118
Cash and cash equivalentsKRW 100M	182	250	440	779	585	780	864	597	1,265	1,584	991
Short-term financial instrumentsKRW 100M	17	18	8	11	265	171	205	331	256	160	31
InventoriesKRW 100M	33	30	53	81	85	113	94	85	347	Not applicable	Not applicable
Trade and other receivablesKRW 100M	Not applicable	Not applicable	164	227	246	250	309	383	476*	123	Not applicable
	474	476	537	1,158	1,723	1,826	2,274	2,458	3,577	4,810	7,184
Property, plant and equipmentKRW 100M	435	436	494	1,031	1,549	1,647	2,095	2,134	2,768	4,029	6,390
Intangible assetsKRW 100M	4	3	6	30	53	29	45	43	73	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	—	—	—	—	—	—	—	48	53
	505	530	491	1,330	1,699	1,456*	1,541	1,301	3,059	4,246	6,604
	249	339	372	451	780	623*	883	859	1,510	2,761	3,272
Trade and other payablesKRW 100M	34	68*	297	371	707	491*	620	673	1,263	Not applicable	Not applicable
Short-term borrowingsKRW 100M	118	106	89	—	—	—	—	—	—	1,269	1,927
Current portion of long-term borrowingsKRW 100M	12	23	83	—	—	—	—	—	—	44	62
Current lease liabilitiesKRW 100M	—	—	—	—	16	14	17	18	—	22	35
	256	192	119	880	919	833*	657	442	1,549	1,486	3,332
Long-term borrowingsKRW 100M	50	103	18	—	—	—	—	—	—	1,127	2,903
Non-current lease liabilitiesKRW 100M	—	—	—	—	51	48	57	45	—	52	115
	322	402	720	997	1,221	1,695*	2,220	2,577	2,880	3,757	3,698
	Not applicable	Not applicable	697	941	1,157	1,620*	2,220	2,577	2,099	2,682	2,703
Issued capitalKRW 100M	35	35	44	44	44	50	50	50	52	52	52
Capital surplusKRW 100M	182	182	376	358	358	656*	715	715	123	73	-185
Retained earningsKRW 100M	83	159	306	565	751	935*	1,386	1,758	1,970	2,492	2,889
Accumulated other comprehensive incomeKRW 100M	4	5	-28	-25	5	-11*	78	82	99	259	263
Other equityKRW 100M	—	—	—	—	—	—	—	—	—	—	-316
Non-controlling interestsKRW 100M	18	20	22	56	64	75*	0	0	781	1,075	995

기타수취채권As filed	3	3	9	23	26	11	14	69	76	—	400
매출채권As filed	113	151	155	204	220	239	295	314	400	660	841
기타유동자산As filed	4	4	9	21	11	12	15	11	18	130	231
재고자산As filed	—	—	—	—	—	—	—	—	—	447	586
기타유동금융자산As filed	—	—	0	50	—	0	—	13	0	90	38
당기법인세자산As filed	—	—	—	—	5	0	0	0	—	—	—
장기매출채권 및 기타비유동채권As filed	—	—	11	12	10	11	8	16	34	—	—
장기수취채권As filed	18	18	—	—	—	—	—	—	—	—	—
기타비유동수취채권As filed	—	—	—	—	—	—	—	—	—	46	47
투자부동산As filed	16	15	15	65	65	63	61	60	56	55	53
이연법인세자산As filed	2	3	11	1	3	12	10	11	16	44	104
기타비유동금융자산As filed	—	—	—	17	43	64	55	195	630	472	155
무형자산As filed	—	—	—	—	—	—	—	—	—	105	131
기타비유동자산As filed	0	0	—	—	—	—	—	—	0	11	250
단기매입채무As filed	—	—	49	—	—	—	—	—	—	—	—
당기법인세부채As filed	22	19	35	12	11	63	29	54	51	237	115
기타유동부채As filed	2	3	39	67	45	53	78	99	124	244	157
기타지급채무As filed	59	46	77	—	—	—	—	—	—	158	367
유동성전환사채As filed	—	65	—	—	—	—	—	—	—	—	—
장기매입채무 및 기타비유동채무As filed	—	—	26	611	582	558	457	190	1,234	—	—
전환사채As filed	63	0	—	—	—	—	—	—	—	163	193
기타비유동금융부채As filed	—	—	0	175	177	123	0	0	—	—	—
신주인수권부사채As filed	70	0	—	—	—	—	—	—	—	—	—
유동성신주인수권부사채As filed	—	9	—	—	—	—	—	—	—	—	—
기타유동금융부채As filed	—	—	—	—	—	1	139	16	51	259	211
퇴직급여부채As filed	—	—	89	60	68	79	102	99	157	144	177
확정급여채무As filed	61	76	—	—	—	—	—	—	—	—	—
장기기타지급채무As filed	7	8	9	—	—	—	—	—	—	—	—
기타비유동부채As filed	4	4	4	11	14	19	20	23	36	45	58
파생상품부채As filed	0	0	—	—	—	—	—	—	—	—	—
기타자본조정As filed	—	—	—	—	—	-9	-9	-29	-146	-194	—
이연법인세부채As filed	2	0	—	23	28	5	21	85	81	109	74
자본과부채총계As filed	827	932	1,211	2,327	2,921	3,151	3,761	3,878	5,939	8,003	10,302
지배기업 주주지분As filed	304	381	—	—	—	—	—	—	—	—	—
매입채무As filed	—	—	—	—	—	—	—	—	—	165	205
유동리스부채As filed	—	—	—	—	—	—	—	—	21	—	—
기타비유동지급채무As filed	—	—	—	—	—	—	—	—	—	9	4
사채As filed	—	—	—	—	—	—	—	—	—	199	—
비유동리스부채As filed	—	—	—	—	—	—	—	—	42	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	842	940	1,251	1,666	1,735	2,008	2,570	2,884	3,073	5,071	6,041
Cost of salesKRW 100M	474	509	652	871	930	1,102	1,390	1,619	1,906	2,723	3,435
Gross profitKRW 100M	368	431	599	794	804	906	1,181	1,265	1,167	2,348	2,606
SG&A expensesKRW 100M	227	254	334	389*	451	527	618	712	835	1,219	1,480
	141	177	265	406	345	356	588	554	330	1,125	1,110
Finance incomeKRW 100M	5	6	5	16	39	50	35	36	295	156	129
Finance costsKRW 100M	26	29	19	37	78	73*	27	64	108	Not applicable	294
Other incomeKRW 100M	2	5	2	3	3	4	18	9	19	39	53
Other expensesKRW 100M	2	4	1	2	18	6	6	5	13	Not applicable	47
	119	156	251	386	290	331*	608	531	524	1,132	911
Income tax expenseKRW 100M	45	49	63	83	62	98	137	111	69	253	139
	74	108	188	303	228	233*	472	420	455	878	772
Attributable to ownersKRW 100M	72	106	186	295	221	223*	472	420	315	559	499
Attributable to minoritiesKRW 100M	3	2	3	8	7	10	Not applicable	Not applicable	Not applicable	320	274
Basic earnings per shareKRW	1,022	1,515	2,312	3,363	2,515	2,473*	4,725	4,213	3,096	5,402	4,936
Diluted earnings per shareKRW	1,022	1,387	2,203	3,250	2,397	2,465*	4,725	4,213	3,096	5,402	4,650
	82	102	147	299	260	214*	552	431	465	Not applicable	785
Other comprehensive incomeKRW 100M	Not applicable	-0*	-41	-4	31	-19*	81	12	10	164	13

기타비용As filed	—	—	—	—	—	—	—	—	—	29	—
대손상각비As filed	—	—	—	—	8	23	-26	-1	1	—	16
재화의 판매로 인한 수익(매출액)As filed	—	—	1,251	—	—	—	—	—	—	—	—
제품매출액As filed	—	—	1,163	—	—	—	—	—	—	—	—
지분법평가손익As filed	—	—	—	—	—	—	—	—	—	-6	-40
상품매출액As filed	—	—	88	—	—	—	—	—	—	—	—
대손상각비(환입)As filed	—	—	—	—	—	—	—	—	—	4	—
재화의 판매로 인한 수익(매출액)에 대한 매출원가As filed	—	—	652	—	—	—	—	—	—	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	136	319	—
제품매출원가As filed	—	—	584	—	—	—	—	—	—	—	—
비지배지분As filed	3	3	—	—	—	—	—	—	—	—	272
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	329	724	—
상품매출원가As filed	—	—	68	—	—	—	—	—	—	—	—
지배기업소유As filed	—	—	—	—	—	—	—	—	—	—	512
순확정급여부채의재측정요소As filed	-3	-8	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	11	2	—	—	—	—	—	—	15	157	10
지배기업소유주As filed	79	99	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	146	291	257	203	552	431	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-6	—	12	13	-17	-7	-5	4	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-34	—	19	-32	98	18	15	160	—
총 포괄손익, 비지배지분As filed	—	—	2	8	8	10	—	—	—	—	—
후속적으로 당기손익으로 재분류 되는 항목As filed	—	—	—	—	—	—	—	—	—	—	17
관계기업 및 공동기업투자주식 지분법자본변동As filed	—	—	—	—	—	—	—	—	—	—	7
후속적으로 당기손익으로 재분류될 수 없는 항목As filed	—	—	—	—	—	—	—	—	—	—	-4
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-6	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	-3	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	—	—	-2	4	-4
지분법자본변동As filed	—	—	—	—	—	—	—	—	—	3	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-34	—	—	—	—	—	—	—	—
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	0	—
비지배기업의 소유주에게 귀속되는 당기순이익(손실)As filed	—	—	—	—	—	—	—	—	140	—	—
금융비용As filed	—	—	—	—	—	—	—	—	—	152	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	74	108	188	303	228	233	472	420	455	878	772
Total adjustments to operating cash flowcomputed	111	45	82	-5	161	288	182	367	197	278	-390
	185	153	270	298	389	521	653	787	652	1,156	382
Interest receivedKRW 100M	1	1	3	6	13	9	6	13	42	47	42
Interest paidKRW 100M	21	15	10	17	30	23	22	30	62	80	-154
Income taxes paidKRW 100M	21	46	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-359
	-32	-36	-131	-781	-800	-178	-576	-569	-1,053	-1,485	-2,540
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	135	566	566	278	541	290	329	1,534	2,177
Proceeds from sale of property, plant and equipmentKRW 100M	1	1	1	1	2	1	4	1	14	4	2
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	3	25	24	1	17	0	7	24	21
	-85	-40	69	817	203	-127	-50	-498	1,065	610	1,556
Dividends paidKRW 100M	7	22	32	29	35	35	35	55	99	70	159
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	9	0	20	0	100	49
Issue of sharesKRW 100M	—	—	136	110	—	0	—	—	200	0	—
Cash at beginning of periodKRW 100M	110	182	250	440*	779	585	780	864	597	1,265	1,584
	182	250	440	779	585	780	864	597	1,265	1,584	991
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-18	5	14*	-21	57	14	4	38	10
Net change in cash and cash equivalentsKRW 100M	72	68	189	339	-194*	195	84	-267	667	319*	-602

기타금융부채의 상환As filed	—	—	—	—	—	—	—	—	0	0	—
영업에서 창출된 현금As filed	—	—	329	389	474	597	818	840	787	1,303	—
영업으로 창출된 현금As filed	225	213	—	—	—	—	—	—	—	—	—
단기금융상품의감소As filed	16	1	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	0	1	0	—	—
법인세납부(영업)As filed	—	—	52	80	69	61	149	37	—	—	—
단기대여금의회수As filed	0	0	—	—	—	—	—	—	—	—	—
임대보증금의 감소As filed	—	—	—	—	0	0	—	10	0	1	0
보증금의회수As filed	3	0	—	—	—	—	—	—	—	—	—
지분법적용투자주식의처분As filed	—	0	—	—	—	—	—	—	—	—	—
단기금융상품의 처분As filed	—	—	10	9	24	385	172	359	557	841	311
임대보증금의 증가As filed	—	—	—	—	—	—	0	4	0	3	—
단기금융상품의증가As filed	-17	-1	—	—	—	—	—	—	—	—	—
대여금의 감소As filed	—	—	0	2	70	5	2	2	3	10	142
금융리스부채의 지급As filed	—	—	—	—	17	21	19	21	26	—	—
비지배지분의 취득As filed	—	—	—	—	—	—	—	—	—	—	431
단기대여금의증가As filed	-0	—	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	106	251	50	0	0	6	—	—
유형자산의취득As filed	-33	-38	—	—	—	—	—	—	—	—	—
임차보증금의 감소As filed	—	—	1	1	4	1	4	2	2	1	—
장기차입금의 증가As filed	—	—	—	370	210	0	0	—	900	640	1,760
보증금의증가As filed	-2	-0	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	—	—	79	55	153	12	19	311	433	1,291	1,609
사채의 증가As filed	—	—	—	—	—	—	—	—	—	295	—
단기금융상품의 취득As filed	—	—	1	11	280	286	201	486	356	745	182
무형자산의 처분As filed	—	—	—	—	—	—	—	2	3	0	—
장기차입금의 상환As filed	24	—	13	6	—	—	—	—	0	741	—
전환사채의 증가As filed	—	—	—	200	—	0	—	—	—	300	—
대여금의 증가As filed	—	—	3	35	67	2	4	7	15	40	326
단기차입금의 상환As filed	52	33	90	—	—	—	—	—	273	896	933
정부보조금의 수취As filed	—	—	—	—	—	—	7	1	0	0	—
종속기업에 대한 투자자산의 취득As filed	—	—	—	24	—	0	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	51	2	0	0	—	—	—	—
차입금의 상환As filed	—	—	—	—	108	48	15	707	-69	—	—
임차보증금의 증가As filed	—	—	2	2	1	4	3	3	5	10	—
리스부채의 상환As filed	—	—	—	—	—	—	—	—	—	29	36
단기차입금의 차입As filed	40	20	—	—	—	—	—	—	—	—	—
비유동매도가능금융자산의 취득As filed	—	—	—	—	10	0	0	—	—	—	—
장기차입금의 차입As filed	—	77	—	—	—	—	—	—	—	—	—
종속회사 신주인수권 취득As filed	—	—	—	—	—	—	—	—	—	—	162
매도가능금융자산의 취득As filed	—	—	—	30	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	16	14	—	—	—	—	—	—	—	—	43
당기손익인식금융자산의 취득As filed	—	—	—	155	200	50	0	150	6	4	—
신주인수권부사채의 상환As filed	26	68	—	—	—	—	—	—	—	—	—
보증금의 감소As filed	—	—	—	—	—	—	—	—	—	—	2
신주인수권부사채의 감소As filed	—	—	10	—	—	15	0	0	—	—	—
유동차입금의 상환As filed	—	—	—	—	—	—	—	—	—	82	—
보증금의 증가As filed	—	—	—	—	—	—	—	—	—	—	7
선수금의 증가As filed	—	—	—	—	—	—	—	—	—	37	—
현금및현금성자산의환율변동효과As filed	4	-8	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	208	334	-208	216	28	-281	664	—	—
신주인수권부사채의 증가As filed	—	—	—	150	—	0	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	12	—	—
동일지배하의 사업결합으로 인한 순현금유출As filed	—	—	—	—	—	—	—	—	—	64	—
전환사채의 감소As filed	—	—	—	—	—	20	0	0	—	—	—
당기손익-공정가치금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	38
전환권/신주인수권 행사로 인한 현금유입As filed	—	—	—	—	—	10	0	0	—	—	—
종속기업에 대한 소유지분의 변동으로 인한 지급As filed	—	—	—	34	—	0	—	—	—	—	—
사업결합으로 인한 순현금유출As filed	—	—	—	—	—	—	—	—	—	44	92
연결범위변동으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	-944	—	—
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	—	—	8
교환사채의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
관계기업등 투자주식의 취득As filed	—	—	—	—	—	—	—	—	—	—	163
당기손익-공정가치금융자산의처분As filed	—	—	—	—	—	—	—	—	—	65	—
기타포괄손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	854
배당금 수취As filed	—	—	—	—	—	—	—	—	—	—	0
법인세 납부(영업)As filed	—	—	—	—	—	—	—	—	-116	—	—
공동기업투자주식의 취득As filed	—	—	—	—	—	—	—	—	—	51	—
배당금수취As filed	—	—	—	—	—	—	—	—	—	0	—
법인세 납부As filed	—	—	—	—	—	—	—	—	—	-114	—

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 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 13	예지회계법인	2025-12-31
2024	적정의견Term 12	삼일회계법인	2025-12-31
2023	적정의견Term 11	삼일회계법인	2025-12-31
2022	적정Term 10	삼일회계법인	2022-12-31
2021	적정Term 9	삼일회계법인	2022-12-31
2020	적정Term 8	삼일회계법인	2022-12-31
2019	적정Term 7	다산회계법인	2019-12-31
2018	적정Term 6	다산회계법인	2019-12-31
2017	적정Term 5	다산회계법인	2019-12-31
2016	적정Term 4	대경회계법인	2016-12-31
2015	적정Term 3	삼일회계법인	2016-12-31
2014	적정Term 2	삼일회계법인	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 5Y0.88

Equity risk premium%

Terminal growth%

Cost of equity8.80%

Weighted average cost of capital—

Initial growth18.4%

Effective tax rate15.2%

Base fiscal year2025

Current priceKRW33,450

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	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	27,570	-17.6%
Residual income model RIM	17,922	-46.4%

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% + 0.88 × 5.00% = 8.80%

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(18.45% × (1 − 0.00%), 0) = 18.45%

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

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 = 25,836 KRW, ROE = 18.45%, payout ratio = 0.00%, r = 8.80%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	25,836	4,766	2,273	2,493	0.9191	2,291
2	30,602	5,646	2,693	2,953	0.8448	2,495
3	36,248	6,687	3,189	3,498	0.7765	2,716
4	42,935	7,921	3,778	4,143	0.7137	2,957
5	50,856	9,382	4,475	4,907	0.6560	3,219
Terminal value				73,623	0.6560	48,294

P_0 = 25,836 + 13,678 + 48,294 = 87,808 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 = 382.2 − 2,176.7 + 2,452.2 (net borrowing) = 657.8 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	18.45%	779.1	0.9191	716.1
2	14.34%	890.8	0.8448	752.5
3	10.22%	981.9	0.7765	762.4
4	6.11%	1,041.9	0.7137	743.6
5	2.00%	1,062.7	0.6560	697.1
Terminal value	2.00%	15,943.7	0.6560	10,458.5
Total				14,130.2

P_0 = 14,130.2 KRW hundred million ÷ 10,460,684 (shares) = 135,079 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