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240810KOSDAQ

Wonik IPS

133,700
+2,600 (+1.98%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Wonik IPS was established in 2016 through a spin-off from Wonik Holdings. The company is headquartered in Pyeongtaek, Gyeonggi-do, and is listed on the KOSDAQ market. It operates as a corporate entity with five consolidated subsidiaries.

The company produces and supplies core manufacturing equipment for semiconductors, displays, and solar cells. Its business operates on a made-to-order basis, providing customized equipment to domestic and international customers through direct orders.

Business overview as filed

당사는 반도체, Display 및 Solar Cell 제조용 핵심 장비를 생산ㆍ판매하고 있습니다.2025년 당사의 연결 매출액은 9,098억원으로 전년 동기 대비 21.6% 증가하였습니다. 이 중 제품 매출은 7,866억원으로 전체 매출의 86.5%, 상품 및 용역 매출은 1,232억원으로 13.5%를 차지하고 있으며, 전체 매출 중 내수 매출 비중은 70.9%, 수출 매출 비중은 29.1%입니다.당사의 제품은 전량 주문생산에 의하여 판매가 이루어지고 있으며 고객의 요구에 의한 사양 변경 및 장비별 챔버(Chamber) 구성의 변경으로 동일한 제품일지라도 판매가격 차이가 발생하여 가격변동추이를 산출하기 어렵습니다.당사 제품의 주요 원재료는 Heater, Generator 등이 있으며, 당사의 요구 조건 및 옵션에 따라 상이한 가격으로 매입되고 있습니다.당사가 영위하고 있는 장비사업은 수주산업으로 주문자 생산방식의 특성을 지니고 있어 수주상황에 따라 가동률 편차가 크게 나타나는 경향이 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 원익아이피에스이고 영문명은 Wonik IPS Co., Ltd. 입니다.

나. 설립일자당사는 2016년 4월 4일을 기준으로 하여 주식회사 원익홀딩스의 반도체, Display,Solar Cell 장비 사업부분을 인적분할하여 설립되었습니다.

(분할기일 : 2016년 4월 1일)

다. 본사의 주소, 전화번호, 홈페이지 주소

(1) 본사주소 : 경기도 평택시 진위면 진위산단로 75(2) 전화번호 : 031-8047-7000(3) 홈페이지 : http://www.ips.co.kr

라. 주요 사업의 내용

당사는 반도체, Display, Solar Cell 장비 제조를 주요 사업으로 영위하고 있습니다.사업 부문별 자세한 사항은 Ⅱ. 사업의 내용을 참조 하시기 바랍니다.

마. 연결대상 종속회사 개황기업회계기준서(K-IFRS) 제1110호 '연결재무제표'에 의한 지배회사인당사의 연결대상 종속기업은 2025년말 현재 5개사이며,전년말 대비 변동되지 않았습니다.[연결대상 종속회사 현황(요약)]

[연결대상회사의 변동내용]

바. 중소기업 등 해당 여부

사. 신용평가에 관한 사항

2025년 04월 30일 평가 내용: 신용등급 : A+ / 현금흐름 등급 : B / Watch 등급 : 정상

아. 대한민국에 대리인이 있는 경우

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 2026.03.16), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

8.89%
[5.42%, 13.70%] · 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 58.4% (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

1.42
Beta [1.18, 1.66] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.572%[-0.020%, +1.164%]
R squared
0.46
Observations
252
Trading-time corrected beta
1.13[0.71, 1.55]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2016201720182019202020212022202320242025TTM
RevenueKRW 100M2,4416,3096,4936,69210,90912,32310,1156,9037,4829,0989,248
Revenue growth%—158.452.923.0763.0112.96-17.92-31.758.3821.60—
Operating incomeKRW 100M2871,2231,0594111,4061,641976-181106738739
Operating income growth%—325.66-13.38-61.17241.9516.74-40.56-118.53—593.64—
Net incomeKRW 100M2259548694299781,451894-1352078401,731
Net income growth%—323.48-8.92-50.65128.2148.35-38.37-115.10—304.99—
Attributable to ownersKRW 100M2259548694299781,451894-1352078401,731
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%11.7719.3816.316.1412.8913.329.64-2.621.428.117.99
Net margin%9.2315.1213.386.408.9711.788.84-1.962.779.2418.72
ROE%10.2930.4223.537.5714.7518.1210.28-1.562.348.6616.12
ROA%8.0223.2816.954.778.9012.437.97-1.251.857.2211.59
Debt ratio%28.2030.6738.7758.7165.8545.7628.9725.1726.6720.0639.11
Current ratio%300.00343.49267.58169.08152.82187.77239.46280.38281.76371.71249.44
Quick ratio%148.08208.78118.7770.5664.1795.93108.03117.66134.28226.74139.01
Reserve ratio%—1,420.421,690.922,277.322,670.133,231.243,555.813,470.013,552.813,888.684,305.16
Free cash flowKRW 100M64783-1-7351,667398-420-7185681,309—
FCF margin%2.6112.42-0.01-10.9815.283.23-4.15-10.407.6014.39—
OCF conversion%84.28101.0953.64-37.80230.0794.6131.34—377.29186.37—
Capex to revenue%5.162.867.198.565.357.916.928.622.862.82—
Receivable daysdays—25.024.444.430.418.825.237.342.334.4—
Inventory daysdays—91.5137.2237.0205.5170.6200.2294.2271.7211.4—
Payable daysdays—40.145.162.050.541.047.557.146.538.3—
Cash conversion cycledays—76.4116.6219.4185.3148.4177.9274.4267.6207.5—
EPSKRW5462,3112,1058992,0273,0071,854-2824261,7273,526
PERx47.9914.459.5539.8821.8314.0713.35—52.4639.3247.67
BPSKRW5,3047,5958,94611,54313,50816,32017,71917,65818,08019,76221,872
PBRx4.944.402.253.113.282.591.401.921.243.447.69
Dividend per shareKRW—200220—200300200—50200—
Payout ratio%—8.6510.45—9.879.9810.79—11.7411.58—

Consolidated basis

Profit flowKRW 100M

Revenue
9,098
Cost of sales
5,270
Gross profit
3,828
Other
1,675
SG&A expenses
1,416
Operating income
738
Non-operating income
323
Profit before tax
1,062
Net income
840
Income tax expense
221

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

2016201720182019202020212022202320242025
2,8074,0965,1238,99210,99611,67611,21710,84911,24111,646
6179611,4313,3264,3663,6652,5192,1822,3671,946
2,1893,1353,6925,6666,6308,0108,6978,6678,8759,700

Income statement

2016201720182019202020212022202320242025
2,4416,3096,4936,69210,90912,32310,1156,9037,4829,098
2871,2231,0594111,4061,641976-181106738
2791,2431,0984351,2701,8931,173-2091741,062
2259548694299781,451894-135207840
Basic earnings per shareKRW5462,3112,1058992,0273,0071,854-2824261,727
Diluted earnings per shareKRW5452,3112,1058992,0273,0071,854-2824261,727
2319458604279651,477943-175208850

Cash flow statement

2016201720182019202020212022202320242025
Net incomefrom the income statement2259548694299781,451894-135207840
Total adjustments to operating cash flowcomputed-3510-403-5911,272-78-61412575726
190964466-1622,2511,373280-1237831,566
-150-223-567-397-828-2,238607-46055-1,785
77-2-114-212-164-110-279138-35-56
Cash at beginning of periodKRW 100M2723891,1259091351,3513779845401,351
3891,1259091351,3513779845401,3511,073
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable-216-7711,259-975609-445803-276

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 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 10삼일회계법인2025-12-31
2024적정의견Term 9삼일회계법인2025-12-31
2023적정의견Term 8삼일회계법인2025-12-31
2022적정Term 7한영회계법인2022-12-31
2021적정Term 6한영회계법인2022-12-31
2020적정Term 5한영회계법인2022-12-31
2019적정Term 4한영회계법인2019-12-31
2018적정Term 3한영회계법인2019-12-31
2017적정Term 2한영회계법인2019-12-31
2016적정Term 1한영회계법인2016-12-31

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 5Y1.07
%
%
Cost of equity9.76%
Weighted average cost of capital—
Initial growth7.7%
Effective tax rate20.8%
Base fiscal year2025
Current priceKRW133,700

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 model2,629-98.0%
Dividend discount model DDM2,985-97.8%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE39,817-70.2%
Residual income model RIM16,412-87.7%
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% + 1.07 × 5.00% = 9.76%

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(8.66% × (1 − 11.58%), 0) = 7.66%

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

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 200 × (1 + 2.00%) / (9.76% − 2.00%) = 204 / 0.0776 = 2,629 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)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 = 200, g_1 = 7.66%, g_T = 2.00%, r = 9.76%

YearGrowthDividend KRWDiscount factorPresent value KRW
17.66%2150.9111196
26.24%2290.8301190
34.83%2400.7563181
43.41%2480.6890171
52.00%2530.6278159
Terminal value2.00%3,3260.62782,088
Total2,985

P_0 = 2,985 KRW

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 = 19,762 KRW, ROE = 8.66%, payout ratio = 11.58%, r = 9.76%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
119,7621,7121,928-2170.9111-197
221,2761,8432,076-2330.8301-194
322,9061,9842,235-2510.7563-190
424,6602,1362,406-2700.6890-186
526,5492,3002,591-2910.6278-183
Terminal value-3,8250.6278-2,401

P_0 = 19,762 + -949 + -2,401 = 16,412 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,566.1 − 256.6 + 0.0 (net borrowing) = 1,309.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
17.66%1,409.80.91111,284.4
26.24%1,497.80.83011,243.3
34.83%1,570.10.75631,187.5
43.41%1,623.70.68901,118.8
52.00%1,656.20.62781,039.8
Terminal value2.00%21,774.60.627813,669.8
Total19,543.6

P_0 = 19,543.6 KRW hundred million ÷ 49,083,901 (shares) = 39,817 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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