Unisem Overview
UNISEM is a Korean sub-fab equipment specialist. It builds the two utility systems every front-end wafer tool needs and that its customers cannot run without: point-of-use gas scrubbers, which destroy toxic, flammable and high-global-warming-potential process exhausts, and precision chillers, which hold etch and deposition chambers at set temperatures down to cryogenic levels. It was the first Korean company to localise both product classes, the scrubber in the mid-1990s and the chiller in 1999. It holds more than 40% of the domestic IDM scrubber market and about 30% of the chiller market, and it supplies every scrubber type to both Samsung Electronics and SK hynix. Equipment sales follow the memory capex cycle closely. A maintenance and spare-parts business covering roughly a third of revenue cushions the downturns. The investment case now rests on three things: the 2026–2027 DRAM and NAND build-out, cryogenic chillers for 400-plus-layer NAND etch, and low-GWP CO₂ chillers. Margins compressed to 4% in 2025 and are now recovering.
What the company does
UNISEM designs, manufactures, installs and services sub-fab and fab-utility equipment for semiconductor and flat-panel-display manufacturing. It has three revenue streams.
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Gas scrubbers (gas abatement systems). These are installed in the gas rooms beneath front-end process tools (CVD, ALD, etch, diffusion). They take exhaust from the tool's vacuum pump and treat it at the first stage before it reaches the fab's central exhaust treatment. UNISEM offers burn-wet (LNG or fuel combustion), burn-box, wet-burn-wet, plasma-wet, heat-wet (electric, indirect heating), catalyst and resin (dry) designs. Target gases include perfluorocompounds (NF₃, CF₄, C₂F₆, C₃F₈, SF₆), flammables (SiH₄, PH₃, H₂, TEOS, DCS) and water-soluble acids (Cl₂, HCl, HF, NH₃, WF₆, BCl₃).
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Chillers (temperature control units). These are refrigerant-compressor, heat-exchanger, proximity and multi-channel mixing units that circulate coolant through process chambers, electrostatic chucks and wafer stages. The range runs from standard units (around +20 to +30 °C) to low-temperature units for V9 NAND (around −30 °C) and cryogenic units (−70 °C class, with V10 units targeting −60 to −100 °C).
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Maintenance, spare parts and installation. This covers recurring service on the installed base of scrubbers and chillers, consumables, retrofits, and vacuum-line and exhaust-piping construction (reported as "vacuum line" or "construction").
Company's own description
In its periodic filings and investor materials, UNISEM describes itself as a manufacturer of semiconductor and display equipment. Its flagship products are the scrubber, a purifier for harmful gases generated in the manufacturing process, and the chiller, a temperature-control unit that keeps semiconductor processes stable. The company stresses that it was the first in Korea to localise both products, that it ranks first or second in market share at its main customers, and that it is extending its eco-friendly product line: low-carbon and low-power scrubbers, and CO₂-refrigerant chillers that comply with GWP regulation. The company reports a single operating segment, semiconductor equipment, which accounted for 100% of revenue in 2026.
Business and revenue model
| Revenue stream | Model | FY2025 share of revenue (%) | Character |
|---|---|---|---|
| Chiller units | Product sale per purchase order, tied to tool installs (often through OEM tool vendors) | 45 | Cyclical. Mix-driven: cryogenic units command 2–3 times the price of standard units. |
| Gas scrubbers | Product sale per purchase order, tied to fab and line build-outs | 21 | Highly cyclical. Its share of revenue fell from 45% in 2021 to 20% in 2024. |
| Maintenance & other | Service contracts, spare parts, consumables, overhauls | 32 | Recurring and installed-base driven: KRW 70–87 billion a year since 2021 |
| Vacuum line / construction | Project-based piping and installation | 2 | Small and lumpy |
Chiller units: Model: Product sale per purchase order, tied to tool installs (often through OEM tool vendors); FY2025 share of revenue (%): 45; Character: Cyclical. Mix-driven: cryogenic units command 2–3 times the price of standard units.
Gas scrubbers: Model: Product sale per purchase order, tied to fab and line build-outs; FY2025 share of revenue (%): 21; Character: Highly cyclical. Its share of revenue fell from 45% in 2021 to 20% in 2024.
Maintenance & other: Model: Service contracts, spare parts, consumables, overhauls; FY2025 share of revenue (%): 32; Character: Recurring and installed-base driven: KRW 70–87 billion a year since 2021
Vacuum line / construction: Model: Project-based piping and installation; FY2025 share of revenue (%): 2; Character: Small and lumpy
There is no subscription or licensing income. On the FY2025 mix, about two-thirds of revenue is product and one-third is service. Payment terms on equipment are usually milestone-based. A typical Korean sub-fab equipment contract pays 90% after the equipment arrives and 10% after setup is complete. Revenue recognition is therefore concentrated in the quarters when tools move into fabs.
Value-chain position
UNISEM is a Tier-1 supplier of fab-facility and sub-fab equipment. It sells:
directly to chipmakers (IDMs and foundries): Samsung Electronics (memory and foundry, Korea, Xi'an in China, and Austin and Taylor in Texas), SK hynix (Icheon, Cheongju, Wuxi and Dalian in China), Micron and Kioxia;
through OEM tool makers: chillers that are integrated with, or specified alongside, process tools. Its customers include Tokyo Electron, for cryogenic etch chillers, and Applied Materials, which named UNISEM a Best Supplier in 2023;
to display panel makers: historically BOE, LG Display, Samsung Display and other Chinese panel makers. Display accounted for 32% of revenue in 2018 but much less today.
Customer types and end markets
| Customer group | Estimated share of revenue | Notes |
|---|---|---|
| Samsung Electronics (incl. overseas fabs) | 45–50% (2024 est.) | Largest customer. Annual supply contracts. Pyeongtaek P3/P4/P5, Hwaseong, Xi'an, Taylor. |
| SK hynix | About 25% (2024 est.) | Customer since 2014. Cheongju M15X, Icheon M16, Yongin cluster, Dalian. |
| Overseas IDMs / OEMs | Remainder (together with display) | Micron, Kioxia, Tokyo Electron (cryogenic chillers), Applied Materials |
| Display makers | Small and declining | BOE, LG Display, Samsung Display, Chinese panel makers |
Samsung Electronics (incl. overseas fabs): Estimated share of revenue: 45–50% (2024 est.); Notes: Largest customer. Annual supply contracts. Pyeongtaek P3/P4/P5, Hwaseong, Xi'an, Taylor.
SK hynix: Estimated share of revenue: About 25% (2024 est.); Notes: Customer since 2014. Cheongju M15X, Icheon M16, Yongin cluster, Dalian.
Overseas IDMs / OEMs: Estimated share of revenue: Remainder (together with display); Notes: Micron, Kioxia, Tokyo Electron (cryogenic chillers), Applied Materials
Display makers: Estimated share of revenue: Small and declining; Notes: BOE, LG Display, Samsung Display, Chinese panel makers
End markets, in order of importance: DRAM (including HBM), 3D NAND, foundry/logic, and display. Samsung Electronics and SK hynix together generate more than 70% of revenue.
Independent characterisation
UNISEM is a capex-beta play on Korean memory investment. Its operating structure gives high gross operating leverage, because a 20–25% increase in revenue moves operating margins by several points. A cash-rich, debt-free balance sheet absorbs the deep troughs. The 2022–2024 downturn showed how exposed the business is. Revenue fell 26% from the 2021 peak. Operating margin fell from 14.8% to 4.0–4.6% as chiller coolant costs rose (3M exited PFAS-based fluids), product mix shifted and qualification costs climbed. The 2025–2026 recovery so far has been volume-led rather than margin-led: 2025 revenue grew 25% while operating profit rose only 9%. The structural upgrades (cryogenic chillers, CO₂ chillers, plasma and heat-type scrubbers) are real. The key question for 2026–2027 is whether they turn into a sustained return to double-digit margins.
Strategy
Stated strategic themes
The company's latest business report and investor materials set out four themes:
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Grow market share in a growing market. The company cites WSTS forecasts of 26.3% global semiconductor market growth in 2026, with memory up 39.4%, and expects strong demand for high-value equipment driven by AI and data-centre investment.
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Lead in eco-friendly equipment. This means high-efficiency, low-carbon, low-power scrubbers (plasma, heater, catalyst) and CO₂ chillers that meet tightening GWP regulation (GWP 750 or less by 2027 and 150 or less by 2030 in phased regulations).
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Cost competitiveness and quality. This includes containing coolant and material costs after the PFAS exit.
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New customer acquisition. The targets are overseas IDMs and foundries (Micron, Kioxia, a Taiwanese foundry, US chipmakers) and OEM tool vendors (TEL).
Initiatives in the last 24 months
| Initiative | Timing | Description | Status |
|---|---|---|---|
| V10 cryogenic chiller | 2025–2026 | Joint development with customers and OEMs of −60 to −100 °C chillers for 400-plus-layer NAND channel-hole etch, priced 2–3 times standard units | First revenue expected from 2026 NAND V10 investments |
| Cryogenic chiller supply to TEL | 2,025 | Ultra-low-temperature chillers supplied for Tokyo Electron cryogenic etch tools | In supply |
| CO₂ chiller commercialisation | Announced 11 Aug 2025 | Demo delivery to a top-tier Taiwanese foundry; tests with US chipmakers | Evaluation stage |
| Low-carbon scrubber line-up | 2024–2026 | Shift to plasma, heat and catalyst types for Samsung's new fabs and ESG specifications | Rising share in new-fab orders |
| Coolant transition | 2025–2026 | Requalification of chiller coolants after 3M's PFAS exit. Domestic chiller makers reportedly have Samsung-related coolant supply secured to 2027. | In progress |
| DearEver procurement subsidiary | Q1 2025 | Purchasing-agency subsidiary to centralise procurement | Consolidated |
| US field presence | 2025–2026 | Support for the Samsung Taylor fab through UNISEM America | Ongoing |
| AI data-centre cooling (option) | 2,026 | The market is assessing whether UNISEM's precision-cooling know-how can be applied to liquid and immersion cooling | No official product or guidance |
V10 cryogenic chiller: Timing: 2025–2026; Description: Joint development with customers and OEMs of −60 to −100 °C chillers for 400-plus-layer NAND channel-hole etch, priced 2–3 times standard units; Status: First revenue expected from 2026 NAND V10 investments
Cryogenic chiller supply to TEL: Timing: 2025; Description: Ultra-low-temperature chillers supplied for Tokyo Electron cryogenic etch tools; Status: In supply
CO₂ chiller commercialisation: Timing: Announced 11 Aug 2025; Description: Demo delivery to a top-tier Taiwanese foundry; tests with US chipmakers; Status: Evaluation stage
Low-carbon scrubber line-up: Timing: 2024–2026; Description: Shift to plasma, heat and catalyst types for Samsung's new fabs and ESG specifications; Status: Rising share in new-fab orders
Coolant transition: Timing: 2025–2026; Description: Requalification of chiller coolants after 3M's PFAS exit. Domestic chiller makers reportedly have Samsung-related coolant supply secured to 2027.; Status: In progress
DearEver procurement subsidiary: Timing: Q1 2025; Description: Purchasing-agency subsidiary to centralise procurement; Status: Consolidated
US field presence: Timing: 2025–2026; Description: Support for the Samsung Taylor fab through UNISEM America; Status: Ongoing
AI data-centre cooling (option): Timing: 2026; Description: The market is assessing whether UNISEM's precision-cooling know-how can be applied to liquid and immersion cooling; Status: No official product or guidance
Sustainability commitments
UNISEM's environmental positioning is product-led. Its scrubbers cut PFC and greenhouse-gas emissions at the customer's fab (the plasma ATOM line claims 99% PFC abatement). Its CO₂ chiller replaces R-404A refrigerant (GWP 3,922) with a GWP-1 natural refrigerant. The company holds ISO 14001, OHSAS 18001 / KOSHA 18001 and ISO 27001 certifications. It has not published corporate Scope 1–3 emissions targets.
Medium-term targets and guidance
UNISEM does not publish quantitative revenue or margin guidance. Management's qualitative outlook, from its H1 2026 report, expects continued growth in the global semiconductor market and strong demand for high-value equipment from AI and data-centre investment.
Products & Services
Gas scrubbers (gas abatement systems)
| Model / family | Technology | Treatment temperature | Max. flow | Target gases | Key features / certifications | Target customer |
|---|---|---|---|---|---|---|
| ECOBRID 1000 / 2000 | Hybrid fuel-burn + heat | 1,200–1,500 °C | 300 / 600 LPM | PFCs, flammable, water-soluble | About 15% lower energy use than conventional burn-wet | Memory and logic CVD/etch |
| TRITON / TRITON DUAL | Wet-burn-wet (powder pre-treatment) | 1,200–1,600 °C | 300 / 500 LPM | Flammable, water-soluble, NF₃, WF₆ | S-Mark certified. Handles powder-generating gases. | CVD, W-CVD, diffusion |
| IGNIS (D) | Burn-wet, high capacity | 1,200–1,600 °C | 3,000 LPM | PFCs, flammable, water-soluble | CE and SEMI-S2 | High-flow etch/CVD, display |
| VULCAN 1000 / 2000 | Burn-wet | 1,200–1,600 °C | 600 / 1,200 LPM | PFCs, flammable, water-soluble | Mid-capacity workhorse | Memory fabs |
| UN2005A-PL | Burn-wet | Max 1,200 °C | 1,500 LPM | PFCs, flammable | Legacy high-flow platform | Display / large-flow |
| NECA 4000 | Burn-box | 1,200–1,600 °C | 2,500 LPM | PFCs (NF₃ focus), flammable | SEMI-S2 | Chamber-clean NF₃ abatement |
| MAGMA 1000 / 3000 | Electric heat-wet (non-combustion) | 800–900 °C | 500 / 1,500 LPM | Flammable, water-soluble, NF₃ | SEMI-S2. Needs no fuel gas, so lower direct CO₂. | Fabs with low-carbon specs |
| ATOM 1000 / 1000L | Plasma-wet | Plasma jet | 400 / 1,500 LPM | PFCs (incl. CF₄), flammable, water-soluble, BCl₃ | Third-party-verified PFC destruction efficiency of 99% claimed | Etch with high-GWP PFCs |
| ARENS | Point-of-use abatement (catalog line) | — | — | — | Listed in the company catalog | — |
| LEAD 2000 (Dual) | Dual-channel abatement | — | — | — | Listed in the product overview | — |
| Catalyst-type scrubber | Catalytic oxidation (low-temperature) | — | — | PFCs / NOx-sensitive streams | Developed for low-NOx, low-energy abatement | Next-generation eco fabs |
| Resin (dry) scrubber | Dry chemisorption | Ambient | — | Toxic and corrosive gases | Dry type, no water consumption | Specialty gas lines |
Scrubber pricing is per unit and project-based. List prices are not publicly disclosed. Customer specifications in new Samsung fabs are moving from burn-type toward plasma and heat-type units, which raises average selling prices.
Chillers and temperature-control units
| Model / family | Type | Temperature range | Stability | Cooling capacity | Application |
|---|---|---|---|---|---|
| R-CO1000 | Integrated refrigerant (compressor) | −20 to +80 °C | ±0.1 °C | 4.0 kW at +20 °C | Etch/CVD chamber and ESC cooling |
| P-CO1000 | Integrated heat exchanger | +25 to +90 °C | ±0.1 °C | Up to 9.5–12 kW at +50 °C | High-temperature CVD |
| CUBE | Proximity refrigerant chiller | −20 to +80 °C | ±0.1 °C | 8.0 kW at +20 °C | Tool-adjacent, compact (6.5 L reservoir) |
| P-TOM | Proximity heat exchanger | +30 to +90 °C | ±0.1 °C | 8.0 kW at +50 °C | Compact (50 kg) |
| SECA | Multi-channel mixing system | Ch1 −20 to +60 °C; Ch2 +30 to +40 °C; mix 0 to +80 °C | ±0.2 °C | 6.2 kW / 4.5 kW / 8.0 kW | Multi-zone chamber control |
| PCS12000AA | Heat exchanger | +40 to +140 °C | — | 12.0 kW | CVD high-temperature |
| PCS300KA | Heat exchanger | +20 to +30 °C | — | 300 kW at +25 °C | Facility / large-load cooling |
| PCD4000A / PCS8000A / PCD12000A / PCD40000A | Heat exchangers | +30 to +90 °C | — | 4 / 8 / 12 / 40 kW | CVD application family |
| RPM7500A, RPD13000A, RPT13000A, RCS2500A, RCD2050A, RCS6000A, RCS2500S, ECS8000A | Low-temperature refrigerant chillers | Low-temperature range | — | — | Etch, low-temperature processes |
| V9 low-temperature chiller | Cascade refrigerant | About −30 °C | — | — | Samsung V9 (286-layer) NAND channel-hole etch. In volume supply. |
| Cryogenic (−70 °C class) chiller | Multi-stage / cascade | −70 °C class (patent KR102631379B1) | — | — | Cryogenic etch. Supplied to Tokyo Electron cryo-etch tools. |
| V10 ultra-low-temperature chiller | Multi-stage | −60 to −100 °C (target) | — | — | 400-plus-layer NAND (V10) cryogenic channel-hole etch. In joint development with customers and OEMs for 2026 ramps. Priced 2–3 times standard units. |
| CO₂ chiller | Natural-refrigerant (R-744) chiller | — | — | — | GWP of 1 against 3,922 for R-404A. Non-toxic, non-flammable. Demo unit for a top-tier Taiwanese foundry announced August 2025. Tests in progress with US chipmakers. |
Chiller technology rests on 23 chiller patents and one utility model, according to the company's technology roadmap. The roadmap covers direct (coolant-less) cooling, multi-stage cooling to about −80 °C, high-temperature units up to 240 °C, BLDC low-power combination chillers and hybrid energy-optimised designs.
Services
| Service | Description | Revenue (FY2025, KRW Bn) |
|---|---|---|
| Maintenance & spare parts | Preventive maintenance, overhauls, consumables (filters, nozzles, reactors) and coolant management for installed scrubbers and chillers. Field teams are stationed at customer fabs in Korea, China and the US. | 86.7 (maintenance & other) |
| Vacuum line / exhaust piping construction | Installation of vacuum lines, exhaust ducts and piping between process tools, pumps and abatement units | 5.7 |
| Retrofits / upgrades | Upgrades of burn-type units to lower-emission configurations | Included above |
Non-core and legacy lines
IoT / security: (from 2016): the UniAegis Wi-Fi/RF scanning sensor, logistics tracking, the UniTraffic deep-learning traffic-video analytics system, and fingerprint-authentication ID cards from the former Korea Smart ID, supplied to UN agencies as integrated identity cards. These are immaterial to group revenue.
Adjacent cooling: (2026 option): the company's precision-cooling capability is seen as transferable to AI data-centre liquid and immersion cooling. No product launch or revenue has been publicly disclosed.
Financial Narrative
All figures are K-IFRS consolidated, in KRW billion unless stated, for fiscal years ending 31 December. They come from the annual business reports for FY2021–FY2025 as reported to DART.
Income statement
FY2025 SG&A is derived as gross profit minus operating income. Diluted EPS is not publicly disclosed separately. The company has no convertible instruments outstanding.
Margins
Revenue CAGR was −2.0% a year over FY2021–FY2025, against the record 2021 base. It was +4.9% a year over FY2020–FY2025 (FY2020 revenue KRW 215.1 billion).
Commentary — revenue. Revenue tracks Korean memory wafer-fab-equipment spending with almost no lag. UNISEM is among the first suppliers paid when a new fab phase is fitted out. The 2021 peak (KRW 296.1 billion) reflected Samsung P2 and P3, the SK hynix M16 build-out, foundry investment and Chinese display spending. Revenue then fell 26% over three years as Samsung and SK hynix cut memory capex in 2023 and held new-fab spending selectively in 2024. The 2025 rebound (+25.3%) came from DRAM and HBM conversions, the restart of Samsung P4 (Phase 2, converted from foundry to DRAM) and SK hynix M15X. Chillers (+39.5%) and scrubbers (+37.0%) led the recovery.
Commentary — margins. Gross margin halved from 22.4% to 10.5% between 2021 and 2025, and it did not recover with volume in 2025. Four forces drove the fall: (1) absorption losses on a largely fixed field-service and manufacturing workforce as scrubber volumes collapsed; (2) rising chiller coolant costs as 3M wound down its Belgian PFAS-based heat-transfer-fluid production, which forced substitution and requalification; (3) price competition at the main customer during the downturn; and (4) a mix shift toward chillers bought through OEMs. The gross margin of 12.8% in H1 2026 (11.1% in H1 2025) is the first sign of recovery.
Commentary — below the line. Pre-tax income exceeded operating income from 2021 to 2024 because of interest on a large cash and financial-asset pile and foreign-exchange gains on dollar receivables. In 2025 the relationship reversed. Foreign-exchange losses and lower financial income cut pre-tax income to KRW 10.6 billion and net income fell 42% even though operating income rose 9%.
Balance sheet
There is no long-term bank debt; long-term liabilities are lease obligations only. At end-2025 retained earnings were KRW 203.7 billion and the debt-to-equity (liabilities/equity) ratio was 16.1%. At 31 March 2026 total assets were KRW 293.0 billion, equity KRW 247.3 billion and liabilities KRW 45.6 billion, a liabilities/equity ratio of 18.4%. Cash and equivalents were KRW 17.9 billion at 30 June 2026.
Commentary. The balance sheet is very conservative. Net cash and financial investments have stayed between KRW 54 billion and KRW 91 billion, equal to 22–46% of equity, throughout the cycle. The visible change is a build-up of non-cash operating assets. Inventory has tripled since 2021, from KRW 19 billion to KRW 58 billion, and PP&E has nearly doubled, from KRW 50 billion to KRW 96 billion, after capacity and facility investment in 2023 (KRW 24.7 billion of capex). The inventory build reflects pre-stocking for chiller programmes and coolant transition. It also explains why cash fell from KRW 77.8 billion to KRW 21.9 billion even though the company remained profitable.
Cash flow
Commentary. Operating cash flow is volatile and runs counter-cyclically to reported revenue growth. In ramp years (2023, 2025) receivables and inventory absorb cash ahead of revenue recognition. In slowdown years (2024) working capital releases cash. FY2025 operating cash flow was negative (−KRW 6.5 billion) despite positive earnings. Q1 2026 operating cash flow was −KRW 14.1 billion as receivables and inventory rose again ahead of second-half shipments. Cumulative free cash flow over FY2021–FY2025 was KRW 17.2 billion, against cumulative net income of KRW 100.5 billion. Over the cycle, conversion of earnings into free cash is weak at about 17%. This is the main financial weakness the next upcycle needs to fix.
Ratios
Interest coverage is not meaningful. Borrowings are KRW 3 billion of short-term bank debt plus leases, and interest income exceeds interest expense in every year shown.
Commentary. Returns on capital have fallen more than revenue because the asset base kept growing (PP&E plus 92%, inventory plus 198%) while profits fell. The cash conversion cycle widened from 80 days to around 130 days, mainly through inventory days. The FY2025 inflection is visible in asset turnover (back to 1.0x) and stable receivable days. Margin is the missing piece. SK Securities models ROE recovering to 10.3% in 2026 and 12.6% in 2027 if operating margins return to 9–11%.
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Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (KRW Bn) | 296.1 | 253.2 | 232.1 | 218.2 | 273.3 |
Revenue growth (%) | 37.6 | -14.5 | -8.3 | -6.0 | 25.3 |
Cost of sales (KRW Bn) | 229.6 | 203.6 | 195.7 | 192.8 | 244.5 |
Gross profit (KRW Bn) | 66.4 | 49.6 | 36.4 | 25.3 | 28.8 |
SG&A (KRW Bn) | 22.8 | 20.6 | 19.0 | 15.3 | 17.9 |
Operating income (KRW Bn) | 43.7 | 29.0 | 17.4 | 10.0 | 10.9 |
Depreciation & amortisation (KRW Bn) | 1.7 | 1.8 | 2.0 | 2.6 | 3.0 |
EBITDA (KRW Bn) | 45.4 | 30.8 | 19.4 | 12.6 | 13.9 |
Pre-tax income (KRW Bn) | 46.8 | 24.1 | 22.3 | 18.1 | 10.6 |
Income tax (KRW Bn) | 8.6 | 4.5 | 4.1 | 2.6 | 1.6 |
Net income (KRW Bn) | 38.2 | 19.6 | 18.2 | 15.5 | 9.0 |
Basic EPS (KRW) | 1,297 | 666 | 620 | 528 | 305 |
Dividend per share (KRW) | 120 | 100 | 80 | 80 | 80 |
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View Subscription PlansMargin
| Margin | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 22.4 | 19.6 | 15.7 | 11.6 | 10.5 |
Operating margin (%) | 14.8 | 11.5 | 7.5 | 4.6 | 4.0 |
EBITDA margin (%) | 15.3 | 12.2 | 8.4 | 5.8 | 5.1 |
Pre-tax margin (%) | 15.8 | 9.5 | 9.6 | 8.3 | 3.9 |
Net margin (%) | 12.9 | 7.7 | 7.9 | 7.1 | 3.3 |
Balance Sheet and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (KRW Bn) | 232.9 | 234.7 | 243.4 | 263.1 | 282.8 |
Cash & equivalents (KRW Bn) | 77.8 | 36.6 | 47.8 | 37.0 | 21.9 |
Short-term financial instruments (KRW Bn) | 9.5 | 49.4 | 2.0 | 0.0 | 0.0 |
Trade receivables (KRW Bn) | 56.0 | 46.8 | 61.0 | 42.6 | 51.5 |
Inventories (KRW Bn) | 19.3 | 30.0 | 39.0 | 47.2 | 57.7 |
Total current assets (KRW Bn) | 177.8 | 176.0 | 163.1 | 174.0 | 170.4 |
Property, plant & equipment (KRW Bn) | 50.1 | 51.5 | 74.9 | 85.2 | 96.1 |
Goodwill & intangibles (KRW Bn) | 0.9 | 0.9 | 1.0 | 1.0 | 2.0 |
Trade payables (KRW Bn) | 12.5 | 11.2 | 8.9 | 14.8 | 17.6 |
Short-term borrowings (KRW Bn) | 10.0 | 5.0 | 3.0 | 3.0 | 3.0 |
Lease liabilities & other debt (KRW Bn) | 2.6 | 3.0 | 3.1 | 2.5 | 3.0 |
Total debt (KRW Bn) | 12.6 | 8.0 | 6.1 | 5.5 | 6.0 |
Net cash incl. financial investments (KRW Bn) | 89.5 | 91.1 | 56.0 | 78.7 | 54.4 |
Total current liabilities (KRW Bn) | 48.1 | 33.2 | 26.9 | 33.2 | 37.1 |
Total liabilities (KRW Bn) | 49.9 | 35.3 | 29.0 | 34.8 | 39.2 |
Shareholders' equity (KRW Bn) | 183.0 | 199.4 | 214.4 | 228.3 | 243.6 |
Working capital (KRW Bn) | 129.7 | 142.8 | 136.2 | 140.8 | 133.3 |
Book value per share (KRW) | 6,222 | 6,780 | 7,288 | 7,757 | 8,275 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (KRW Bn) | 45.2 | 16.9 | -10.3 | 36.2 | -6.5 |
Capital expenditure (KRW Bn) | -9.6 | -4.4 | -24.7 | -12.6 | -13.0 |
Free cash flow (KRW Bn) | 35.6 | 12.5 | -35.0 | 23.6 | -19.5 |
Investing cash flow (KRW Bn) | -14.8 | -44.2 | 27.3 | -44.0 | -5.6 |
Financing cash flow (KRW Bn) | -8.6 | -14.0 | -5.8 | -3.0 | -3.1 |
Dividends paid (KRW Bn) | -2.4 | -3.5 | -2.9 | -2.4 | -2.4 |
Share buybacks (KRW Bn) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Return on equity (%) | 23.1 | 10.2 | 8.8 | 7.0 | 3.8 |
Return on assets (net income / year-end assets, %) | 16.4 | 8.3 | 7.5 | 5.9 | 3.2 |
Return on invested capital (%) | 38.9 | 22.6 | 10.7 | 5.6 | 5.5 |
Current ratio (x) | 3.70 | 5.30 | 6.06 | 5.24 | 4.59 |
Total debt / equity (%) | 6.9 | 4.0 | 2.8 | 2.4 | 2.5 |
Net debt / EBITDA (x) | -1.97 | -2.96 | -2.88 | -6.25 | -3.93 |
Asset turnover (x) | 1.38 | 1.08 | 0.97 | 0.86 | 1.00 |
Inventory turnover (x) | 10.96 | 8.25 | 5.67 | 4.47 | 4.66 |
Days sales outstanding (days) | 69 | 67 | 96 | 71 | 69 |
Days inventory outstanding (days) | 31 | 54 | 73 | 89 | 86 |
Days payables outstanding (days) | 20 | 20 | 17 | 28 | 26 |
Cash conversion cycle (days) | 80 | 101 | 152 | 133 | 129 |
Dividend payout ratio (%) | 6.2 | 18.0 | 16.1 | 15.2 | 26.2 |
Customer Location Details
| Customer location | Share of revenue (%) |
|---|---|
Domestic (Korea) | 63 |
Overseas | 37 |
Product Lines
| Product line | Korea | China | USA | Japan / Taiwan / SE Asia |
|---|---|---|---|---|
Gas scrubbers | Samsung (Pyeongtaek, Hwaseong, Giheung), SK hynix (Icheon, Cheongju) | Samsung Xi'an, SK hynix Wuxi/Dalian, display fabs | Samsung Austin, Taylor | Installed base through agents (NYS, Nissei in Japan) |
Chillers | Samsung, SK hynix; OEM-integrated | Samsung Xi'an (V9 conversion) | Samsung Taylor; CO₂ chiller tests with US chipmakers | TEL (Japan) cryogenic etch; Taiwanese foundry CO₂ demo |
Maintenance | Largest base, about 10,000-plus installed units domestically | Field service through UNISEM China and UNISEM Xi'an | UNISEM America | SEUL (Singapore/Malaysia), Parriontec/CEK (Taiwan) |
Capital Markets
| Item | Value |
|---|---|
Shares issued / outstanding | 30.66 m / 29.42 m |
Market cap (20 Oct 2026) | About KRW 258.3 bn |
Enterprise value (20 Oct 2026) | About KRW 204.3 bn |
52-week range (to early Oct 2026) | KRW 6,000 – 14,390 |
Beta | 1.76 |
Foreign ownership | About 17.8% (Oct 2026) |
Free float (excluding insiders and treasury) | About 67% |
Moody's / S&P / Fitch | Not rated |
Domestic credit grade | AA- (company-cited corporate credit grade in its 2025–2026 periodic reports) |
Short-term borrowings | KRW 3.0 bn (end-2025), due within 12 months |
Lease liabilities | About KRW 3.0 bn, of which KRW 2.0 bn is long-term |
Net cash incl. financial investments | KRW 54.4 bn (end-2025) |
Share Price & Returns
| Reference point | Implied price (KRW) | Change to 20 Oct 2026 (%) |
|---|---|---|
End-FY2025 (31 Dec 2025) | 9,659 | -9.1 |
End-FY2023 (about 3 years) | 8,419 | 4.3 |
End-FY2021 (about 5 years) | 14,598 | -39.9 |
Market Valuation
| Year-end market capitalisation (KRW Bn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Market capitalisation (KRW Bn) | 429.5 | 165.3 | 247.7 | 173.3 | 284.2 |
Enterprise value (KRW Bn) | 351.9 | 76.8 | 171.3 | 106.2 | 221.3 |
Valuation Multiples
| Multiple | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
P/E (x) | 11.3 | 8.4 | 13.6 | 11.2 | 31.6 |
P/B (x) | 2.35 | 0.83 | 1.16 | 0.76 | 1.17 |
EV/EBITDA (x) | 7.8 | 2.6 | 8.8 | 8.4 | 15.7 |
EV/Sales (x) | 1.19 | 0.30 | 0.74 | 0.49 | 0.81 |
Dividend yield (%) | 0.8 | 1.8 | 1.0 | 1.4 | 0.8 |
Peer Multiples Details
| Peer multiples | UNISEM | GST |
|---|---|---|
Market capitalisation (KRW Bn) | 258 | 1,063 |
Trailing P/E (x) | 15.3 | 19.1 |
P/B (x) | 0.99 | 3.30 |
Analyst Ratings & Targets
| Broker | Date | Rating | Target price (KRW) | Key estimates |
|---|---|---|---|---|
SK Securities | 14 Apr 2026 | Buy | 15,000 | FY2026E revenue KRW 314 bn, operating income KRW 29 bn (9.1%); FY2027E KRW 368 bn / KRW 41 bn (11.1%); FY2028E KRW 421 bn / KRW 56 bn (13.3%) |
Shinhan Securities | 7 Aug 2026 | Buy (initiation) | 12,000 | Memory investment plus cost stabilisation; early-cycle undervaluation |
LS Securities | Dec 2025 | — | — | FY2026E revenue KRW 332.8 bn, operating income KRW 25.8 bn (7.8%) |
Korea IR Council (KIRS) | Jul 2025 / Apr 2026 | Not rated | — | Sponsored independent research |
Dividend metric
| Dividend metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
DPS (KRW) | 120 | 100 | 80 | 80 | 80 |
Total dividends paid (KRW Bn) | 3.5 | 2.9 | 2.4 | 2.4 | 2.4 |
Payout ratio (%) | 9.3 | 15.0 | 12.9 | 15.2 | 26.2 |
Analyst Conclusions
Management guidance
UNISEM gives no numerical guidance. Its H1 2026 report expects continued semiconductor market growth (citing WSTS: +26.3% in 2026) and strong demand for high-value equipment from AI and data-centre investment. Management plans to grow market share through R&D, portfolio diversification and eco-friendly equipment, while concentrating on cost competitiveness, quality and new customers.
Consensus growth expectations
| Consensus metric (KRW Bn) | FY2025 | FY2026 | FY2027 | FY2028 |
|---|---|---|---|---|
| Revenue (KRW bn) | 273.3 | 314.0 | 368.0 | 421.0 |
| Operating income (KRW bn) | 10.9 | 29.0 | 41.0 | 56.0 |
| Operating margin (%) | 4.0 | 9.1 | 11.1 | 13.3 |
| EPS (KRW) | 305 | 856 | 1,169 | 1,570 |
Revenue (KRW bn): FY2025: 273.3; FY2026: 314.0; FY2027: 368.0; FY2028: 421.0
Operating income (KRW bn): FY2025: 10.9; FY2026: 29.0; FY2027: 41.0; FY2028: 56.0
Operating margin (%): FY2025: 4.0; FY2026: 9.1; FY2027: 11.1; FY2028: 13.3
EPS (KRW): FY2025: 305; FY2026: 856; FY2027: 1169; FY2028: 1570
FY2025 figures are actuals. FY2026–FY2028 are SK Securities estimates (April 2026). Wider consensus for FY2026 operating income is about KRW 26.4 billion.
H1 2026 delivered revenue of KRW 155.0 billion and operating income of KRW 10.5 billion. Reaching the FY2026 consensus therefore implies H2 2026 revenue of about KRW 159–177 billion and operating income of about KRW 16–19 billion, a step-up of 50–80% in H2 operating income over H1.
Bull case
-
Volume plus mix. H1 2026 operating income (KRW 10.5 bn) already nearly equals all of FY2025 (KRW 10.9 bn), and gross margin is up to 12.8%. If the P4 Phase 4, M15X, Xi'an and Dalian orders land in H2 2026 as the SK Securities channel checks suggest, FY2027 operating margin of 11% or more (about KRW 41 bn) puts the stock at under 8x FY2027 EPS of KRW 1,169.
-
Cryogenic and CO₂ chillers lift the earnings mix. Chillers are already 45% of revenue, and V9 and V10 units sell at 2–3 times the standard price. The TEL supply relationship and the Taiwan-foundry CO₂ demo give UNISEM its first route to non-Korean, high-ASP chiller revenue.
-
Asset backing caps the downside. The stock trades at 0.99x book with KRW 54 bn of net cash and investments (about 21% of market capitalisation) and an installed-base service business of KRW 87 bn a year. A cyclical recovery in ROE from 3.8% toward 10–13% has historically re-rated the stock to 1.5–2.4x P/B (FY2021: 2.35x).
Bear case
-
Volume without margin, again. FY2025 revenue rose 25% but operating income rose only 9%, and gross margin fell to 10.5%. Coolant costs, customer pricing and fixed service costs may keep operating margins in mid-single digits through 2026, and H1 2026 operating margin was 6.8%.
-
Order-timing slippage. 2025 operating income came in at less than half of mid-2025 forecasts (KRW 10.9 bn against KRW 24.3 bn). P5 cleanroom timing (mid-2027) and Taylor Phase 2 (2027) could slide, leaving FY2026 short of the KRW 26–29 bn consensus.
-
Share erosion and concentration. Domestic scrubber share has fallen from about 50% to about 40–45%, and chiller share from about 40% to about 30%. GST (17% operating margin, global customer base) and FST (low-GWP and cryogenic chillers) are competing for the same upgrade cycle. Any Samsung vendor reallocation hits more than 45% of revenue.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable | What to watch |
|---|---|---|
| 13 Nov 2026 | Q3 2026 quarterly report | Revenue above KRW 80 bn and operating margin of 7% or more; order backlog; working-capital release |
| Q4 2026 | Samsung P4 Phase 4 setup and Phase 2 equipment move-in | Scrubber and chiller purchase orders; Q4 revenue spike |
| H2 2026 – H1 2027 | SK hynix M15X equipment ramp; Yongin cluster first phase | Orders for SK hynix volumes |
| H2 2026 | Samsung Xi'an V9 conversion; SK hynix Dalian Fab 2 restart | China order flow under export-control limits |
| 2026–2027 | NAND V10 cryogenic etch adoption | First V10 chiller revenue; ASP disclosure |
| 2026–2027 | CO₂ chiller qualification at the Taiwanese foundry and US chipmakers | First production purchase order outside Korea |
| Mar 2027 | FY2026 business report and AGM | Margin recovery; any DPS increase above KRW 80; buyback use of treasury stock |
| Q2 2027 | Samsung P5 new-fab orders | Start of the next leg of scrubber volume |
| 2,027 | Samsung Taylor Phase 2 | US orders through UNISEM America |
| Ongoing | Coolant supply and costs; KRW/USD | Gross-margin trajectory |
13 Nov 2026: Catalyst / monitorable: Q3 2026 quarterly report; What to watch: Revenue above KRW 80 bn and operating margin of 7% or more; order backlog; working-capital release
Q4 2026: Catalyst / monitorable: Samsung P4 Phase 4 setup and Phase 2 equipment move-in; What to watch: Scrubber and chiller purchase orders; Q4 revenue spike
H2 2026 – H1 2027: Catalyst / monitorable: SK hynix M15X equipment ramp; Yongin cluster first phase; What to watch: Orders for SK hynix volumes
H2 2026: Catalyst / monitorable: Samsung Xi'an V9 conversion; SK hynix Dalian Fab 2 restart; What to watch: China order flow under export-control limits
2026–2027: Catalyst / monitorable: NAND V10 cryogenic etch adoption; What to watch: First V10 chiller revenue; ASP disclosure
2026–2027: Catalyst / monitorable: CO₂ chiller qualification at the Taiwanese foundry and US chipmakers; What to watch: First production purchase order outside Korea
Mar 2027: Catalyst / monitorable: FY2026 business report and AGM; What to watch: Margin recovery; any DPS increase above KRW 80; buyback use of treasury stock
Q2 2027: Catalyst / monitorable: Samsung P5 new-fab orders; What to watch: Start of the next leg of scrubber volume
2027: Catalyst / monitorable: Samsung Taylor Phase 2; What to watch: US orders through UNISEM America
Ongoing: Catalyst / monitorable: Coolant supply and costs; KRW/USD; What to watch: Gross-margin trajectory
Analyst verdict
UNISEM is a well-capitalised, founder-controlled franchise in two of the least glamorous but most indispensable pieces of fab equipment. No etch or deposition tool runs without a scrubber underneath it and a chiller beside it, and every new memory phase in Korea starts with UNISEM's purchase orders. That franchise is intact. It has 40–45% of domestic scrubbers, about 30% of chillers, every scrubber type qualified at both Samsung and SK hynix, and a maintenance annuity of around KRW 87 billion. What has not held up is profitability. Operating margin fell from 14.8% to 4.0% over 2021–2025, and cumulative free cash flow was only 17% of reported earnings, as inventory tripled and coolant and qualification costs rose.
2026 is the test year. H1 2026 has delivered the first real evidence of margin recovery: gross margin of 12.8% and half-year operating income that nearly matches all of 2025. The H2 order book is lined up behind visible customer projects: P4 Phase 4, M15X, Xi'an V9 and Dalian. The structural upgrades in cryogenic V9 and V10 chillers, TEL supply and the CO₂ chiller give the company a credible path to a richer mix than it had in the last upcycle.
At about KRW 258 billion of market capitalisation, 0.99x book and 21% of the market value in net cash and investments, the shares price in a modest recovery, not a return to 2021 economics. If UNISEM converts the 2026–2027 memory wave into operating margins of 10% or more (consensus FY2027 margin 11.1%), the stock looks inexpensive at under 8x FY2027 EPS, and re-rating toward 1.3–1.5x book is plausible. If margins stall in single digits again, the asset backing limits the downside. On balance, the risk-reward is positive but execution-dependent. The Q3 2026 report and the conversion of Q4 2026 orders are the decisive monitorables. Investors should size positions for capex-cycle volatility and the stock's history of speculative trading spikes.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Tenure / background | 2025 total compensation |
|---|---|---|---|
Kim Hyung-kyun (김형균) | Representative Director & CEO; largest shareholder | Long-serving head of the company and controlling shareholder (13.07%) | KRW 0.8 billion |
Lee Yang-gu (이양구) | Representative Director (co-CEO) | Co-representative director under a dual-CEO (각자대표) structure | Below the KRW 500 million individual-disclosure threshold |
Board and statutory auditor (7 persons) | Registered directors and auditor | — | Average KRW 0.22 billion per person, about 4.6 times the average employee salary of KRW 47.3 million |
Major Shareholders
| Holder | Relationship | Stake (%) |
|---|---|---|
Kim Hyung-kyun | Largest shareholder, CEO | 13.07 |
Cheon Jeong-hyeon | Related party | 6.84 |
Kim Su-hong | Related party | 4.56 |
Kim Tae-hong | Related party | 4.56 |
Largest shareholder and related parties, total | — | 29.03 |
Treasury stock | Company | 4.07 |
Minority shareholders (27,623 holders) | Public | 57.20 |
Directors' Remuneration
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Employees, parent (number) | 754 | 818 | 823 | 800 | 859 |
Average salary (KRW Mn) | 45.8 | 44.7 | 47.6 | 49.2 | 47.3 |
Revenue per employee (KRW 100 million) | 3.8 | 3.0 | 2.7 | 2.6 | 3.1 |
Competitive Landscape
Key Competitors
| Competitor | Country | Listed? | Overlap | Positioning vs UNISEM |
|---|---|---|---|---|
GST (Global Standard Technology) | Korea | KOSDAQ 083450 | Scrubbers, chillers | Closest domestic rival. Larger, more global (TSMC, China, Micron), higher margin. Among the top five global abatement suppliers. |
Edwards Vacuum / CSK (Atlas Copco Vacuum Technique) | UK / Sweden (CSK Korea-based) | Part of Atlas Copco (Nasdaq Stockholm) | Scrubbers integrated with vacuum pumps | Global leader in pump plus abatement bundles. CSK is a Korean scrubber brand within Atlas Copco. |
Ebara | Japan | TSE 6361 | Dry and combustion scrubbers, vacuum pumps | Global top-two abatement supplier. Strong in Japan, Taiwan and the US. |
Kanken Techno | Japan | TSE | Scrubbers | Japanese POU abatement specialist |
Busch Group | Germany | Private | Abatement, vacuum | Top-five global abatement supplier |
DAS Environmental Expert | Germany | Private | Burn-wet / POU abatement | European fabs |
CS Clean Solutions | Germany | Private | Dry-bed abatement | Niche dry abatement |
Shanghai Shengjian Technology | China | Private | Abatement | Top-five global by 2025 revenue; Chinese domestic substitution |
FST | Korea | KOSDAQ 036810 | Chillers (TCU), incl. cryogenic and low-GWP | Pellicle plus chiller maker. Co-developed cryogenic chillers with an overseas OEM. |
Shinwa Controls | Japan | Private | Chillers, local scrubbers | Mid- and small-size chillers |
SMC | Japan | TSE 6273 | Compact chillers | IoT-enabled compact units |
HORIBA / KELK / Shinko | Japan | Listed / subsidiaries | Chillers, temperature control | Japanese OEM-linked chillers |
ATS Japan | Japan | Private | CO₂ chillers (GX-20) | Early mover in CO₂ semiconductor chillers in Europe |
Techist (테키스트), Chago Engineering (차고엔지니어링) | Korea | Private | Chillers | Domestic challengers. Chago was spun out of an SK hynix venture programme. |
Youngjin, GMBS Eco, APAC, G&BS Engineering | Korea | Private / KOSDAQ | Scrubbers, integrated scrubber-chiller systems | Domestic price competitors |
LOT Vacuum | Korea | KOSDAQ 083310 | Vacuum pumps (adjacent) | Pump partner and competitor in sub-fab bundles |
Peer Comparison FY2025
| Company | FY2025 revenue | Revenue growth (%) | Operating margin (%) | Notes |
|---|---|---|---|---|
UNISEM | KRW 273.3 bn | 25.3 | 4.0 | Scrubber + chiller + maintenance |
GST | KRW 347.2 bn | 4.1 | 17.1 | Scrubber 57%, chiller 23%, services 17% (Q2 2026 mix) |
Ebara — Precision & Electronics segment | JPY 342.3 bn | 23.0 | 16.9 | Includes CMP, dry pumps and abatement |
Atlas Copco — Vacuum Technique | SEK 36.7 bn | -9.2 | 19.8 | Q4 2025 adjusted margin; includes Edwards and CSK |
Recent Developments
There has been no material litigation, no regulatory sanction against the company, no announced layoffs and no guidance revision in the period. The investment-caution designations relate to trading in the stock, not to the company's conduct.
