VT: Profits Retreat From 2024 Peak as Shares Fall 52.1% Over a Year, With Buyback Cancellation Under Way

Thesis

The data supports a picture of a business that is still profitable but past its earnings peak. Operating margin fell from 25.7% in 2024 to 19.0% in 2025 and 11.2% on a trailing basis to H1 2026. Return on equity dropped from 56.1% to 15.7% over the same span. The share price decline of 52.1% over a year broadly tracks this normalisation.

Several points lean the other way. Trailing free cash flow is positive at ₩42.1B, the balance sheet is conservative with liabilities at 36.8% of equity, and the company has bought back and cancelled shares. The recent one-month gain of 10.2% suggests some stabilisation, but the data does not show whether earnings have bottomed. Revenue for the trailing period (₩471.2B) is higher than in 2025, yet profit is lower, which points to margin pressure rather than falling sales. The data does not explain the cause.

Business overview

VT is a KOSDAQ-listed company in the chemicals sector, founded in 1986 and listed in 1994. It has 34,941,838 listed shares and a market capitalisation of about ₩446.6B. The CEOs listed are 강승곤 and 정철.

The revenue history in the filings shows growth from ₩226.8B in 2021 to ₩437.2B in 2025, with a jump of 46.1% in 2024. Growth slowed to 1.3% in 2025. Detail on products and customers is not available in the data provided.

Model estimate of fair value

Bear

₩21,622

+107%

Base

₩33,851

+224%

Bull

₩53,952

+416%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• Share cancellation decisionOct 8, 2026
• Report on Treasury Stock Acquisition ResultsOct 8, 2026
• Amended: Half-year report (Jun 2026)Oct 8, 2026
• 5%+ holding reportOct 2, 2026
• 5%+ holding reportSep 11, 2026
• 5%+ holding reportAug 28, 2026
• Share buyback decisionAug 13, 2026
• Added attachment: Half-year report (Jun 2026)Aug 13, 2026
• Investor relations (IR) eventAug 11, 2026
• 5%+ holding reportJun 25, 2026
• 5%+ holding reportMay 29, 2026
• Quarterly report (Mar 2026)May 15, 2026
• VT cancels 1.52 million shares, equal to 4.4% of issued shares, "to enhance shareholder value"Oct 13, 2026
• Daily prices up to 2026-10-16
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 26, 2026Update noteM&A / restructuringVT Announces Tangible Asset Acquisition Equal to 22.4% of Total Assets
2. Oct 19, 2026InitiationStart of coverage (reader request)VT: Profits Retreat From 2024 Peak as Shares Fall 52.1% Over a Year, With Buyback Cancellation Under Way