VM브이엠

VM's share price has fallen sharply over the past three months, even as trailing profits remain strong and well above its 2024 and 2023 losses.

VM, a Korean maker of dry etching equipment for semiconductor production, reported trailing twelve-month revenue of ₩248.5B and operating income of ₩68.6B through H1 2026, with net cash of roughly ₩185B on its balance sheet. The share price closed at ₩38,800 on 2026-10-26, down 48.2% over three months but still up 65.1% over one year. Revenue has been volatile: it swung from losses in 2023 and 2024 to a profitable 2025.

What stands out

• Trailing margins are high: operating margin of 27.6% and net margin of 26.5%, but 2025 full-year operating margin was 17.1%, and the business has moved sharply between years.
• Revenue history is uneven: 2022 was ₩141.4B, 2023 fell to ₩26.0B, 2024 recovered to ₩70.3B and 2025 reached ₩144.4B.
• The company's own discounted cash flow model gives a base value of ₩18,572 per share, below the ₩38,800 close, with a bear case of ₩14,679 and a bull case of ₩24,778; these are model outputs, not forecasts.
• Recent filings include a cash dividend decision on 2026-10-20 and an interim dividend record date and ex-date in September, though the dividend yield shown is 0%.
• Foreign ownership rose from 11.3% to 15% over about 60 days, while institutions were net sellers of about ₩85.6B over the last 20 days.

What to watch

• The cash dividend decision filed on 2026-10-20: the amount and payment details are not in the data provided.
• Whether the share price stays far below its 52-week high of ₩122,100 and the trailing profit base holds in upcoming reporting.
• Customer concentration: the data says sales are mainly to SK hynix, and the profile does not describe any other major customers.