Ycchem와이씨켐

Ycchem's trailing results have swung back to a thin profit on low margins, while the share price has fallen sharply over the past year.

Ycchem makes semiconductor process chemicals and related general chemicals. On a trailing twelve-month basis to H1 2026 it reports revenue of about ₩98.3B... more precisely ₩98.3B in revenue, a ₩4.3B operating profit and a ₩0.9B net profit, with heavy borrowings of ₩79.5B and negative free cash flow of ₩15.8B. The shares closed at ₩9,110 on 2026-10-27, down 21.3% over one year and well below the 52-week high of ₩17,700.

What stands out

• Revenue has grown from ₩62.3B in 2023 to ₩83.1B in 2025, but operating income was negative in 2023, 2024 and 2025 before turning positive on a trailing basis to H1 2026.
• Trailing operating margin is 4.4% and net margin is 0.9%, with ROE of 1.8%, so earnings are thin relative to the business size.
• Liabilities are 239.3% of equity and borrowings are ₩79.5B against cash of ₩1.8B, which the data flags as a leverage point.
• Valuation shows a P/E of 214 on trailing earnings and a P/B of 3.7, while the company pays no dividend.
• Recent filings center on convertible bonds: a new issue decision in October 2026, and a buyback of ₩11.5B face value of 7th-round CBs for ₩11B that was then cancelled.

What to watch

• Upcoming results and the next quarterly or annual filing, to see whether the operating profit recovery holds.
• Progress on the convertible bond activity and any further filings on share count or financing.
• Free cash flow of -₩15.8B and the ₩79.5B borrowing load, which the data names as the main balance sheet risk.